Slides
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1 Fourth Quarter Report January 20, 2026, Live @ 1:00PM ET Record 92,863 Ft. August 13, 2001
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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 “preliminary,” “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “in the process,” “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 Q4’25, 2025 and 2026 revenue and operating profit projections, our expectations regarding our Q4’25 and fiscal 2025 and 2026 financial performance; our forecasted revenue per employee; the anticipated timing for the filing of the 2025 Form 10-K; expectations relating to the monolith panel and related JDA; expectations related to our contemplated acquisition of Cobalt, including that we expect to enter into binding definitive agreements and our expectations regarding the benefits of such acquisition; our expectations regarding the timing of and our ability to raise additional capital, including with respect to debt and equity deals currently in progress; expectations relating to the integration of Sunder Energy and Ambia Solar, and anticipated benefits of these acquisitions, the anticipated benefits of the Purelight salesforce acquisition; expectations and plans relating to further cost control efforts; expectations relating to forecasted revenue-to-employee metrics; our work to raise our P/S ratio; expectations relating to our cash balances. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to implement further headcount reductions and cost controls, our ability to integrate and operate the combined business with Sunder and Ambia, our ability to achieve the anticipated benefits of acquisitions (including Sunder, Ambia and Cobalt), our ability to raise capital and maintain expected cash balances, global market conditions, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of our financial statements for 2025 and the filing of the related Form 10 K, 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 and Unaudited Financial Results The selected unaudited financial results for the Q4’25 and fiscal 2025 are preliminary and subject to our quarter and year-end accounting procedures. As a result, the financial results presented in this presentation may change in connection with the finalization of our closing and reporting processes and financial statements for Q4’25 and fiscal 2025 and may not represent the actual financial results for such period. In addition, the information in this presentation is not a comprehensive statement of our financial results for Q4’25 and fiscal 2025, should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period. Non-GAAP Financial Measures In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), SunPower provides additional financial metrics in this presentation that are not prepared in accordance with GAAP ("non-GAAP"). Management believes the non-GAAP financial measures in this presentation, in addition to GAAP financial measures, are useful measures of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of SunPower’s operating performance, such as amortization of goodwill and expensing employee stock options in addition to accounting for their dilutive effect, which facilitates the analysis of SunPower’s core operating results across reporting periods. The non-GAAP financial measures do not replace the presentation of SunPower’s GAAP financial results and should only be used as a supplement to, not as a substitute for, SunPower’s financial results presented in accordance with GAAP. Descriptions of and reconciliations of the non-GAAP financial measures used in this presentation are included in the financial table above and related footnotes. We encourage investors to carefully consider our preliminary results under GAAP, as well as our preliminary non-GAAP information and the reconciliations between these presentations, to more fully understand our business. Non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
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3 Dan McCranie SPWR Director – Marketing & Sales 10 NASDAQ BoDs: 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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4 Will Anderson SPWR Director – Solar Technology & IT Systems BS MIT, MBA Stanford SunPower, Inc. Director, 2010 - Present Founder and former CEO (Complete Solar) SameDay Solar, Inc. Founder and CEO, 2024 – Present
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5 Helios at 80,000 Feet, Pressure 14.7psi → 0.4 psi Boiling 212F 59F
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6 Solar-Powered Spaceman
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8 Base 38%! Opex (8.5% Q-Q) Record Sunder, Ambia Record (26% Q-Q) Added $4.3M cash Signed $55M ELOC
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10 Financial Overview
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11 US Residential Solar Penetration Rates, Source: US EIA 94.6% of qualifying homes do not yet have solar
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12 Acquisition Increases Sales Rep Headcount (1099)
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13 SunPower Direct Employee (W-2) Headcount Stays Stable
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14 Full Time Direct Employee – Revenue Per Employee Per Year Breakeven level ITC Cut +Sunder +Ambia
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15 3x
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16 Why did Sunrun recover from the ITC cut while SunPower did not?
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17 Cash & Funding G2 v9.2 Plan Owner: KXN 01/20/26 Cash $M 17.0 29.0 0 20 40 60 80 100 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Capital Raised Min cash $10M Funding 2 Rounds $46M Ending Cash
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20 John Bergh CEO Cobalt Power Systems Self-made man Left college to run family water well business upon father’s death Solar thermal collector engineer → PV engineer SunPower: promotion salesman through Silicon Valley Regional Sales Manager Qcells: Director Biz Dev $336 million business Bought Cobalt Power Systems (2025 rev: $33 million) Invented Cobalt concept: Sales System Designers Athlete (college football) Coach (Youth sports: football, basketball & baseball) To run independent Cobalt Division
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21 Sunder Energy (Founded 2019) Cumulative $3 Billion Sales Eric Nielsen, Co-Founder and President 17 yrs in direct sales MBA (Ohio State), BS Finance and BS Econ (Utah State) SunPower: EVP Sales & Marketing (role in NewCo) Created options to top 1099 sales rep program 21 Max Britton, Co-Founder and CEO 12 yrs in direct sales Tank commander in Iraq BS (Utah) SunPower: EVP New Sunder Sales Division Devon Glassman, COO Employee No. 1 JD/MBA (Ohio State), BS Finance (BYU) SunPower: EVP SPWR Sales Operations
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2222 + 22 States 45 States Doubles Coverage, Especially in CA, TX, FL
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23 Ambia = $80M Revenue + World-Class EVPs Conner Ruggio, Co-Founder and CEO Former President of Sales of Aptive Environmental ($650M Exit) Ironman & Ultra Marathon Athlete MBA (Univ. of Utah), BS Economics (BYU) SunPower: EVP SunPower Direct (EPC) Spencer Jensen, COO Former COO of BlueRaven, Operations: McMaster-Carr BS Chemical Engineering (BYU), MBA (UNC Chapel Hill) SunPower: SVP SunPower Direct Operations
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24 Ambia Revenue Growth
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25 (Days) 15 days faster than SPWR
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26 Consistently profitable growth from $300 million in 2025 to $1 billion in 2028. Q4’25 Revenue $88 million Operating Income $3.5 million Fully Diluted Shares 111.9 million P/S ratio 0.55x Share price (1/20/26) $1.72 Our Vision SunPower will again be recognized as No. 1 in solar by introducing advanced technology hardware and software-controlled solar system products. SunPower $1 Billion Mission (September 2025) Q3’28 (G2V9.2 plan) Grow to $250 140 million for acquisitions Grow to 1.72x (RUN) $5.54 @ 1.72x Exclusive 470W Monolith REC panel (<50 lbs) Frameless REC bifacial panel (cost, efficiency) Perovskite-silicon tandem panel (2 years) IQ8 ENPH inverter (Sunlight backup) IQ9 inverter (GaN provides 240V/480V) EV zero carbon (charge car with solar electrons) EV battery for backup Now Now Now Now
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27 - 50 100 150 200 250 300 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1'28 Q2'28 Q3'28 Q4'28 SunPower Direct Sunder New Homes Revenue Plan G2 v9.2 Owner: KXN 01/19/26 $M Sales & EPC 1. SPWR - Direct 2. Battery - Upgrades 3. Sales 4. NH (Sales & EPC) 5. extEPC 2025: $309M 2026: $507M 2027: $783M 2028: $894M “God” Plan Investor Forecast Model $1B Revenue 8.1% Op Inc
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28 Outlook • For Q1’26: $84 million revenue (second best ever, down 4.4%) • Operating profit expected in winter/ITC quarter $2.0 million, every quarter of 2026 • Cash: vehicle to keep cash >$10 million; three deals pending
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29 Questions