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SunPower (SPWR) delays 2025 10-K, prelim revenue $306.5M disclosed

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
NT 10-K

Rhea-AI Filing Summary

SunPower Inc. notified the SEC it cannot timely file its Annual Report on Form 10-K for the fiscal year ended December 28, 2025 and filed a Form 12b-25 to seek additional time to complete year-end procedures. The company says it is dedicating resources and expects to file the 2025 Form 10-K as soon as practicable.

In a preliminary Schedule A, SunPower reported consolidated revenue of $306.5 million for Fiscal 2025 versus $108.7 million for Fiscal 2024, cost of revenues of $178.6 million versus $69.2 million, total operating expenses of $146.0 million versus $108.0 million, other expense, net of $17.0 million versus other income of $14.1 million, net loss from continuing operations of ($35.1) million, and a net loss of ($36.2) million for Fiscal 2025.

Positive

  • None.

Negative

  • None.

Insights

12b-25 signals a delayed 2025 Form 10-K while preliminary results are provided.

SunPower cites additional time needed to complete year-end reporting procedures and attached a Schedule A with preliminary, unaudited Fiscal 2025 figures including $306.5 million revenue. The filing is administrative but gives investors early numeric context.

These are preliminary figures; auditors and final disclosures in the 10-K will confirm adjustments, tax, and nonrecurring items. Watch for the later 10-K for audited revenue recognition, inventory, and other expense reconciliations.

Revenue rose materially year-over-year but final audit adjustments could alter margins and loss metrics.

The Schedule A shows consolidated revenue of $306.5 million and cost of revenues $178.6 million for Fiscal 2025. Operating expenses increased to $146.0 million, and other items moved to a net expense of $17.0 million.

Final audited statements may change reported net loss ($36.2) million and components; subsequent disclosures in the 10-K will clarify causes, including any one-time items or restatements.

Consolidated revenue $306.5 million Fiscal 2025 (preliminary, unaudited)
Revenue (prior year) $108.7 million Fiscal 2024 (comparative)
Cost of revenues $178.6 million Fiscal 2025 (preliminary)
Total operating expenses $146.0 million Fiscal 2025 (preliminary)
Other expense, net $17.0 million Fiscal 2025 (preliminary)
Net loss from continuing operations ($35.1) million Fiscal 2025 (preliminary)
Net loss ($36.2) million Fiscal 2025 (preliminary)
Form 12b-25 regulatory
"filed a Form 12b-25 to seek additional time to complete year-end procedures"
Form 12b-25 is a notice a publicly traded company files with the U.S. Securities and Exchange Commission when it cannot deliver a required periodic report (like a quarterly or annual financial report) on time. It explains the reason for the delay and gives the company a short, temporary window to finish the report without being marked as delinquent; investors watch it because late filings can signal accounting, operational, or control issues that may affect a company’s reliability and stock risk, much like a missed homework deadline can raise concerns about a student’s preparedness.
Schedule A financial
"In a preliminary Schedule A, SunPower reported consolidated revenues for the fiscal year ended"
Net loss from continuing operations financial
"Net loss from continuing operations for Fiscal 2025 was ($35.1) million"
Forward-Looking Statements regulatory
"Certain statements in this Form 12b-25 may be considered forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 12b-25

 

 

 

NOTIFICATION OF LATE FILING

 

(Check One)      

☒ Form 10-K     ☐  Form 20-F     ☐  Form 11-K     ☐  Form 10-Q

☐  Form 10-D     ☐  Form N-SAR     ☐  Form N-CSR

   
    For Period Ended: December 28, 2025
   
    ☐  Transition Report on Form 10-K
    ☐  Transition Report on Form 20-F
    ☐  Transition Report on Form 11-K
    ☐  Transition Report on Form 10-Q
    ☐  Transition Report on Form N-SAR
   
    For the Transition Period Ended:

 

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

 

PART I — REGISTRANT INFORMATION

 

SunPower Inc.

(Full name of registrant)

 

 

(Former name if applicable)

 

45700 Northport Loop

(Address of principal executive office (street and number))

 

Fremont, CA 94538

(City, state and zip code)

 

 

 

 

 

PART II — RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

☒      (a)  

The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;

 
  (b)  

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

 

  (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III — NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

SunPower Inc. (the “Company”) has determined that it will not be able to file its Annual Report on Form 10-K for the fiscal year ended December 28, 2025 (the “2025 Form 10-K”) within the prescribed time period for such filing without unreasonable effort or expense. The Company has dedicated significant resources to completing the Form 10-K and is working diligently to complete the necessary work to file the 2025 Form 10-K as soon as practicable. The Company requires more time to complete the procedures relating to its year-end reporting process.

 

PART IV — OTHER INFORMATION

 

(1)  Name and telephone number of person to contact in regard to this notification

 

           
  Wendell Laidley   877   299-4943
  (Name)   (Area Code)   (Telephone Number)

 

(2)  Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).      Yes  ☒   No  ☐
   
(3)  Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?      Yes  ☒    No  ☐

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

See Schedule A

 

2

 

SunPower Inc.

(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 30, 2026 By 

/s/ Wendell Laidley

    Wendell Laidley, Chief Financial Officer

 

3

 

Schedule A

 

Expected significant changes in results of operations of the registrant based on its preliminary unaudited results of operations include the following:

 

Consolidated revenues for the fiscal year ended December 28, 2025 (“Fiscal 2025”) was $306.5 million, compared to $108.7 million for the fiscal year ended December 29, 2024 (“Fiscal 2024”).
   
Cost of revenues for Fiscal 2025 was $178.6 million, compared to $69.2 million for Fiscal 2024.
   
Total operating expenses for Fiscal 2025 was $146.0 million, compared to $108.0 million for Fiscal 2024.
   
Other expense, net for Fiscal 2025 was expense of $17.0, compared to income of $14.1 million in Fiscal 2024.
   
Net loss from continuing operations for Fiscal 2025 was ($35.1) million, compared to ($54.4) million for Fiscal 2024.
   
Net loss for Fiscal 2025 was ($36.2) million, compared to ($56.5) million for Fiscal 2024.

 

Forward-Looking Statements

 

Certain statements in this Form 12b-25 may be considered forward-looking statements, including statements with respect to the registrant’s expectations that it will file its Annual Report on Form 10-K for Fiscal 2025 on or before the extended deadline as a result of filing this Form 12b-25 and the registrant’s expectations with respect to its results of operations for Fiscal 2024. Forward-looking statements generally relate to future events and can be identified by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “strive,” “budget,” “expect,” “intend,” “will,” “estimate,” “believe,” “predict,” “potential,” “pursue,” “aim,” “goal,” “mission,” “anticipate” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the registrant and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to the risks and uncertainties set forth in the sections entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in the registrant’s Annual Report on Form 10-K for Fiscal 2024, the Quarterly Reports on Form 10-Q filed by the registrant during Fiscal 2025, and other documents filed by the registrant from time to time with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the registrant assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The registrant does not give any assurance that it will achieve its expectations.

 

4

 

FAQ

Why did SunPower (SPWR) file a Form 12b-25 instead of the 2025 Form 10-K?

SunPower filed Form 12b-25 because it needs additional time to complete year-end reporting procedures. The company stated it requires more time to finish procedures related to its year-end reporting and is working to file the 2025 Form 10-K as soon as practicable.

What preliminary Fiscal 2025 revenue did SunPower (SPWR) disclose?

SunPower reported preliminary consolidated revenue of $306.5 million for Fiscal 2025. That compares with $108.7 million for Fiscal 2024, as shown in the Schedule A attached to the Form 12b-25.

What were SunPower's preliminary net loss figures for Fiscal 2025?

SunPower disclosed a preliminary net loss of ($36.2) million for Fiscal 2025 and net loss from continuing operations of ($35.1) million. These figures are unaudited and subject to final 10-K adjustments.

Did SunPower report any material change in other income/expense for Fiscal 2025?

Yes. SunPower reported preliminary other expense, net of $17.0 million for Fiscal 2025 versus other income of $14.1 million in Fiscal 2024. The company did not provide further detail in the Form 12b-25.
Sunpower Inc.

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