SUNation Energy, Inc.
For the period ended Mar 31, 2026. Filed May 15, 2026.
View on SEC.govAbout 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.
Mar 31, 2026 · Filed May 15, 2026
SUNE$2.05+2.5%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets
| SUNATION ENERGY, INC. | ||
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| ASSETS | ||
| March 31 | December 31 | |
| 2026 | 2025 | |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $1,686,605 | $7,182,344 |
| Trade accounts receivable, less allowance for | ||
| credit losses of $361,436 and $308,629, respectively | 3,244,008 | 4,239,483 |
| Inventories | 2,884,502 | 2,534,984 |
| Prepaid income taxes | — | 9,336 |
| Related party receivables | 21,205 | 21,412 |
| Prepaid expenses | 564,867 | 1,273,762 |
| Costs and estimated earnings in excess of billings | 239,599 | 658,177 |
| Other current assets | 408,748 | 554,481 |
| TOTAL CURRENT ASSETS | 9,049,534 | 16,473,979 |
| PROPERTY, PLANT AND EQUIPMENT, net | 952,366 | 1,015,528 |
| OTHER ASSETS: | ||
| Goodwill | 17,443,869 | 17,443,869 |
| Operating lease right of use asset, net | 3,238,325 | 3,315,411 |
| Intangible assets, net | 9,423,958 | 9,983,333 |
| Other assets, net | 12,000 | 12,000 |
| TOTAL OTHER ASSETS | 30,118,152 | 30,754,613 |
| TOTAL ASSETS | $40,120,052 | $48,244,120 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $4,612,752 | $7,395,318 |
| Accrued compensation and benefits | 1,542,404 | 1,653,994 |
| Operating lease liability | 298,910 | 292,240 |
| Accrued warranty | 208,207 | 225,318 |
| Other accrued liabilities | 761,764 | 973,302 |
| Income taxes payable | 1,837 | — |
| Refundable customer deposits | 920,699 | 1,073,284 |
| Billings in excess of costs and estimated earnings | 1,349,145 | 1,663,867 |
| Current portion of loans payable | 88,086 | 366,824 |
| Current portion of loans payable - related party | 2,775,486 | 1,763,424 |
| TOTAL CURRENT LIABILITIES | 12,559,290 | 15,407,571 |
| LONG-TERM LIABILITIES: | ||
| Loans payable and related interest | 106,218 | 1,011,508 |
| Loans payable and related interest - related party | 3,006,190 | 3,457,864 |
| Operating lease liability | 3,080,742 | 3,158,478 |
| Accrued compensation and benefits | 1,107,299 | 863,693 |
| TOTAL LONG-TERM LIABILITIES | 7,300,449 | 8,491,543 |
| COMMITMENTS AND CONTINGENCIES (Note 6) | ||
| STOCKHOLDERS' EQUITY | ||
| Series D 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; | ||
| 3,406,616 and 3,406,616 shares issued and outstanding, respectively | 170,331 | 170,331 |
| Additional paid-in capital | 77,972,475 | 77,966,554 |
| Accumulated deficit | (57,882,493) | (53,791,879) |
| TOTAL STOCKHOLDERS' EQUITY | 20,260,313 | 24,345,006 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $40,120,052 | $48,244,120 |
| 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 March 31 | ||
| 2026 | 2025 | |
| Sales | $7,194,449 | $12,636,638 |
| Cost of sales | 5,603,201 | 8,205,313 |
| Gross profit | 1,591,248 | 4,431,325 |
| Operating expenses: | ||
| Selling, general and administrative expenses | 5,361,423 | 6,039,298 |
| Amortization expense | 559,375 | 559,375 |
| Total operating expenses | 5,920,798 | 6,598,673 |
| Operating loss | (4,329,550) | (2,167,348) |
| Other income (expense): | ||
| Investment and other income | 48,628 | 48,165 |
| Gain on sale of assets | 2,700 | — |
| Fair value remeasurement of contingent forward contract | — | 109,492 |
| Fair value remeasurement of contingent value rights | — | 19,179 |
| Financing fees | — | (576,594) |
| Interest expense | (133,449) | (571,240) |
| Gain (loss) on debt extinguishment | 332,412 | (343,471) |
| Other income (expense), net | 250,291 | (1,314,469) |
| Net loss before income taxes | (4,079,259) | (3,481,817) |
| Income tax expense | 11,355 | 14,615 |
| Net loss | (4,090,614) | (3,496,432) |
| Basic net loss per share | $(1.20) | $(106.71) |
| Diluted net loss per share | $(1.20) | $(106.71) |
| Weighted Average Basic Shares Outstanding | 3,406,616 | 32,766 |
| Weighted Average Dilutive Shares Outstanding | 3,406,616 | 32,766 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. | ||
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