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Midas Edge

SUNation Energy, Inc.

For the period ended Jun 30, 2025. Filed Aug 15, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 15, 2025

SUNE$2.05+2.5%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. Condensed Consolidated Balance Sheets

SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
June 30December 31
20252024
CURRENT ASSETS:
Cash and cash equivalents$3,186,757$839,268
Restricted cash and cash equivalents286,630312,080
Trade accounts receivable, less allowance for
credit losses of $215,738 and $240,817, respectively3,298,9444,881,094
Inventories2,321,9662,707,643
Prepaid income taxes15,776—
Related party receivables23,03923,471
Prepaid expenses1,028,9961,587,464
Costs and estimated earnings in excess of billings604,077560,648
Other current assets185,227198,717
TOTAL CURRENT ASSETS10,951,41211,110,385
PROPERTY, PLANT AND EQUIPMENT, net1,107,3721,238,898
OTHER ASSETS:
Goodwill17,443,86917,443,869
Operating lease right of use asset, net3,513,1143,686,747
Intangible assets, net11,102,08312,220,833
Other assets, net12,00012,000
TOTAL OTHER ASSETS32,071,06633,363,449
TOTAL ASSETS$44,129,850$45,712,732
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable$6,406,277$8,032,769
Accrued compensation and benefits783,430796,815
Operating lease liability327,454321,860
Accrued warranty190,411350,013
Other accrued liabilities1,318,9151,055,995
Accrued loss contingencies—1,300,000
Income taxes payable—5,071
Refundable customer deposits1,533,6881,870,173
Billings in excess of costs and estimated earnings421,474444,310
Contingent value rights286,630312,080
Earnout consideration—2,500,000
Current portion of loans payable330,1123,139,113
Current portion of loans payable - related party1,203,4016,951,563
Embedded derivative liability—82,281
TOTAL CURRENT LIABILITIES12,801,79227,162,043
LONG-TERM LIABILITIES:
Loans payable and related interest1,172,9966,531,650
Loans payable and related interest - related party4,328,137—
Operating lease liability3,308,0283,471,623
Accrued compensation and benefits416,855—
TOTAL LONG-TERM LIABILITIES9,226,01610,003,273
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY
Series A Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively——
Series B preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively——
Series D preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively——
Common stock, par value $0.05 per share; 1,000,000,000 shares authorized;
3,406,614 and 9,343 shares issued and outstanding, respectively(1)170,331467
Additional paid-in capital(1)77,934,60451,445,995
Accumulated deficit(56,002,893)(42,899,046)
TOTAL STOCKHOLDERS' EQUITY22,102,0428,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$44,129,850$45,712,732
(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.
The accompanying notes are an integral part of the condensed consolidated financial statements.
SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30Six Months Ended June 30
2025202420252024
Sales$13,064,254$13,549,420$25,700,892$26,768,617
Cost of sales8,224,7378,757,06616,430,05017,170,815
Gross profit4,839,5174,792,3549,270,8429,597,802
Operating expenses:
Selling, general and administrative expenses6,443,7296,558,92312,483,02713,187,950
Amortization expense559,375709,3751,118,7501,418,750
Fair value remeasurement of SUNation earnout consideration—(450,000)—(800,000)
Total operating expenses7,003,1046,818,29813,601,77713,806,700
Operating loss(2,163,587)(2,025,944)(4,330,935)(4,208,898)
Other (expense) income:
Investment and other income27,66127,32575,82673,166
Gain on sale of assets———6,118
Fair value remeasurement of warrant liability(7,531,044)(3,267,571)(7,531,044)461,022
Fair value remeasurement of embedded derivative liability—(1,055,600)—(1,055,600)
Fair value remeasurement of contingent forward contract789,588—899,080—
Fair value remeasurement of contingent value rights6,271116,77525,450492,860
Financing fees(559,938)—(1,136,532)—
Interest expense(162,130)(735,633)(733,370)(1,500,503)
Loss on debt extinguishment——(343,471)—
Other expense, net(7,429,592)(4,914,704)(8,744,061)(1,522,937)
Net loss before income taxes(9,593,179)(6,940,648)(13,074,996)(5,731,835)
Income tax expense (benefit)14,236(6,633)28,851(471)
Net loss(9,607,415)(6,934,015)(13,103,847)(5,731,364)
Deemed dividend on extinguishment of Convertible Preferred Stock———(751,125)
Deemed dividend on modification of PIPE Warrants———(10,571,514)
Net loss attributable to common shareholders$(9,607,415)$(6,934,015)$(13,103,847)$(17,054,003)
Basic net loss per share(1)$(3.14)$(11,022.91)$(8.42)$(38,216.49)
Diluted net loss per share(1)$(3.14)$(11,022.91)(8.42)(38,216.49)
Weighted Average Basic Shares Outstanding(1)3,063,7436291,556,627446
Weighted Average Dilutive Shares Outstanding(1)3,063,7436291,556,627446
(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.
The accompanying notes are an integral part of the condensed consolidated financial statements.

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