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SunPower (SPWR) CEO T.J. Rodgers has issued an open letter to shareholders regarding the upcoming annual meeting on May 29, 2025. The company is seeking approval for three proposals, with the most critical being an amendment to the 2023 Equity Incentive Plan to add 21.6 million shares (27% of current shares) for employee compensation.
The expansion is necessary to fulfill stock options promised to 841 former SunPower employees following Complete Solar's reverse acquisition, which grew the company from 65 to 906 employees. This acquisition has proven successful, increasing quarterly revenue from $4.5 million in Q2'24 to $80.2 million in Q1'25, marking SunPower's first profit in over four years.
The new shares will be distributed as RSUs vesting over five years, and will also cover director compensation and potential future acquisitions.
SunPower (CSLR) received a deficiency notice from Nasdaq on April 28, 2025, for failing to file its 2024 Form 10-K annual report by the original deadline of April 14, 2025. The company subsequently filed the report on April 30, 2025, addressing the compliance issue. CEO T.J. Rodgers explained that the delay was due to extended audit procedures, requiring 14,000 hours of auditing time compared to the typical 6,500 hours needed for more mature companies. The company emphasized that there are no penalties for the delay and no impact on shareholders.
SunPower reported its Q1 2025 financial results, marking its first profitable quarter in four years with revenue of $80.2 million and an operating profit of $1.3 million. This milestone comes after the company's rebranding from Complete Solaria on April 21, 2025, following the SunPower asset purchase in September 2024.
Key achievements include:
- Successful headcount reduction from 3,499 to 906 employees
- Cash balance increase to $14.0 million from $13.3 million in Q4 2024
- Strategic partnership with Sunder for growth expansion
- Board strengthening with three new public-company ex-CEO directors
The company maintains a positive outlook, forecasting steady revenue and continued profitability for the next quarter. With an annualized revenue of $300 million-plus, SunPower has positioned itself for sustainable growth in the solar technology and installation sector.
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