Revenue contraction and erratic gross margins, which swung from -57.0% in 2024Q3 to 61.4% in 2026Q1, indicate a lack of structural pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 311.02M | 300M | 108.74M | 87.62M | 66.47M | 68.82M | 29.38M | 1.09B | 1.2B | 1.79B | 2.55B | 1.58B | 3.03B | 2.51B | 2.42B | 2.37B | 2.22B | 1.52B | 1.44B | 774.79M | 236.51M | 78.74M | 10.88M | 5M | 4.05M |
| Revenue Growth % | 27.22% | 175.88% | 24.11% | 31.8% | -3.4% | 134.24% | -97.31% | -9.16% | -32.98% | -29.72% | 61.92% | -47.92% | 20.74% | 3.71% | 1.82% | 6.99% | 45.59% | 6.03% | 85.55% | 227.59% | 200.38% | 623.34% | 117.48% | 23.43% | - |
| Cost of Goods Sold | 148.65M | 170.79M | 69.24M | 69.83M | 46.65M | 40.12M | 17.1M | 928.75M | 1.05B | 1.81B | 2.33B | 1.33B | 2.4B | 2.02B | 2.17B | 2.15B | 1.71B | 1.24B | 1.09B | 626.99M | 186.04M | 74.35M | 15.58M | 4.99M | 3.2M |
| COGS % of Revenue | - | 56.93% | 63.67% | 79.7% | 70.17% | 58.3% | 58.2% | 85.03% | 87.65% | 101.04% | 91.31% | 84.48% | 79.35% | 80.41% | 89.81% | 90.47% | 77.02% | 81.39% | 75.68% | 80.92% | 78.66% | 94.43% | 143.11% | 99.64% | 78.87% |
| Gross Profit | 161.49M | 129.21M | 39.5M | 17.79M | 19.83M | 28.69M | 12.28M | 163.48M | 148.5M | -18.64M | 221.82M | 244.65M | 625.13M | 491.07M | 246.4M | 226.22M | 509.89M | 283.72M | 349.62M | 147.8M | 50.47M | 4.38M | -4.69M | 18K | 857K |
| Gross Margin % | 51.92% | 43.07% | 36.33% | 20.3% | 29.83% | 41.7% | 41.8% | 14.97% | 12.35% | -1.04% | 8.69% | 15.52% | 20.65% | 19.59% | 10.19% | 9.53% | 22.98% | 18.61% | 24.32% | 19.08% | 21.34% | 5.57% | -43.11% | 0.36% | 21.13% |
| Gross Profit Growth % | - | 227.1% | 122.07% | -10.29% | -30.9% | 133.64% | -92.49% | 10.09% | 896.44% | -108.41% | -9.33% | -60.86% | 27.3% | 99.3% | 8.92% | -55.63% | 79.72% | -18.85% | 136.54% | 192.87% | 1051.45% | 193.41% | -26166.67% | -97.9% | - |
| Operating Expenses | 185.67M | 156.14M | 108.01M | 70.15M | 40.98M | 36.02M | 17.4M | 206.33M | 249.31M | 360.89M | 449.65M | 444.55M | 361.66M | 329.56M | 373.7M | 389.15M | 371.03M | 221.89M | 195.21M | 135.89M | 31.36M | 17.37M | 19.36M | 13.05M | 3.93M |
| OpEx % of Revenue | - | 52.05% | 99.33% | 80.06% | 61.65% | 52.34% | 59.21% | 18.89% | 20.74% | 20.12% | 17.61% | 28.2% | 11.95% | 13.14% | 15.46% | 16.39% | 16.72% | 14.56% | 13.58% | 17.54% | 13.26% | 22.06% | 177.85% | 260.82% | 96.87% |
| Selling, General & Admin | 160M | 156.14M | 108.01M | 70.15M | 40.98M | 36.02M | 17.4M | 172.11M | 200.07M | 278.64M | 332.76M | 345.49M | 288.32M | 271.48M | 310.25M | 331.38M | 321.94M | 190.24M | 173.74M | 108.26M | 21.68M | 10.88M | 5.82M | 3.24M | 1.4M |
| SG&A % of Revenue | - | 52.05% | 99.33% | 80.06% | 61.65% | 52.34% | 59.21% | 15.76% | 16.64% | 15.53% | 13.04% | 21.92% | 9.52% | 10.83% | 12.83% | 13.96% | 14.51% | 12.48% | 12.09% | 13.97% | 9.17% | 13.82% | 53.5% | 64.7% | 34.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.22M | 49.24M | 82.25M | 116.89M | 99.06M | 73.34M | 58.08M | 63.46M | 57.77M | 49.09M | 31.64M | 21.47M | 13.56M | 9.68M | 6.49M | 13.54M | 9.82M | 2.53M |
| R&D % of Revenue | - | - | - | - | - | - | - | 3.13% | 4.1% | 4.58% | 4.58% | 6.28% | 2.42% | 2.32% | 2.62% | 2.43% | 2.21% | 2.08% | 1.49% | 1.75% | 4.09% | 8.24% | 124.35% | 196.12% | 62.44% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.07M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -45.56M | -26.93M | -68.51M | -52.36M | -21.16M | -7.33M | -5.12M | 60.57M | -303.18M | -1.02B | -427.75M | -206.29M | 251.24M | 158.91M | -287.71M | -534.1M | 138.87M | 61.83M | 154.41M | 2.34M | 19.11M | -12.98M | -24.05M | -13.04M | -3.07M |
| Operating Margin % | -14.65% | -8.98% | -63% | -59.76% | -31.83% | -10.65% | -17.41% | 5.55% | -25.22% | -57.13% | -16.76% | -13.09% | 8.3% | 6.34% | -11.9% | -22.49% | 6.26% | 4.06% | 10.74% | 0.3% | 8.08% | -16.49% | -220.96% | -260.46% | -75.73% |
| Operating Income Growth % | - | 60.69% | -30.85% | -147.47% | -188.75% | -43.25% | -108.44% | 119.98% | 70.42% | -139.6% | -107.35% | -182.11% | 58.1% | 155.23% | 46.13% | -484.61% | 124.58% | -59.95% | 6492.95% | -87.74% | 247.15% | 46.01% | -84.5% | -324.49% | - |
| EBITDA | -35.83M | -17.8M | -65.77M | -51.43M | -20.51M | -6.86M | -4.82M | 140.65M | -175.98M | -839.63M | -257.22M | -68.29M | 360.04M | 257.1M | -169.94M | -403.63M | 279.54M | 162.94M | 225.64M | 59.93M | 40.16M | -1.13M | -21.33M | -13.04M | -3.07M |
| EBITDA Margin % | -11.52% | -5.93% | -60.49% | -58.7% | -30.85% | -9.97% | -16.4% | 12.88% | -14.64% | -46.8% | -10.08% | -4.33% | 11.89% | 10.25% | -7.03% | -17% | 12.6% | 10.69% | 15.7% | 7.73% | 16.98% | -1.44% | -195.98% | -260.46% | -75.73% |
| EBITDA Growth % | 25.5% | 72.93% | -27.89% | -150.76% | -198.79% | -42.5% | -103.42% | 179.93% | 79.04% | -226.43% | -276.67% | -118.97% | 40.04% | 251.29% | 57.9% | -244.39% | 71.56% | -27.79% | 276.53% | 49.22% | 3641.45% | 94.68% | -63.64% | -324.49% | - |
| D&A (Non-Cash Add-back) | 11.15M | 9.13M | 2.74M | 930K | 648K | 463K | 298K | 80.08M | 127.2M | 185.28M | 170.54M | 138.01M | 108.8M | 98.19M | 117.77M | 130.47M | 140.67M | 101.1M | 71.23M | 57.59M | 21.05M | 11.85M | 2.72M | 0 | 0 |
| EBIT | -52.4M | -17.58M | -38.22M | -82.18M | -23.01M | -7.57M | -5.16M | 239.97M | -258.28M | -1.11B | -467.12M | -198.51M | 254.27M | 150.32M | -245.54M | -535.28M | 238.69M | 79.91M | -74.49M | 11.92M | 19.11M | -12.98M | -24.05M | -13.04M | -3.07M |
| Net Interest Income | -3.02M | -25.09M | -16.2M | -14M | -4.98M | -1.71M | -523K | -46.65M | -105.91M | -88.19M | -58.62M | -41.68M | -67.08M | -102.72M | -83.03M | -64.92M | -53.73M | -34.18M | -12.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 3K | 19K | 36K | 5K | 0 | 0 | 2.31M | 2.35M | 2.1M | 2.65M | 2.12M | 2.58M | 6.02M | 1.09M | 2.34M | 1.54M | 2.11M | 10.79M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.68M | 25.09M | 16.22M | 14.03M | 4.99M | 1.71M | 523K | 48.96M | 108.26M | 90.29M | 61.27M | 43.8M | 69.66M | 108.74M | 84.12M | 67.25M | 55.28M | 36.29M | 23.41M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.01M | -15.74M | 14.06M | -43.86M | -6.84M | -1.95M | -564K | 130.44M | -63.36M | -175.83M | -100.64M | -36.02M | -66.63M | -117.33M | -41.95M | -68.43M | 44.55M | -18.21M | -252.31M | 940K | 9.35M | -2.81M | 24.05M | -1.51M | -462K |
| Pretax Income | -46.16M | -42.68M | -54.44M | -96.22M | -28M | -9.28M | -5.68M | 191.01M | -366.54M | -1.2B | -528.39M | -242.31M | 184.61M | 41.58M | -329.66M | -602.53M | 183.41M | 43.62M | -97.9M | 3.28M | 28.46M | -15.79M | 0 | -14.54M | -3.53M |
| Pretax Margin % | -14.84% | -14.23% | -50.07% | -109.82% | -42.12% | -13.48% | -19.33% | 17.49% | -30.49% | -66.93% | -20.7% | -15.37% | 6.1% | 1.66% | -13.64% | -25.38% | 8.26% | 2.86% | -6.81% | 0.42% | 12.03% | -20.06% | - | -290.61% | -87.13% |
| Income Tax | 2.19M | 1.58M | 0 | -20K | 27K | 3K | 3K | 16.51M | 2.06M | -3.94M | 7.32M | 66.69M | 8.76M | 11.9M | 21.84M | 17.21M | 23.38M | 21.03M | 40.62M | -5.92M | 1.95M | 50K | 0 | 0 | 0 |
| Effective Tax Rate % | -4.74% | -3.7% | 0% | 0.02% | -0.1% | -0.03% | -0.05% | 8.64% | -0.56% | 0.33% | -1.38% | -27.52% | 4.75% | 28.63% | -6.63% | -2.86% | 12.74% | 48.21% | -41.49% | -180.38% | 6.83% | -0.32% | - | 0% | 0% |
| Net Income | -26.92M | -45.35M | -56.45M | -269.56M | -29.48M | -9.28M | -5.68M | 22.16M | -811.09M | -929.12M | -448.63M | -187.02M | 245.89M | 95.59M | -352.02M | -613.74M | 178.72M | 32.52M | -124.44M | 9.2M | 26.52M | -15.84M | -28.91M | -14.54M | -3.53M |
| Net Margin % | -8.66% | -15.12% | -51.91% | -307.66% | -44.34% | -13.49% | -19.34% | 2.03% | -67.46% | -51.79% | -17.58% | -11.86% | 8.12% | 3.81% | -14.56% | -25.85% | 8.05% | 2.13% | -8.66% | 1.19% | 11.21% | -20.12% | -265.6% | -290.61% | -87.13% |
| Net Income Growth % | 40.52% | 19.66% | 79.06% | -814.46% | -217.61% | -63.34% | -125.64% | 102.73% | 12.7% | -107.1% | -139.89% | -176.06% | 157.23% | 127.16% | 42.64% | -443.4% | 449.56% | 126.13% | -1452.37% | -65.3% | 267.37% | 45.2% | -98.77% | -311.69% | - |
| Net Income (Continuing) | -47.13M | -44.25M | -54.44M | -96.2M | -28.02M | -9.28M | -5.68M | 172.78M | -383.47M | -1.17B | -521.41M | -299.44M | 183.09M | 33.55M | -352.02M | -613.74M | 166.88M | 32.52M | -124.44M | 9.2M | 26.52M | -15.84M | -28.91M | -14.54M | -3.53M |
| Discontinued Operations | -1000K | -1.1M | -2.01M | -173.36M | -1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2.32M | 11.34M | 58.81M | 104.18M | 79.49M | 59.49M | 41.85M | 37.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.16 | -0.07 | -0.12 | -0.70 | 0.25 | -0.27 | -0.03 | 0.13 | -5.76 | -6.67 | -3.25 | -1.39 | 1.55 | 0.70 | -3.01 | -6.28 | 1.69 | 0.36 | -1.55 | 0.11 | 0.37 | -0.68 | -8.00 | -3.50 | -1.11 |
| EPS Growth % | 81.18% | 44.25% | 82.86% | -380% | 192.59% | -837.5% | -122.15% | 102.26% | 13.64% | -105.23% | -133.81% | -189.68% | 121.43% | 123.26% | 52.07% | -471.6% | 369.44% | 123.23% | -1509.09% | -70.27% | 154.41% | 91.5% | -128.57% | -215.32% | - |
| EPS (Basic) | - | -0.52 | -0.75 | -4.94 | 0.25 | -0.27 | -0.03 | 0.15 | -5.76 | -6.67 | -3.25 | -1.39 | 1.91 | 0.79 | -3.01 | -6.28 | 1.87 | 0.36 | -1.55 | 0.12 | 0.40 | -0.68 | -8.00 | -3.50 | -1.11 |
| Diluted Shares Outstanding | 163.79M | 849.04M | 485.63M | 175.3M | 174.6M | 172.44M | 197.24M | 169.65M | 140.82M | 139.37M | 137.99M | 134.88M | 162.75M | 138.98M | 117.09M | 97.72M | 105.7M | 92.75M | 80.52M | 81.23M | 71.09M | 23.31M | 3.62M | 4.16M | 3.19M |
| Basic Shares Outstanding | 124.28M | 84.9M | 75.35M | 24.72M | 173.92M | 172.44M | 169.8M | 144.8M | 140.82M | 139.37M | 137.99M | 134.88M | 128.63M | 120.82M | 117.09M | 97.72M | 95.66M | 91.05M | 80.52M | 75.41M | 65.86M | 23.31M | 3.62M | 4.16M | 3.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency
As reported in recent financial statements, SunPower's revenue trajectory has experienced extreme volatility, with quarterly figures fluctuating from $88.7M in 2024Q4 to a low of $4.5M in 2024Q2, suggesting that the company's pivot to a pure-play residential model has yet to stabilize top-line performance.
The erratic revenue patterns indicate a significant loss of market share or the impact of major divestitures that have left the remaining business with insufficient scale. Investors should monitor whether the recent $72.8M revenue level in 2026Q1 represents a sustainable floor or merely a temporary stabilization before further decline.
Based on the provided income statement data, SunPower's gross margin has swung wildly from a negative 57.0% in 2024Q3 to a high of 61.4% in 2026Q1, which appears to reflect accounting adjustments rather than consistent pricing power or structural cost advantages in the residential solar market.
The extreme variance in gross margins suggests that the company's revenue recognition policies or lease asset accounting may be creating artificial volatility. This lack of margin predictability makes it difficult to assess the true underlying profitability of the company's core installation and service business.
According to the company's quarterly filings, operating expenses frequently exceed gross profit, as evidenced by the 2025Q4 operating margin of -27.4%, indicating that the firm's fixed cost structure remains fundamentally misaligned with its current, significantly reduced revenue base and overall operational scale.
The inability to scale operating income alongside gross profit suggests that the company's SG&A burden is too heavy for its current business model. Without a drastic reduction in fixed overhead, the company may continue to face persistent operating losses regardless of any potential improvements in gross margin.
As noted in the historical data, net income figures have shown erratic swings, such as the $47.0M profit in 2024Q4 contrasted against deep losses in other periods, suggesting that reported earnings are heavily influenced by non-operating items rather than core operational performance or sustainable business growth.
The disconnect between operating losses and occasional net income spikes warrants further investigation into the nature of these non-operating gains. Investors should be cautious, as these items likely mask the underlying cash-burning nature of the business and do not represent a path to long-term profitability.
Based on the reported figures, the company's persistent negative operating margins and extreme revenue volatility suggest that the current business model may be fundamentally unsustainable, with short-sellers likely focusing on the potential for further liquidity crises and the erosion of the company's competitive brand premium.
The transition to a pure-play integrator leaves the company vulnerable to local competition that lacks the same corporate overhead. If the company cannot demonstrate a clear path to positive operating cash flow, the risk of a total restructuring or insolvency appears to be a significant concern for stakeholders.
Quick answers to the most common questions about buying SPWR stock.
For fiscal year 2025, SunPower Inc. (SPWR) reported total revenue of $300.0M. This represents a 7298.3% increase compared to $4.1M in 2002.
SunPower Inc. (SPWR) reported a net loss of $45.4M for the fiscal year ending 2025.
SunPower Inc. (SPWR) reported an operating income of $-26.9M, resulting in an operating profit margin of -9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SunPower Inc. (SPWR) generated $129.2M in gross profit for the year, representing a gross profit margin of 43.1%. This demonstrates the company's core pricing power and production efficiency.