Slides
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1 Second Quarter Update July 22, 2025, Live @ 1:00PM ET
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2 Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “forecast,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” and “pursue” or the negative of these terms or similar expressions. Forward-looking statements in this presentation include, without limitation, our future quarterly revenue projections, our expectations regarding our future fiscal financial performance, including with respect to our future quarterly and fiscal combined revenues and profit before tax loss, expectations and plans relating to further headcount reduction, cost control efforts, and our expectations with respect to continued achievement of breakeven operating income and positive operating income, including forecasts to be operating income breakeven. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our expectations relating to impact of recent changes to the ITC on our business, our ability to implement further cost controls, global market conditions, changes to domestic or foreign tariffs or tax incentives, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of financial statements for Q2’25 and fiscal 2025, and other risks and uncertainties applicable to our business. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our annual report on Form 10-K filed with the SEC on April 30, 2025, our quarterly reports on Form 10-Q filed with the SEC and other documents that we have filed with, or will file with, the SEC. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements in this presentation speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and SunPower assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Preliminary Unaudited Financial Results The selected unaudited financial results for the Q2’25 and fiscal 2025 in this presentation are preliminary and subject to our quarter end accounting procedures and external audit by our independent registered accounting firm. As a result, the financial results shown in this presentation may change in connection with the finalization of our closing and reporting processes and financial statements for Q2’25 and fiscal 2025 and may not represent the actual financial results for such quarter and full year. In addition, the information in this presentation is not a comprehensive statement of our financial results for Q2’25 or the 2025 fiscal year, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period.
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3 Record 92,863 Ft. August 13, 2001 Aircraft Specifications Wingspan: 247 ft. Length:12 ft. Wing area: 1,976 sq. ft. Empty Weight: 1,322 lb. Payload: Up to 726 lb. Electrical power: 62,120 bi-facial solar cells, 35 kW Propulsion: 14 2hp DC electric motors, 21.3 kW Airspeed: 27 mph low altitude, 170 mph at altitude Altitude: 100,000 ft. max, endurance mission 70,000 ft. Endurance: daylight plus five hours on batteries
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6 -3,736 +3,216 +4,587 -520-5,136
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122024 Oshkosh Golf Classic Featuring Elgton Jenkins and Master Of Ceremonies Jerry Kramer Willing Play in Ice Bowl
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132024 Oshkosh Golf Classic Featuring Elgton Jenkins and Master Of Ceremonies Jerry Kramer Jerry’s Latest Book: Signed Copies Here Tonight
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15T.J. Rodgers
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17 17 Noah’s Ark 1,225 seats PI
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18 Noah’s Ark 1,225 seats Noah’s Ark 1,225 seats 980 seats Noah’s Ark 1,225 seats 980 seats 820 seats
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22 Dan Foley Jeanne Nguyen Exiting CFO Interim CFO
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24 Nick Wenker CLO MBA, The University of Utah JD, The University of Texas School of Law MA, Poli Sci, The University of North Carolina BA, The University of North Carolina Deputy General Counsel: Young Living Essential Oils Corporate Associate: Kirkland & Ellis LLP
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26 Dan McCranie EVP of Marketing & Sales BoD (10 NASAQ): Enovix Mentor Graphics Freescale Semi Actel Semi Cypress Semi Xicor Semi On Semi CEO: SEEQ Technology VP Mktg/Sales: Cypress Semi, SEEQ Semi, Harris Semi
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27 • Personnel in 1,000-person organization are generally smart, focused and aggressive – and loosely managed • Sales Organization not held responsible for forecasted quarterly/annual booking, resulting in poor personal accountability • Sales management slow to react to changes in industry/customer environment • Individual sales personnel not given complete performance targets (appointments, pitches, bookings, final design complete, installs) • Sales executives (1099) do not effectively engage with other corporate departments (Finance, HR, Operations, Engineering) • Cost of selling in several areas (lead cost, setter management, funnel velocity, funnel yield) high when compared to ‘best in class’ in solar industry SunPower Sales Organization Challenges (At One Month)
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28 • Reorganized SunPower to a functional organization, with all sales groups now under one department, reporting directly to CEO. Recruit sales executive to drive new organization • Make those senior sales executive changes necessary to improve group performance, drive, creativity and accountability • Created more detailed forecast from all sales personnel for all important booking parameters (leads, appointments, pitches, bookings, installs, etc.) • Set global cost, funnel yield and funnel velocity goals for sales group (based on industry standard metrics), created plan, set up continuous monitoring process, and tracking execution daily SunPower Sales Organization Corrective Actions And Progress
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29 RUN SPWR
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32 Questions