SunPower reported Q4 revenue of $88.5 million, a 26% increase from $70.0 million in Q3, driven by full-quarter contributions from the Sunder acquisition and partial-quarter revenue from Ambia. GAAP gross profit rose to $48.8 million (55% margin) and non-GAAP gross profit reached $50.9 million (57% margin), reflecting improved unit economics. Operating income turned positive on a non-GAAP basis at $3.5 million (4.0% of revenue), compared with $2.0 million in Q3, while GAAP operating loss narrowed to $1.1 million. The quarter closed with a cash balance of $9.3 million, up from $5.1 million, following an equity line of credit increase to $55 million with White Lion Capital.

For full-year 2025, SunPower achieved $308.8 million in revenue and $10.9 million in non-GAAP operating income, marking its first profitable year after four consecutive years of losses under the legacy structure. The company maintained a direct headcount of 847 employees despite acquisitions, leveraging synergies to boost revenue per employee to $445,000—more than double the industry peer average of $217,000. This record efficiency underscores management’s focus on scalability and cost control.

SunPower expanded its independent salesforce to 1,977 representatives by quarter end, adding 893 reps from Sunder, 203 from Ambia and 350 from Purelight. Management expects this enlarged network to drive market share gains throughout 2026, offsetting a typical 10%–15% winter-quarter solar slump and the scheduled step-down in the ITC tax credit. The company’s Q1 2026 guidance anticipates revenue of $84 million plus or minus $4 million and operating income of $2.0 million, reflecting seasonal headwinds.

SunPower signed a joint development agreement with REC to commercialize a high-wattage, frameless bifacial panel (“Monolith”) targeting 470–500 watt output. The first installations are planned for a 111 kW project in Sunnyvale. On January 16, the company announced a Letter of Intent to acquire Cobalt Power Systems, aiming to consolidate privately held solar installers and bolster its public company footprint. Management is also advancing three additional financing transactions to strengthen its cash runway above the $10 million threshold.