Sunpower Inc. Financials
This page shows Sunpower Inc. (SPWR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A sharp recovery in gross economics is visible, but funding pressure still outweighs the business’s internal cash generation.
From FY2023 to FY2025, gross margin more than doubled, and operating cash burn improved from-$58.6M to-$15.3M . That combination suggests the business fixed much more of its sale-level economics than its financing structure, because the balance sheet still behaves like a company that needs outside support rather than one fully funding itself.
FY2025’s operating loss became much smaller relative to revenue, which means the main drag is now overhead absorption rather than weak gross profit. Selling and administrative expense still ran at
The balance sheet still looks more creditor-financed than internally funded, with negative equity and a sub-1.0x current ratio in FY2025. Cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Sunpower Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sunpower Inc. has an operating margin of -9.0%, meaning the company retains $-9 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -63.0% the prior year.
Sunpower Inc.'s revenue surged 175.9% year-over-year to $300.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Sunpower Inc. carries a low D/E ratio of -1.83, meaning only $-1.83 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
Sunpower Inc.'s current ratio of 0.73 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Sunpower Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sunpower Inc. generates $0.34 in operating cash flow (-$15.3M OCF vs -$45.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Sunpower Inc. earns $-1.1 in operating income for every $1 of interest expense (-$26.9M vs $25.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Sunpower Inc. generated $300.0M in revenue in fiscal year 2025. This represents an increase of 175.9% from the prior year.
Sunpower Inc.'s EBITDA was -$23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.0% from the prior year.
Sunpower Inc. reported -$45.4M in net income in fiscal year 2025. This represents an increase of 19.7% from the prior year.
Sunpower Inc. earned $-0.52 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.4% from the prior year.
Cash & Balance Sheet
Sunpower Inc. held $9.6M in cash against $164.8M in long-term debt as of fiscal year 2025.
Sunpower Inc. had 108M shares outstanding in fiscal year 2025. This represents an increase of 45.9% from the prior year.
Margins & Returns
Sunpower Inc.'s gross margin was 43.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.7 percentage points from the prior year.
Sunpower Inc.'s operating margin was -9.0% in fiscal year 2025, reflecting core business profitability. This is up 54.0 percentage points from the prior year.
Sunpower Inc.'s net profit margin was -15.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.8 percentage points from the prior year.
Capital Allocation
SPWR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $79.7M+13.9% | $70.0M+3.7% | $67.5M-18.4% | $82.7M-6.7% | $88.7M+1501.8% | $5.5M+23.2% | $4.5M-55.3% | $10.0M |
| Cost of Revenue | $51.5M+35.5% | $38.0M-2.1% | $38.8M-9.0% | $42.6M-10.1% | $47.4M+445.3% | $8.7M+61.5% | $5.4M-30.6% | $7.8M |
| Gross Profit | $28.3M-11.8% | $32.0M+11.4% | $28.8M-28.4% | $40.1M-2.7% | $41.3M+1407.2% | -$3.2M-253.9% | -$892K-139.1% | $2.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $28.4M+32.4% | $21.5M+37.8% | $15.6M-36.6% | $24.6M-47.5% | $46.8M+153.7% | $18.4M+195.4% | $6.2M+22.6% | $5.1M |
| Operating Income | -$21.8M-533.3% | -$3.4M-26.7% | -$2.7M-360.8% | $1.0M+104.8% | -$21.5M+28.3% | -$30.0M-215.7% | -$9.5M-25.8% | -$7.5M |
| Interest Expense | $1.8M-77.3% | $8.1M+5.8% | $7.7M+2.2% | $7.5M-27.1% | $10.3M+20462.0% | $50K-97.8% | $2.3M-34.9% | $3.6M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $10K+900.0% | $1K |
| Net Income | -$14.2M+16.3% | -$16.9M+24.6% | -$22.4M-375.9% | $8.1M-82.7% | $47.0M+160.3% | -$78.0M-390.5% | -$15.9M-65.8% | -$9.6M |
| EPS (Diluted) | N/A | $-0.19+32.1% | $-0.28 | $0.00 | N/A | $-1.03-296.2% | $-0.26-30.0% | $-0.20 |
SPWR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $241.2M+15.8% | $208.3M+27.7% | $163.1M+10.4% | $147.8M+2.3% | $144.5M+33.8% | $107.9M+223.2% | $33.4M-18.3% | $40.9M |
| Current Assets | $112.9M-2.2% | $115.3M-0.9% | $116.4M+15.4% | $100.8M+5.5% | $95.6M-6.7% | $102.5M+326.7% | $24.0M-23.2% | $31.3M |
| Cash & Equivalents | $9.6M+89.6% | $5.1M-54.4% | $11.1M+5.4% | $10.6M-21.1% | $13.4M-83.2% | $79.5M+4223.1% | $1.8M+3.0% | $1.8M |
| Inventory | $4.4M-49.7% | $8.7M+67.5% | $5.2M-52.9% | $11.0M-50.2% | $22.1M+3542.5% | $607K-70.1% | $2.0M-26.7% | $2.8M |
| Accounts Receivable | N/A | $80.8M+106.1% | $39.2M+33.7% | $29.3M-43.5% | $51.9M+512.0% | $8.5M-34.8% | $13.0M-37.9% | $20.9M |
| Goodwill | $62.6M+46.0% | $42.9M+116.4% | $19.8M+7.3% | $18.5M0.0% | $18.5M | N/A | N/A | N/A |
| Total Liabilities | $331.3M+3.3% | $320.7M+18.6% | $270.3M+14.2% | $236.8M-2.2% | $242.0M-3.4% | $250.6M+99.9% | $125.4M-0.4% | $125.9M |
| Current Liabilities | $154.6M+34.3% | $115.1M+14.0% | $101.0M+19.5% | $84.5M+6.4% | $79.4M+90.4% | $41.7M-63.2% | $113.3M-3.2% | $117.0M |
| Long-Term Debt | $164.8M-19.3% | $204.3M+33.6% | $152.9M | N/A | $147.3M | N/A | N/A | N/A |
| Total Equity | -$90.1M+19.7% | -$112.3M-4.8% | -$107.2M-20.5% | -$89.0M+8.8% | -$97.5M+31.6% | -$142.7M-55.2% | -$92.0M-8.1% | -$85.1M |
| Retained Earnings | -$456.7M-3.2% | -$442.6M-4.0% | -$425.7M-5.6% | -$403.3M+2.0% | -$411.4M+10.3% | -$458.4M-20.5% | -$380.4M-4.4% | -$364.5M |
SPWR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.9M+69.8% | -$6.4M-43.7% | -$4.4M-68.4% | -$2.6M+89.7% | -$25.6M-19.0% | -$21.5M-698.0% | -$2.7M+45.6% | -$4.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $1.4M | N/A | N/A | N/A | -$53.6M-33200.0% | -$161K+53.6% | -$347K+35.3% | -$536K |
| Financing Cash Flow | $5.1M-75.6% | $21.0M+320.3% | $5.0M+2622.7% | -$198K-101.5% | $13.0M-86.9% | $99.3M+3172.9% | $3.0M-35.8% | $4.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SPWR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.5%-10.3pp | 45.8%+3.2pp | 42.6%-5.9pp | 48.5%+2.0pp | 46.5%+103.6pp | -57.0%-37.2pp | -19.9%-42.6pp | 22.7% |
| Operating Margin | -27.4%-22.4pp | -4.9%-0.9pp | -4.0%-5.3pp | 1.3%+25.5pp | -24.3%+517.1pp | -541.4%-330.0pp | -211.4%-136.2pp | -75.1% |
| Net Margin | -17.8%+6.4pp | -24.1%+9.1pp | -33.2%-43.0pp | 9.8%-43.2pp | 53.0%+1461.2pp | -1408.2%-1054.4pp | -353.8%-258.3pp | -95.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.9%+2.2pp | -8.1%+5.6pp | -13.7%-19.2pp | 5.5%-27.0pp | 32.5%+104.8pp | -72.2%-24.6pp | -47.6%-24.1pp | -23.5% |
| Current Ratio | 0.73-0.3 | 1.00-0.2 | 1.15-0.0 | 1.19-0.0 | 1.20-1.3 | 2.46+2.2 | 0.21-0.1 | 0.27 |
| Debt-to-Equity | -1.830.0 | -1.82-0.4 | -1.43+1.2 | -2.66-1.2 | -1.51+0.2 | -1.76-0.4 | -1.36+0.1 | -1.48 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$90.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Sunpower Inc.'s annual revenue?
Sunpower Inc. (SPWR) reported $300.0M in total revenue for fiscal year 2025. This represents a 175.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sunpower Inc.'s revenue growing?
Sunpower Inc. (SPWR) revenue grew by 175.9% year-over-year, from $108.7M to $300.0M in fiscal year 2025.
Is Sunpower Inc. profitable?
No, Sunpower Inc. (SPWR) reported a net income of -$45.4M in fiscal year 2025, with a net profit margin of -15.1%.
What is Sunpower Inc.'s EBITDA?
Sunpower Inc. (SPWR) had EBITDA of -$23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sunpower Inc. have?
As of fiscal year 2025, Sunpower Inc. (SPWR) had $9.6M in cash and equivalents against $164.8M in long-term debt.
What is Sunpower Inc.'s gross margin?
Sunpower Inc. (SPWR) had a gross margin of 43.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sunpower Inc.'s operating margin?
Sunpower Inc. (SPWR) had an operating margin of -9.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sunpower Inc.'s net profit margin?
Sunpower Inc. (SPWR) had a net profit margin of -15.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sunpower Inc.'s operating cash flow?
Sunpower Inc. (SPWR) generated -$15.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sunpower Inc.'s total assets?
Sunpower Inc. (SPWR) had $241.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Sunpower Inc.'s current ratio?
Sunpower Inc. (SPWR) had a current ratio of 0.73 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Sunpower Inc.'s debt-to-equity ratio?
Sunpower Inc. (SPWR) had a debt-to-equity ratio of -1.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sunpower Inc.'s return on assets (ROA)?
Sunpower Inc. (SPWR) had a return on assets of -18.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sunpower Inc.'s cash runway?
Based on fiscal year 2025 data, Sunpower Inc. (SPWR) had $9.6M in cash against an annual operating cash burn of $15.3M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Sunpower Inc.'s debt-to-equity ratio negative or unusual?
Sunpower Inc. (SPWR) has negative shareholder equity of -$90.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sunpower Inc.'s Piotroski F-Score?
Sunpower Inc. (SPWR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sunpower Inc.'s earnings high quality?
Sunpower Inc. (SPWR) has an earnings quality ratio of 0.34x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sunpower Inc. cover its interest payments?
Sunpower Inc. (SPWR) has an interest coverage ratio of -1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sunpower Inc.?
Sunpower Inc. (SPWR) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.