SunPower (SPWR)
Market Price (8/23/2026): $0.302 | Market Cap: $45.1 MilSector: Information Technology | Industry: Semiconductors
SunPower (SPWR)
Market Price (8/23/2026): $0.302Market Cap: $45.1 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -70% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -156% | Penny stockMkt Price is 0.3 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 299% Weak revenue growthRev Chg QQuarterly Revenue Change % is -17% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% Key risksSPWR key risks include [1] a severe liquidity crisis, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -70% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -156% |
| Penny stockMkt Price is 0.3 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 299% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -17% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% |
| Key risksSPWR key risks include [1] a severe liquidity crisis, Show more. |
Qualitative Assessment
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SunPower (SPWR) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Significant Revenue Miss and Operational Underperformance in fiscal Q2 2026.
SunPower reported a substantial decline in revenue for its fiscal Q2 2026, which ended on June 28, 2026. Revenue totaled $56.0 million, a 23% sequential decrease from $72.8 million in fiscal Q1 2026 and significantly below analyst expectations of $83.5 million, missing the forecast by nearly 33%. This underperformance was primarily attributed to operational issues within the SunPower Direct Division, leading to approximately 1,105 delayed residential solar projects, representing about $15.3 million in revenue, due to factors such as incomplete documentation and permitting problems. The company posted a GAAP operating loss of $18.1 million in fiscal Q2 2026. Following the preliminary Q2 2026 earnings release on July 28, 2026, SunPower's stock experienced a 16% decline.
2. Going Concern Warning and Deteriorating Liquidity.
SunPower disclosed on August 21, 2026, that there is substantial doubt about its ability to continue as a going concern within one year. This critical financial risk was underscored by an operating loss of $42.7 million and the utilization of $52.2 million in cash for operating activities during the first half of fiscal 2026 (ending June 28, 2026). As of June 28, 2026, the company's cash balance was critically low at $4.0 million, falling short of its internal minimum target of $10 million. Management chose not to raise additional capital at depressed share prices to avoid further dilution.
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SunPower (SPWR) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Significant Revenue Miss and Operational Underperformance in fiscal Q2 2026.
SunPower reported a substantial decline in revenue for its fiscal Q2 2026, which ended on June 28, 2026. Revenue totaled $56.0 million, a 23% sequential decrease from $72.8 million in fiscal Q1 2026 and significantly below analyst expectations of $83.5 million, missing the forecast by nearly 33%. This underperformance was primarily attributed to operational issues within the SunPower Direct Division, leading to approximately 1,105 delayed residential solar projects, representing about $15.3 million in revenue, due to factors such as incomplete documentation and permitting problems. The company posted a GAAP operating loss of $18.1 million in fiscal Q2 2026. Following the preliminary Q2 2026 earnings release on July 28, 2026, SunPower's stock experienced a 16% decline.
2. Going Concern Warning and Deteriorating Liquidity.
SunPower disclosed on August 21, 2026, that there is substantial doubt about its ability to continue as a going concern within one year. This critical financial risk was underscored by an operating loss of $42.7 million and the utilization of $52.2 million in cash for operating activities during the first half of fiscal 2026 (ending June 28, 2026). As of June 28, 2026, the company's cash balance was critically low at $4.0 million, falling short of its internal minimum target of $10 million. Management chose not to raise additional capital at depressed share prices to avoid further dilution.
3. Persistent Operating Losses and Missed Forecasts in fiscal Q1 2026.
The negative trend began with SunPower reporting fiscal Q1 2026 revenue of $72.8 million, which was 9% below its Q4 2025 guidance of $80 million and missed analyst estimates of $77.50 million. The company incurred a non-GAAP operating loss of $(12.9) million in fiscal Q1 2026, primarily due to lower revenue and increased spending aimed at anticipated growth in fiscal Q3 2026. The actual Earnings Per Share (EPS) for fiscal Q1 2026 was -$0.11, missing the consensus estimate of $0.01.
4. Analyst Downgrades and Potential Shareholder Dilution.
Following recent financial results and updated guidance, analysts revised their price targets for SunPower, reducing them from $5.40 to $4.00. This adjustment reflected lowered expectations for revenue growth, revised profit margin assumptions, and a reduced future price-to-earnings multiple. Compounding investor concerns, SunPower announced plans to negotiate with holders of its 12% and 7% Convertible Senior Notes due 2029 to accept common stock plus bonus shares in lieu of cash interest payments due on July 1, 2026, and January 1, 2027. This proposal, intended to preserve cash, implies a potential for increased shareholder dilution, with the fully diluted share count possibly rising to 200 million.
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Stock Movement Drivers
Fundamental Drivers
The -63.8% change in SPWR stock from 4/30/2026 to 8/22/2026 was primarily driven by a -44.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.83 | 0.30 | -63.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 300 | 283 | -5.6% |
| P/S Multiple | 0.3 | 0.2 | -44.0% |
| Shares Outstanding (Mil) | 102 | 149 | -31.4% |
| Cumulative Contribution | -63.8% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SPWR | -63.8% | |
| Market (SPY) | 6.5% | 22.9% |
| Sector (XLK) | 14.9% | 34.8% |
Fundamental Drivers
The -82.6% change in SPWR stock from 1/31/2026 to 8/22/2026 was primarily driven by a -67.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.72 | 0.30 | -82.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 298 | 283 | -4.9% |
| P/S Multiple | 0.5 | 0.2 | -67.6% |
| Shares Outstanding (Mil) | 85 | 149 | -43.4% |
| Cumulative Contribution | -82.6% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SPWR | -82.6% | |
| Market (SPY) | 11.0% | 25.7% |
| Sector (XLK) | 27.6% | 34.6% |
Fundamental Drivers
The -80.9% change in SPWR stock from 7/31/2025 to 8/22/2026 was primarily driven by a -77.7% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.57 | 0.30 | -80.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 177 | 283 | 59.9% |
| P/S Multiple | 0.7 | 0.2 | -77.7% |
| Shares Outstanding (Mil) | 80 | 149 | -46.3% |
| Cumulative Contribution | -80.9% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SPWR | -80.9% | |
| Market (SPY) | 22.2% | 30.9% |
| Sector (XLK) | 40.1% | 34.0% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SPWR | ||
| Market (SPY) | 73.2% | 29.9% |
| Sector (XLK) | 109.4% | 32.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPWR Return | - | - | - | - | -4% | -84% | -84% |
| Peers Return | -4% | 5% | -4% | -24% | 43% | -13% | -9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| SPWR Win Rate | - | - | - | - | 44% | 25% | |
| Peers Win Rate | 43% | 47% | 43% | 42% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SPWR Max Drawdown | - | - | - | - | - | -89% | |
| Peers Max Drawdown | -46% | -47% | -59% | -57% | -50% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RUN, TSLA, ENPH, SEDG, FSLR. See SPWR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
SPWR has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
SPWR has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SunPower (SPWR)
SunPower (SPWR), as described, operates within the solar energy sector, offering a comprehensive suite of solar technology, services, and installation solutions. The company's business model is centered on making solar energy accessible and manageable for its customer base, covering various aspects from initial system design to financing and ongoing digital management.
Its primary services encompass end-to-end solar panel designing and installation, ensuring homes and other properties are equipped with efficient solar energy systems. Beyond physical installations, SunPower also develops and provides a specialized solar digital platform designed to support both homeowners in monitoring their energy usage and professional installers in managing their projects more effectively.
Addressing a key aspect of solar adoption, SunPower further provides financing options for solar panels, aiming to make the transition to renewable energy more affordable for its clients. The company primarily serves individual homeowners looking to adopt solar power and professional installers who leverage SunPower's platform and services to cater to their own clientele.
```AI Analysis | Feedback
Here are a few analogies for SunPower (SPWR):
- Carvana for residential solar: Just as Carvana simplifies buying a car online, including financing and delivery, SunPower streamlines the entire process of getting solar panels for your home, from design and a digital platform to installation and financing.
- Home Depot for solar installations: Similar to how Home Depot provides products and installation services for various home improvement projects, SunPower focuses specifically on providing and installing complete solar energy systems for residential customers.
- ADT for home energy systems: Like ADT offers integrated home security solutions including installation, monitoring, and financing, SunPower provides comprehensive home solar energy systems, covering technology, installation, and financing options.
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- Solar Panel Designing Services: The company offers custom design services for solar panel systems.
- Solar Panel Installation Services: It provides professional installation of solar panel systems.
- Solar Digital Platform: The company develops a digital platform tailored for homeowners and installers in the solar industry.
- Solar Panel Financing: It offers financial solutions to assist customers with the purchase of solar panels.
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SunPower (SPWR) primarily sells its solar technology, products, and services to individuals in the North American residential market. The company spun off its commercial and industrial solar businesses to focus exclusively on this segment.
The company serves the following categories of individual customers:
- Existing Homeowners: Individuals who own residential properties and seek to install solar energy systems, energy storage solutions, and related services for their current homes. These customers might purchase systems outright, finance them through loans, or enter into lease or power purchase agreements (PPAs).
- New Home Buyers: Individuals who purchase newly constructed homes where SunPower solar systems have been pre-installed by home builders. SunPower partners with leading home builders to integrate solar power and energy management solutions into new residential developments, providing energy independence and savings to the eventual homeowners.
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T.J. Rodgers, Chief Executive Officer
T.J. Rodgers founded Cypress Semiconductor Corporation in 1982. He led Cypress Semiconductor to acquire a controlling interest in the original SunPower in 2002. After the original SunPower Corporation filed for Chapter 11 bankruptcy, Rodgers developed a plan to run the company and raised funds for his new solar company, Complete Solar, to acquire the assets of the SunPower Corporation. Complete Solaria, Inc. then rebranded as SunPower in April 2025, and Rodgers became its Chairman and CEO. He is also noted for leading the turnaround of Enphase Energy.
Wendell Laidley, Chief Financial Officer
Wendell Laidley was appointed as Chief Financial Officer of SunPower in February 2026. He began his career in equity research in San Francisco, advancing to Vice President at Deutsche Bank's Technology group and later serving at Credit Suisse, where he was recognized on the Institutional Investor's All-America Research Team. He transitioned to a portfolio manager role for RS Investments. Laidley founded and managed the Napa-based Realm Cellar Winery. He served as VP of Finance at AppDynamics, successfully raising $278 million, and held a similar role at Big Switch Networks (2016-2018); both companies were subsequently acquired. He also helped take Life360 public. Prior to joining SunPower, Laidley was the founding CFO at Lumio, a solar company startup, which grew to $750 million in revenue during his tenure.
Nick Wenker, Chief Legal Officer and General Counsel
Nick Wenker serves as the Chief Legal Officer and General Counsel for SunPower.
Chris Lundell, Chief Compliance Officer
Chris Lundell serves as the Chief Compliance Officer for SunPower and is also a Board Member. He is the founder of CMOGROW and previously held positions as CMO and VP of Business Development at Vivint Solar.
Eric Nielsen, Executive Vice President Sales and Marketing
Eric Nielsen is the Executive Vice President of Sales and Marketing at SunPower.
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1. Financial Distress and Bankruptcy/Liquidation Concerns
SunPower has faced severe financial difficulties, culminating in a Chapter 11 bankruptcy filing in late 2024 (or early 2025, according to future-dated reports). The company has been undergoing restructuring, asset sales, and liquidation processes, which raises substantial doubt about its ability to continue operations. SunPower has reported misstatements in its 2022 financial results and breached critical credit agreements, leading to a significant drop in its stock price and delisting from NASDAQ. This ongoing financial instability directly impacts its capacity to honor long-term warranties, ensure parts availability, and provide consistent customer support.2. Highly Competitive and Challenging Residential Solar Market
The residential solar industry, in which SunPower operates, is characterized by intense competition and significant market headwinds. Key challenges include:- High Interest Rates: Elevated interest rates have increased the cost of financing solar projects for consumers, thereby reducing demand and impacting sales.
- Policy Changes: Shifts in net metering regulations, such as California's NEM 3.0, have drastically reduced compensation for excess solar energy exported to the grid, necessitating a costly transition to solar-plus-storage solutions and increasing overall system prices for homeowners.
- Intense Competition: SunPower faces formidable competition from major players like Sunrun, Sunnova, and Tesla Solar, which offer integrated solutions and compete aggressively on pricing, financing options, and technological advancements. The influx of cheaper solar panels from Chinese manufacturers also exerts downward pressure on pricing, impacting SunPower's supply chain partner, Maxeon.
- Operational Inefficiencies: The residential solar business is inherently challenging to scale due to high installation and maintenance costs associated with numerous individual projects, making it difficult to achieve significant economies of scale and consistent profitability.
3. Allegations of Financial Misconduct and Regulatory Scrutiny
SunPower's financial troubles have attracted regulatory attention, with allegations of accounting irregularities and misstatements in its financial reports. The U.S. Securities and Exchange Commission (SEC) issued a subpoena requesting documents related to SunPower's revenue recognition in 2023, and its independent accounting firm resigned, citing "allegations that senior members of management were involved in misconduct related to financial statements". These issues not only undermine investor confidence but also expose the company to potential legal liabilities and further erode its reputation.AI Analysis | Feedback
The emergence of highly integrated, AI-driven digital platforms by major technology companies or large utility providers that offer an end-to-end solar solution for homeowners and businesses. These platforms could streamline everything from automated design and financing to permitting and installation management through a network of independent contractors, effectively disintermediating traditional solar installers and existing solar platforms. This parallels how companies like Uber leveraged digital platforms to disrupt traditional service industries.
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Here are 3-5 expected drivers of future revenue growth for SunPower (symbol: SPWR) over the next 2-3 years:
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Strategic Acquisitions and Integration: SunPower has been actively pursuing and integrating acquisitions to bolster its revenue and operational capabilities. The company recently completed the integration of Sunder Energy and has plans for further acquisitions, including Ambia and Cobalt Power Systems, in 2026. These integrations are expected to contribute to an expanded sales force and enhanced operational efficiency, supporting SunPower's goal of reaching $1 billion in revenue by 2028.
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Growth in Residential and New Homes Segments: SunPower maintains a strong focus on the U.S. residential solar market, which is a primary driver of its growth. The company is strategically expanding its presence in the New Homes division, securing multi-year contracts with national developers by the end of 2025 to integrate solar and storage solutions into new communities. This approach helps lower customer acquisition costs and improve margins, contributing significantly to revenue growth in this segment.
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Expansion of Sales Force and Partner Network: The company has significantly increased its sales representative headcount, growing from approximately 1,100 to nearly 2,000, partly driven by recent acquisitions. This expanded sales force is anticipated to lead to market share gains. Additionally, SunPower's "Dealer-as-a-Service" initiative enables independent installers to leverage its proprietary design software, financing platforms, and brand assets, thereby extending its reach into the mid-market and improving unit economics.
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Technological Advancements and Integrated Energy Solutions: SunPower is focused on offering comprehensive energy solutions, including advanced solar panel and energy storage systems. The launch of SunVault 3.0 in 2025, with modular capacities for whole-home backup, highlights this. The company is also exploring AI-driven energy management for utility bill optimization and V2H (Vehicle-to-Home) integration, which could open new revenue streams from vehicle energy services and grid ancillary markets.
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Focus on Higher-Margin Business Mix and Cost Control: Following a restructuring in 2024, SunPower has shifted to an asset-light business model, prioritizing high-margin residential markets over capital-intensive manufacturing. The company's strategy emphasizes disciplined cost control and efficient operations, with management guiding towards a narrower, higher-margin business mix focused on residential and services. This operational efficiency and focus on profitable segments are crucial for sustained revenue growth and margin recovery.
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Share Issuance
- In March 2026, SunPower Inc. entered into a $10 million convertible debenture deal with YA II PN, LTD., with an effective purchase price of $9 million, requiring stockholder approval for the issuance of certain shares.
- SunPower secured a Standby Equity Purchase Agreement (SEPA) in February 2026, providing $20 million in funding from newly issued stock.
- In January 2026, SunPower increased its Equity Line of Credit (ELOC) with White Lion Capital LLC to $55 million, facilitating direct equity sales over time.
Inbound Investments
- SunPower increased its Equity Line of Credit (ELOC) with White Lion Capital LLC to $55 million in January 2026.
- A $20 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors Global was secured in February 2026, providing a committed funding mechanism.
- In March 2026, SunPower entered into a $10 million convertible debenture deal with YA II PN, LTD., with an effective purchase price of $9 million.
Outbound Investments
- In February 2026, SunPower Inc. completed the acquisition of Cobalt Power Systems, Inc. in an all-equity transaction.
- SunPower acquired Ambia Energy, LLC in November 2025, with acquisition shares issued at the closing of the transaction.
- In September 2025, SunPower acquired Sunder Energy, LLC for approximately $40 million (cash + stock), which significantly expanded its U.S. footprint.
- In September 2024, Complete Solaria, Inc. acquired key assets of the "old" SunPower, including Blue Raven Solar, the New Homes business, and the dealer network, for $45 million. Complete Solaria then rebranded as SunPower in April 2025, adopting the SPWR ticker.
Capital Expenditures
- SunPower's free cash flow was consistently negative, with an average annual capital expenditure of approximately $140 million from 2015-2023.
Peer Outperformance in Semiconductors
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 200.4% | 341.0% | FLEX 746% · TTMI 687% · JBL 432% |
| Semiconductor Materials & Equipment | 27 | 137.0% | 74.6% | 125.0% | AEHR 1645% · AXTI 677% · KLAC 488% |
| Technology Distributors | 9 | 21.8% | 61.4% | 77.5% | CLMB 340% · AVT 153% · SNX 113% |
| Electronic Components | 26 | 54.5% | 61.3% | 57.7% | CLS 3221% · BELFA 1309% · LPTH 617% |
| Communications Equipment | 35 | 29.8% | 82.4% | 42.0% | AAOI 1755% · LITE 905% · ANET 715% |
| Semiconductors ← | 54 | 31.6% | 30.5% | 31.0% | POET 1926% · MU 1282% · NVDA 881% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 76.3% | 22.5% | STX 976% · SMCI 936% · WDC 891% |
| Internet Services & Infrastructure | 6 | 13.9% | 38.3% | 15.1% | DOCN 109% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -7.9% | 17.2% | -3.6% | PI 215% · SOTK 138% · NSSC 125% |
| IT Consulting & Other Services | 28 | -25.2% | -7.3% | -18.3% | CHRN 627400% · APLD 1844% · TSSI 695% |
| Application Software | 123 | -19.6% | -10.4% | -42.5% | VIDA 394900% · INLX 5338% · PLTR 625% |
| Systems Software | 69 | -7.8% | 14.7% | -51.2% | QNC 845% · PANW 476% · PAYS 446% |
Latest Trefis Analyses
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| ARTICLES |
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.72 |
| Mkt Cap | 3.6 |
| Rev LTM | 2,404 |
| Op Inc LTM | 104 |
| FCF LTM | 121 |
| FCF 3Y Avg | 29 |
| CFO LTM | 159 |
| CFO 3Y Avg | 137 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.2% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 7.9% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 22.1% |
| Op Inc Chg 3Y Avg | -13.3% |
| Op Mgn LTM | 3.6% |
| Op Mgn 3Y Avg | -6.0% |
| QoQ Delta Op Mgn LTM | 1.6% |
| CFO/Rev LTM | 12.0% |
| CFO/Rev 3Y Avg | 4.8% |
| FCF/Rev LTM | 6.2% |
| FCF/Rev 3Y Avg | -6.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential Solar Installation | 161 | 67 | 88 | ||
| New Homes Business | 125 | 41 | 0 | ||
| Dealer | 14 | ||||
| Software enhanced services | 4 | 2 | |||
| Solar energy system installations | 63 | 67 | |||
| Solar panel sales | 0 | ||||
| Total | 300 | 109 | 88 | 66 | 69 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dealer | 6 | ||
| New Homes Business | 4 | -3 | 0 |
| Residential Solar Installation | -37 | -66 | -52 |
| General corporate expense | 0 | ||
| Total | -27 | -69 | -52 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| New Homes Business | 78 | 0 |
| Residential Solar Installation | 66 | 47 |
| Total | 144 | 47 |
Price Behavior
| Market Price | $0.30 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 04/19/2021 | |
| Distance from 52W High | -85.8% | |
| 50 Days | 200 Days | |
| DMA Price | $0.53 | $1.68 |
| DMA Trend | down | down |
| Distance from DMA | -43.5% | -82.2% |
| 3M | 1YR | |
| Volatility | 129.2% | 91.1% |
| Downside Capture | 599.43 | 380.64 |
| Upside Capture | -74.92 | 105.12 |
| Correlation (SPY) | 23.5% | 31.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.75 | 2.03 | 2.07 | 1.77 | 2.16 | 0.13 |
| Up Beta | 10.18 | 6.21 | 3.76 | 2.71 | 2.02 | 0.53 |
| Down Beta | -0.47 | 1.78 | 1.34 | 1.77 | 2.74 | -0.79 |
| Up Capture | -644% | -263% | -73% | -48% | 52% | 9% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 7 | 15 | 28 | 49 | 106 | 139 |
| Down Capture | 370% | 345% | 322% | 231% | 180% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 15 | 28 | 35 | 73 | 136 | 168 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPWR | |
|---|---|---|---|---|
| SPWR | -81.8% | 90.9% | -1.43 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 34.6% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 31.4% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 13.4% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 1.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 10.1% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 23.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPWR | |
|---|---|---|---|---|
| SPWR | -29.3% | 93.7% | -0.95 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 32.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 30.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 3.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 12.4% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 20.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPWR | |
|---|---|---|---|---|
| SPWR | -15.9% | 93.7% | -0.95 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 32.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 30.3% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 8.4% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 3.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 12.4% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 20.6% |
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Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -40.0% | -37.3% | |
| 5/12/2026 | -14.9% | -9.6% | -30.7% |
| 1/20/2026 | -1.7% | 14.5% | -10.4% |
| 10/21/2025 | 14.3% | 16.6% | -9.7% |
| 7/22/2025 | 2.8% | -3.4% | -6.8% |
| 4/30/2025 | 2.6% | -6.3% | -26.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 2 | 0 |
| # Negative | 3 | 4 | 5 |
| Median Positive | 2.8% | 15.5% | |
| Median Negative | -14.9% | -8.0% | -10.4% |
| Max Positive | 14.3% | 16.6% | |
| Max Negative | -40.0% | -37.3% | -30.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -40.0% | -37.3% | |
| 5/12/2026 | -14.9% | -9.6% | -30.7% |
| 1/20/2026 | -1.7% | 14.5% | -10.4% |
| 10/21/2025 | 14.3% | 16.6% | -9.7% |
| 7/22/2025 | 2.8% | -3.4% | -6.8% |
| 4/30/2025 | 2.6% | -6.3% | -26.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 2 | 0 |
| # Negative | 3 | 4 | 5 |
| Median Positive | 2.8% | 15.5% | |
| Median Negative | -14.9% | -8.0% | -10.4% |
| Max Positive | 14.3% | 16.6% | |
| Max Negative | -40.0% | -37.3% | -30.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/21/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-Q |
| 12/31/2025 | 04/14/2026 | 10-K |
| 09/30/2025 | 12/19/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/30/2025 | 10-K |
| 09/30/2024 | 11/18/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 06/27/2023 | S-4/A |
| 12/31/2022 | 04/10/2023 | S-4/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/21/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-Q |
| 12/31/2025 | 04/14/2026 | 10-K |
| 09/30/2025 | 12/19/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/30/2025 | 10-K |
| 09/30/2024 | 11/18/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 06/27/2023 | S-4/A |
| 12/31/2022 | 04/10/2023 | S-4/A |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 75.00 Mil | -21.9% | Lowered | Guidance: 96.00 Mil for Q3 2026 | |||
| Q3 2026 Operating Loss | -1.00 Mil | Higher New | Actual: -12.50 Mil for Q2 2026 | ||||
| Q3 2026 Fixed Expenses Reduction | 5.90 Mil | ||||||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 75.00 Mil | -10.7% | Lower New | Guidance: 84.00 Mil for Q1 2026 | |||
| Q2 2026 Operating Income | -3.00 Mil | -250.0% | Lower New | Guidance: 2.00 Mil for Q1 2026 | |||
| Q3 2026 Revenue | 96.00 Mil | 28.0% | Higher New | Guidance: 75.00 Mil for Q2 2026 | |||
Q4 2025 Earnings Reported 1/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 84.00 Mil | 0.8% | Higher New | Actual: 83.30 Mil for Q4 2025 | |||
| Q1 2026 Operating Income | 2.00 Mil | 0 | Affirmed | Guidance: 2.00 Mil for Q1 2026 | |||
Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 83.30 Mil | 19.0% | Higher New | Guidance: 70.00 Mil for Q3 2025 | |||
| Q4 2025 Operating Income | 3.56 Mil | 18.7% | Higher New | Guidance: 3.00 Mil for Q3 2025 | |||
| Q1 2026 Operating Income | 2.00 Mil | ||||||
| 2025 Revenue | 303.00 Mil | ||||||
| 2025 Operating Income | 12.00 Mil | ||||||
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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