SunPower’s 2025 10-K Shows $300M Revenue, $26.9M GAAP Loss and State Expansion
SunPower’s 2025 audited 10-K showed GAAP revenue of $300 million and a $26.9 million operating loss after $20.7 million in balance-sheet cleanup and 40 audit adjustments. Non-GAAP operating income reached $7.33 million, while three acquisitions expanded its sales coverage from 22 to 46 states under its new legal name.
1. 2025 Financial Results
SunPower’s audited 10-K reported 2025 GAAP revenue of $300 million, 43% gross margin and a $26.9 million operating loss, down from $308.8 million in unaudited quarterly reports. Non-GAAP operating income was $7.33 million after adjustments for stock-based compensation, intangible amortization and M&A charges.
2. Balance-Sheet Cleanup
The company implemented 40 audit adjustments to its balance sheet, removing $20.7 million in erroneous entries and correcting double-booked revenue from a legacy IT system. These adjustments increased the full-year GAAP operating loss.
3. Acquisitions and Expansion
During 2025 SunPower completed three acquisitions, increasing its sales coverage from 22 to 46 states. The company also formally adopted “SunPower” as its legal name and brand to unify its operations.
4. Future Outlook
With its 10-K now filed and current in reporting, SunPower plans to restate Q1-Q3 2025 quarterly filings for consistency. The company aims to grow combined revenues to over $400 million in 2026.