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SunPower Inc. insider group led by Thurman J. Rodgers reports owning 59,160,705 shares of common stock, or 39.4% of the company. This Schedule 13D amendment reflects an increase of more than 1% in their ownership after SunPower issued 7,226,186 shares to the Rodgers Massey Revocable Living Trust and 633,250 shares to the Rodgers Family Freedom and Free Markets Charitable Trust on July 1, 2026 in equity-for-interest exchanges on existing convertible notes. Much of the stake is held through multiple trusts and Rodgers Capital LLC, and includes common shares, warrants and shares issuable upon conversion of 7%, 10% and 12% convertible senior notes due 2029.
Rodgers Thurman J reported open-market purchase transactions in this Form 4 filing.
SunPower Inc. director, chief executive officer and greater-than-10% owner Thurman J. Rodgers reported substantial indirect increases in common stock holdings. On July 1, 2026, 7,226,186 shares were issued to the Rodgers Massey Revocable Living Trust and 633,250 shares to the Rodgers Family Freedom and Free Markets Charitable Trust through equity-for-interest exchange transactions tied to several convertible senior notes due 2029 held by these trusts.
After these issuances, the Revocable Trust holds 28,816,676 shares and the Charitable Trust holds 2,471,485 shares. Rodgers also reports 8,842 shares held directly and additional indirect ownership through Rodgers Capital, LLC and related 2012 irrevocable trusts, where he or his spouse serve as trustee or manager.
SunPower Inc. director J. Daniel McCranie reported acquiring 93,650 shares of common stock through a trust in a non-cash exchange. The Dan and Kathy McCranie Revocable Trust received 93,650 shares on July 1, 2026 in exchange for interest amounts payable under 7% convertible senior notes due 2029 held by the trust.
Following the transactions, McCranie directly holds 1,243,169 shares of SunPower common stock and indirectly holds 93,650 shares through the trust where he and his spouse serve as trustees. The filing reflects a debt-interest-for-equity exchange rather than an open-market purchase.
SunPower Inc. entered into privately negotiated exchange agreements with certain holders of its 12.0%, 10.0% and 7.0% Convertible Senior Notes due 2029. Holders agreed to exchange approximately $10.7 million of cash interest otherwise payable on July 1, 2026, October 1, 2026 and January 1, 2027 for 19,300,991 shares of common stock.
The transactions closed and the shares were issued on July 1, 2026, so those interest amounts will no longer be paid in cash. The shares were issued as unregistered securities in reliance on Section 4(a)(2) of the Securities Act. In a related press release, SunPower highlighted ongoing cost reductions, increased financial flexibility, and entering the third quarter with record backlog and expectations of strong growth after what it described as a bottom quarter for the U.S. residential solar industry.
SunPower Inc. is exploring a change in how it pays interest on parts of its debt. The company announced an intent to negotiate with holders of its 12% and 7% Convertible Senior Notes due 2029 to accept common stock of equal value, plus bonus shares, instead of cash interest otherwise payable on July 1, 2026 and January 1, 2027. Management highlights a recent incremental investment in 10% notes by Fortis Capital in May 2026, which bolstered the Q2 cash position, and states that the proposed stock-in-lieu-of-interest arrangement is intended to provide financial flexibility through Q3 2026. The announcement is framed as an intention to negotiate rather than a completed transaction and is not itself an offer or solicitation to sell securities.
SunPower Inc. entered a new note purchase agreement to issue additional 10.00% Convertible Senior Secured Notes due May 1, 2029 in a private transaction. These notes are secured, rank senior in the capital structure, and are guaranteed by wholly owned subsidiary Complete Solar, Inc.
The notes carry a 10.00% annual interest rate, payable quarterly starting July 1, 2026, and are convertible at the holder’s option into common stock at an initial rate of 610.3143 shares per $1,000 principal (about $1.64 per share), with an adjusted maximum conversion rate of 884.9557 shares per $1,000. Initially, a maximum of 4,424,779 shares of common stock may be issued upon conversion, subject to anti-dilution adjustments and a 9.99% beneficial ownership cap per holder.
The notes are not redeemable by the company but include a “Fundamental Change” feature allowing holders to require repurchase for cash at 100% of principal plus accrued interest. The Indenture imposes covenants limiting additional debt, dividends, stock repurchases, certain investments and asset sales, and provides first-priority liens on substantially all assets of SunPower and the guarantor.
SunPower Inc. filed an amended Form 10‑Q to restate its unaudited Q3 2025 financial statements after identifying material errors in revenue recognition, cost of revenues, stock‑based compensation, and interest and debt discount amortization.
For the thirty‑nine weeks ended September 28, 2025, revenue was restated to $209.0 million from $220.3 million and net loss widened to $36.2 million from $31.2 million. The company reported an accumulated deficit of $447.6 million, total debt of $198.5 million, cash and cash equivalents of $5.1 million, and a stockholders’ deficit of $117.7 million, raising substantial doubt about its ability to continue as a going concern.
Management attributes the misstatements to previously reported material weaknesses in internal control over financial reporting, and confirms controls and disclosure procedures remained ineffective as of September 28, 2025, though it states the errors were not caused by override of controls, misconduct, or fraud. The quarter also reflects the finalized accounting for the 2024 SunPower asset acquisition and the September 2025 Sunder Energy LLC acquisition, for which SunPower recorded $57.8 million of consideration and $42.3 million of goodwill, contributing $4.3 million of revenue and $0.3 million of income before taxes over the brief post‑acquisition period.
SunPower Inc. filed an amended Form 10‑Q/A to restate its unaudited Q2 2025 financial statements after identifying material errors in revenue, cost of revenues, stock-based compensation and interest expense. Restated revenue was $66.1 million for the quarter and $144.5 million for the first twenty‑six weeks of 2025, with a Q2 net loss of $27.3 million.
The company reported total debt of $151.2 million, cash and cash equivalents of $11.1 million, and an accumulated deficit of $433.9 million, resulting in a stockholders’ deficit of $113.7 million as of June 29, 2025. Management states there is substantial doubt about SunPower’s ability to continue as a going concern and acknowledges continuing material weaknesses in internal control over financial reporting.
SunPower Inc. reports Q1 2026 results showing revenue of $72.8M, down from $78.4M a year earlier, and a net income of $5.3M driven by fair value gains on derivatives. The core business generated a loss from operations of $19.2M.
Cash and cash equivalents were $9.5M with current debt of about $38.0M and a net operating cash outflow of $25.7M, leading management to state there is substantial doubt about the company’s ability to continue as a going concern. SunPower closed the Cobalt acquisition and continues integrating prior Sunder and Ambia deals, bringing goodwill to $75.6M and expanding its residential solar footprint.
SunPower Inc. filed an amended Form 10‑Q/A to restate its Q1 2025 financial statements. The restatement corrects material errors in revenue recognition, cost of revenues, stock-based compensation, and interest and amortization of debt discount, affecting multiple balance sheet and income statement accounts.
For the thirteen weeks ended March 30, 2025, as restated, SunPower reported revenue of $78.4 million and net income of $4.8 million, largely driven by a $15.1 million gain from remeasurement of derivative liabilities. The company had cash and cash equivalents of $10.6 million, total assets of $143.2 million, total liabilities of $235.3 million and a stockholders’ deficit of $92.1 million.
Management discloses substantial doubt about the company’s ability to continue as a going concern within one year, citing recurring losses, negative operating cash flows and limited liquidity, and notes that material weaknesses in internal control over financial reporting persisted as of March 30, 2025.