Complete Solaria (SPWR) AI Stock Analysis

• Market Cap: $192.45M
• Dividend Yield: N/A
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 10.6
• Beta (1Y): 2.08
• Revenue Growth: 657.27%
• EPS Growth: N/A
• Country: US
• Employees: 600
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -0.04
• Shares Outstanding: 111,888,500
• 10 Day Avg. Volume: 1,803,841
• 30 Day Avg. Volume: 1,406,925
• PEG Ratio: 0.03
• Price to Book (P/B): -1.34
• Price to Sales (P/S): 1.21
• P/FCF Ratio: -2.35
• Enterprise Value/Market Cap: 1.79
• Enterprise Value/Revenue: 1.12
• Enterprise Value/Gross Profit: 2.42
• Enterprise Value/Ebitda: 6.37
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $2.00 ▲(21.95% Upside)

The score is held back primarily by financial risk: negative equity and negative operating/free cash flow reduce balance-sheet flexibility despite improving TTM profitability. Offsetting this, technicals are modestly supportive (price above major moving averages), and the latest earnings call reinforced operational momentum and continued positive operating income guidance, though liquidity sensitivity and integration/reporting issues remain key risks.

Positive Factors

Revenue and profit turnaround

Sustained top-line growth and a return to TTM net profitability signal improving product demand and pricing execution. Durable revenue momentum supports reinvestment, scale benefits and credibility with lenders/partners, strengthening the company’s ability to pursue growth over the next several quarters.

Product and technology differentiation

High-efficiency Monolith panels and integrated software controls provide a structural product advantage versus commodity panels. Premium, power‑dense modules and partner exclusives improve win rates in premium segments and support better long-term gross margins and customer retention.

Scalable sales distribution and productivity

A largely variable-cost, independent rep model and recent bolt-on acquisitions rapidly expand national coverage and bookings capacity. Higher revenue per employee shows operational leverage potential, enabling scalable growth without a commensurate rise in fixed overhead over the medium term.

Negative Factors

Highly stressed balance sheet

Negative equity and material debt materially constrain financial flexibility and increase refinancing and covenant risk. Over the coming months this weak capital structure can force dilutive financings or costly debt, limiting the company’s ability to invest and execute strategic initiatives reliably.

Weak cash generation

Persistent negative operating and free cash flow mean the business relies on external liquidity (equity lines, ELOC) to fund operations and growth. This structural cash burn raises financing dependency and could limit capital allocation or slow execution if markets or credit access tighten over the next several quarters.

Integration, reporting and governance weaknesses

Ongoing integration of acquisitions, disparate financial systems, and open finance leadership create execution and reporting risk. These structural weaknesses can delay timely financial insight, impair synergy capture, increase compliance risk and raise investor/lender concerns over the medium term.

Complete Solaria Business Overview & Revenue Model

Company Description

SunPower, Inc. is a solar technology, services, and installation company. It offers sales enablement, project management, partner coordination, and customer communication. The company was founded William J. Anderson by in 2010 and is headquartered in Fremont, CA.

How the Company Makes Money

Complete Solaria generates revenue primarily through the sale of solar panels and energy systems to residential and commercial customers. The company operates a direct sales model, often partnering with local installers and contractors to reach end-users more effectively. Additionally, Complete Solaria may generate income through long-term power purchase agreements (PPAs) and leasing options, allowing customers to pay for solar energy over time. Significant partnerships with utility companies and financing institutions also contribute to its earnings by facilitating customer access to solar technology and financing options. Moreover, the company's focus on innovation and efficiency in its product offerings helps in maintaining competitive pricing and attracting a broader customer base.

Complete Solaria Financial Statement Overview

Summary

TTM income statement shows improving momentum (revenue +26.37%, positive net income with ~46% gross margin), but fundamentals are constrained by a stressed balance sheet (negative equity of -$112.3M vs. $209.7M debt) and weak cash conversion (TTM operating cash flow and free cash flow both about -$39M).

Income Statement

TTM (Trailing-Twelve-Months) shows a meaningful turnaround with revenue up 26.37% and positive net income ($16.9M) with a ~5.5% net margin, alongside a strong ~46% gross margin. However, profitability quality is mixed: EBIT remains negative (-$26.6M) despite positive EBITDA ($54.2M), suggesting ongoing operating cost pressure and reliance on add-backs. Results have also been volatile historically, with large losses in prior annual periods (notably 2023 and 2024), which lowers confidence in the durability of the TTM improvement.

Balance Sheet

The balance sheet is the primary weakness. In TTM (Trailing-Twelve-Months), stockholders’ equity is negative (-$112.3M) while total debt is substantial ($209.7M), indicating a highly stressed capital structure and limited balance-sheet flexibility. Negative equity also makes leverage signals unfavorable and increases refinancing and covenant risk. While total assets are similar in size to debt ($208.3M assets vs. $209.7M debt), the lack of equity buffer is a key concern.

Cash Flow

Cash generation remains pressured. TTM (Trailing-Twelve-Months) operating cash flow is negative (-$39.0M) and free cash flow is also negative (-$39.1M), with free cash flow declining versus the prior period (growth of -28.11%). This is a notable weakness given the already-levered balance sheet, as the company appears reliant on external funding or working-capital improvements to sustain operations, despite the return to positive net income in TTM.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	308.94M	108.74M	87.62M	66.47M	68.82M	29.38M
Gross Profit	142.21M	39.50M	17.79M	19.83M	28.69M	12.28M
EBITDA	54.17M	-35.48M	-81.25M	-22.36M	-7.10M	-4.86M
Net Income	15.79M	-56.45M	-269.56M	-29.48M	-9.28M	-5.68M
Balance Sheet
Total Assets	208.34M	144.47M	47.32M	228.18M	26.40M	1.65B
Cash, Cash Equivalents and Short-Term Investments	5.07M	13.38M	2.59M	4.41M	5.28M	232.76M
Total Debt	209.22M	153.06M	63.21M	66.78M	25.50M	691.82M
Total Liabilities	320.66M	242.00M	124.14M	122.90M	79.19M	1.24B
Stockholders Equity	-112.32M	-97.54M	-76.81M	105.28M	-52.79M	404.17M
Cash Flow
Free Cash Flow	-39.07M	-55.82M	-60.59M	-33.03M	-12.06M	-6.77M
Operating Cash Flow	-38.96M	-54.66M	-58.61M	-31.51M	-10.99M	-6.19M
Investing Cash Flow	-74.30M	-54.66M	6.17M	3.33M	-1.06M	-584.00K
Financing Cash Flow	38.83M	120.10M	50.42M	31.19M	16.89M	6.36M

Complete Solaria Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWR, the sentiment is Neutral. The current price of 1.64 is below the 20-day moving average (MA) of 1.74, below the 50-day MA of 1.67, and below the 200-day MA of 1.71, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 48.01 is Neutral, neither overbought nor oversold. The STOCH value of 42.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPWR.

Complete Solaria Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FTCI	57 Neutral	$155.08M	-2.57	-664.69%	―	39.53%	-7.16%
SPWR	53 Neutral	$192.45M	10.63	―	―	657.27%	―
TYGO	52 Neutral	$213.17M	-4.60	-177.48%	―	97.41%	11.83%
ZEO	45 Neutral	$55.28M	―	―	―	27.17%	57.71%
MAXN	39 Underperform	$44.10M	-0.01	―	―	-54.68%	63.56%

Complete Solaria Corporate Events

Complete Solaria Secures New Convertible Note Insider Financing

On January 27, 2026, SunPower Inc. entered into a Standby Equity Purchase Agreement with YA II PN, LTD., under which the investor agreed to provide up to $20 million in pre-paid advances via zero-coupon convertible promissory notes maturing in 2027, alongside a facility that allows SunPower, subject to conditions and caps under Nasdaq rules, to sell up to $25 million in additional common stock to the investor through 2029 at discounted market-based prices. The structure, which includes an initial $1.9 million tranche funded on January 27, 2026, a potential second tranche of up to $18.1 million, issuance of commitment shares, and strict limits on ownership concentration and total issuances, is designed to give SunPower flexible access to equity-linked capital while managing dilution and regulatory constraints. On January 29, 2026, SunPower further bolstered its financing by issuing a $3.3 million 12% convertible promissory note to a trust controlled by its CEO and executive chairman, Thurman J. Rodgers, a long-dated unsecured instrument convertible into up to 1,783,783 common shares and featuring standard redemption, change-of-control and default protections, underscoring insider support for the company’s capital needs and adding another potential source of future equity at the cost of increased leverage and prospective dilution.

The most recent analyst rating on (SPWR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

Complete Solaria Reports Record Q4 2025 Profitable Growth

On January 20, 2025, SunPower reported record preliminary financial results for the fourth quarter of 2025, with revenue rising to $88.5 million from $70.0 million in the prior quarter and non-GAAP operating income reaching a post-acquisition record of $3.5 million, marking its fourth consecutive profitable quarter and a profitable full year 2025 with $308.8 million in revenue and $10.9 million in operating income. The company’s growth was driven largely by the Sunder and Ambia acquisitions and the onboarding of nearly 1,500 new sales representatives, which helped lift revenue per employee to $445,000, more than double Sunrun’s comparative metric, even as direct headcount stayed roughly flat; SunPower also boosted its cash balance to $9.3 million and expanded its equity line of credit to $55 million to reassure investors about liquidity, while management highlighted a path to higher valuation multiples, ongoing integration of acquisitions, and strong 2026 profitability expectations despite anticipated seasonal and policy-related headwinds in early 2026.

The most recent analyst rating on (SPWR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

Complete Solaria Expands Equity Purchase Agreement for Flexibility

On January 11, 2026, SunPower Inc. entered into a third amendment to its common stock purchase agreement with White Lion Capital, LLC, extending the period during which SunPower may sell shares to White Lion to the earlier of December 31, 2027, or the point at which White Lion has purchased the full committed amount. Subject to stockholder approval, the amendment raises the total potential commitment to $55 million of SunPower common stock and introduces a three-hour rapid purchase mechanism, allowing SunPower, at its discretion, to execute accelerated share sales based on the lowest traded price during a short valuation window, thereby providing the company with greater flexibility and optionality in accessing equity capital through a private, unregistered offering structure.

The most recent analyst rating on (SPWR) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

Complete Solaria Announces Strategic Asset Acquisition

Complete Solaria, a public solar company, is leveraging its venture return potential through strategic acquisitions and financial maneuvers. On December 4, 2025, SunPower Inc. announced an investor presentation highlighting its plans to acquire assets from SunPower, aiming to scale revenue significantly. This move is part of a broader strategy to enhance market positioning and operational capabilities, which includes raising substantial funds and expanding its sales force through the acquisition of Sunder Energy.

The most recent analyst rating on (SPWR) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

SunPower Faces Nasdaq Deficiency Notification

On November 20, 2025, SunPower Inc. issued a $2,000,000 convertible promissory note to a trust controlled by its CEO, Thurman J. Rodgers. The note, bearing a 12% interest rate, is set to mature on July 1, 2029, and includes options for conversion into common stock. Additionally, on November 19, 2025, SunPower received a deficiency notification from Nasdaq due to a delay in filing its Q3 Form 10-Q, which the company expects to file during the week of November 24, 2025. This notification does not immediately affect the company’s stock listing, but requires a compliance plan within 60 days.

The most recent analyst rating on (SPWR) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

SunPower Completes Acquisition of Ambia Energy

On November 21, 2025, SunPower Inc. completed the acquisition of Ambia Energy, a solar power installation company, for $37.5 million. This strategic move positions SunPower as the fifth-largest U.S. residential solar company and is expected to enhance its operational capabilities and sales force. The acquisition is anticipated to increase SunPower’s revenue estimates for Q4 2025 and Q1 2026, with expectations of record operating income. The integration of Ambia’s management team and salesforce is seen as a significant step in transforming SunPower’s business operations.

The most recent analyst rating on (SPWR) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.

SunPower to Acquire Ambia Solar for $37.5 Million

SunPower announced its intent to acquire Ambia Solar for $37.5 million in equity, with the transaction expected to close in Q4 2025. This acquisition is projected to add $83.6 million in annual revenue starting in Q1 2026, enhancing SunPower’s operational capabilities and positioning it to capitalize on industry consolidation and the upcoming expiration of the ITC for individual homeowners.

The most recent analyst rating on (SPWR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Complete Solaria stock, see the SPWR Stock Forecast page.