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1 Jefferies Renewables & Clean Energy Conference T.J. Rodgers, December 4, 2025 Second Quarter Report Q2’26 T.J. Rodgers, CEO, July 28, 2026
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2 Forward Looking Statements This press release 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 press release include, without limitation, our Q2’26 revenue, operating profit projections, and other preliminary financial results reported in this press release, our expectations regarding our financial performance, including our revenue plan; our ability to convert our bookings and backlog and our financial and business outlook for Q3’26; and our expectations regarding the benefits of or our acquisitions; our expectations and plans to improve and change the quality and operational issues discussed in this press release; our expectations regarding steps taken to improve our internal controls and procedures; the anticipated impacts and benefits of our cost control efforts; and our expectations and plans relating to further cost control efforts. 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 Q2’26 and the filing of the related Form 10 Q, 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 14, 2026, 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 press release 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 Q2’26 are preliminary and subject to our quarter-end accounting procedures. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and financial statements for Q2’26 and may not represent the actual financial results for such period. In addition, the information in this press release is not a comprehensive statement of our financial results for Q2’26, 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 press release that are not prepared in accordance with GAAP ("non-GAAP"). Management believes the non-GAAP financial measures in this press release, 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 press release 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 SunPower’s New CFO Owner SGH: 07/17/2026 Northeastern Illinois Double Major Accounting & Finance MBA from University of Chicago Most recently, CFO of Bespoken Spirits Led significant financial transformation: doubling revenue, cutting operating expenses by half and reducing cash burn Prior 15 years in various positions at Beam Suntory Public company, working his way up from SOX accountant Led finance group supporting a manufacturing operation with > $2 billion in annual revenueTom Kowalzcuk, CFO
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6 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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8 1126 964 753 448 246 295 893 976 705 769 69 306 205 97 197 229 1126 964 1646 1590 1454 1498 0 200 400 600 800 1000 1200 1400 1600 1800 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 SunPower 1099 Headcount SunPower Sunder Ambia Purelight Total CBA: 07/02/2026 Old-SPWR +Sunder +Ambia +Purelight
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9 T.J. Rodgers SPWR CEO, Executive Chairman Washington, “To lead is to forfeit the fight to make excuses.” Dartmouth College 1970 Salutatorian (#2 in class) Physics (#1), Chemistry (#1) Trustee 2004-2012 (free speech, spending) Stanford & Silicon Valley PhDEE Solid State Electronics “Moore’s Law” American MicroSystems: R&D, Engineering Advanced MicroDevices: running a Product Line Cypress Semiconductor 1982-2016 Founding CEO, 34-yr record Business Plan Funded April 7, 1983 IPO May 6, 1986: 37 months from funding Valuation: $270M ($770M today) Sold in 2020: $10B SunPower Status $105.3M Invested Shares held: 32.7M (22%) Debt held: 26.5M equivalent shares (17%) Employee share grants, 0 Salary, $0
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10 US Residential Solar Penetration Rates, Source: US EIA 94.4% of qualified homes do not have solar 11/13/2024 2030 Fcst: 30% 2026 Update: 7% United States
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11 Solar Energy Additions No. 1 Exponential Growth
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16 Surinder S. Bedi EVP , Quality, Engineering and Customer Success EDUCATION: • MS, Industrial & Systems Engineering, Ohio University • BS, Mechanical Engineering, Bangalore University • Executive Management, Technology & Strategic Innovation, Stanford University Graduate School of Business. AWARDS: o Award: Intel Quality Leadership, Intel Corporation o Award: Applied Materials President Gold Leadership o Award: Applied Materials President Annual Quality Leadership o Award: The Philippine Exemplary Performance. SunPower Corp. o Award Product Innovation Bifacial Solar, Frost & Sullivan o 12 US Technology Patents. 16
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18 SunPower & REC: JDA Technology Partnership To Develop and Commercialize Advanced Solar Technology • Heterojunction Technology, N Type Cell • Gapless Cell Layout: Robust Reliability • Superior Module Efficiency: 22.6% • Lowest Temp. Coefficient: -0.24%/°C Pmax • Light: 50 lbs, 2.08 m2, Glass 3.2 mm • Enhanced Output: Morning, Evening, Cloudy • Lowest degradation at year 25 (Pmax) = 92.5% • Power Density, 226 W/m2, High Lifetime kWh • Warranty: 25-year Power and Product • Most Powerful: 470W, Solid Black Product • Premium Heterojunction Bifacial Technology • Superior Module Efficiency: 23.1% • Bifacial index: 70% Pmax (rear) • Most Powerful: 494W-528W • Light: 50 lbs, 2.08 m2, Glass 1.6 mm (F&R) • Power Density, 231 W/m2, + Backside Boost • Residential: 3-5% rear boost • Commercial: 5-10% rear boost • Fire Type: 38 (Robust Fire Resistance) • Warranty: 30-year Power and Product • Best in Class Cost Per kWh: Transforming Innovation into Customer Value Monolith, Launched in Q1'26 Monolith II Bifacial, Coming Soon
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19 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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20 First Monolith System: Pleasure Point, Santa Cruz Monolith Arrived January 16th, Installed January 22nd Total Annual Kilowatt Hrs Maximized with Enphase IQ8X Inverters
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26 Q3’26 Outlook We expect to grow Q3’26 revenue to $75+ million We expect to reduce our operating loss by 90% from ($12.5 million) in Q2’26 to less than ($1.0 million) in Q3’26
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28 Jefferies Renewables & Clean Energy Conference T.J. Rodgers, December 4, 2025 Questions