# SUNation Energy Inc. (SUNE)

> Source: Nexqual · https://nexqual.com/SUNE · data as of 2026-10-23 17:06 UTC · cite as "Nexqual, SUNation Energy Inc. (SUNE), nexqual.com/SUNE" · informational, not investment advice.

**Price:** USD 1.99 (-2.93% today) · US market open, as of October 23, 2026 at 17:06 UTC; quotes may be delayed. Prev close 2.05 · day 1.94–2.03 · 52w 0.68–9.45 · market cap $13.0M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $61.6M, net income -$5.2M (-8.5% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.2M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +29.2% vs S&P 500 +14.4%; 5Y -100.0% vs S&P 500 +77.0%.
- Next earnings: 2026-11-10, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $38K | $27.5M | $79.6M | $56.9M | $71.9M | $61.6M |
| Gross profit | $38K | $7.4M | $27.7M | $20.4M | $27.5M | — |
| Operating income | -$4.9M | -$10.4M | -$7.5M | -$12.3M | -$1.7M | -$4.9M |
| Net income | -$6.2M | -$10.4M | -$8.1M | -$15.8M | -$10.9M | -$5.2M |
| EPS (diluted) | -$304500.00 | -$606000.00 | -$122310.00 | -$10110.93 | -$4.38 | — |
| Free cash flow | -$846K | -$7.7M | -$1.3M | -$6.3M | $906K | — |
| Gross margin | 100.0% | 26.8% | 34.8% | 35.9% | 38.3% | — |
| Operating margin | -12741.2% | -38.0% | -9.4% | -21.7% | -2.3% | -7.9% |
| Net margin | -16339.7% | -37.6% | -10.2% | -27.9% | -15.1% | -8.5% |
| Revenue growth | -99.5% | +72019.1% | +189.3% | -28.6% | +26.5% | — |
| Cash + short-term investments | $154K | $4.9M | — | — | $7.2M | — |
| Total debt | — | $4.6M | $2.1M | — | $6.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/Sales 0.2x · P/B 0.6x · Earnings yield -40.26% · Net debt $907K · EV $13.9M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.2M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-14 | Brennan James Robert | Chief Financial Officer | 123,254 | $218K | 1.77 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-14 | Maskin Scott | Chief Executive Officer | 554,712 | $982K | 1.77 | Too little history (no open-market trades in 2023 or 2025) |
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 None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +29.2% | -100.0% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +29.2% | -93.9% |
| Volatility (annualized) | 231.7% | 215.5% |
| Max drawdown | -66.2% (Jun 2026→Oct 2026) | -100.0% (Nov 2021→Jan 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.32 +2.15% · ARRY (Array Technologies, Inc.) USD 3.18 -3.79% · CSIQ (Canadian Solar Inc.) USD 9.22 -0.00% · SHLS (Shoals Technologies Group, Inc.) USD 7.59 -1.88% · RUN (Sunrun Inc.) USD 7.55 -1.95% · SEDG (SolarEdge Technologies, Inc.) USD 33.19 +0.76%

## More
Full page: https://nexqual.com/SUNE · 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 SUNE's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/22701/000002270126000003/sune-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Hawaii Energy Connection | "We believe that our existing HEC and SUNation NY portfolio companies form a foundation to drive improved referral performance across the network of companies we acquire, further increasing our referral rates and lowering…" |
| Partner | Johnsonville Sausage | "In addition, he is a board member of Johnsonville Sausage Corporation, a leading US food company, and also a Senior Partner in CGMR Capital, a private equity firm, and Board member of Cambek, a leading manufacturer of sp…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Sunation NY | $5.4M | 65.8% | -45.3% | -$1.1M | -21.2% |
| Hawaii Energy Connection | $2.8M | 34.2% | -14.1% | -$468,681 | -16.8% |
| Total revenue | $8.2M | 100% | — | -$3.2M | -39.0% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential Contracts | $3.0M | 37.0% | -62.3% |
| Commercial Contracts | $1.7M | 20.4% | +32.1% |
| Service | $684,352 | 8.4% | +26.2% |
| Total revenue | $8.2M | 100% | — |
The lines above cover 65.8% of total revenue.

## Company outlook (8-K filed 2026-08-12)

- "As a reminder, this reduction was expected as industry analysts had predicted a 25%-40% decline in 2026 due to the impact of the OBBBA defined above. ● Gross Profit Improvement."
- "Page 6 of 13 BUSINESS STRATEGY AND OUTLOOK SUNation believes its business is more focused, more disciplined, and better positioned for diversification than it was a year ago, both in preparation for the exploration of a strategic transaction and following the Board authorized execution of the plan of merger agreement with Suniva, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2025-06-30) | — | — | — | $0 | — |
| Current fiscal year (ends 2025-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |