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SUNation Energy Inc Financials

SUNE
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows SUNation Energy Inc (SUNE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI SUNE FY2025

FY2025 shows an operating-leverage recovery: gross margin expansion and steadier overhead turned the model from cash burn to modest cash generation.

The non-obvious change is cash conversion: after two years of negative free cash flow, FY2025 produced $906K even though net margin was still -15.2%. With capex only $49K, the shrinking loss is no longer consuming cash at the same rate, which points to an asset-light operating base rather than a model that needs heavy reinvestment to stand still.

Gross margin moved from 34.8% in FY2023 to 38.3% in FY2025, which means each added sales dollar carried more contribution. Because overhead barely moved, operating margin improved from -21.7% to -2.3%; that pattern fits fixed-cost absorption more than heavy cost cutting.

Balance-sheet repair outpaced profit repair: debt-to-equity fell from 4.3x to 0.3x in FY2025, showing much less dependence on borrowed capital. Current assets finally exceeded current liabilities, although $17.4M of assets is goodwill, so the improvement is stronger in solvency than in tangible asset depth.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 45 / 100
Financial Health Score 45/100
Scored as: Emerging companies peer group

Scored against emerging 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 SUNation Energy 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.

Cash Runway
85
Dilution
1
Revenue Progress
40
Burn Trend
96
Balance Sheet
46
Altman Z-Score Distress
0.12

SUNation Energy Inc scores 0.12, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.1M) relative to total liabilities ($23.9M). 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.

Piotroski F-Score Partial
6/8

SUNation Energy Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-0.09x

For every $1 of reported earnings, SUNation Energy Inc generates $-0.09 in operating cash flow ($955K OCF vs -$10.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
-1.6x

SUNation Energy Inc earns $-1.6 in operating income for every $1 of interest expense (-$1.7M vs $1.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$71.9M
YoY+26.5%
5Y CAGR+54.8%
10Y CAGR-4.0%

SUNation Energy Inc generated $71.9M in revenue in fiscal year 2025. This represents an increase of 26.5% from the prior year.

EBITDA
$830K
YoY+109.1%

SUNation Energy Inc's EBITDA was $830K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 109.1% from the prior year.

Net Income
-$10.9M
YoY+31.3%

SUNation Energy Inc reported -$10.9M in net income in fiscal year 2025. This represents an increase of 31.3% from the prior year.

EPS (Diluted)
$-4.38

SUNation Energy Inc earned $-4.38 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$906K
YoY+114.3%

SUNation Energy Inc generated $906K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 114.3% from the prior year.

Cash & Debt
$7.2M
YoY+755.8%
5Y CAGR-10.9%
10Y CAGR-3.1%

SUNation Energy Inc held $7.2M in cash against $6.6M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
3M

SUNation Energy Inc had 3M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
38.3%
YoY+2.4pp
5Y CAGR+9.6pp
10Y CAGR+9.0pp

SUNation Energy Inc's gross margin was 38.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the prior year.

Operating Margin
-2.3%
YoY+19.3pp
5Y CAGR+67.3pp
10Y CAGR+7.4pp

SUNation Energy Inc's operating margin was -2.3% in fiscal year 2025, reflecting core business profitability. This is up 19.3 percentage points from the prior year.

Net Margin
-15.2%
YoY+12.7pp
5Y CAGR-13.0pp
10Y CAGR-6.2pp

SUNation Energy Inc's net profit margin was -15.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.7 percentage points from the prior year.

Return on Equity
-44.7%
YoY+140.7pp
10Y CAGR-31.4pp

SUNation Energy Inc's ROE was -44.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 140.7 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$49K
YoY+48.2%
5Y CAGR-22.1%
10Y CAGR-32.3%

SUNation Energy Inc invested $49K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 48.2% from the prior year.

SUNE Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $7.2M-73.6% $27.2M+43.3% $19.0M+45.4% $13.1M+3.4% $12.6M-17.8% $15.4M+4.5% $14.7M+8.6% $13.5M
Cost of Revenue $5.6M-65.3% $16.1M+37.1% $11.8M+43.3% $8.2M+0.2% $8.2M-16.1% $9.8M+3.2% $9.5M+8.3% $8.8M
Gross Profit $1.6M-85.6% $11.1M+53.4% $7.2M+49.0% $4.8M+9.2% $4.4M-20.8% $5.6M+6.8% $5.2M+9.3% $4.8M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $5.4M-29.4% $7.6M+10.2% $6.9M+7.1% $6.4M+6.7% $6.0M-21.9% $7.7M+26.1% $6.1M-6.5% $6.6M
Operating Income -$4.3M-249.1% $2.9M+1281.6% -$246K+88.6% -$2.2M+0.2% -$2.2M+66.7% -$6.5M-304.7% -$1.6M+20.7% -$2.0M
Interest Expense $133K-19.1% $165K+15.1% $143K-11.5% $162K-71.6% $571K-26.3% $775K-4.5% $812K+10.3% $736K
Income Tax $11K+102.4% $6K-66.4% $17K+17.2% $14K-2.6% $15K-58.0% $35K+6733.2% $509+107.7% -$7K
Net Income -$4.1M-257.1% $2.6M+762.6% -$393K+95.9% -$9.6M-174.8% -$3.5M+48.7% -$6.8M-106.7% -$3.3M+52.4% -$6.9M
EPS (Diluted) $-1.20 N/A $-0.12+96.2% $-3.14 $-106.71 N/A $-2350.12 $-11022.91

SUNE Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $40.1M-16.8% $48.2M-2.7% $49.6M+12.4% $44.1M-0.7% $44.4M-2.8% $45.7M-10.4% $51.0M-3.5% $52.9M
Current Assets $9.0M-45.1% $16.5M-4.1% $17.2M+56.8% $11.0M+3.9% $10.5M-5.1% $11.1M-4.9% $11.7M-4.5% $12.2M
Cash & Equivalents $1.7M-76.5% $7.2M+32.6% $5.4M+69.9% $3.2M+120.2% $1.4M+72.5% $839K-21.0% $1.1M+1.5% $1.0M
Inventory $2.9M+13.8% $2.5M-15.7% $3.0M+29.6% $2.3M-7.6% $2.5M-7.2% $2.7M+1.5% $2.7M-17.5% $3.2M
Accounts Receivable $3.2M-23.5% $4.2M-13.9% $4.9M+49.3% $3.3M-16.0% $3.9M-19.5% $4.9M+15.4% $4.2M-11.2% $4.8M
Goodwill $17.4M0.0% $17.4M0.0% $17.4M0.0% $17.4M0.0% $17.4M0.0% $17.4M-15.1% $20.5M0.0% $20.5M
Total Liabilities $19.9M-16.9% $23.9M-14.3% $27.9M+26.6% $22.0M-25.6% $29.6M-20.3% $37.2M-1.9% $37.9M-40.6% $63.8M
Current Liabilities $12.6M-18.5% $15.4M-19.1% $19.0M+48.7% $12.8M-36.9% $20.3M-25.4% $27.2M+9.0% $24.9M+4.6% $23.8M
Long-Term Debt N/A $6.6M N/A N/A N/A N/A N/A N/A
Total Equity $20.3M-16.8% $24.3M+12.0% $21.7M-1.7% $22.1M+49.3% $14.8M+73.2% $8.5M-34.9% $13.1M+220.5% -$10.9M
Retained Earnings -$57.9M-7.6% -$53.8M+4.6% -$56.4M-0.7% -$56.0M-20.7% -$46.4M-8.2% -$42.9M-18.9% -$36.1M-10.1% -$32.8M

SUNE Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$5.2M-345.8% $2.1M-12.0% $2.4M+1933.7% -$130K+96.2% -$3.4M-78.3% -$1.9M-97.2% -$968K-24.7% -$776K
Capital Expenditures N/A $31K+243.4% $9K N/A N/A $3K-75.1% $12K+1.5% $12K
Free Cash Flow N/A $2.1M-12.9% $2.4M N/A N/A -$1.9M-95.0% -$980K-24.3% -$788K
Investing Cash Flow $3K+108.8% -$31K-243.4% -$9K N/A N/A -$3K+75.1% -$12K-1.5% -$12K
Financing Cash Flow -$334K+43.5% -$592K-299.6% -$148K-107.9% $1.9M-53.1% $4.0M+343.0% $901K-10.8% $1.0M+371.6% -$372K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A $0 $0-100.0% $3K

SUNE Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 22.1%-18.5pp 40.6%+2.7pp 38.0%+0.9pp 37.0%+2.0pp 35.1%-1.3pp 36.4%+0.8pp 35.6%+0.2pp 35.4%
Operating Margin -60.2%-70.9pp 10.7%+12.0pp -1.3%+15.3pp -16.6%+0.6pp -17.2%+25.1pp -42.3%-31.4pp -10.9%+4.0pp -14.9%
Net Margin -56.9%-66.4pp 9.6%+11.6pp -2.1%+71.5pp -73.5%-45.9pp -27.7%+16.7pp -44.4%-21.9pp -22.4%+28.8pp -51.2%
Return on Equity -20.2%-30.9pp 10.7%+12.5pp -1.8%+41.7pp -43.5%-19.9pp -23.6%+56.2pp -79.8%-54.7pp -25.1% N/A
Return on Assets -10.2%-15.6pp 5.4%+6.2pp -0.8%+21.0pp -21.8%-13.9pp -7.9%+7.0pp -14.9%-8.5pp -6.5%+6.7pp -13.1%
Current Ratio 0.72-0.3 1.07+0.2 0.90+0.0 0.86+0.3 0.52+0.1 0.41-0.1 0.47-0.0 0.51
Debt-to-Equity 0.98+0.7 0.27-1.0 1.28+0.3 1.00-1.0 2.00-2.3 4.35+1.5 2.88+8.7 -5.85
FCF Margin N/A 7.6%-4.9pp 12.5% N/A N/A -12.4%-5.8pp -6.7%-0.8pp -5.8%

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Frequently Asked Questions

SUNation Energy Inc (SUNE) reported $71.9M in total revenue for fiscal year 2025. This represents a 26.5% 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.

SUNation Energy Inc (SUNE) revenue grew by 26.5% year-over-year, from $56.9M to $71.9M in fiscal year 2025.

No, SUNation Energy Inc (SUNE) reported a net income of -$10.9M in fiscal year 2025, with a net profit margin of -15.2%.

SUNation Energy Inc (SUNE) reported diluted earnings per share of $-4.38 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

SUNation Energy Inc (SUNE) had EBITDA of $830K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, SUNation Energy Inc (SUNE) had $7.2M in cash and equivalents against $6.6M in long-term debt.

SUNation Energy Inc (SUNE) had a gross margin of 38.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

SUNation Energy Inc (SUNE) had an operating margin of -2.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

SUNation Energy Inc (SUNE) had a net profit margin of -15.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

SUNation Energy Inc (SUNE) has a return on equity of -44.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

SUNation Energy Inc (SUNE) generated $906K in free cash flow during fiscal year 2025. This represents a 114.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

SUNation Energy Inc (SUNE) generated $955K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

SUNation Energy Inc (SUNE) had $48.2M in total assets as of fiscal year 2025, including both current and long-term assets.

SUNation Energy Inc (SUNE) invested $49K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

SUNation Energy Inc (SUNE) had 3M shares outstanding as of fiscal year 2025.

SUNation Energy Inc (SUNE) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.

SUNation Energy Inc (SUNE) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

SUNation Energy Inc (SUNE) had a return on assets of -22.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

SUNation Energy Inc (SUNE) has an Altman Z-Score of 0.12, 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.

SUNation Energy Inc (SUNE) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

SUNation Energy Inc (SUNE) has an earnings quality ratio of -0.09x, considered mixed quality. 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.

SUNation Energy Inc (SUNE) has an interest coverage ratio of -1.6x, meaning it can struggle to cover its interest obligations. 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.

SUNation Energy Inc (SUNE) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.

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