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$0.23-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands except number of shares)
| Twenty-Six Weeks Ended | ||
|---|---|---|
| June 28, 2026 | June 29, 2025 | |
| Cash flows from operating activities | ||
| Net income (loss) | $12,144 | $(22,525) |
| Adjustments to reconcile net income from operations to net cash used in operating activities: | ||
| Stock-based compensation expense | 2,870 | 5,753 |
| Non-cash lease expense | 1,085 | 605 |
| Deferred income tax benefit | (608) | — |
| Depreciation and amortization | 6,767 | 3,002 |
| Provision for credit losses | 5,608 | 1,217 |
| Change in fair value of SAFE Agreement – related party | (555) | 34 |
| Change in fair value of forward purchase agreement liabilities (1) | 5,309 | (1,612) |
| Change in fair value of derivative liabilities (2) | (64,389) | (3,675) |
| Change in fair value of warrant liabilities | (2,176) | 3,043 |
| Change in fair value of deferred consideration | (8,789) | — |
| Change in fair value of deferred consideration with related party | (2,306) | — |
| Change in fair value of debt obligations | 652 | — |
| Amortization of debt issuance costs (3) | 7,648 | 7,645 |
| Non-cash expense (income) (4) | 648 | (314) |
| Loss on extinguishment of debt | 794 | — |
| Loss on impairments and disposals | — | 113 |
| Changes in operating assets and liabilities, net of business acquisitions: | ||
| Accounts receivable | 11,055 | (2,780) |
| Inventories | 2,854 | 18,289 |
| Contract assets | — | (25,713) |
| Prepaid expenses and other current assets | (20,360) | (911) |
| Other noncurrent assets | (140) | (262) |
| Accounts payable | (1,782) | 9,330 |
| Accrued expenses and other liabilities | 10,006 | (2,579) |
| Contract liabilities | (16,975) | 4,995 |
| Operating lease liabilities | (1,538) | (705) |
| Net cash used in operating activities | (52,179) | (7,050) |
| Cash flows from investing activities | ||
| Cash paid for acquisition, net of cash acquired | 553 | — |
| Net cash provided by investing activities | 553 | — |
| Cash flows from financing activities | ||
| Proceeds from issuance of convertible notes | 40,710 | 200 |
| Proceeds from issuance of convertible notes due to related parties | 1,300 | — |
| Finance lease payments | (1,365) | (1,022) |
| Principal repayment of notes payable | (11,318) | — |
| Proceeds from issuance of common stock | 9,050 | — |
| Proceeds from exercise of common stock options | — | 559 |
| Issuance of safe agreement | 5,000 | — |
| Proceeds from exercise of warrant for common stock | — | 60 |
| Investor financing deposit-related party | — | 5,000 |
| Net cash provided by financing activities | 43,377 | 4,797 |
| Net decrease in cash, cash equivalents and restricted cash | (8,249) | (2,253) |
| Cash, cash equivalents, and restricted cash at beginning of period | 13,458 | 17,219 |
| Cash, cash equivalents, and restricted cash at end of period | $5,209 | $14,966 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for interest | $5,719 | $1,445 |
| Cash paid for income taxes | — | — |
| Supplemental disclosure of noncash financing and investing activities: | ||
| Issuance of convertible note in exchange for investor deposit | $2,000 | $— |
| Conversion of 7% unsecured notes for shares of common stock | 22,026 | — |
| Conversion offer no longer meets bifurcation criteria | 3,996 | — |
| Conversion of related party SAFE to 10% notes | 4,980 | — |
| Issuance of debt related to CPP | 824 | — |
| Settlement of debt obligations through the issuance of common stock | 1,587 | — |
| Issuance of common stock as partial consideration for acquisition | 3,333 | — |
| Deferred consideration recognized for acquisition of Cobalt | 6,331 | — |
| Tax effect of Cobalt acquisition accounted for as Goodwill | 1,001 | — |
| Deferred consideration reclassified to Additional paid-in capital | 8,533 | — |
| Measurement period adjustment to increase goodwill due to a decrease in acquired fair value of inventory in SunPower Acquisition | — | 841 |
| (1) | Includes related party expense of $0.9 and $1.0 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively. |
| (2) | Includes related party gain on remeasurement of $20.0 million and $2.1 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively. |
| (3) | Includes related party amortization expense of $2.4 million and $1.3 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively. |
| (4) | Includes related party non-cash income of $0.1 million in the twenty-six weeks ended June 29, 2025. |
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