SunPower Q1’26 Revenue Drops to $72.8M, Cuts $40M Debt
SunPower’s Q1’26 revenue fell to $72.8 million, resulting in a GAAP operating loss of $12.9 million due to a revenue miss and higher staffing. The company reduced debt by $40 million through a convertible note offering, booked a record 4,446 jobs and plans to restate Q1’25–Q3’25 10Qs.
1. Q1’26 Financial Results
SunPower reported Q1’26 revenue of $72.8 million, down from $91.0 million in Q4’25, leading to a GAAP operating loss of $12.9 million. Non-GAAP results also showed a loss due to a revenue shortfall and increased spending on staffing ahead of expected growth.
2. Debt Reduction
The company completed a convertible note offering that reduced its debt by $40 million, strengthening the balance sheet and preserving cash amid its growth investments. Cash on hand remained around $9.5 million at quarter end.
3. Bookings and Restatements
SunPower achieved record bookings of 4,446 jobs in Q1’26, up from 1,197 in Q1’25, driven by recent acquisitions. Management is set to file restated 10Q reports for Q1’25 through Q3’25 following a challenging 10K audit process.