SunPower (SPWR) Q4 2025 earnings summary

Executive summary

• Achieved record Q4'25 revenue of $88.5 million, up from $70 million in the prior quarter, driven by Sunder and Ambia acquisitions and organic growth.

• Posted fourth consecutive profitable quarter, making 2025 the first profitable year after four years of losses, with full-year operating income of $10.9 million.

• Cash balance increased to $9.3 million, supported by a $55 million equity line of credit.

• Expanded sales force to nearly 2,000 1099 reps, nearly doubling from the start of the year, while maintaining direct employee headcount stability.

• Completed and integrated acquisitions of Sunder, Ambia, and announced intent to acquire Cobalt Power Systems, enhancing sales, operational execution, and technology deployment.

Financial highlights

• Q4'25 revenue: $88.5 million (Q3'25: $70.0 million); full-year 2025 revenue: $308.8 million.

• Q4'25 non-GAAP operating income: $3.5 million (Q3'25: $2.0 million); full-year 2025: $10.9 million.

• Gross margin improved to 57% non-GAAP in Q4'25, up from 48% in Q3'25.

• Revenue per employee reached a record $445,000, significantly above industry peers.

• Cash balance at Q4'25 end: $9.3 million (Q3'25: $5.1 million), excluding new ELOC inflows.

Outlook and guidance

• Q1'26 revenue expected at $84 million, with $4 million uncertainty due to seasonal and ITC tax credit factors.

• Q1'26 operating income forecasted at $2.0 million; profitability expected to continue through 2026.

• Revenue plan targets $507 million in 2026 and $1 billion by 2028, implying a 50% CAGR.

• Plan to maintain minimum cash of $10 million per quarter, supported by ELOC and additional funding deals.

• Anticipates market share gains in 2026 from expanded salesforce.