# SunPower Inc. (SPWR)

> Source: Nexqual · https://nexqual.com/SPWR · data as of 2026-10-23 17:24 UTC · cite as "Nexqual, SunPower Inc. (SPWR), nexqual.com/SPWR" · informational, not investment advice.

**Price:** USD 0.23 (+0.61% today) · US market open, as of October 23, 2026 at 17:24 UTC; quotes may be delayed. Prev close 0.23 · day 0.22–0.23 · 52w 0.2–2.19 · market cap $73.5M · NGM

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $283M, net income -$10.7M (-3.8% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $22K; 1 not under a Rule 10b5-1 plan ($22K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 1.7 (range 1.4–2).
- Total return with dividends: 1Y -89.1% vs S&P 500 +14.4%; 5Y -97.7% vs S&P 500 +77.0%.
- Next earnings: 2026-11-11, EPS estimate USD -0.03, revenue estimate $71.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $66.5M | $87.6M | $109M | $300M | $283M |
| Gross profit | — | $19.8M | $17.8M | $39.5M | $129M | — |
| Operating income | -$3.8M | -$21.2M | -$52.4M | -$68.5M | -$26.9M | -$56.9M |
| Net income | $5.1M | -$29.5M | -$270M | -$56.5M | -$45.4M | -$10.7M |
| EPS (diluted) | — | -$1.31 | -$4.94 | -$1.22 | -$0.52 | — |
| Free cash flow | — | — | -$58.6M | — | — | — |
| Gross margin | — | 29.8% | 20.3% | 36.3% | 43.1% | — |
| Operating margin | — | -31.8% | -59.8% | -63.0% | -9.0% | -20.1% |
| Net margin | — | -44.3% | -307.7% | -51.9% | -15.1% | -3.8% |
| Revenue growth | — | — | +31.8% | +24.1% | +175.9% | — |
| Cash + short-term investments | $278K | $4.4M | $2.6M | $13.4M | $9.6M | — |
| Total debt | — | $3.4M | $95.2M | $186M | $189M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/S 0.3x · EV/Sales 0.9x · Earnings yield -14.54% · Net debt $176M · EV $249M

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Gishen Adam | Director | 70,000 | $22K | 33.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 1.7 (low 1.4, high 2).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-01-02) |
|---|---|---|
| Total return | -89.1% | -97.7% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -89.1% | -63.0% |
| Volatility (annualized) | 104.4% | 114.3% |
| Max drawdown | -89.7% (Oct 2025→Aug 2026) | -97.9% (Jun 2023→Aug 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.34 +2.46% · ARRY (Array Technologies, Inc.) USD 3.18 -3.64% · CSIQ (Canadian Solar Inc.) USD 9.22 -0.00% · SHLS (Shoals Technologies Group, Inc.) USD 7.6 -1.75% · RUN (Sunrun Inc.) USD 7.55 -2.01% · SEDG (SolarEdge Technologies, Inc.) USD 33.21 +0.82%

## More
Full page: https://nexqual.com/SPWR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SPWR's own 10-K filed 2026-04-14 (https://www.sec.gov/Archives/edgar/data/1838987/000121390026043623/ea0283920-10k_sunpower.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | The Solaria | "October 2023, we sold the solar panel assets of The Solaria Corporation, including intellectual property and customer contracts to Maxeon" |
| Customer | Solar Technologies | "October 2023, we sold the solar panel assets of The Solaria Corporation, including intellectual property and customer contracts to Maxeon" |

Other companies that name SPWR in their own reports (relationship from SPWR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Enphase Energy, Inc. (ENPH) | 10-K 2026-02-17 | "The CEO of SunPower also serves as a member of the Company's Board of Directors, and therefore this transaction constitutes a related party transaction." |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential Solar Installation | $28.7M | 52.3% | -23.3% |
| New Homes Business | $13.5M | 24.6% | -55.2% |
| Dealer | $12.7M | 23.2% | — |
| Total revenue | $54.9M | 100% | — |

## Customer concentration

Period ended 2025-12-28: 19%, 10% of revenue from unnamed direct customers (10-K, filed 2026-04-14).

## Company outlook (8-K filed 2026-07-28)

- "Despite a poor Q2'26, we remain optimistic in our outlook for Q3'26."
- "Program 5 of 9 SunPower Completes Megawatt Millenium Solar Project, Receives High Customer NPS Score (July 16, 2026) Creates A Megawatt of Power From Carport Roofs ·"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.03 | $-0.02 | +50.0% | $71.7M | 1 |
| Next quarter (ends 2026-12-31) | $-0.02 | $0.03 | -166.7% | $72.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.12 | $-0.30 | -60.0% | $272.5M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.14 | $0.20 | -168.3% | $325.0M | 2 |