Revenue has declined 18.8% year-over-year to $54.9M in Q2 2026 with gross margin compressing to 41.3% from 61.4% in Q1 2026, while SG&A of $33.7M consumed 61.4% of the revenue base, sustaining a -42.8% operating margin.
SunPower Inc. (SPWR) annual income statement — 24-year revenue, gross profit & net income history
| 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 | 286.14M | 308.76M | 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 % | 17.04% | 183.94% | 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 | 137.91M | 158.97M | 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 | - | 51.49% | 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 | 148.24M | 149.79M | 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 % | 51.8% | 48.51% | 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 % | - | 279.2% | 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 | 195.44M | 156.03M | 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 | - | 50.53% | 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 | 183.02M | 156.03M | 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 | - | 50.53% | 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 | 23.96M | 0 | 15.71M | 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 | - | - | - | 27.35% | - | 22.83% | - | 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 | -23.96M | 0 | -15.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.07M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -47.21M | -6.24M | -68.51M | -52.36M | -21.16M | -7.33M | -5.12M | 60.57M | -303.18M | -379.54M | -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 % | -16.5% | -2.02% | -63% | -59.76% | -31.83% | -10.65% | -17.41% | 5.55% | -25.22% | -21.16% | -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 % | - | 90.9% | -30.85% | -147.47% | -188.75% | -43.25% | -108.44% | 119.98% | 20.12% | 11.27% | -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 | -39.15M | -1.94M | -65.77M | -51.43M | -20.51M | -6.86M | -4.82M | 140.65M | -175.98M | -194.25M | -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 | -11.74M | -2.87M |
| EBITDA Margin % | -13.68% | -0.63% | -60.49% | -58.7% | -30.85% | -9.97% | -16.4% | 12.88% | -14.64% | -10.83% | -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% | -234.49% | -70.8% |
| EBITDA Growth % | 18.59% | 97.05% | -27.89% | -150.76% | -198.79% | -42.5% | -103.42% | 179.93% | 9.41% | 24.48% | -276.67% | -118.97% | 40.04% | 251.29% | 57.9% | -244.39% | 71.56% | -27.79% | 276.53% | 49.22% | 3641.45% | 94.68% | -81.77% | -308.78% | - |
| D&A (Non-Cash Add-back) | 8.06M | 4.29M | 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 | 1.3M | 200K |
| EBIT | -20.7M | -7.96M | -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 | -23.5M | -23.25M | -16.2M | -14M | -4.98M | -1.61M | -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 | 105.68K | 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 | 23.5M | 23.26M | 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 | 41.83M | -24.98M | 14.06M | -43.86M | -6.84M | -1.95M | -564K | 130.44M | -63.36M | -821.21M | -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 | -5.38M | -31.21M | -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 % | -1.88% | -10.11% | -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 | -608K | 0 | 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 % | 11.29% | 0% | 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 | -5.88M | -32.31M | -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 % | -2.05% | -10.47% | -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 % | 87.02% | 42.76% | 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) | -4.78M | -31.21M | -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) | -0.01 | -0.07 | -0.12 | -0.70 | -0.17 | -0.20 | -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 % | 81.45% | 44.25% | 82.86% | -311.76% | 15% | -594.44% | -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) | - | -0.49 | -0.75 | -4.94 | -0.17 | 0.04 | -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 | 849.04M | 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 | 84.9M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SPWR stock.
For fiscal year 2025, SunPower Inc. (SPWR) reported total revenue of $308.8M. This represents a 7514.2% increase compared to $4.1M in 2002.
SunPower Inc. (SPWR) reported a net loss of $32.3M for the fiscal year ending 2025.
SunPower Inc. (SPWR) reported an operating income of $-6.2M, resulting in an operating profit margin of -2.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SunPower Inc. (SPWR) generated $149.8M in gross profit for the year, representing a gross profit margin of 48.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Non-operating items masking operating losses
Metrics are mathematically derived from official filings.
Post-Restart Revenue Slides Again
After a dramatic restart in Q4 2024 that lifted revenue from single-digit millions to $88.7M, SunPower's top line has contracted for three consecutive quarters, falling 18.8% year-over-year to $54.9M in Q2 2026, signaling the initial recovery momentum has stalled.
The extreme volatility in 2024 — revenue collapsed to $4.5M-$5.5M in Q2-Q3 before rebounding to $88.7M in Q4 — appears to reflect a fundamental business restructuring rather than a normal demand cycle, making year-over-year comparisons unreliable for extrapolating trend. The steady erosion from $88.7M (Q4 2024) to $54.9M (Q2 2026) is concerning because it suggests the post-restart demand baseline may have been artificially inflated by backlog fulfillment rather than sustainable run-rate demand, warranting investigation into whether this is a mix shift or a fundamental market contraction.
Gross Margin Volatility Exceeds Peer Norms
SunPower's gross margin swung from negative 57.0% in Q3 2024 to 61.4% in Q1 2026 before compressing to 41.3% in Q2 2026, far exceeding peer dispersion (FSLR at 40.6%, RUN at 26.8%, ARRY at 23.2%), which suggests pricing discipline is inconsistent or product mix is highly variable quarter to quarter.
The negative gross margins in mid-2024 imply pricing below variable cost during the restructuring trough, while the subsequent spike to 61.4% in Q1 2026 — nearly 20 points above the best peer — raises questions about whether that margin is sustainable or reflects a small, favorable product cohort. The sequential compression back to 41.3% in Q2 2026, coinciding with falling revenue, may indicate that SunPower lacks the scale to hold premium pricing, an inference that would challenge any narrative of durable competitive moat.
SG&A Burden Prevents Operating Scale
SG&A expenses of $33.7M in Q2 2026 consumed 61.4% of the $54.9M revenue base, and despite the Q1 2026 SG&A spike to $63.9M, operating income has remained negative in seven of the last ten quarters, indicating overhead is structurally misaligned with the current revenue scale.
The disconnect is stark: when revenue peaked at $88.7M in Q4 2024, SG&A was $62.8M and operating loss was $21.5M; at $54.9M revenue in Q2 2026, SG&A of $33.7M still yielded a $23.5M operating loss — suggesting that even a 38% reduction in overhead was insufficient to breakeven, implying the business may require substantially higher revenue to cover its fixed cost base. This operating leverage dynamic is a critical constraint: unlike peers like ARRY (5.7% op margin) or FSLR (32.3%), SPWR appears unable to translate gross profit into operating income without a step-change in scale.
Positive Net Income Lacks Operating Support
SunPower reported net income of $6.9M and $5.2M in Q2 and Q1 2026 respectively despite operating losses of $23.5M and $19.2M, indicating that positive earnings are entirely attributable to non-operating items, a pattern that also drove the anomalous $47.0M net income in Q4 2024 against a $21.5M operating loss.
The divergence between operating and net income is extreme and persistent, suggesting material non-operating contributions — likely asset sales, tax benefits, or interest income — that may not recur and should not be capitalized into a valuation multiple. Stock-based compensation of $0 in Q2 2026 versus $1.6M in Q1 2026 adds another layer of opacity; the absence of any R&D expense across all ten quarters is unusual for a solar technology company and warrants verification against primary filings before drawing conclusions about true cash burn or innovation investment.
Structural Fragility Beyond Headline Recovery
The most credible short thesis focuses on the fact that SunPower's recent positive net income is entirely non-operating, while its core business has lost 38% of its peak quarterly revenue in seven quarters and posted negative operating income in seven of ten periods reviewed.
A short-seller would likely emphasize three converging risks: revenue is declining even as gross margin compresses (suggesting demand weakness at current price points), SG&A reduction appears reactive rather than strategic (implying further cuts may impair commercial capability), and the peer set — particularly FSLR with a 32.3% operating margin and 24.1% revenue growth — demonstrates that the solar market is not uniformly weak, raising the possibility that SPWR's struggles are company-specific. Investors should monitor whether Q3 2026 shows another leg down in revenue or whether management can stabilize the top line before cash reserves are exhausted; based on the trajectory, a return to the Q4 2024 revenue peak appears unlikely without a discrete catalyst.