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Here are 1-3 brief analogies for SunPower:

• The ADT of residential solar power: SunPower designs, installs, and services complete solar and energy storage systems for homes, similar to how ADT provides full-service home security solutions.
• Like a specialized Home Depot or Lowe's for home solar: SunPower offers integrated solutions for a specific home improvement need—solar power and energy storage—including design, products, and installation services.
• An HVAC company, but for solar power systems: Similar to how an HVAC company designs, installs, and maintains complex heating and cooling systems for homes, SunPower provides end-to-end solutions for home solar energy and storage.

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• Residential Solar Solutions: Design, sale, and installation of solar energy systems for homes.
• Commercial Solar Solutions: Design, sale, and installation of solar energy systems for businesses and public sector organizations.
• Energy Storage Systems: Integrated battery solutions, such as SunVault, to store solar energy for backup power and optimized usage.
• Energy Management Software: Digital platforms for monitoring, managing, and optimizing solar energy production and consumption.
• Financing Services: Provision of various financial options, including leases, loans, and power purchase agreements, for solar and storage system acquisition.

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SunPower (symbol: SPWR) primarily serves residential homeowners and light commercial businesses in the United States and Canada. Its business model focuses on delivering complete solar energy solutions directly to end-users or through a network of authorized dealers who then sell to end-users. As such, it sells primarily to individuals and organizations that are the ultimate consumers of its solar energy solutions, rather than selling primarily to other large companies for integration into their products or as major direct commercial customers.

Therefore, based on SunPower's customer base, the up to three categories of customers that it serves are:

• Residential Homeowners: This category includes individual homeowners and families who purchase, lease, or finance solar photovoltaic (PV) systems for their residences. It also encompasses customers of new home builders that partner with SunPower to integrate solar as a standard or optional feature in new residential constructions.
• Light Commercial Businesses: This category consists of small to medium-sized businesses, schools, government agencies, and non-profit organizations that acquire and install solar PV systems on their commercial properties or facilities to reduce energy costs, achieve sustainability goals, and enhance energy independence.

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• Maxeon Solar Technologies (MAXN)
• Enphase Energy (ENPH)
• SolarEdge Technologies (SEDG)

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Peter Faricy, former President and Chief Executive Officer

Peter Faricy served as the President and Chief Executive Officer of SunPower until his departure on February 26, 2024. Prior to SunPower, Mr. Faricy was the CEO of Global Direct-to-Consumer for Discovery, Inc., overseeing various businesses including Discovery+, Food Network Kitchen, and Eurosport Player. He also spent 13 years at Amazon, where he was Vice President leading the Amazon Marketplace, responsible for the growth of millions of third-party sellers worldwide. During his time at Amazon, he launched over a dozen new ventures such as Amazon Handmade and Amazon Lending. Earlier in his career, he held roles at Ford Motor Company and McKinsey & Company.

Tom Werner, Executive Chairman of the Board and Principal Executive Officer

Tom Werner is the Executive Chairman of the Board and the newly appointed Principal Executive Officer, leading the Office of the Chairman during the search for a permanent CEO. He previously served as SunPower's CEO for nearly 18 years.

Elizabeth Eby, Executive Vice President, Chief Financial Officer, and Principal Accounting Officer

Elizabeth Eby was appointed as SunPower's Chief Financial Officer, effective May 30, 2023. She brings over 30 years of experience in financial strategy, execution, and governance at Fortune 50 and publicly traded technology companies. Ms. Eby most recently served as CFO of NeoPhotonics Corporation. Prior to that, she spent over 25 years at Intel Corporation, where she held several senior roles, including Vice President of Finance and Group CFO for the Internet of Things business. She was also formerly Chief Executive Officer & Chief Financial Officer at Cogenra Solar, Inc.

Eileen Evans, Executive Vice President and Chief Legal Officer

Eileen Evans serves as the Executive Vice President and Chief Legal Officer at SunPower.

Jennifer Johnston, Executive Vice President and Chief Operating Officer

Jennifer Johnston serves as the Executive Vice President and Chief Operating Officer for SunPower. She was appointed to this senior leadership role in early May 2023.

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Key Risks to SunPower (SPWR)

1. Liquidity and Financial Viability: SunPower faces a severe liquidity crisis, impacted by macroeconomic headwinds, particularly elevated interest rates which have reduced demand in the solar market and strained the company's financial performance. The company has operated with a thin cash buffer, increasing refinancing and liquidity risks. In 2023, SunPower issued a "going concern" warning, indicating that a failure to file timely financial results constituted a breach of its credit agreement and could lead lenders to recall debt, potentially jeopardizing its ability to finance day-to-day operations.
2. Operational and Financial Reporting Weaknesses: SunPower has identified material weaknesses in its internal control over financial reporting, leading to inaccurately reported cost of revenue and inventory metrics, and overstating the value of certain consignment inventory. These issues have resulted in the need to restate prior financial reports and have led to investor lawsuits alleging bookkeeping fraud. Additionally, the company has faced deficiency notifications from Nasdaq for delayed filing of its annual and quarterly reports, putting its compliance with listing standards at risk.
3. Reliance on Government Incentives and Regulatory Changes: The business of SunPower is significantly affected by government incentives and regulatory policies. Any reduction, modification, or elimination of these incentives could lead to a decline in revenue and adversely impact financial results. Existing and changing regulations and policies may also create technical, regulatory, and economic barriers to the adoption of solar power products, thereby reducing demand for SunPower's offerings.

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The clear emerging threat for SunPower is the rapid commoditization of high-efficiency solar panels and installation services. Historically, SunPower has differentiated itself through its premium, high-efficiency solar technology. However, competing manufacturers are rapidly advancing and scaling alternative technologies such as N-type TOPCon and HJT. These emerging panel technologies offer comparable or even superior efficiency and performance to SunPower's traditional premium offerings, but at significantly lower costs. This trend is eroding SunPower's ability to justify a price premium for its installations, leading to intense price competition across the residential solar market. As lower-cost, high-performance alternatives become widely available to all installers, SunPower faces increasing pressure on its margins and market share, challenging its historical value proposition based on technological superiority and premium pricing.

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SunPower (symbol: SPWR) primarily focuses on providing photovoltaic solar energy generation systems and battery energy storage products for residential customers in the United States and Canada. The company offers solar panels, inverters, and battery storage solutions, notably its SunVault storage system, along with custom solutions for homes.

The addressable markets for SunPower's main products and services are primarily within the residential solar and energy storage sectors, with a significant focus on the U.S. market since the company spun off its commercial and industrial installation divisions in February 2022 to concentrate on residential installations.

Addressable Markets:

• U.S. Residential Solar PV Market: The U.S. residential solar PV market size was estimated at approximately USD 7.45 billion in 2023 and is projected to reach USD 7.90 billion in 2024. This market is expected to grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2030, reaching an estimated USD 17.68 billion by 2030. Another report forecasts the U.S. residential solar market size to increase by USD 10.93 billion with a CAGR of 12.3% between 2024 and 2029.
• Global Residential Solar PV Market: The global residential solar PV market was valued at USD 94.2 billion in 2024 and is estimated to reach USD 198.9 billion by 2034, growing at a CAGR of 7.9% from 2025 to 2034. Another estimate places the global residential solar energy market at USD 28.71 billion in 2024, projected to grow to USD 93.36 billion by 2033 at a CAGR of 14% from 2025 to 2033. The global residential solar systems market is projected to grow from US$ 45.19 billion in 2024 to US$ 70.25 billion by 2031, at a CAGR of 6.6% from 2025 to 2031.

While SunPower no longer actively serves the commercial solar market after its 2022 spin-off, for context, the U.S. commercial & industrial solar PV market amounted to USD 2.9 billion in 2024, and the global commercial & industrial solar PV market size was valued at USD 63.2 billion in 2024, with a projection to reach USD 164.1 billion by 2034 at a CAGR of 10.1% from 2025 to 2034.

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SunPower (SPWR) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Strategic Acquisitions and Expanded Market Footprint: SunPower's acquisitions, notably Sunder Energy and the planned acquisition of Ambia Solar, are expected to significantly boost booking rates and expand the company's geographic reach. The acquisition of Sunder Energy, for instance, propelled SunPower to the position of the fifth-largest residential solar company in the U.S. and extended its presence from 22 to 45 states, while Ambia Solar is projected to add $83.6 million in revenue starting in Q1 2026.
2. Growth in Customer Demand for Home Solar: The company anticipates an increase in its customer base, partly due to rising utility rates, which make solar energy solutions more attractive to homeowners. Analysts forecast SunPower's revenue to grow faster than the broader U.S. market, indicating a positive outlook for customer adoption.
3. Expansion of Financial Products and Lease Capacity: SunPower plans to expand its lease capacity and enhance its offerings of financial products, including competitive low-APR loans. This strategy aims to increase the attach rates of its financing options, thereby making solar energy more accessible and appealing to a wider range of customers.
4. Growth in Battery Storage Solutions: The company is poised to see increased revenue from integrated solar-plus-storage solutions. This is evidenced by the formation of a new Battery Division and the high battery attach rates observed in key markets like California, suggesting a strategic focus on this growing product segment.

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Share Issuance

• SunPower expects to receive up to approximately $251.6 million from the exercise of warrants, which include Private, Public, Working Capital, and Merger Warrants, with proceeds intended for general corporate purposes.
• In connection with the October 2025 acquisition of Sunder Energy, SunPower issued 10 million shares of common stock.
• SunPower agreed to acquire Ambia Solar for $37.5 million in equity, with the transaction expected to close in Q4 2025.

Outbound Investments

• In October 2025, SunPower acquired Sunder Energy for $40 million in cash and 10 million shares of common stock, expanding its state coverage from 22 to 45 states.
• SunPower signed a non-binding Letter of Intent in November 2025 to acquire Ambia Solar for $37.5 million in equity, projected to add $83.6 million in annual revenue starting in Q1 2026.
• The company's 2021 acquisition of Blue Raven contributed to a slim operating profit in fiscal year 2021.

Capital Expenditures

• SunPower's capital expenditure has experienced volatility, peaking in 2022 with a 387% annual increase.
• From 2018, the company's capital expenditure has decreased by 73%.
• The last twelve months saw a significant decline of 76% in capital expenditure.