Revenue contracted by 43.1% year-over-year in 2026Q1, while the operating margin plummeted to -60.2% due to SG&A expenses outpacing gross profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 66.46M | 71.91M | 56.86M | 79.63M | 27.52M | 38.16K | 8.08M | 2.48B | 2.01B | 2.53B | 2.72B | 2.24B | 1.16B | 2B | 1.92B | 1.54B | 1.11B | 1.03B | 781.1M |
| Revenue Growth % | 18.1% | 26.46% | -28.59% | 189.34% | 72019.12% | -99.53% | -99.67% | 23.75% | -20.65% | -6.83% | 21.27% | 92.54% | -41.94% | 4.27% | 24.69% | 39.12% | 7.73% | 31.6% | - |
| Cost of Goods Sold | 42.32M | 44.36M | 36.44M | 51.94M | 20.14M | 0 | 5.97M | 2.26B | 1.86B | 2.19B | 2.42B | 1.9B | 1.03B | 999M | 921M | 851.64M | 740.86M | 658.54M | 548.34M |
| COGS % of Revenue | - | 61.69% | 64.08% | 65.22% | 73.19% | - | 73.86% | 91.07% | 92.76% | 86.73% | 89.14% | 84.95% | 88.99% | 49.88% | 47.94% | 55.28% | 66.9% | 64.06% | 70.2% |
| Gross Profit | 24.14M | 27.54M | 20.43M | 27.7M | 7.38M | 38.16K | 2.11M | 221.9M | 145.3M | 335.6M | 294.9M | 337.1M | 128M | 1B | 1B | 688.95M | 366.52M | 369.42M | 232.76M |
| Gross Margin % | 36.33% | 38.31% | 35.92% | 34.78% | 26.81% | 100% | 26.14% | 8.93% | 7.24% | 13.27% | 10.86% | 15.05% | 11.01% | 50.12% | 52.06% | 44.72% | 33.1% | 35.94% | 29.8% |
| Gross Profit Growth % | - | 34.85% | -26.25% | 275.42% | 19231.91% | -98.19% | -99.05% | 52.72% | -56.7% | 13.8% | -12.52% | 163.36% | -87.25% | 0.4% | 45.15% | 87.97% | -0.78% | 58.71% | - |
| Operating Expenses | 27.98M | 29.22M | 32.74M | 35.16M | 17.83M | 4.9M | 7.05M | 627.7M | 432.7M | 378M | 440.3M | 322.6M | -27M | 268M | -261M | -32.21M | 4.62M | 61.96M | -13.27M |
| OpEx % of Revenue | - | 40.63% | 57.58% | 44.16% | 64.77% | 12841.18% | 87.28% | 25.27% | 21.55% | 14.94% | 16.21% | 14.41% | -2.32% | 13.38% | -13.59% | -2.09% | 0.42% | 6.03% | -1.7% |
| Selling, General & Admin | 38.08M | 0 | 27.05M | 29.07M | 12.21M | 1.06M | 7.05M | 566M | 361.6M | 306.2M | 352.8M | 267M | 161M | 110M | 111M | 94.85M | 76.32M | 71.95M | 57.2M |
| SG&A % of Revenue | - | - | 47.58% | 36.51% | 44.37% | 2779% | 87.28% | 22.78% | 18.01% | 12.1% | 12.99% | 11.92% | 13.84% | 5.49% | 5.78% | 6.16% | 6.89% | 7% | 7.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 2.81M | 61.7M | 71.1M | 71.8M | 87.5M | 55.6M | 40M | 40M | 39M | 35.82M | 33.21M | 37.98M | 32.93M |
| R&D % of Revenue | - | - | - | - | - | - | 34.75% | 2.48% | 3.54% | 2.84% | 3.22% | 2.48% | 3.44% | 2% | 2.03% | 2.33% | 3% | 3.69% | 4.22% |
| Other Operating Expenses | 118.75K | 29.22M | 5.69M | 6.09M | 5.61M | 3.84M | -2.81M | 0 | 0 | 0 | 0 | 0 | -228M | 118M | -411M | -162.88M | -104.91M | -47.97M | -103.41M |
| Operating Income | -3.84M | -1.67M | -12.32M | -7.47M | -10.45M | -4.86M | -4.94M | -536.8M | -313.6M | 57.2M | -1.3B | 21.1M | -127M | 853M | 849M | 558.28M | 256.99M | 260.49M | 142.62M |
| Operating Margin % | -5.77% | -2.33% | -21.66% | -9.38% | -37.96% | -12741.18% | -61.14% | -21.61% | -15.62% | 2.26% | -47.89% | 0.94% | -10.92% | 42.59% | 44.2% | 36.24% | 23.21% | 25.34% | 18.26% |
| Operating Income Growth % | - | 86.42% | -64.96% | 28.54% | -114.89% | 1.57% | 99.08% | -71.17% | -648.25% | 104.4% | -6263.51% | 116.61% | -114.89% | 0.47% | 52.08% | 117.23% | -1.34% | 82.65% | - |
| EBITDA | -1.26M | 830.62K | -9.16M | -2.33M | -7.22M | -3.43M | -4.13M | -179.4M | -45.3M | 304.1M | -1.07B | 185.9M | -3M | 957M | 929M | 628.53M | 314.18M | 304.62M | 173.67M |
| EBITDA Margin % | -1.89% | 1.16% | -16.12% | -2.93% | -26.22% | -8995.84% | -51.14% | -7.22% | -2.26% | 12.02% | -39.53% | 8.3% | -0.26% | 47.78% | 48.36% | 40.8% | 28.37% | 29.63% | 22.23% |
| EBITDA Growth % | 86.49% | 109.06% | -293.21% | 67.7% | -110.2% | 16.91% | 97.7% | -296.03% | -114.9% | 128.33% | -677.41% | 6296.67% | -100.31% | 3.01% | 47.8% | 100.06% | 3.14% | 75.41% | - |
| D&A (Non-Cash Add-back) | 2.58M | 2.5M | 3.15M | 5.14M | 3.23M | 1.43M | 808.04K | 357.4M | 268.3M | 246.9M | 227.1M | 164.8M | 124M | 104M | 80M | 70.26M | 57.18M | 44.13M | 31.05M |
| EBIT | -10.53M | -1.67M | -12.73M | -4.16M | -2.29M | -4.86M | -4.66M | -906.4M | -442.3M | -47M | -703.4M | 16.5M | -104M | 584M | 1.11B | 588.06M | 245.12M | 185.02M | 142.96M |
| Net Interest Income | -1.23M | -2.23M | -3.09M | -2.66M | -976.61K | -1.37M | -28.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 92.29K | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.32M | 2.34M | 3.09M | 2.66M | 976.61K | 1.37M | 28.51K | 410M | 189.2M | 135.3M | 77.2M | 29M | -4M | -1M | -1M | -2.43M | -7.26M | -13.51M | -12.93M |
| Other Income/Expense | -7.6M | -9.17M | -3.5M | 646.15K | 7.18M | -1.37M | 247.24K | -779.6M | -317.9M | -239.5M | 519.9M | -33.6M | 27M | -268M | 262M | 32.21M | -4.62M | -61.96M | 13.27M |
| Pretax Income | -11.44M | -10.84M | -15.81M | -6.82M | -3.27M | -6.24M | -4.69M | -1.32B | -631.5M | -182.3M | -780.6M | -12.5M | -100M | 585M | 1.11B | 590.49M | 252.38M | 198.53M | 155.89M |
| Pretax Margin % | -17.21% | -15.08% | -27.81% | -8.57% | -11.87% | -16339.68% | -58.08% | -52.99% | -31.46% | -7.21% | -28.75% | -0.56% | -8.6% | 29.21% | 57.83% | 38.33% | 22.79% | 19.31% | 19.96% |
| Income Tax | 47.74K | 51K | 34.82K | 119.18K | 12.24K | 0 | 14.57K | -36M | 27.8M | 64.9M | 73.1M | -53.3M | -42M | 195M | 282M | 214.83M | 2.81M | -40.12M | 337K |
| Effective Tax Rate % | -0.42% | -0.47% | -0.22% | -1.75% | -0.37% | 0% | -0.31% | 2.73% | -4.4% | -35.6% | -9.36% | 426.4% | 42% | 33.33% | 25.38% | 36.38% | 1.11% | -20.21% | 0.22% |
| Net Income | -11.49M | -10.89M | -15.85M | -8.13M | -10.35M | -6.24M | -171.66K | -1.18B | -586.7M | -150.6M | -1.54B | 34.4M | -58M | 387M | 826M | 369.29M | 249.35M | 226.2M | 116.62M |
| Net Margin % | -17.28% | -15.15% | -27.87% | -10.21% | -37.61% | -16339.68% | -2.12% | -47.51% | -29.22% | -5.95% | -56.56% | 1.54% | -4.99% | 19.32% | 43% | 23.97% | 22.52% | 22% | 14.93% |
| Net Income Growth % | 44.1% | 31.27% | -94.9% | 21.45% | -66.02% | -3532.54% | 99.99% | -101.19% | -289.57% | 90.2% | -4565.12% | 159.31% | -114.99% | -53.15% | 123.67% | 48.1% | 10.24% | 93.97% | - |
| Net Income (Continuing) | -11.49M | -10.89M | -15.85M | -6.94M | -3.28M | -6.24M | -4.71M | -1.18B | -586.7M | -150.6M | -1.54B | 34.4M | -58M | 387M | 826M | 369.29M | 249.35M | 226.2M | 116.62M |
| Discontinued Operations | 0 | 0 | 0 | -1.19M | -7.07M | 0 | 4.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.37 | -4.38 | -10115.00 | -121545.00 | -605571.00 | 184404.00 | -11046.00 | 138000.00 | -66000.00 | 156000.00 | 690000.00 | 690000.00 | 432000.00 | 462000.00 | 510000.00 | 306000.00 | 378000.00 | 36300.10 | 19201.92 |
| EPS Growth % | 99.97% | 99.96% | 91.68% | 79.93% | -428.39% | 1769.42% | -108% | 309.09% | -142.31% | -77.39% | 0% | 59.72% | -6.49% | -9.41% | 66.67% | -19.05% | 941.32% | 89.04% | - |
| EPS (Basic) | - | -4.38 | -10115.00 | -121545.00 | -605571.00 | 187062.00 | -11046.00 | 138000.00 | -66000.00 | 156000.00 | 696000.00 | 696000.00 | 432000.00 | 462000.00 | 516000.00 | 312000.00 | 384000.00 | 36300.10 | 19201.92 |
| Diluted Shares Outstanding | 3.41M | 2.49M | 2.71K | 67 | 45 | 16 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 15 | 6.23K | 6.07K |
| Basic Shares Outstanding | 3.41M | 2.49M | 2.71K | 67 | 45 | 16 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 14 | 6.23K | 6.07K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational scale
As indicated by the most recent quarterly filings, SUNE experienced a sharp 43.1% year-over-year revenue decline in 2026Q1, reflecting significant challenges in maintaining installation volume across its core regional markets of New York and Hawaii during the seasonally slower winter months for residential solar projects.
The dramatic revenue drop suggests that the company's project-based model is highly susceptible to seasonal demand fluctuations and potential bottlenecks in utility interconnection. This volatility indicates that the firm lacks a sufficient recurring revenue base to buffer against the cyclical nature of residential solar installations.
According to historical income statement data, SUNE maintained a gross margin of 38.31% on average, demonstrating an ability to command premium pricing or manage local supply chains effectively despite the broader industry's ongoing struggle with hardware cost inflation and shifting net metering policies in key jurisdictions.
While the gross margin remains relatively robust for the engineering and construction sector, it fails to translate into bottom-line profitability due to excessive corporate overhead. This disparity suggests that the company's current scale is insufficient to absorb the fixed costs required to support its regional operational footprint.
Based on reported figures, the company's operating margin plummeted to -60.2% in 2026Q1, highlighting a persistent inability to scale operating income in proportion to gross profit as SG&A expenses continue to outpace the revenue generated from its core solar and storage installation business activities.
The failure to achieve positive operating leverage indicates that the company's administrative and customer acquisition costs are structurally too high for its current revenue volume. Investors should monitor whether management can streamline these fixed costs or if the current operating model is inherently incapable of reaching profitability.
Financial statements reveal a concerning trend where net losses have persisted across most of the last ten quarters, suggesting that the company's roll-up strategy may be failing to capture the anticipated synergies required to offset the high costs of integrating disparate regional solar installation brands.
Short-sellers would likely focus on the widening gap between revenue and operating expenses, which may necessitate further dilutive capital raises to sustain operations. The lack of consistent profitability warrants deep skepticism regarding the long-term viability of the current business model without a significant shift toward higher-margin recurring revenue.
Quick answers to the most common questions about buying SUNE stock.
For fiscal year 2025, SUNation Energy Inc. (SUNE) reported total revenue of $71.9M. This represents a 90.8% decline compared to $781.1M in 2003.
SUNation Energy Inc. (SUNE) reported a net loss of $10.9M for the fiscal year ending 2025.
SUNation Energy Inc. (SUNE) reported an operating income of $-1.7M, resulting in an operating profit margin of -2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
SUNation Energy Inc. (SUNE) generated $27.5M in gross profit for the year, representing a gross profit margin of 38.3%. This demonstrates the company's core pricing power and production efficiency.