Record Q4 Revenue and Sequential Growth
Q4 revenue reached $88.5M, up ~26% quarter-over-quarter (from ~$70M). This drove a record quarter for the combined company and contributed to a 2025 full-year revenue of $308.8M.
Record Operating Profit and Sequential Improvement
Q4 operating income was $3.545M (≈4.0% of revenue), up from $2.0M in the prior quarter (approximately a 77% increase q/q). This marked the fourth consecutive profitable quarter and a profitable full year (2025).
Cash Improvement and Financing Availability
Ending cash balance rose to $9.3M from $5.1M in the prior quarter (added ~$4.3M during the quarter). Management also increased an equity line of credit (ELOC) to $55M to provide additional liquidity (subject to shareholder approval) and stated a $10M minimum cash target.
Acquisitions and Strategic M&A Progress
Recent acquisitions (Sunder contributed a full quarter, Ambia a partial quarter) were credited for the revenue jump. Letter of intent signed to acquire Cobalt Power Systems (announced Jan 16) to expand commercial/system-design capabilities.
Significant Sales Force Expansion
Independent sales rep (1099) headcount increased from ~1,126 to roughly 2,000 (nearly doubled) following acquisitions (Sunder, Ambia) and hiring Purolite reps, expanding national coverage to ~45 states and supporting future bookings growth.
Product and Technology Differentiation
Introduced the 'Monolith' 470W Alpha Pure-RX panel (exclusive with partner REC) and discussed bifacial/glass-back approaches that can deliver >500W effective output in some installations. Emphasis on software-controlled systems (Enphase partnerships, CAN bus/ARM controls) as a differentiator.
Productivity and Operational Efficiency Gains
Revenue per employee set a company record at over $400,000/year (first time >$400k), driven by acquisitions that added sales reps more than W-2 headcount. Management cited a clear line of sight to $500,000 per employee/year.
Operational Cycle-Time Improvements
Ambia integration delivered faster cycle times (median project-received-to-permit ~7 days and project-received-to-install-complete ~41.6 days), ~15 days faster than prior SunPower benchmarks, helping accelerate throughput and bookings conversion.