SunPower Reports Pro Forma Revenue of $429.688 Million and Operating Loss of $58.5 Million in 2025
Key Facts
In a filing with the U.S. Securities and Exchange Commission dated October 30, 2026, SunPower reported preliminary, unaudited pro forma combined results for the fiscal year ended December 28, 2025. Revenue was $429.688 million, while the company recorded a loss from continuing operations of $58.5 million. Basic and diluted loss per share was $0.56. The presentation assumes completion of the Sunder and Ambia acquisitions and financing for the Sunder acquisition at the beginning of the year. The company said these figures are for illustrative purposes and do not necessarily represent the results that would actually have been achieved.
The annual comparison shows pro forma revenue declining from $480.427 million in 2024 to $429.689 million in 2025. By contrast, the pro forma loss from continuing operations narrowed from $312.801 million to $59.168 million. The annual report presents these figures in its comparison of pro forma results for the two fiscal years, while the preliminary filing reports a loss of $58.5 million and revenue of $429.688 million. The differing figures in the two presentations limit direct comparison between them. Based on the figures in the annual report, the revenue decline coincided with a smaller loss than in the previous year.
SunPower completed its acquisition of Sunder on September 24, 2025, followed by the completion of its acquisition of Ambia on November 21 of the same year. In preparing the pro forma statement, the company assumed that both acquisitions and the financing for Sunder had been completed on January 1, 2025. The statement therefore presents a combined picture for the full year under that assumption, although the two deals were actually completed later in the year. This treatment does not mean the figures represent the companies' actual performance within SunPower throughout 2025. The company said the presentation does not account for potential cost savings or operating and revenue synergies from the two acquisitions.
The pro forma adjustment includes $2.904 million in interest expense related to financing the Sunder acquisition for the period from January 1 to September 23, 2025. The expense comprises $1.019 million on the September 2025 notes and $1.885 million on the seller note. These items show part of the financing costs included in the pro forma picture before the acquisition was completed. They do not establish that the acquisitions caused the reported loss from continuing operations. The filing also does not provide a pro forma balance sheet for 2025, because the company's most recent balance sheet already reflected the acquisition and financing transactions.
The filing comes amid financial results showing net cash used in continuing operating activities of $15.327 million in 2025, compared with $54.662 million in 2024. Cash and cash equivalents, excluding restricted cash, stood at $9.6 million on December 28, 2025. The company said the conditions raise substantial doubt about its ability to continue as a going concern, while the auditor's report cited recurring losses and negative cash flows. The company also acknowledged material errors in its interim results for the periods ended March 30, June 29 and September 28, 2025, and said those results should not be relied upon and would be restated. A material weakness in internal control over financial reporting remained as of December 28, 2025, with remediation efforts ongoing.
SunPower shares, trading under the ticker SPWR, closed at $0.23 in the October 30, 2026 session. The filing does not state the stock's daily trading range in that session. The filing, dated the same day, reported unaudited pro forma results for the fiscal year ended December 28, 2025. These results remain an illustrative presentation based on the acquisition and financing assumptions set out by the company. SunPower also confirmed that its most recently published balance sheet already reflects the transactions, explaining why it did not present a corresponding pro forma balance sheet.