SunPower Inc.
For the period ended Jun 28, 2026. Filed Aug 21, 2026.
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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.
Jun 28, 2026 · Filed Aug 21, 2026
SPWR$0.27+11.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-29; filed 2026-05-19.
0001213900-26-059082
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-28; filed 2026-08-21.
0001213900-26-092710
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 150 current paragraphs.
51 unchanged; 15 reworded; 79 added; 18 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 16 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (79)
Current report
Acquisitions Integration
Current report
Debt Transactions
Current report
On April 23, 2026, the Company closed a private offering of $41.0 million aggregate principal amount of 10.0% Convertible Senior Secured Notes due 2029. The proceeds and issuance of these notes were used in part to exchange and retire the outstanding Seller Note issued to Chicken Parm Pizza LLC during the Sunder acquisition, convert outstanding Simple Agreements for Future Equity (SAFEs), prepay a portion of our existing bridge notes, and fund our April 2026 settlement payment to Siemens. Subsequently, in May 2026, the Company issued an incremental $5.0 million principal amount of the 10.0% Convertible Senior Secured Notes due 2029, bringing the total aggregate principal amount issued to $46.0 million to provide increased intra-quarter liquidity for general corporate needs.
Current report
Concurrently with the issuance of notes on April 23, 2026, the Company closed transactions under exchange agreements to repurchase $21.25 million aggregate principal amount of our outstanding 7.0% Convertible Senior Notes in exchange for the issuance of 18,805,310 shares of common stock and the payment of accrued interest.
Current report
Siemens Settlement Amendment
Current report
On April 9, 2026, the Company amended its global Settlement Agreement with Siemens to, among other things, commit to a $4.75 million payment by the end of April 2026 and adjust the threshold of the agreement’s fundraise acceleration provision. The Company successfully made the $4.75 million payment on April 23, 2026.
Current report
Management and Board Changes
Current report
During the second quarter and subsequent to the balance sheet date, the Company experienced several leadership transitions. On May 7, 2026, Wendell Laidley resigned as Chief Financial Officer. On June 30, 2026, the Company appointed Tom Kowalczuk as the new Chief Financial Officer and Principal Financial Officer. Additionally, on May 8, 2026, Bernard Gutmann was appointed to the Board of Directors and as a member of the Audit Committee.
Current report
Subsequent to the quarter, Jeanne Nguyen, the former Chief Accounting Officer, departed the Company on July 8, 2026.
Current report
Exchange Agreements for Interest
Current report
On June 29, 2026 and June 30, 2026, the Company entered into Exchange Agreements with certain holders of its 12.0%, 10.0%, and 7.0% Convertible Senior Notes to exchange approximately $10.7 million of cash interest obligations for 19,300,991 shares of common stock. The transactions closed and the shares were issued on July 1, 2026.
Current report
FPA Settlement Agreements
Current report
On July 17, 2026, the Company entered into OTC Equity Prepaid Forward Transaction Settlement Agreements to memorialize the settlement amounts payable by the Company under its 2023 Forward Purchase Agreements. The Company elected to pay the settlement amount adjustments by issuing an aggregate of 17,900,462 shares of common stock, established mechanics for determining whether additional shares are issuable based on future trading prices, and, for one seller, established an obligation to make monthly cash amortization payments of $50,000 beginning October 31, 2026, if such seller has not realized its full settlement amount adjustment by that date.
Current report
Nasdaq Delisting Notice
Current report
On July 21, 2026, the Company received written notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.
Current report
The Notice does not impact the listing of the Company’s common stock on The Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days before January 19, 2027. In the event that the Company does not regain compliance within this 180-day period, subject to compliance with certain further requirements, the Company may be eligible to seek an additional compliance period of 180 calendar days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period by effecting a reverse stock split if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting.
Current report
The Company intends to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the minimum bid price requirement.
Current report
Goodwill Impairment
Current report
If the recent decline in our stock price and market capitalization persists or further deteriorates during the third fiscal quarter of 2026, we may be required to perform an interim quantitative goodwill impairment test under ASC 350. Any resulting non-cash impairment charge could have a material adverse impact on our consolidated financial condition and results of operations.
Current report
The decrease in Residential Solar Installation revenue was primarily attributable to lower installation volumes and fewer system activations during the period. Elevated interest rates, higher homeowner financing costs, changes in financing eligibility and the phaseout of certain residential Investment Tax Credits (“ITCs”) under the One Big Beautiful Bill enacted in 2025 affected customer decision timelines and sales conversion rates. System activations were also affected by our continued efforts to optimize our sales channels and streamline operations to improve the customer experience, as well as timing associated with the completion of our standard funding-package quality review for certain projects. These projects remained in process at quarter-end and may contribute to revenue in future periods upon satisfaction of applicable financing and revenue recognition criteria.
Current report
New Homes Business revenues decreased primarily due to lower construction activity and reduced solar installation volumes from homebuilder partners, as elevated interest rates, higher labor costs and broader affordability pressures increased the overall cost of new homes. In markets where solar installations are required, affordability pressures contributed to slower project activity, while in markets without such requirements, certain homebuilders increasingly offered solar as an optional feature rather than including it in base home specifications. Revenues in the prior-year period also benefited from the completion of backlog associated with certain large homebuilder projects related to the assets acquired in connection with the 2024 SunPower Businesses acquisition, which did not recur in the current period. We continue to rebuild the project pipeline and develop the New Homes Business following the integration of those acquired assets.
Current report
Dealer revenues in the current period reflect the inclusion of Sunder’s operating results following its acquisition. There were no comparable Dealer revenues in the prior-year period.
Current report
Residential Solar Installation cost of revenues decreased primarily due to lower installation volumes and the corresponding reduction in variable project costs. Installation activity was affected by elevated interest rates, higher homeowner financing costs and changes in the availability of certain residential Investment Tax Credits (“ITCs”), which influenced customer decision timelines and conversion rates. Consistent with the lower level of activity, material, labor and subcontractor costs decreased as we continued to align project-related spending with installation volumes.
Current report
Dealer cost of revenues in the current period reflects the inclusion of Sunder’s operating results following its acquisition. Because we act as an agent in these arrangements and recognize Dealer revenue on a net basis, only costs incurred directly in fulfilling those arrangements are presented in Dealer cost of revenues. There were no comparable amounts in the prior-year period.
Current report
Total sales commissions increased primarily due to the inclusion of Dealer sales commissions associated with Sunder following its acquisition, for which there were no comparable commissions in the prior-year period. This increase was partially offset by lower Residential Solar Installation sales commissions resulting from reduced commissionable activity and installation volumes. Softer consumer demand due to elevated interest rates, higher financing costs and the expiration of certain ITCs contributed to fewer closed sales. New Homes Business sales commissions increased primarily due to changes in the mix of homebuilder programs and compensation structures, including higher per-unit commission rates on certain projects, as well as the timing of community launches and sales cycles.
Current report
Sales and marketing expenses decreased primarily due to reduced spending on advertising and promotional programs that did not generate adequate customer-acquisition results within the Residential Solar Installation business, as well as lower marketing investment in the New Homes Business. We have shifted our focus and resources toward sales-led lead-generation activities, including door-to-door canvassing. Dealer sales and marketing expenses reflect the addition of the Sunder sales force organization.
Current report
Total general and administrative expenses increased primarily due to the inclusion of additional headcount and non-personnel operating expenses associated with Sunder, Ambia and Cobalt, each of which was acquired after the prior-year comparison period. This increase was partially offset by lower general and administrative expenses in the New Homes Business.
Current report
Dealer general and administrative expenses in the current period reflect the inclusion of Sunder’s operating results following its acquisition and consist primarily of personnel, facilities, technology and other administrative overhead. There were no comparable Dealer expenses in the prior-year period.
Current report
The cost-reduction actions described above under “Recent Developments—Cost Reduction Actions” began during the current period and are expected to reduce fixed operating expenses in future periods.
Current report
Interest expense in the thirteen weeks ended June 28, 2026, consisted principally of $4.7 million attributable to the September 2024 Notes, $2.4 million attributable to the July 2024 Notes and $1.3 million attributable to the April 2026 Notes.
Current report
Interest expense in the thirteen weeks ended June 29, 2025 consisted principally of $1.2 million attributable to the July 2024 Notes, $5.0 million attributable to the September 2024 Notes, and other obligations.
Current report
Other non-operating income (expense), net
Current report
Twenty-six weeks ended June 28, 2026 compared to the twenty-six weeks ended June 29, 2025
Current report
Revenues
Current report
Total revenues decreased primarily due to lower Residential Solar Installation and New Homes Business revenues, partially offset by Dealer revenues associated with Sunder, which was acquired after the prior-year comparison period.
Current report
Residential Solar Installation revenues decreased primarily due to lower installation volumes and fewer system activations during the period. Elevated interest rates, higher homeowner financing costs, changes in financing eligibility and the phaseout of certain residential Investment Tax Credits (“ITCs”) under the One Big Beautiful Bill enacted in 2025 affected customer decision timelines and sales conversion rates. System activations were also affected by our continued efforts to optimize our sales channels and streamline operations to improve the customer experience, as well as timing associated with the completion of our standard funding-package quality review for certain projects during the second quarter. These projects remained in process at period-end and may contribute to revenue in future periods upon satisfaction of applicable financing and revenue recognition criteria.
Current report
New Homes Business revenues decreased primarily due to lower construction activity and reduced solar installation volumes from homebuilder partners, as elevated interest rates, higher labor costs and broader affordability pressures increased the overall cost of new homes. In markets where solar installations are required, affordability pressures contributed to slower project activity, while in markets without such requirements, certain homebuilders increasingly offered solar as an optional feature rather than including it in base home specifications. Revenues in the prior-year period also benefited from the completion of backlog associated with certain large homebuilder projects related to the assets acquired in connection with the 2024 SunPower Businesses acquisition, which did not recur in the current period. We continue to rebuild the project pipeline and develop the New Homes Business following the integration of those acquired assets.
Current report
Dealer revenues in the current period reflect the inclusion of Sunder’s operating results following its acquisition. There were no comparable Dealer revenues in the prior-year period.
Current report
Total cost of revenues decreased primarily due to lower installation activity within the Residential Solar Installation and New Homes Business segments.
Current report
Residential Solar Installation cost of revenues decreased primarily due to lower installation volumes. Installation activity during the period was affected by elevated interest rates, higher homeowner financing costs and the phaseout of certain residential Investment Tax Credits (“ITCs”), which influenced customer decision timelines and conversion rates. Consistent with the lower level of installation activity, associated material, labor and subcontractor costs also decreased.
Showing the first 40 of 79 passages. Open the source sections for the rest.
Removed paragraphs (18)
Previous report
Acquisitions
Previous report
The decrease in Residential Solar Installation was driven primarily by lower installation volumes, reflecting softer consumer demand due to higher interest rates as a result of an increase in financing costs for residential solar. In addition, the phase out of certain residential Investment Tax Credits (“ITCs”) passed in 2025 as part of the One Big Beautiful Bill in conjunction with fewer customers qualifying for financing makes it harder for a homeowner to make the decision quickly. The decrease also reflects fewer system activations as we continued to optimize our sales channels and focus on streamlining our operations to enhance its customer experience.
Previous report
New Homes Business revenues decreased primarily due to lower construction activity and selective solar integration volumes from homebuilder partners, due to higher interest rates and higher labor costs thus driving the overall costs of the home to increase. While regulatory requirements force investments in solar in certain regions and communities, the pace has slowed down due to affordability. In states and communities where regulatory requirements for new builds will not impact the demand of solar installation, homebuilders are not abandoning solar they are offering it as an option versus a spec home. Additionally, there was a backlog of jobs from the SunPower Businesses acquisition in 2024, for certain large homebuilder projects that contributed meaningfully to the prior-year quarter which did not recur in the current period as we are rebuilding our pipeline. We are also building this business which we acquired out of bankruptcy in 2024 as part of the SunPower Businesses acquisition.
Previous report
Dealer revenues and costs in the thirteen week period ended March 29, 2026 are attributable to the acquisition of Sunder on September 24, 2025.
Previous report
Residential Solar Installation cost of revenues decreased primarily attributable to lower installation activity resulting from softer consumer demand. Higher interest rates increased financing costs for homeowners, and the expiration of certain ITCs reduced the economic incentive to adopt residential solar. As a result, installation volumes declined, leading to lower associated material, labor, and subcontractor costs.
Previous report
New Homes Business sales and marketing expenses had no comparable expenses in the prior-year period as the Company does not make significant investments in sales and marketing spend.
Previous report
Dealer general and administrative expenses primarily relate to personnel, facilities, and administrative overhead associated with integrating and operating the Dealer business.
Previous report
Interest expense in the thirteen-weeks ended March 29, 2026, consisted principally of $4.5 million attributable to our September 2024 Notes and $1.8 attributable to the July 2024 Notes.
Previous report
Interest expense in the thirteen-weeks ended March 30, 2025, consisted principally of $5.0 million of interest expense attributable to our September 2024 Notes and the remainder principally attributable to the July 2024 Notes.
Previous report
Other non-operating income, net
Previous report
We continue to evaluate additional financing opportunities and capital management strategies to support our operating needs and strategic objectives.
Previous report
Our primary sources of liquidity consist of existing cash balances, cash flows from operations, and access to capital under new and existing financing arrangements. We expect that installment payments under the current obligations will require the use of available cash, equity issuance, or a combination thereof. As a result, our liquidity and capital resources will continue to depend on operating performance, capital market conditions, and our ability to access equity financing arrangements.
Previous report
Net cash used in operating activities was $25.6 million in the thirteen weeks ended March 29, 2026. Net income of $4.1 million was offset by unfavorable non-cash adjustments of $22.0 million and an $8.9 million net cash outflow of operating assets and liabilities. Unfavorable non-cash adjustments consisted principally of a $26.6 million change in the fair value of derivative liabilities, $5.2 million unfavorable change in the fair value of the deferred consideration $0.6 million deferred tax benefit, and $0.6 million change in the fair value of warrants, partially offset by a $3.7 million of amortization of debt issuance costs, $3.6 million of depreciation and amortization, $1.6 million of stock-based compensation expense, $1.1 million change in the fair value of forward purchase agreements, $0.5 million of non-cash lease expense and net other adjustments of $0.5 million. Net cash outflows from changes in operating assets and liabilities principally consisted of a $12.9 million decrease in contract liabilities, $10.9 million increase in prepaid expenses and other assets and a $1.8 million decrease in accounts payable, partially offset by a $9.7 million increase in accrued expenses and other current liabilities, $5.0 million decrease in accounts receivable and a $2.0 million decrease in inventories.
Previous report
Net cash used in operating activities of $2.7 million in the thirteen weeks ended March 30, 2025, was due to net income of $4.8 million offset by $7.4 million of unfavorable noncash adjustments and $0.1 million of cash outflow from changes in operating assets and liabilities. Non-cash adjustments consisted principally of $15.1 million arising from remeasurement of derivative liabilities, partially offset by $3.7 million of amortization of debt issuance costs, $1.6 million of depreciation and amortization, $1.1 million provision for credit losses, $1.1 million due to the change in the fair value of warrants classified as liabilities, and $0.5 million of stock-based compensation. Cash outflows from changes in operating assets consisted principally of $11.3 million increase in contract assets, $4.4 million increase in prepaid expenses and other current assets, a $5.2 million decrease in accrued expenses and other liabilities, and a $0.4 million decrease in current operating lease liabilities almost entirely offset by an $11.4 million decrease in inventories, a $6.9 million increase in accounts payable and a $3.1 million decrease in contract liabilities.
Previous report
Net cash inflow of $0.5 million from investing activities in the thirteen week period ended March 29, 2026 is attributable to the cash acquired in the acquisition of Cobalt. Cobalt was acquired in exchange for shares of our common stock.
Previous report
Net cash used in investing activities was zero in the thirteen-weeks ended March 30, 2025.
Previous report
Net cash provided by financing activities from continuing operations was $22.2 million for the thirteen weeks ended March 29, 2026 and consisted principally of $10.7 million in proceeds from the issuance of short-term debt, $1.3 million in proceeds from a related party in exchange for the issuance of 12% senior unsecured convertible notes, $7.0 million of proceeds from the issuance of our common stock and a related party investor deposit of $5.0 million partially offset by $1.1 million in principal payments on our 12% senior unsecured convertible notes and $0.7 million of finance lease payments.
Previous report
Net cash used in financing activities was $0.2 million for the thirteen weeks ended March 30, 2025, and consisted of $0.5 million of payments on our finance leases partially offset by $0.2 million in proceeds from the issuance of September 2024 Notes, and $0.1 million in proceeds from the exercise of stock options and warrants in exchange for the issuance of shares of our common stock.
Reworded paragraphs (15)
Previous wording
During 2025 and through the thirteen week period ended March 29, 2026 we significantly reshaped our business through a series of strategic acquisitions, including the acquisition of Sunder Energy, LLC (“Sunder”), Ambia Energy LLC (“Ambia”) and Cobalt Power Systems, Inc. (“Cobalt”). These acquisitions expanded our geographic footprint, dealer network, installation capacity, and national sales presence. The operating results in the current quarter reflect the integration and ongoing operations of these acquired businesses.
Current wording
During 2025 and through the twenty-six week period ended June 28, 2026 we significantly reshaped our business through a series of strategic acquisitions, including the acquisition of Sunder Energy, LLC (“Sunder”), Ambia Energy LLC (“Ambia”) and Cobalt Power Systems, Inc. (“Cobalt”). These acquisitions expanded our geographic footprint, dealer network, installation capacity, and national sales presence. The operating results in the current quarter reflect the integration and ongoing operations of these acquired businesses.
Previous wording
We continued the integration of recent acquisitions of Sunder and Ambia into our operating platform. In the thirteen week period ended March 29, 2026, we acquired Cobalt for $9.7 million. Cobalt focuses on large premium renewable energy systems across residential, new home, multifamily and commercial projects and its operating results will be incorporated into the New Homes reportable segment.
Current wording
We continued the integration of our recent acquisitions of Sunder, Ambia, and Cobalt into our operating platform.
Previous wording
New Homes Business cost of revenues decreased primarily driven by reduced solar installation option due to the demands of keeping home prices down demanded by home buyers. Homebuilders slowed construction primarily reducing optional features due to elevated mortgage rates, affordability pressures on buyers, and the reduced benefit of ITCs for solar-equipped new homes.
Current wording
New Homes Business cost of revenues decreased primarily due to lower construction activity and reduced solar installation volumes. Elevated mortgage rates, higher homebuilding costs and buyer affordability pressures caused homebuilders to slow construction and limit optional features, including solar installations. The reduced benefit of certain ITCs for solar-equipped new homes also contributed to lower activity.
Previous wording
Residential Solar Installation general and administrative expenses increased primarily due to higher employee-related expenses, including salaries, benefits, and stock-based compensation, as we continued to invest in operational infrastructure and administrative support functions. Additionally, higher insurance, facilities, and technology-related costs investments that focuses on scalability contributed to the period over period increase.
Current wording
Residential Solar Installation general and administrative expenses increased primarily due to higher employee-related expenses, including salaries, benefits and stock-based compensation, as we integrated acquired operations and expanded our operational infrastructure and administrative support functions. Higher insurance, facilities, technology, professional-services and other shared administrative costs also contributed to the increase.
Previous wording
New Homes Business general and administrative expenses increased primarily due to higher personnel costs and expanded administrative support for homebuilder programs, including project management, compliance, and operational oversight. We also incurred incremental technology, systems, and shared-services costs allocated to the New Homes segment as part of broader organizational growth.
Current wording
New Homes Business general and administrative expenses increased primarily due to lower personnel and administrative support expenses, including project management, compliance and operational oversight, as well as higher allocated technology, systems and shared-services costs.
Previous wording
Other non-operating income, net in the thirteen weeks ended March 29, 2026, was $30.8 million. The main drivers consist of $26.6 million gain on the remeasurement of the fair value of derivative liabilities associated with our 12% and 7% senior unsecured convertible notes and $5.2 million gain on the revaluation of deferred consideration, partially offset by a $1.1 million change in the fair value of our forward purchase agreements.
Current wording
Other non-operating income (expense), net in the thirteen weeks ended June 28, 2026, was $38.8 million. The main drivers consist of $37.8 million gain on the remeasurement of the fair value of derivative liabilities associated with our 12% and 7% senior unsecured convertible notes and $5.8 million gain on the revaluation of deferred consideration, partially offset by a $4.2 million change in the fair value of our forward purchase agreements. Extinguishment of debt negatively impacted Other non-operating income (expense), net by $2.3 million.
Previous wording
As a result of the factors discussed above, our net income for the thirteen-weeks ended March 29, 2026 was $5.25 million, a $0.4 million increase in our net income as compared to net income of $4.8 million for the thirteen weeks ended March 30, 2025.
Current wording
As a result of the factors discussed above, our net income for the thirteen weeks ended June 28, 2026 was $6.9 million, a $34.2 million improvement as compared to a net loss of $27.3 million for the thirteen weeks ended June 29, 2025.
Previous wording
Residential Solar Installation sales commissions decreased slightly primarily due to lower residential installation volumes. Softer consumer demand driven by higher interest rates increased financing costs and the expiration of certain ITCs resulted in fewer closed sales, which reduced commissionable activity.
Current wording
Residential Solar Installation sales commissions decreased primarily due to lower commissionable activity and installation volumes. Softer consumer demand resulting from elevated interest rates, higher financing costs and the expiration of certain ITCs contributed to fewer closed sales and reduced commissionable activity.
Previous wording
New Homes Business sales commissions increased modestly due to changes in the mix of homebuilder programs and compensation structures, including higher per-unit commission rates on certain projects. Timing of community launches and sales cycles also contributed to the year-over-year variance.
Current wording
New Homes Business sales commissions increased primarily due to changes in the mix of homebuilder programs and compensation structures, including higher per-unit commission rates on certain projects, as well as the timing of community launches and sales cycles.
Previous wording
Residential Solar Installation sales and marketing expenses decreased reflecting reduced spending on lead generation, advertising, and promotional programs as we scaled back customer-acquisition efforts in response to softer demand. Higher interest rates increased financing costs for homeowners, and the expiration of certain ITCs reduced the economic incentive to adopt residential solar. As a result, we intentionally moderated marketing investments to align with lower sales volumes. In addition, we acquired Sunder a sales force organization.
Current wording
Residential Solar Installation sales and marketing expenses decreased as we reduced spending on lead generation, advertising and promotional programs and aligned customer-acquisition efforts with softer demand and lower sales volumes. Elevated interest rates increased financing costs for homeowners, while the expiration of certain ITCs reduced the economic incentive to adopt residential solar.
Previous wording
Other income net, for the thirteen weeks ended March 30, 2025, was $14.6 million. The main drivers of Other non-operating income, net were $15.1 million of gains on the remeasurement of the fair value of derivative liabilities associated with our July 2024 Notes and September 2024 Notes, $0.3 million of income arising from the change in the fair value of our forward purchase agreements and $0.2 million of other income, partially offset by $1.1 million of expense associated with the change in the fair value of our public, private placement and working capital warrants which are accounted for as liabilities.
Current wording
Other non-operating income (expense), net for the twenty-six weeks ended June 29, 2025 resulted in income of $2.5 million. The main drivers were $3.7 million gain on the remeasurement of the fair value of derivative liabilities associated with our July 2024 Notes and September 2024 Notes and $1.6 million of income arising from the change in the fair value of our forward purchase agreements. This income was partially offset by $3.0 million of expense associated with the change in the fair value of our public, private and placement and working capital warrants which are accounted for as liabilities.
Previous wording
Our operating loss was $19.2 million in the thirteen week period ended March 29, 2026. As of March 29, 2026, we had an accumulated deficit of $451.5 million, current debt of $38.0 million, and cash and cash equivalents (excluding restricted cash) of $9.5 million which was held for working capital expenditures. We believe our operating losses and negative operating cash flows will continue into the foreseeable future.
Current wording
Our operating loss was $42.7 million for the twenty-six weeks ended June 28, 2026. As of June 28, 2026, we had an accumulated deficit of $444.6 million, current debt obligations of $17.5 million and cash and cash equivalents, excluding restricted cash, of $4.1 million available for working capital needs.
Previous wording
Subsequent to the quarter ended March 29, 2026, we completed several significant financing and capital restructuring transactions. On April 21, 2026, we completed a private offering (“Private Offering”) of $41.0 million aggregate principal amount of 10.0% Convertible Senior Secured Notes due 2029 (the “10% Senior Secured Notes”). The Private Offering included (i) $25.0 million of notes issued to institutional investors, (ii) $6.0 million of notes issued to an affiliate of our CEO in exchange for amounts previously advanced under the Third SAFE and Fourth SAFE (refer toNote 8 – SAFE Agreement andNote 18 – Subsequent Eventsfor details of the SAFE Agreements) and (iii) $10.0 million of notes issued in connection with the exchange of the Seller Note (as described below). Net proceeds from the Private Offering, after payment of transaction fees and expenses and the settlement of certain obligations, were approximately $9.8 million.
Current wording
On April 21, 2026, we completed a private offering (“Private Offering”) of $41.0 million aggregate principal amount of 10.0% Convertible Senior Secured Notes due 2029 (the “10% Senior Secured Notes”). The Private Offering included (i) $25.0 million of notes issued to institutional investors, (ii) $6.0 million of notes issued to an affiliate of our CEO in exchange for amounts previously advanced under the Third SAFE and Fourth SAFE and (iii) $10.0 million of notes issued in connection with the exchange of the Seller Note (as described below). Net proceeds from the Private Offering, after payment of transaction fees and expenses and the settlement of certain obligations, were approximately $9.8 million.
Previous wording
Cash flows for the thirteen weeks ended March 29, 2026 and March 30, 2025
Current wording
Cash flows for the twenty-six week periods ended June 28, 2026 and June 29, 2025
Previous wording
The following table summarizes our cash flows from operating, investing, and financing activities for the thirteen week periods ended March 29, 2026 and March 30, 2025*(in thousands)*:
Current wording
The following table summarizes our cash flows from operating, investing, and financing activities for the twenty-six week periods ended June 28, 2026 and June 29, 2025*(in thousands)*:
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Other non-operating income (expense), net for the thirteen weeks ended June 29, 2025 resulted in expense of $12.0 million. The main drivers were an $11.5 million loss on the remeasurement of the fair value of derivative liabilities associated with our July 2024 Notes and September 2024 Notes and $2.0 million of expense associated with the change in the fair value of our public, private placement and working capital warrants, which are accounted for as liabilities. These expenses were partially offset by $1.3 million of income arising from the change in the fair value of our forward purchase agreements.
Current report — wording carried from elsewhere
The following table sets forth our unaudited statements of operations from operations for the twenty-six weeks ended June 28, 2026, and June 29, 2025 (in thousands):
Current report — wording carried from elsewhere
We disaggregate our revenues based on the following types of services*(in thousands)*:
Current report — wording carried from elsewhere
Cost of revenues and gross margins
Current report — wording carried from elsewhere
Residential Solar Installation general and administrative expenses increased primarily due to higher employee-related expenses, including salaries, benefits and stock-based compensation, as we integrated acquired operations and expanded our operational infrastructure and administrative support functions. Higher insurance, facilities, technology, professional-services and other shared administrative costs also contributed to the increase.