SunPower’s Kapil Rai Named EVP of New Homes Division

Rhea-AI Summary

SunPower (Nasdaq: SPWR) promoted Kapil Rai to EVP of its New Homes division, covering New Homes, Multifamily, and Light Commercial (C&I).

Management says Rai’s mandate is to rebuild partnerships and scale the division after customer losses tied to the old-SunPower 2024 bankruptcy. The company expects the division to double in size in 2026 and for its project pipeline to exceed $100 million by year-end 2026. The announcement cites the recent acquisition of Cobalt Power and Rai’s prior leadership experience, including a reported +40-point NPS improvement at Cypress.

Positive

• Division expected to double in size in 2026
• Project pipeline projected to exceed $100 million by year-end 2026
• Completed acquisition of Cobalt Power to strengthen Silicon Valley presence
• Kapil Rai brings 20+ years of global P&L leadership and prior NPS improvement (+40 points)

Negative

• New Homes division lost customers after old-SunPower bankruptcy in 2024
• Rebuilding required — operations and relationships needed restoration since the 2024 disruption

News Market Reaction

-1.24%

1 alert

-1.24% News Effect

On the day this news was published, SPWR declined 1.24%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

New Homes pipeline: >$100 million Division growth target: 2x in 2026 Leadership experience: 20+ years +5 more

8 metrics

New Homes pipeline >$100 million Expected project pipeline by end of 2026 for New Homes division

Division growth target 2x in 2026 Company expectation for New Homes division size in 2026

Leadership experience 20+ years Kapil Rai’s global P&L leadership in semiconductor industry

NPS improvement >40 points Net Promoter Score gain previously delivered in Cypress’s Microcontroller Division

Cobalt acquisition price $12 million All-equity purchase price for Cobalt Power Systems

Cobalt added revenue $30 million Expected annual revenue contribution from Cobalt Power Systems

SEPA capacity $20 million Standby Equity Purchase Agreement size with Yorkville affiliate

White Lion ELOC $55 million Equity Line of Credit commitment referenced in recent financing update

Market Reality Check

Price: $1.53 Vol: Volume 1,551,637 is below...

normal vol

$1.53 Last Close

Volume Volume 1,551,637 is below the 20-day average of 1,884,444, suggesting only moderate participation. normal

Technical Shares at $1.61 are trading below the 200-day MA of $1.71 and sit 47.39% under the 52-week high.

Peers on Argus

SPWR was down 4.17% while peers were mixed: TYGO -2.33%, SMXT -9.67%, but ZEO an...

SPWR was down 4.17% while peers were mixed: TYGO -2.33%, SMXT -9.67%, but ZEO and FTCI gained 6.73% and 5.36%. With no peers in the momentum scanner, today’s move appears stock-specific rather than a broad solar-sector rotation.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Acquisition incentives	Positive	+6.5%	Inducement RSUs granted to key Cobalt employees after acquisition closing.
Feb 05	CFO appointment	Positive	-3.8%	New CFO with prior $750 million revenue growth experience appointed.
Feb 03	Cobalt acquisition close	Positive	-5.4%	All-equity purchase of Cobalt Power Systems for $12 million to add revenue.
Feb 02	Equity facilities	Neutral	-2.3%	$20M SEPA and $55M ELOC disclosed to support liquidity and funding.
Jan 29	Battery initiative	Positive	-2.7%	National home battery storage program launched with multiple partners.

Pattern Detected

Recent news has been largely strategic or financing-related, yet positive operational and M&A updates often saw negative price reactions, indicating a pattern of skepticism or dilution concerns despite growth initiatives.

Recent Company History

Over the past few weeks, SPWR has focused on roll-up growth and liquidity. It closed the all-equity Cobalt acquisition for $12 million and later reported inducement RSUs tied to that deal. Financing actions included a $20 million SEPA and a $55 million ELOC alongside a proposed $30 million equity offering. Operationally, it launched a national battery storage initiative across 45 states. Despite these moves, several announcements with positive strategic tone saw shares decline, framing today’s leadership promotion within a cautious market backdrop.

Market Pulse Summary

This announcement highlights SunPower’s focus on revitalizing its New Homes division under a leader ...

Analysis

This announcement highlights SunPower’s focus on revitalizing its New Homes division under a leader with over 20 years of P&L experience and a track record of lifting NPS by more than 40 points. Management expects the division to more than double and reach a project pipeline above $100 million in 2026, building on the Cobalt acquisition and recent growth initiatives. Against a backdrop of significant recent equity financing arrangements and going‑concern disclosures, investors may watch execution, margin trends, and capital-structure developments closely.

Key Terms

p&l, net promoter score, standby equity purchase agreement, equity line of credit, +3 more

7 terms

p&l financial

"Kapil brings over 20 years of global P&L leadership from the semiconductor industry"

A P&L, short for profit and loss statement, is a snapshot of a company's money in and money out over a set period that shows whether the business made a profit or suffered a loss. Think of it like a household budget or a scorecard: it shows sales, costs and the bottom-line result, helping investors judge whether the company is earning enough, managing expenses, and likely to grow or face financial stress.

net promoter score technical

"he raised its Net Promoter Score (NPS) by more than 40 points"

Net Promoter Score (NPS) is a single-number measure of customer loyalty based on asking customers how likely they are to recommend a company’s product or service to others; responses are grouped and converted to a score from -100 to +100. It matters to investors because a high NPS suggests strong customer satisfaction, lower churn and more organic growth through word-of-mouth—like a reputation score that can predict future sales and brand resilience.

standby equity purchase agreement financial

"secured a $20 million Standby Equity Purchase Agreement (SEPA) with an affiliate"

A standby equity purchase agreement is a contract in which an investor or group agrees to buy a company’s newly issued shares on demand, giving the company a ready source of cash it can tap when needed. Think of it like a line of credit made with stock instead of a loan: it provides financial backup but can increase the number of shares outstanding, diluting existing owners and affecting per‑share value, so investors watch these deals for their impact on ownership and earnings per share.

equity line of credit financial

"This SEPA complements a $55 million Equity Line of Credit (ELOC) from White Lion Capital"

An equity line of credit is a loan that allows homeowners to borrow money against the value of their property, similar to having a flexible credit card secured by their home. It matters to investors because it provides a way for property owners to access cash for various needs, which can influence real estate markets and overall economic activity. This type of credit offers ongoing borrowing capacity, making it a valuable financial tool for those with significant property equity.

convertible senior notes financial

"potential conversion of $22,225,000 of 7.00% Convertible Senior Notes due 2029"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

going concern regulatory

"discloses substantial doubt about its ability to continue as a going concern"

A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.

material weaknesses in internal controls regulatory

"material weaknesses in internal controls and heavy reliance on incentives"

A material weakness in internal controls is a significant flaw in a company’s systems for producing accurate financial reports that creates a reasonable possibility of a major error or omission. Think of it like a broken alarm system that can fail to detect a fire — it makes financial statements less reliable and raises the risk of restatements, audit qualifications, regulatory action, and sudden changes in investor confidence.

AI-generated analysis. Not financial advice.

Period of Transformational Growth

OREM, Utah, Feb. 11, 2026 (GLOBE NEWSWIRE) -- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”) a solar technology, services, and installation company, today announced the promotion of Kapil Rai to be EVP of the New Homes division, which also includes the Multifamily and Light Commercial (C&I) segments. His mandate is to strengthen partnerships with builders, installation partners, financing companies, OEM suppliers, and customers nationwide.

Kapil brings over 20 years of global P&L leadership from the semiconductor industry, where he worked for Future Electronics, Maxim Integrated, Cypress Semiconductor, and Microchip Technology.

SunPower CEO, T.J. Rodgers, said, “Our New Homes division lost customers following the old-SunPower bankruptcy in 2024, but we now see a turnaround. We expect the division to double in size in 2026, and its project pipeline to exceed $100 million by year end. This momentum is underpinned by the recent acquisition of Cobalt Power, the No. 1 solar company in Silicon Valley, which Kapil successfully completed. Since joining SunPower last fall, he has moved quickly to rebuild the New Homes organization, re-established critical relationships, strengthened operations, and rigorous quality standards. Kapil previously delivered similar results in Cypress’s Microcontroller Division, where he raised its Net Promoter Score (NPS) by more than 40 points.”

Kapil Rai, EVP New Homes division said, “I am honored to have the opportunity to guide the transformation of the New Homes division. SunPower’s culture is rapidly becoming one of transparency, accountability, and zero-defects – values I’ve learned are essential in delivering long-lasting customer – and shareholder – value.”

About SunPower
SunPower (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 its acquisition of Cobalt. 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. Forward-looking statements in this press release include, without limitation, statements relating to the acquisition of Cobalt, the expected business, financial and other benefits of the acquisition of Cobalt, that Cobalt provides SunPower with an established execution team purpose-built for complex, high-value renewable energy projects, that the acquisition will yield a highly differentiated operating model for SunPower and Cobalt, and SunPower’s and Cobalt’s industry that involve substantial risks and uncertainties.

Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, risks associated with unanticipated difficulties or expenditures relating to the proposed transaction, the response of business partners and competitors to the announcement of the Cobalt acquisition, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed transaction, SunPower’s ability to retain Cobalt’s key employees and service providers following the closing of the acquisition, risks associated with the integration of the Cobalt business with SunPower, and other risks and uncertainties applicable to SunPower’s business and the Cobalt acquisition. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results, impact the anticipated benefits of the Cobalt acquisition, 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 Securities and Exchange Commission (“SEC”) on April 30, 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:
Kapil Rai	Sioban Hickie
EVP of New Homes	VP Investor Relations
Kapil.Rai@SunPower.com	IR@SunPower.com
	(801) 515-8727

Source: SunPower

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

FAQ

Who is Kapil Rai and what role did SunPower (SPWR) name him to on February 11, 2026?

Kapil Rai was named EVP of New Homes at SunPower (SPWR). According to the company, he will lead New Homes, Multifamily, and Light Commercial segments and focus on partnerships and operational rebuilding.

What growth targets did SunPower (SPWR) set for the New Homes division in 2026?

SunPower expects the New Homes division to double in size in 2026. According to the company, this projection is supported by a strengthened pipeline and recent strategic moves including the Cobalt Power acquisition.

How large is SunPower's (SPWR) New Homes project pipeline forecast for 2026?

The company forecasts the New Homes project pipeline to exceed $100 million by year-end 2026. According to SunPower, this reflects recent deal activity and operational rebuilding under new leadership.

What strategic moves did SunPower (SPWR) cite to support New Homes division growth?

SunPower highlighted the acquisition of Cobalt Power and leadership changes. According to the company, these steps strengthened Silicon Valley presence and rebuilt critical partnerships for scaling projects.

What experience does Kapil Rai bring to SunPower's (SPWR) New Homes division?

Kapil Rai brings over 20 years of global P&L leadership from the semiconductor industry. According to the company, his prior roles included improving operations and raising NPS by more than 40 points at Cypress.