SUNation Energy, Inc.

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

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.

Sep 30, 2025 · Filed Nov 7, 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
	September 30	December 31
	2025	2024
CURRENT ASSETS:
Cash and cash equivalents	$5,414,591	$839,268
Restricted cash and cash equivalents	288,948	312,080
Trade accounts receivable, less allowance for
credit losses of $280,863 and $240,817, respectively	4,924,480	4,881,094
Inventories	3,008,151	2,707,643
Prepaid income taxes	13,461	—
Related party receivables	21,571	23,471
Prepaid expenses	2,088,810	1,587,464
Costs and estimated earnings in excess of billings	797,390	560,648
Other current assets	612,248	198,717
TOTAL CURRENT ASSETS	17,169,650	11,110,385
PROPERTY, PLANT AND EQUIPMENT, net	1,047,668	1,238,898
OTHER ASSETS:
Goodwill	17,443,869	17,443,869
Operating lease right of use asset, net	3,391,457	3,686,747
Intangible assets, net	10,542,708	12,220,833
Other assets, net	12,000	12,000
TOTAL OTHER ASSETS	31,390,034	33,363,449
TOTAL ASSETS	$49,607,352	$45,712,732
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$7,291,519	$8,032,769
Accrued compensation and benefits	1,362,804	796,815
Operating lease liability	285,676	321,860
Accrued warranty	198,087	350,013
Other accrued liabilities	1,476,479	1,055,995
Accrued loss contingencies	—	1,300,000
Income taxes payable	—	5,071
Refundable customer deposits	4,331,250	1,870,173
Billings in excess of costs and estimated earnings	1,889,832	444,310
Contingent value rights	288,948	312,080
Earnout consideration	—	2,500,000
Current portion of loans payable	379,609	3,139,113
Current portion of loans payable - related party	1,530,244	6,951,563
Embedded derivative liability	—	82,281
TOTAL CURRENT LIABILITIES	19,034,448	27,162,043
LONG-TERM LIABILITIES:
Loans payable and related interest	1,093,114	6,531,650
Loans payable and related interest - related party	3,897,808	—
Operating lease liability	3,233,929	3,471,623
Accrued compensation and benefits	620,087	—
TOTAL LONG-TERM LIABILITIES	8,844,938	10,003,273
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	—	—

Common stock, par value $0.05 per share; 1,000,000,000 shares authorized;
Series B preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively	—	—
Series C preferred stock, par value $1.00 per share; 35,000 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	—	—
3,406,614 and 9,343 shares issued and outstanding, respectively(1)	170,331	467
Additional paid-in capital(1)	77,953,503	51,445,995
Accumulated deficit	(56,395,868)	(42,899,046)
TOTAL STOCKHOLDERS' EQUITY	21,727,966	8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$49,607,352	$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 September 30		Nine Months Ended September 30
	2025	2024	2025	2024
Sales	$18,993,636	$14,718,386	$44,694,528	$41,487,003
Cost of sales	11,781,951	9,482,661	28,212,001	26,653,476
Gross profit	7,211,685	5,235,725	16,482,527	14,833,527
Operating expenses:
Selling, general and administrative expenses	6,898,041	6,133,087	19,381,068	19,321,037
Amortization expense	559,375	709,375	1,678,125	2,128,125
Fair value remeasurement of SUNation NY earnout consideration	—	—	—	(800,000)
Total operating expenses	7,457,416	6,842,462	21,059,193	20,649,162
Operating loss	(245,731)	(1,606,737)	(4,576,666)	(5,815,635)
Other (expense) income:
Investment and other income	15,173	25,410	90,999	98,576
Gain on sale of assets	—	(6,940)	—	(822)
Fair value remeasurement of warrant liability	—	(1,435,845)	(7,531,044)	(974,823)
Fair value remeasurement of embedded derivative liability	—	587,271	—	(468,329)
Fair value remeasurement of contingent forward contract	—	—	899,080	—
Fair value remeasurement of contingent value rights	(2,318)	(14,051)	23,132	478,809
Financing fees	—	—	(1,136,532)	—
Interest expense	(143,420)	(811,551)	(876,790)	(2,312,054)
Loss on debt extinguishment	—	(35,657)	(343,471)	(35,657)
Other expense, net	(130,565)	(1,691,363)	(8,874,626)	(3,214,300)
Net loss before income taxes	(376,296)	(3,298,100)	(13,451,292)	(9,029,935)
Income tax expense	16,679	509	45,530	38
Net loss	(392,975)	(3,298,609)	(13,496,822)	(9,029,973)
Deemed dividend on extinguishment of Convertible Preferred Stock	—	(3,464,426)	—	(4,215,551)
Deemed dividend on modification of PIPE Warrants	—	(875,737)	—	(11,447,251)
Deemed contribution on exchange of equity instruments	—	4,075,681	—	4,075,681
Net loss attributable to common shareholders	$(392,975)	$(3,563,091)	$(13,496,822)	$(20,617,094)
Basic net loss per share(1)	$(0.12)	$(2,350.12)	$(6.19)	$(25,596.09)
Diluted net loss per share(1)	$(0.12)	$(2,350.12)	(6.19)	(25,596.09)
Weighted Average Basic Shares Outstanding(1)	3,406,614	1,516	2,180,066	805
Weighted Average Dilutive Shares Outstanding(1)	3,406,614	1,516	2,180,066	805
(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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