SunPower (SPWR) investor relations material

Executive summary

• Q1 2026 revenue was $72.8 million, down 9% from guidance and from $90.9 million in Q4 2025, due to a softer market and increased spending for anticipated Q3 2026 growth.

• Non-GAAP operating loss for Q1 2026 was $12.9 million, impacted by one-time spending, hiring, and increased staffing.

• Bookings reached a record 4,446 jobs in Q1 2026, up from 1,197 in Q1 2025, driven by acquisitions.

• Significant cost reductions implemented post-Q1, including layoffs of 115 employees, a shift to a four-day workweek, and $9.9 million in quarterly savings.

• Convertible note offering reduced debt by $40 million.

Financial highlights

• Q1 2026 revenue: $72.8 million, down from $90.9 million in Q4 2025.

• Q1 2026 non-GAAP operating loss: $12.9 million; GAAP operating loss: $19.2 million.

• Gross margin improved to 62% in Q1 2026 from 51% in Q4 2025.

• Cash balance at quarter end: $9.5 million, nearly flat sequentially.

• Q4 2025 revenue restated to $90 million with $3 million profit after audit adjustments.

Outlook and guidance

• Q2 2026 revenue estimate: $75 million, with operating loss reduced to $3 million due to cost cuts; 60% of savings to benefit Q2.

• Q3 2026 revenue expected to reach $96 million, with profitability and positive cash flow anticipated.

• Long-term goal remains $1 billion revenue run rate by Q3 2028.