Sunpower Inc. Financials
Sunpower Inc. (SPWR) reported $300.0M in revenue for fiscal year 2025, up 175.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue recovery is being absorbed by operating overhead and interest, leaving a financing-dependent balance sheet.
In FY2025, a43.1% gross margin still produced a-9.0% operating margin: gross profit has improved faster than the cost base, so better unit economics have not yet reached operating earnings. Operating cash flow of-$15.3M was less negative than the net loss of-$45.4M , indicating reported losses include substantial noncash or timing effects rather than translating one-for-one into cash.
Gross profit rose from
A 0.7x current ratio and negative equity of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sunpower Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sunpower Inc. has an operating margin of -9.0%, meaning the company loses $9 on every $100 of revenue. This results in a profitability score of 23/100. This is up from -63.0% the prior year.
Sunpower Inc.'s revenue surged 175.9% year-over-year to $300.0M, reflecting rapid business expansion. This strong growth earns a score of 97/100.
Sunpower Inc.'s current ratio of 0.73 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Sunpower Inc. scores -1.87, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($60.3M) relative to total liabilities ($331.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sunpower Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Sunpower Inc. reported a net loss of $45.4M while operations used $15.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Sunpower Inc. reported an operating loss of $26.9M against $25.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Sunpower Inc. generated $300.0M in revenue in fiscal year 2025. This represents an increase of 175.9% from the prior year.
Sunpower Inc.'s EBITDA was -$23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.0% from the prior year.
Sunpower Inc. reported -$45.4M in net income in fiscal year 2025. This represents an increase of 19.7% from the prior year.
Cash & Balance Sheet
Sunpower Inc. held $9.6M in cash against $164.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Sunpower Inc.'s gross margin was 43.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.7 percentage points from the prior year.
Sunpower Inc.'s operating margin was -9.0% in fiscal year 2025, reflecting core business profitability. This is up 54.0 percentage points from the prior year.
Sunpower Inc.'s net profit margin was -15.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
SPWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $283.1M | $300.0M+175.9% | $108.7M+24.1% | $87.6M+31.8% | $66.5M-3.4% | $68.8M | N/A |
| Cost of Revenue | $135.4M | $170.8M+146.7% | $69.2M-0.8% | $69.8M+49.7% | $46.6M+16.3% | $40.1M | N/A |
| Gross Profit | $147.7M | $129.2M+227.1% | $39.5M+122.1% | $17.8M-10.3% | $19.8M-30.9% | $28.7M | N/A |
| SG&A Expenses | $119.3M | $90.1M+17.6% | $76.6M+138.6% | $32.1M+421.4% | $6.2M+18.9% | $5.2M | N/A |
| Operating Income | -$56.9M | -$26.9M+60.7% | -$68.5M-30.8% | -$52.4M-147.5% | -$21.2M-188.8% | -$7.3M | N/A |
| Interest Expense | $20.9M | $25.1M+54.7% | $16.2M+15.6% | $14.0M+181.4% | $5.0M+191.2% | $1.7M+227.3% | $523K |
| Income Tax | N/A | $1.6M | N/A | -$20K-174.1% | $27K+800.0% | $3K0.0% | $3K |
| Net Income | -$10.7M | -$45.4M+19.7% | -$56.5M+79.1% | -$269.6M-814.5% | -$29.5M-217.6% | -$9.3M | N/A |
| EPS (Diluted) | — | -$0.52 | -$1.22+75.3% | -$4.94 | -$1.31 | -$0.77-32.8% | -$0.58 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SPWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $241.2M+67.0% | $144.5M+205.3% | $47.3M-79.3% | $228.2M+764.2% | $26.4M+20577.3% | $128K |
| Current Assets | $112.9M+18.0% | $95.6M+153.3% | $37.7M-31.7% | $55.3M+133.4% | $23.7M+18442.4% | $128K |
| Cash & Equivalents | $9.6M-28.1% | $13.4M+415.9% | $2.6M-41.2% | $4.4M-16.4% | $5.3M | N/A |
| Inventory | $4.4M-80.2% | $22.1M+623.0% | $3.1M-76.6% | $13.1M+196.2% | $4.4M | N/A |
| Accounts Receivable | N/A | $51.9M+97.5% | $26.3M-5.2% | $27.7M+206.7% | $9.0M | N/A |
| Goodwill | $62.6M+239.0% | $18.5M | N/A | N/A | N/A | N/A |
| Total Liabilities | $331.3M+36.9% | $242.0M+95.0% | $124.1M+1.0% | $122.9M+157.2% | $47.8M+44077.1% | $108K |
| Current Liabilities | $154.6M+94.7% | $79.4M-27.2% | $109.2M+81.6% | $60.1M+39.8% | $43.0M+39649.5% | $108K |
| Long-Term Debt | $164.8M-10.7% | $184.5M | N/A | N/A | N/A | N/A |
| Total Equity | -$90.1M+7.6% | -$97.5M-27.0% | -$76.8M-173.0% | $105.3M+592.2% | -$21.4M-109758.6% | $20K |
| Retained Earnings | -$456.7M-11.0% | -$411.4M-15.9% | -$354.9M-315.7% | -$85.4M-52.7% | -$55.9M-1017300.8% | -$5K |
SPWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$60.5M | -$15.3M+72.0% | -$54.7M+6.7% | -$58.6M-86.0% | -$31.5M-186.6% | -$11.0M | N/A |
| Capital Expenditures | N/A | N/A | N/A | $35K | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | -$58.6M | N/A | N/A | N/A |
| Investing Cash Flow | N/A | -$19.3M+64.6% | -$54.7M-985.7% | $6.2M+85.0% | $3.3M+413.7% | -$1.1M-82.0% | -$584K |
| Financing Cash Flow | $69.5M | $30.9M-74.3% | $120.1M+138.2% | $50.4M+61.7% | $31.2M+84.6% | $16.9M | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SPWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 43.1%+6.7pp | 36.3%+16.0pp | 20.3%-9.5pp | 29.8%-11.9pp | 41.7% | N/A |
| Operating Margin | -9.0%+54.0pp | -63.0%-3.2pp | -59.8%-27.9pp | -31.8%-21.2pp | -10.7% | N/A |
| Net Margin | -15.1%+36.8pp | -51.9% | -307.6% | -44.3%-30.9pp | -13.5% | N/A |
| Return on Equity | N/A | N/A | N/A | -28.0% | N/A | N/A |
| Return on Assets | -18.8%+20.3pp | -39.1%+530.5pp | -569.6%-556.7pp | -12.9%+22.2pp | -35.2% | N/A |
| Current Ratio | 0.73-0.5x | 1.20+0.9x | 0.35-0.6x | 0.92+0.4x | 0.55-0.6x | 1.18 |
| Debt-to-Equity | N/A | N/A | N/A | 1.17 | N/A | 5.55 |
| FCF Margin | N/A | N/A | -66.9% | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: Shareholder equity is negative (-$90.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Sunpower Inc. Ranks
Frequently Asked Questions
What is Sunpower Inc.'s annual revenue?
Sunpower Inc. (SPWR) reported $300.0M in total revenue for fiscal year 2025. This represents a 175.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sunpower Inc.'s revenue growing?
Sunpower Inc. (SPWR) revenue grew by 175.9% year-over-year, from $108.7M to $300.0M in fiscal year 2025.
Is Sunpower Inc. profitable?
No, Sunpower Inc. (SPWR) reported a net income of -$45.4M in fiscal year 2025, with a net profit margin of -15.1%.
What is Sunpower Inc.'s EBITDA?
Sunpower Inc. (SPWR) had EBITDA of -$23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sunpower Inc. have?
As of fiscal year 2025, Sunpower Inc. (SPWR) had $9.6M in cash and equivalents against $164.8M in long-term debt.
What is Sunpower Inc.'s gross margin?
Sunpower Inc. (SPWR) had a gross margin of 43.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sunpower Inc.'s operating margin?
Sunpower Inc. (SPWR) had an operating margin of -9.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sunpower Inc.'s net profit margin?
Sunpower Inc. (SPWR) had a net profit margin of -15.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sunpower Inc.'s operating cash flow?
Sunpower Inc. (SPWR) recorded an outflow of $15.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Sunpower Inc.'s total assets?
Sunpower Inc. (SPWR) had $241.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Sunpower Inc.'s current ratio?
Sunpower Inc. (SPWR) had a current ratio of 0.73 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Sunpower Inc.'s return on assets (ROA)?
Sunpower Inc. (SPWR) had a return on assets of -18.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sunpower Inc.'s cash runway?
Based on fiscal year 2025 data, Sunpower Inc. (SPWR) had $9.6M in cash against an annual operating cash burn of $15.3M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Sunpower Inc.'s debt-to-equity ratio negative or not reported?
Sunpower Inc. (SPWR) has negative shareholder equity of -$90.1M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sunpower Inc.'s Altman Z-Score?
Sunpower Inc. (SPWR) has an Altman Z-Score of -1.87, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sunpower Inc.'s Piotroski F-Score?
Sunpower Inc. (SPWR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sunpower Inc.'s earnings high quality?
Sunpower Inc. (SPWR) reported a net loss of $45.4M while operations used $15.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sunpower Inc. cover its interest payments?
Sunpower Inc. (SPWR) reported an operating loss of $26.9M against $25.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sunpower Inc.?
Sunpower Inc. (SPWR) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.