SunPower Q3’25 10Q Report Filed

Rhea-AI Summary

SunPower (Nasdaq: SPWR) filed its Q3'25 10-Q on Dec 19, 2025. Management says the only meaningful change vs the draft was an auditor-requested $1.1 million increase in bad-debt reserves, raising total reserves from $7.1M to $8.2M. The company reports that the reserve adder reduced non-GAAP Q3'25 operating income from $3.123M to $2.123M. Management described work with 40 homebuilder customers on aged accounts receivable, receiving payments from 38, and said collection confidence improved because SunPower still owns the installed systems and can deactivate them if needed.

Positive

• Bad-debt reserves increased to $8.2M
• Payments received from 38 of 40 homebuilder customers
• Improved collection confidence due to ownership of installed systems

Negative

• Auditor-added reserve of $1.1M reduced non-GAAP operating income by $1.0M
• Non-GAAP Q3'25 operating income fell from $3.123M to $2.123M (≈32% decline)

Key Figures

Added bad-debt reserves: $1.1 million Total bad-debt reserves: $8.2 million Typical quarterly reserve drawdown: $0.45 million +5 more

8 metrics

Added bad-debt reserves $1.1 million Incremental reserve in Q3’25 10Q vs draft

Total bad-debt reserves $8.2 million Total reserves after Q3’25 adjustment

Typical quarterly reserve drawdown $0.45 million Historical average reserve usage per quarter

Non-GAAP operating income (prior) $3.123 million Previously reported Q3’25 non-GAAP operating income

Non-GAAP operating income (revised) $2.123 million Q3’25 non-GAAP operating income after reserve adder

Funding raised over career Over $4 billion Capital raised by CEO over 41 years

Convertible debentures $150 million Five convertible debentures used to fund SunPower

Homebuilders with aged AR 40 homebuilders (payments from 38) Aged accounts receivable customer base and collection progress

Market Reality Check

Price: $1.80 Vol: Volume 934,712 is 1.71x t...

high vol

$1.80 Last Close

Volume Volume 934,712 is 1.71x the 20-day average of 547,986. high

Technical Price 1.805 is trading below the 200-day MA at 1.82.

Peers on Argus

No peers in the sector momentum list; recent move appears stock-specific rather ...

No peers in the sector momentum list; recent move appears stock-specific rather than sector-driven.

Market Pulse Summary

This announcement centers on the filed Q3’25 10Q, highlighting a $1.1 million increase in bad-debt r...

Analysis

This announcement centers on the filed Q3’25 10Q, highlighting a $1.1 million increase in bad-debt reserves that lifted total reserves to $8.2 million and reduced non-GAAP operating income from $3.123 million to $2.123 million. The company describes extensive work on aged accounts receivable across 40 homebuilders and emphasizes confidence in collections. Investors may focus on how future filings track receivable recoveries, the stability of non-GAAP profitability, and any additional reserve adjustments.

Key Terms

10Q report, bad-debt reserves, non-GAAP, aged-AR, +1 more

5 terms

10Q report regulatory

"announced that its Q3’25 10Q report is posted on the SEC website"

A 10-Q report is a quarterly financial filing public companies submit to regulators that summarizes their recent financial results, cash flow, operations, and material risks; it typically includes financial statements reviewed but not fully audited and management’s discussion of performance. Investors use it as a regular check-up—like a quarterly medical exam—for a company’s financial health, revealing trends, warning signs, and progress that can influence investment decisions.

bad-debt reserves financial

"– $1.1 million in added bad-debt reserves requested by our auditors"

An amount a company sets aside on its books to cover customer bills or loans it expects it may not collect, like a rainy-day fund for unpaid invoices and credit losses. It matters to investors because larger reserves reduce reported profit and signal rising credit risk or weaker collection, while small reserves can mask potential losses; changes give insight into how risky a company’s receivables or lending business may be.

non-GAAP financial

"to reduce our non-GAAP Q3’25 operating income from $3.123 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

aged-AR financial

"old-SunPower aged-AR uncertainty behind us, and that effort was significant"

Aged‑AR (aged accounts receivable) is a report that lists a company’s unpaid customer invoices sorted by how long they’ve been outstanding, typically shown in time ranges such as 0–30, 31–60 days, and so on. Investors use it to judge how quickly a company converts sales into cash and how much credit risk exists — like checking whether unpaid bills are recent or piled up, which can signal healthy collections or potential cash flow problems.

convertible debentures financial

"including the $150 million from five convertible debentures used to save SunPower"

Convertible debentures are loans a company issues that pay interest like a bond but can be swapped later for the company’s shares at a set price. For investors they act like a safety-net plus a shortcut: you get regular interest payments while retaining the option to join ownership if the share price rises, which offers upside potential but can dilute existing shareholders if conversion occurs.

AI-generated analysis. Not financial advice.

OREM, Utah, Dec. 23, 2025 (GLOBE NEWSWIRE) -- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”), a solar technology, services, and installation Company, today announced that its Q3’25 10Q report is posted on the SEC website as of December 19, 2025.

SunPower CEO, T.J. Rodgers said, “The filed SPWR 10Q report for Q3’25 has only one meaningful difference compared to the 10Q draft report we created and sent to our auditors on November 5, 2025 – $1.1 million in added bad-debt reserves requested by our auditors, raising our total reserves from $7.1 to $8.2 million, which dwarfs our typical $0.45 million quarterly reserve drawdown. So, investors should be confident that we have more than adequate reserves.”

Rodgers continued, “Investors have asked me why a small $1.1 million reserve adjustment took so long to do. The reason is that we and our auditors decided to put the old-SunPower aged-AR uncertainty behind us, and that effort was significant. We worked directly with each of our 40 homebuilders that had aged AR – and are now receiving payments from 38 of them. Their invoices had to be individually recreated line-by-line – a lot of work that was worth the extra time.”

Rodgers continued, “Honesty and transparency with investors over 41 years allowed me to raise over $4 billion in funding, including the $150 million from five convertible debentures used to save SunPower. However, investors need to know that the penalty for this $1.1 million reserve adder was to reduce our non-GAAP Q3’25 operating income from $3.123 million – which we touted as a record at the time – to $2.123 million, which was not a record. That’s what stuck in my craw.”

Rodgers concluded, “The good news is that we have now contacted every New Homes customer on our aged-AR ledger and increased our confidence of collection, which was high to begin with because we still own those systems – and can literally flip a switch to deactivate them.”

About SunPower
SunPower Inc. (Nasdaq: SPWR) is a leading residential solar services provider in North America. The Company’s digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.sunpower.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about SunPower, and our financial and business performance that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events, SunPower’s future financial or operating performance, and the acquisition of Ambia. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “expected to,” “focus,” “forecast,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “could,” “forecast,” and “pursue” or the negative of these terms or similar expressions.

Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, risks and uncertainties applicable to our business. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our annual report on Form 10-K filed with the SEC on August 13, 2025, our quarterly reports on Form 10-Q filed with the SEC and other documents that we have filed with, or will file with, the SEC. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SunPower assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contacts:
Jeanne Nguyen	Sioban Hickie
CFO	VP Investor Relations
jeanne.nguyen@sunpower.com	IR@sunpower.com
	(801) 477-5847

Source: SunPower

This press release was published by a CLEAR® Verified individual.

FAQ

What change did SunPower (SPWR) make in its Q3'25 10-Q filed Dec 19, 2025?

SunPower added an auditor-requested $1.1M to bad-debt reserves, raising total reserves to $8.2M.

How did the $1.1M reserve adjustment affect SunPower's Q3'25 non-GAAP operating income?

The reserve adder reduced non-GAAP operating income from $3.123M to $2.123M, a drop of about 32%.

How many homebuilder customers does SunPower say it worked with on aged accounts receivable in Q3'25?

SunPower says it worked directly with 40 homebuilder customers and is receiving payments from 38 of them.

Why does SunPower management say collection confidence improved after the Q3'25 10-Q filing?

Management cites detailed invoice recreation and the fact SunPower still owns the systems, allowing it to deactivate systems as leverage for collection.

Does the Q3'25 10-Q filing indicate other substantive accounting changes for SunPower (SPWR)?

Management states the $1.1M auditor-requested reserve increase was the only meaningful difference versus the prior draft 10-Q.