SunPower Inc. reported its third‑quarter 2025 financial results, posting revenue of $70.01 million—an almost 1,200% jump from the $5.54 million it generated in the same quarter of 2024. The surge is largely attributable to the company’s recent acquisition of Sunder Energy, which added $12 million in revenue and broadened SunPower’s residential solar installation and new‑home business segments.
The company’s net loss narrowed sharply to $16.9 million from a $77.96 million loss in Q3 2024, reflecting stronger top‑line growth and improved cost control. GAAP operating income for the quarter was a loss of $2.344 million, while non‑GAAP operating income stood at $2.123 million after a $1.1 million increase in bad‑debt reserves. The reserve adjustment lifted total reserves from $7.1 million to $8.2 million and reduced non‑GAAP operating income from $3.123 million to $2.123 million, erasing the “record” operating income that had been highlighted in the draft filing.
The reserve increase was driven by a comprehensive review of aged accounts receivable from 40 home‑builder customers. Payments have been received from 38 of those customers, and management said the adjustment was necessary to “put the old‑SunPower aged‑AR uncertainty behind us.” CEO T.J. Rodgers noted that the company now has the ability to “literally flip a switch to deactivate them” if collection issues arise, underscoring a proactive stance on credit risk.
SunPower’s cash balance at the end of Q3 2025 was $4.11 million, and the company is reportedly in the process of raising additional capital. The filing also highlighted a Nasdaq deficiency notice issued earlier in the year for failing to file the report on time; the company filed the 10‑Q on December 19, 2025, and it became publicly available on December 23, 2025.
Management emphasized that the revenue growth is driven by strong demand in the residential solar and new‑home segments, while the Sunder acquisition is expected to dilute gross margins by a few points but provide a significant revenue boost. The company’s gross margin for the quarter was approximately 48%, with an adjusted core margin of about 38%. The management outlook remains cautious, noting that the company is focused on maintaining profitability while navigating the capital‑intensive nature of its growth strategy.
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