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SunPower Inc. (NASDAQ: SPWR) sees Q2 sales drop but targets Q3 turnaround

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Rhea-AI Filing Summary

SunPower Inc. reported preliminary Q2’26 results with revenue of $56.0 million, down $16.8 million from Q1’26’s $72.8 million. GAAP operating loss was $(18,115 thousand), while non-GAAP operating loss was $12.5 million, slightly better than Q1’26. Gross margin remained relatively high, and aggressive cost actions cut quarterly fixed operating expenses by about $7.1 million. Cash stood at $4.0 million, below the $10 million minimum cash target.

Management attributes the revenue shortfall mainly to roughly 1,105 delayed SunPower Direct jobs, representing about $15.3 million of revenue expected to clear in Q3’26 after tightening quality controls and replacing the Direct division’s leadership. Including an additional planned $5.9 million in fixed expense cuts, permanent cost reductions total $13.0 million. For Q3’26, SunPower expects revenue of $75-plus million and aims to reduce its operating loss by about 90% to less than $1.0 million, supported by strong recent bookings and clearing the delayed backlog. All figures are preliminary and unaudited, and both GAAP and non-GAAP metrics are provided.

Positive

  • Management projects Q3’26 revenue of $75-plus million and a roughly 90% reduction in operating loss to less than $1.0 million, supported by strong bookings, clearing about $15.3 million of delayed jobs, and permanent cost reductions totaling $13.0 million.

Negative

  • Q2’26 revenue fell to $56.0 million, down $16.8 million from Q1’26, with a GAAP operating loss of $(18,115 thousand) and cash of $4.0 million, below the stated $10 million minimum cash target.
  • Operational issues in the SunPower Direct division delayed about 1,105 jobs, deferring roughly $15.3 million of expected Q2’26 revenue and highlighting significant execution and quality-control challenges.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $56.0 million Preliminary Q2’26 GAAP revenue, down from $72.8 million in Q1’26
Q1 2026 Revenue $72.8 million Q1’26 GAAP revenue used as comparison for Q2’26 decline
Q2 2026 non-GAAP operating loss $12.5 million Preliminary non-GAAP operating loss in Q2’26, slightly better than Q1’26
Q2 2026 GAAP operating loss $(18,115 thousand) Preliminary GAAP operating loss from continuing operations in Q2’26
Ending cash balance $4.0 million Ending cash referenced for Q3’26, below $10 million minimum target
Minimum cash target $10 million Stated minimum cash balance level the company aims to maintain
Fixed opex reduction in Q2 2026 $7.1 million Quarterly fixed operating expense reduction from actions taken in May Q2’26
Additional fixed expense cuts planned Q3 2026 $5.9 million Further fixed expense reduction expected in Q3’26
non-GAAP financial
"SunPower provides additional financial metrics in this press release that are not prepared in accordance with GAAP"
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.
operating loss financial
"produce a Q2’26 non-GAAP operating loss of $12.5 million (b), actually slightly better than the Q1’26 loss"
Operating loss occurs when a company’s regular business activities—sales of goods or services—bring in less money than it costs to run the business, like a shop whose daily sales don’t cover rent and wages. For investors, it signals that the core business isn’t currently profitable, which can increase cash burn, affect future dividends or financing needs, and change how the company’s value and risk are judged.
bookings financial
"Despite a poor Q2’26, we remain optimistic in our outlook for Q3’26. We have just enjoyed our three best quarters in bookings ever"
"Bookings" refer to the total value of new sales or agreements a company secures during a specific period. It shows how much business the company has signed up for, even if the products or services haven't been delivered yet. This figure helps investors understand the company's future growth potential.
restructuring charges financial
"Restructuring charges | C | 1,857 | 712 | Total of Non-GAAP adjustments"
Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.
reduction in force financial
"a RIF, the implementation of a four-day workweek (to minimize the RIF), and structured cost-cutting"
A reduction in force is an organized cutback in a company's workforce—commonly known as layoffs—intended to lower costs or reshape operations. Like trimming a household budget or pruning a garden, it can improve long-term financial health but often brings one-time costs, reduced capacity, and morale or execution risks that can affect revenue, expenses, and the company’s stock performance. Investors watch these moves for signals about future profitability and operational stability.
Revenue $56.0 million Down $16.8 million from $72.8 million in Q1’26.
GAAP operating loss $(18,115 thousand) Improved from $(19,196 thousand) loss in Q1’26.
Non-GAAP operating loss $12.5 million Slightly better than the $12.9 million non-GAAP loss in Q1’26.
Cash balance $4.0 million Down from 9,488 thousand and below the $10 million minimum cash target.
Guidance

For Q3’26, the company expects revenue of $75-plus million and plans to reduce its operating loss by about 90% to less than $1.0 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were SunPower (SPWR) preliminary Q2 2026 revenues and operating losses?
SunPower reported preliminary Q2’26 revenue of $56.0 million, down from $72.8 million in Q1’26. GAAP operating loss was $(18,115 thousand), while non-GAAP operating loss was $12.5 million, slightly better than the $12.9 million non-GAAP loss in Q1’26.

Why did SunPower (SPWR) revenue decline so sharply in Q2 2026?
The company cites a pile-up of about 1,105 delayed SunPower Direct jobs, representing around $15.3 million of revenue expected in Q2’26. Jobs were held back over quality issues in funding packages, such as incomplete documentation, delaying recognition into Q3’26 instead.

What Q3 2026 guidance did SunPower (SPWR) provide for revenue and profit?
SunPower expects Q3’26 revenue of $75-plus million and plans to cut its operating loss by about 90%, from roughly ($12.5 million) in Q2’26 to less than ($1.0 million). Management links this outlook to strong bookings and clearing delayed projects.

How is SunPower (SPWR) reducing costs after two tough quarters?
Cost actions in May, including a reduction in force, a four-day workweek, and structured cuts, lowered quarterly fixed operating expenses by about $7.1 million. In Q3’26, SunPower plans another $5.9 million in fixed cost reductions, totaling roughly $13.0 million in permanent savings.

What is SunPower (SPWR) current cash position versus its target level?
SunPower reports an ending cash balance of $4.0 million, below its stated $10 million minimum cash target. Management notes this resulted from choosing not to raise capital at a low share price, in order to avoid additional equity dilution.

Which non-GAAP financial measures does SunPower (SPWR) emphasize in this update?
The company highlights non-GAAP operating income (loss), adjusting GAAP results for depreciation and amortization, stock-based compensation, and restructuring charges. For Q2’26, total non-GAAP adjustments were $5,642 thousand, yielding a non-GAAP loss of $12.5 million.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 28, 2026

 

SunPower Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40117   93-2279786
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

 

1403 N. Research Way, Orem UT   84097
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (877) 299-4943

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   SPWR   The Nasdaq Global Market
         
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share   SPWRW   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On July 28, 2026, SunPower Inc. (the “Company”) issued a press release announcing its preliminary unaudited financial results for the second quarter of fiscal 2026 and certain updated guidance for 2026. The full text of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

 

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 7.01. Regulation FD Disclosure

 

The information furnished in Exhibit 99.1 is incorporated by reference under this Item 7.01 as if fully set forth herein.

 

The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 
Number		   Description
99.1   Press release dated July 28, 2026
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SunPower Inc.
Dated: July 28, 2026  
  By: /s/ Thurman J. Rodgers
    Thurman J. Rodgers
    Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

 

 

SunPower Reports Q2’26 Results

Q3’26 Fcst: $10 Million Operating Income Improvement

 

OREM, Utah (July 28, 2026) – SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”), a solar technology, services, and installation company, will present its Q2’26 results via webcast today, Tuesday, July 28, at 1:00pm ET. Register for the webcast here or by visiting our Events page: https://investors.sunpower.com/news-events/events.

 

Fellow Shareholders:

 

The preliminary Q2’26 quarterly report of key financial parameters is shown below, compared to the Q1’26 results.

 

SunPower Q2’26 Revenue & Operating Income Statement​1

 

   GAAP​2   NON-GAAP3 
($1000s)  Q2 2026   Q1 2026   Q2 2026     Q1 2026 
Revenue   55,956    72,793    55,956 a   72,793 
Gross Profit   26,159    45,162​4   27,598      46,883 
Gross Margin (%)   47%   62%   49%     64%
Operating Expense (Opex)   44,273    64,357​4   40,071 c   59,748 
Opex (less commission)   28,332    35,793    24,130 d   31,184 
Stock Comp, Intangibles, M&A​3   5,642    6,331    0      0 
Operating Income (loss)   (18,115)   (19,196)   (12,473) b   (12,865)
Cash Balance​5   4,024    9,488    4,024 e   9,488 

 

Our Q2’26 revenue was $56.0 million, $16.8 million down from the $72.8 million reported in Q1’26. That revenue decline (a, above) flowed through the P&L to produce a Q2’26 non-GAAP operating loss of $12.5 million (b), actually slightly better than the Q1’26 loss. The good news is that while the revenue dropped $16.8 million, the operating expense dropped $19.7 million (c), of which $7.1 million was a reduction in fixed cost (d) that will help drive recovery in subsequent quarters. Finally, our ending Q3’26 cash balance was $4.0 million (e), below our minimum cash target of $10 million, because we chose to avoid the dilution that would have been caused by raising money at a low share price.

 

 

1Non-GAAP Operating income is based on preliminary, unaudited non-GAAP results posted on the IR section of our website under “News” [us.sunpower.com].

 

2Our 2026 GAAP financial statements are found in the 10Q filing posted on our website.

 

3Our non-GAAP financials are used to run the company. Our policy allows for only three GAAP/non-GAAP differences: a) no non-cash amortization of intangibles, b) no employee stock compensation charges and c) no one-time restructuring M&A gains or losses.

 

4The filed 10Q report transfers $475,000 from opex to fixed COGS with no Opinc effect.

 

5Cash balances exclude restricted cash and include issued but uncashed checks.

 

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SunPower CEO, T.J. Rodgers, commented, “The Q2’26 $16.8 million revenue drop was factors worse than any result New SunPower has ever posted. And was caused primarily by our SunPower Direct Division. The relevant questions are why did we fail to make our numbers; what will we change to prevent the problem in the future; and when will we return to profitability?

 

Rodgers continued, “The Direct Division revenue miss was caused in turn by a pile-up of about 1,105 jobs delayed at the end of the line in Q2’26. The principle is simple: double the inventory of any operation and for a given effort, the inventory will move half as fast. These delayed jobs have signed contracts, are in operation now and will clear the line this quarter, releasing about $15.3 million in revenue (which I expected to ship in Q2, hence I made no pre-announcement). In short form, we had the orders, the designs, and the financing, but chose not to submit the jobs for funding due to violations of our quality specifications for funding package submissions, such as blurry photographs or a missing utility bill or – worse – re-design and re-permit. Fortunately, our Quality group held its ground and did not allow any defective jobs to be submitted for funding. Our strong quality policy is why SunPower’s New Homes division has not suffered even one rejection of its financing submissions for over 70 weeks by its financial partner, Palmetto LightReach – a feat that earned SunPower the LightReach Platinum Partner Award in 2026.

 

Rodgers concluded, “The Q2’26 quality problems were self-induced by the SunPower Direct management team that knowingly and surreptitiously violated our quality specifications. After that discovery, I replaced the top two and one-half tiers of that management team from Ambia, a startup we acquired, and started over with SunPower veterans Kapil Rai and Steve Erickson. The benefit of eliminating that management team will become visible in Q3.”

 

Q3’26 Outlook

 

Despite a poor Q2’26, we remain optimistic in our outlook for Q3’26. We have just enjoyed our three best quarters in bookings ever. We expect to grow Q3’26 revenue to $75-plus million and reduce our operating loss by 90% from ($12.5 million) in Q2’26 to less than ($1.0 million) in Q3’26.

 

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Total Bookings

Signed Contract + Design Complete + Funding Approved

 

 

  

$13.0 Million in Permanent Cost Reductions

 

The actions to stem Q1’26 losses – a RIF, the implementation of a four-day workweek (to minimize the RIF), and structured cost-cutting – were made in May and reduced our quarterly fixed operating expenses by about $7.1 million. In Q3’26, we will further reduce our fixed expenses by another $5.9 million with more cost cutting and “right-sizing” the combined New Homes-Cobalt management teams.

 

Conclusion

 

Given the structural changes mandated by two consecutive tough quarters, we will recover strongly in both revenue and profit in Q3’26. Cost cutting to survive on thin margins can only go so far. With the state-of-the-art Monolith and Monolith II panels, as well as the high tech, high margin installations by our New Homes/Cobalt Division, we will move into the premium segment of the solar market defined by sustainable technology advantages and bring premium pricing to a very lean installation company.

 

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Recent Events of Note

(Press Releases on Our Website here)

 

●SunPower Appoints Tom Kowalczuk CFO (July 7, 2026). He has a CPA and a Chicago MBA.

 

Cobalt Power Systems Completes 1.2MW Commercial Solar & Storage Project at
Santa Clara University (May 26, 2026)

 

 

 

SunPower’s Cobalt Power Systems and Wunder Power Complete Advanced Solar
System at San Francisco’s Waterfront Plaza (June 15, 2026)

 

 

 

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San Francisco Waterfront Plaza: Earthquake Tolerant System

“Floats” on Tensile Concrete Roof

 

 

 

 

SunPower Achieves High NPS Score from Starbucks (May 29, 2026)

 

 

 

One of 26 “Greener Stores” Program

 

5 of 9

 

 

SunPower Completes Megawatt Millenium Solar Project,

Receives High Customer NPS Score (July 16, 2026)

 

 

 

Creates A Megawatt of Power From Carport Roofs

 

·SunPower receives high net promoter scores (NPS)

 

○SunPower Achieves High NPS Score from Starbucks (May 29, 2026)

 

○And from Millenium (July 16, 2026)

 

○NPS scores improving in general

 

SunPower Aggregate New Promoter Score (NPS)

 

 

 

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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 us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “preliminary,” “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “in the process,” “focus,” “forecast,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” and “pursue” or the negative of these terms or similar expressions. Forward-looking statements in this press release include, without limitation, our Q2’26 revenue, operating profit projections, and other preliminary financial results reported in this press release, our expectations regarding our financial performance, including our revenue plan; our ability to convert our bookings and backlog and our financial and business outlook for Q3’26; and our expectations regarding the benefits of or our acquisitions; our expectations and plans to improve and change the quality and operational issues discussed in this press release; our expectations regarding steps taken to improve our internal controls and procedures; the anticipated impacts and benefits of our cost control efforts; and our expectations and plans relating to further cost control efforts. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to implement further headcount reductions and cost controls, our ability to integrate and operate the combined business with Sunder and Ambia, our ability to achieve the anticipated benefits of acquisitions (including Sunder, Ambia and Cobalt), our ability to raise capital and maintain expected cash balances, global market conditions, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of our financial statements for Q2’26 and the filing of the related Form 10-Q, and other 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 April 14, 2026, 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.

 

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Preliminary and Unaudited Financial Results

 

The selected unaudited financial results for the Q2’26 are preliminary and subject to our quarter-end accounting procedures. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and financial statements for Q2’26 and may not represent the actual financial results for such period. In addition, the information in this press release is not a comprehensive statement of our financial results for Q2’26, should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period.

 

Non-GAAP Financial Measures

 

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (“GAAP”), SunPower provides additional financial metrics in this press release that are not prepared in accordance with GAAP (“non-GAAP”). Management believes the non-GAAP financial measures in this press release, in addition to GAAP financial measures, are useful measures of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of SunPower’s operating performance, such as amortization of goodwill and expensing employee stock options in addition to accounting for their dilutive effect, which facilitates the analysis of SunPower’s core operating results across reporting periods. The non-GAAP financial measures do not replace the presentation of SunPower’s GAAP financial results and should only be used as a supplement to, not as a substitute for, SunPower’s financial results presented in accordance with GAAP. Descriptions of and reconciliations of the non-GAAP financial measures used in this press release are included in the financial table above and related footnotes. We encourage investors to carefully consider our preliminary results under GAAP, as well as our preliminary non-GAAP information and the reconciliations between these presentations, to more fully understand our business. Non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

 

Company Contacts:

 

Sioban Hickie

VP Investor Relations

IR@sunpower.com

(801) 515-8727

 

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SUNPOWER INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (PRELIMINARY) 

(In Thousands)

 

      As Reported Unaudited 
   Note  Q1 2026   Q2 2026 
GAAP operating Income(loss) from continuing operations     (19,196)   (18,115)
              
Depreciation and amortization  A   2,869    3,224 
Stock based compensation  B   1,605    1,705 
Restructuring charges  C   1,857    712 
Total of Non-GAAP adjustments      6,331    5,642 
Non-GAAP net Income (loss)      (12,865)   (12,473)

 

Notes:

 

 

  

(A)Depreciation and amortization: Depreciation and amortization related to capital expenditures.

 

(B)Stock-based compensation: Stock-based compensation relates to our equity incentive awards and for services paid in warrants. Stock-based compensation is a non-cash expense.

 

(C)Acquisition Costs: Costs primarily related to acquisition, headcount reductions (i.e. severence), legal, professional services (i.e. historical carveout audits) and due diligence.

 

Source: SunPower Inc.

 

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Source: View Original Filing on SEC EDGAR

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