SunPower Inc.
For the period ended Sep 28, 2025. Filed Dec 19, 2025.
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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 28, 2025 · Filed Dec 19, 2025
SPWR$0.23-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands except number of shares)
| Thirty-Nine Weeks Ended | ||
|---|---|---|
| September 28, 2025 | September 29, 2024 | |
| Cash flows from operating activities from continuing operations | ||
| Net loss | $(31,199) | $(103,440) |
| Net loss from discontinued operations, net of income taxes | (1,100) | (2,007) |
| Net loss from continuing operations | (30,099) | (101,433) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 8,205 | 4,086 |
| Non-cash interest expense | — | 1,938 |
| Non-cash lease expense | 826 | 483 |
| Depreciation and amortization | 4,293 | 991 |
| Provision for credit losses | 4,159 | 3,065 |
| Change in reserve for excess and obsolete inventory | — | 131 |
| Change in fair value of SAFE Agreement – related party | 113 | 900 |
| Change in fair value of forward purchase agreement liabilities (1) | 807 | (4,906) |
| Change in fair value of derivative liabilities (2) | (1,639) | 37,875 |
| Change in fair value of warrant liabilities | 3,122 | 2,116 |
| Amortization of debt issuance costs (3) | 14,259 | 1,361 |
| Non-cash income (4) | (474) | — |
| Loss on impairments and disposals | 140 | 3,721 |
| Accretion of debt in CS Solis – related party | — | 3,872 |
| Loss on conversion of SAFE Agreements to shares of common stock | — | 1,250 |
| Non-cash expense in connection with warrant issued for vendor services | — | 5,410 |
| Loss on issuance of derivative liability | — | 24,688 |
| Gain on debt extinguishment | — | (19,948) |
| Other financing costs | — | 3,812 |
| Changes in operating assets and liabilities, net of business acquisitions: | ||
| Accounts receivable, net | (32,747) | 14,735 |
| Inventories | 34,098 | 2,378 |
| Prepaid expenses and other current assets | (12,462) | (3,185) |
| Other noncurrent assets | 95 | — |
| Accounts payable | 11,692 | (8,496) |
| Accrued expenses and other liabilities | (6,360) | (1,646) |
| Operating lease liabilities | (866) | (875) |
| Contract liabilities | (10,568) | (1,434) |
| Net cash used in operating activities | (13,406) | (29,111) |
| Cash flows from investing activities from continuing operations | ||
| Cash paid for acquisition, net of cash acquired | (20,689) | — |
| Capitalization of internal-use software costs | — | (1,044) |
| Net cash used in investing activities from continuing operations | (20,689) | (1,044) |
| Cash flows from financing activities from continuing operations | ||
| Proceeds from issuance of convertible notes, net of debt discount | 20,000 | 68,725 |
| Proceeds from issuance of convertible notes due to related parties | 5,000 | 26,000 |
| Payment of debt issuance costs | (200) | — |
| Finance lease payments | (1,528) | — |
| Principal repayment of note payable | — | (300) |
| Proceeds from issuance of common stock | 1,682 | 6,143 |
| Proceeds from exercise of common stock options | 775 | 492 |
| Proceeds from exercise of warrant for common stock | 60 | — |
| Proceeds from issuance of SAFE Agreements | — | 6,000 |
| Net cash provided by financing activities from continuing operations | 25,789 | 107,060 |
| Effect of exchange rate changes | — | 22 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (8,306) | 76,927 |
| Cash, cash equivalents, and restricted cash at beginning of period | 17,219 | 6,416 |
| Cash, cash equivalents, and restricted cash at end of period | $8,913 | $83,343 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for interest | $9,811 | $— |
| Cash paid for income taxes | — | 10 |
| Supplemental disclosure of noncash financing and investing activities: | ||
| Issuance of Seller Note as partial purchase consideration in Sunder acquisition | $20,000 | $— |
| Issuance of shares of common stock and deferred consideration as partial purchase consideration in Sunder acquisition (5) | 17,100 | |
| Cancellation of existing indebtedness in Exchange Agreement | — | 65,872 |
| Issuance of convertible notes in Exchange Agreement | — | 31,452 |
| Issuance of common stock in Exchange Agreement | — | 2,220 |
| Conversion of SAFE Agreements to shares of common stock with related party | — | 5,000 |
| Carlyle warrant modification | — | 660 |
| Operating lease right-of-use assets obtained in exchange for lease obligations | — | 116 |
| Issuance of common stock warrants | — | 1,400 |
| Measurement period adjustments related to the SunPower acquisition – (Refer to Note 3) | ||
| (1) | Includes related party income of $0.1 million and $1.8 million in the thirty-nine week periods ended September 28, 2025, and September 29, 2024, respectively. |
| (2) | Includes related party remeasurement of gain of $1.8 million and loss of $22.8 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively. |
| (3) | Includes related party amortization expense of $2.7 million and $0.6 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively. |
| (4) | Includes related party non-cash income of $0.1 million in the thirty-nine week period ended September 28, 2025. |
| (5) | The deferred consideration paid and payable in connection with the Sunder acquisition was accounted for on the Company’s balance sheet as of September 28, 2025, as (i) $5.7 million within Additional paid-in capital, (ii) $5.7 million within Accrued expenses and other current liabilities, and (iii) $5.7 million within Other long-term liabilities. |
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