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SunPower Inc
(NASDAQ:SPWR)
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Rating:44Neutral
Price Target:
$0.63
▼(-46.61% Downside)
Action:Reiterated
Date:06/10/26
The score is held down primarily by weak financial performance (sharp revenue decline, ongoing losses, negative equity, and cash burn) and bearish technicals (below key moving averages with negative MACD). Earnings-call progress (record bookings and cost cuts targeting Q3 breakeven) provides partial offset, but valuation is constrained by negative earnings and corporate actions emphasize ongoing liquidity/dilution risk.
Positive Factors
Record bookings provide durable revenue pipeline
A record 4,446 booked jobs (driven by recent acquisitions) creates a tangible near‑term revenue pipeline. With a median booking-to-revenue conversion of ~2 months, this backlog gives management visibility to convert bookings into the revenue needed to hit breakeven, a structurally important operational lever.
Negative Factors
Negative shareholders' equity and constrained balance sheet
Negative equity (~-$61.5M) and meaningful debt versus a ~$262M asset base limit financial flexibility and raise refinancing and solvency risk. This capital structure constraint is a persistent headwind to investing in growth and increases the likelihood of dilutive or restrictive financings over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Record bookings provide durable revenue pipeline
A record 4,446 booked jobs (driven by recent acquisitions) creates a tangible near‑term revenue pipeline. With a median booking-to-revenue conversion of ~2 months, this backlog gives management visibility to convert bookings into the revenue needed to hit breakeven, a structurally important operational lever.
Read all positive factors
SunPower Inc (SPWR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.56M
Dividend YieldN/A
Average Volume (3M)4.18M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth59.85%
EPS Growth-5.61%
CountryUS
Employees785
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.45
Shares Outstanding150,283,220
10 Day Avg. Volume3,487,147
30 Day Avg. Volume4,177,728
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)-1.52
Price to Sales (P/S)0.46
P/FCF Ratio-8.92
Enterprise Value/Market Cap2.40
Enterprise Value/Revenue0.81
Enterprise Value/Gross Profit1.65
Enterprise Value/Ebitda-22.31
Forecast
1Y Price Target
$5.40Price Target Upside357.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.2
Revenue Forecast (FY)$422.50M
SunPower Inc Business Overview & Revenue Model
Company Description
SunPower Inc. operates as a specialist in the solar energy domain, delivering both technological innovations and comprehensive services, alongside installation expertise. The firm's operational focus spans enhancing sales processes, managing proje...
How the Company Makes Money
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SunPower Inc Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful operational and commercial progress (record bookings, rising ASP driven by battery attach, acquisitions that beef up sales capacity, a $41M capital raise, and implemented cost cuts) against significant near-term execution and financial-reporting challenges (Q1 revenue miss, a sizeable non-GAAP operating loss driven by one-time spending, restatements, CFO transition, workforce reductions, and identified accounting/control deficiencies). Management presented a clear plan to tighten controls, reduce costs, and convert strong bookings into Q3 revenue that should enable profitability if execution holds, but material risks remain in finance processes, cash-flow breakeven needs, and salesforce stability.Positive Updates
Record Quarterly Bookings
Q1 2026 bookings reached a company record of 4,446 jobs (driven by recent acquisitions Sunder, Ambia and Cobalt), providing a strong pipeline that management expects to convert into Q3 revenue.
Negative Updates
Q1 2026 Revenue Miss and Operating Loss
Q1 2026 revenue was $72.8 million, a 9% shortfall versus guidance of $80 million. Non-GAAP operating income for Q1 was negative $12.9 million, driven in part by $9.9 million of incremental one-time spending.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Bookings
Q1 2026 bookings reached a company record of 4,446 jobs (driven by recent acquisitions Sunder, Ambia and Cobalt), providing a strong pipeline that management expects to convert into Q3 revenue.
Read all positive updates
Company Guidance
SunPower guided to Q2 revenue of about $75M (up $3M from last quarter) with an expected Q2 operating loss of roughly $3M, following Q1 ’26 revenue of $72.8M (vs. prior guidance $80M, -9%) and non‑GAAP operating income of -$12.9M driven by $9.9M of one‑time spending; the company says cost cuts already reduce OpEx by $9.9M/quarter and will be ~60% in effect in Q2. Management raised $41M in the quarter (cash flat overall, keeping ~ $10M working cash), moved from +86 hires to 115 RIFs, instituted a 4‑day workweek through September, trimmed headcount guidance to 700 (current headcount 710), and reports a salesforce of ~1,552 reps representing ~90% of revenue. Bookings were a record 4,446 jobs in Q1, average selling price ≈ $32,000 (battery attach adds ≈ $10,000 to ~$42,000 ASP), median booking‑to‑revenue cycle ~2 months (rule of thumb 90 days), and management says operating breakeven is about $76M and cash‑flow breakeven about $96M — they expect to be profitable and cash‑flow‑positive at ≥$96M, target at least $96M in Q3 (with modeling showing ~ $130M), and a $1B run‑rate by Q3 2028.SunPower Inc Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 290.05M | 300.00M | 108.74M | 87.62M | 66.47M | 68.82M |
| Gross Profit | 141.40M | 129.21M | 39.50M | 17.79M | 19.83M | 28.69M |
| EBITDA | -10.48M | -8.46M | -35.48M | -81.25M | -22.36M | -7.10M |
| Net Income | -48.23M | -45.35M | -56.45M | -269.56M | -29.48M | -9.28M |
Balance Sheet | ||||||
| Total Assets | 262.09M | 241.19M | 144.47M | 47.32M | 228.18M | 26.40M |
| Cash, Cash Equivalents and Short-Term Investments | 9.49M | 9.62M | 13.38M | 2.59M | 4.41M | 5.28M |
| Total Debt | 169.80M | 188.42M | 153.06M | 63.21M | 66.78M | 25.50M |
| Total Liabilities | 323.54M | 331.33M | 242.00M | 124.14M | 122.90M | 79.19M |
| Stockholders Equity | -61.45M | -90.14M | -97.54M | -76.81M | 105.28M | -52.79M |
Cash Flow | ||||||
| Free Cash Flow | -38.36M | -15.33M | -55.82M | -60.59M | -33.03M | -12.06M |
| Operating Cash Flow | -38.36M | -15.33M | -54.66M | -58.61M | -31.51M | -10.99M |
| Investing Cash Flow | -18.79M | -19.34M | -54.66M | 6.17M | 3.33M | -1.06M |
| Financing Cash Flow | 53.37M | 30.91M | 120.10M | 50.42M | 31.19M | 16.89M |
SunPower Inc Technical Analysis
Negative
1.18
Price Trends
0.87
Negative
1.05
Negative
1.38
Negative
Market Momentum
-0.07
Negative
39.60
Neutral
39.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWR, the sentiment is Negative. The current price of 1.18 is above the 20-day moving average (MA) of 0.67, above the 50-day MA of 0.87, and below the 200-day MA of 1.38, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 39.60 is Neutral, neither overbought nor oversold. The STOCH value of 39.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPWR.
SunPower Inc Risk Analysis
SunPower Inc disclosed 62 risk factors in its most recent earnings report. SunPower Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SunPower Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $142.71M | 45.45 | 16.40% | ― | 74.29% | ― | |
50 Neutral | $84.51M | -1.57 | 316.79% | ― | 73.02% | 14.88% | |
44 Neutral | $97.56M | -1.09 | 51.99% | ― | 59.85% | -5.61% | |
40 Underperform | $35.03M | -1.46 | 105.90% | ― | 19.17% | 39.83% |
* Technology Sector Average
SPWR
SunPower Inc
0.63
-1.01
-61.52%
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SunPower Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
SunPower Exchanges Convertible Note Interest for Equity
Neutral
Jul 1, 2026
On June 29 and June 30, 2026, SunPower entered into privately negotiated exchange agreements with certain holders of its various series of convertible senior notes. Under these agreements, the company exchanged about $10.7 million in cash interest...
Business Operations and StrategyPrivate Placements and Financing
SunPower Proposes Stock Payments to Preserve Near-Term Liquidity
Negative
Jun 2, 2026
On June 2, 2026, Orem, Utah-based SunPower Inc. announced plans to negotiate with certain holders of its 12% and 7% convertible senior notes due 2029 to accept common stock of equal value with bonus shares instead of cash interest. The proposal co...
Business Operations and StrategyPrivate Placements and Financing
SunPower Issues Additional Convertible Notes in Private Offering
Neutral
May 22, 2026
On April 23, 2026, SunPower Inc. closed a private offering of 10.00% Convertible Senior Secured Notes due 2029 and, on May 20, 2026, issued additional notes under the same indenture, creating senior, secured obligations that bear quarterly interes...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresRegulatory Filings and Compliance
SunPower Posts Q1 Loss Amid Strong Margins, Record Bookings
Negative
May 12, 2026
SunPower reported preliminary, unaudited results for the quarter ended March 31, 2026, showing revenue of $72.8 million and a GAAP operating loss of $19.2 million, driven by a revenue shortfall versus prior guidance and increased spending to suppo...
Business Operations and StrategyPrivate Placements and Financing
SunPower Raises Capital Through Convertible Notes and Exchanges
Neutral
Apr 29, 2026
On April 23, 2026, SunPower Inc. closed a $41 million private offering of 10.00% Convertible Senior Secured Notes due 2029, sold primarily to qualified institutional buyers and accredited investors, including $6 million to entities affiliated with...
Business Operations and StrategyPrivate Placements and Financing
SunPower Restructures Debt with New Convertible Notes Financing
Positive
Apr 22, 2026
On April 21, 2026, SunPower Inc. entered into a series of financing and exchange transactions centered on a $41 million private offering of 10.00% Convertible Senior Secured Notes due 2029, with portions placed with institutional investors, an aff...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
SunPower Files 2025 10-K and Cleans Balance Sheet
Positive
Apr 14, 2026
On April 8, 2026, SunPower Inc. raised $5 million via a simple agreement for future equity with the Rodgers Massey Revocable Living Trust, an affiliate of CEO and Chairman T.J. Rodgers, with the instrument set to convert into equity at the price o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.