{"id":985443,"date":"2026-07-28T07:11:05","date_gmt":"2026-07-28T11:11:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sunpower-reports-q226-results\/"},"modified":"2026-07-28T07:11:05","modified_gmt":"2026-07-28T11:11:05","slug":"sunpower-reports-q226-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sunpower-reports-q226-results\/","title":{"rendered":"SunPower Reports Q2\u201926 Results"},"content":{"rendered":"

\nQ3\u201926 Fcst: $10 Million Operating Income Improvement
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OREM, Utah, July 28, 2026 (GLOBE NEWSWIRE) — SunPower Inc.<\/a> (herein \u201cSunPower,\u201d the \u201cCompany,\u201d or Nasdaq: \u201cSPWR\u201d), a solar technology, services, and installation company, will present its Q2\u201926 results via webcast today, Tuesday, July 28, at 1:00pm ET. Register for the webcast here<\/a> or by visiting our Events page: https:\/\/investors.sunpower.com\/news-events\/events<\/a>.<\/p>\n

\n Fellow Shareholders:<\/strong>
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The preliminary Q2\u201926 quarterly report of key financial parameters is shown below, compared to the Q1\u201926 results.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n SunPower Q2\u201926 Revenue & Operating Income Statement1<\/sup><\/strong>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n
\n GAAP<\/u>
\n <\/strong>
\n 2<\/sup>
\n \n <\/td>\n		\n
\n NON-GAAP<\/u>
\n <\/strong>
\n 3<\/sup>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0 ($1000s)<\/td>\n\n
\n Q2 2026<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Q1 2026<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Q2 2026<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n Q1 2026<\/u>
\n <\/strong>\n <\/td>\n<\/tr>\n
Revenue<\/td>\n55,956<\/td>\n72,793<\/td>\n55,956<\/td>\na<\/td>\n72,793<\/td>\n<\/tr>\n
Gross Profit<\/td>\n26,159<\/td>\n45,1624<\/sup><\/td>\n27,598<\/td>\n\u00a0<\/td>\n46,883<\/td>\n<\/tr>\n
Gross Margin (%)<\/td>\n47%<\/td>\n62%<\/td>\n49%<\/td>\n\u00a0<\/td>\n64%<\/td>\n<\/tr>\n
Operating Expense (Opex)<\/td>\n44,273<\/td>\n64,3574<\/sup><\/td>\n40,071<\/td>\nc<\/td>\n59,748<\/td>\n<\/tr>\n
\u00a0 Opex (less commission)<\/td>\n28,332<\/td>\n35,793<\/td>\n24,130<\/td>\nd<\/td>\n31,184<\/td>\n<\/tr>\n
Stock Comp, Intangibles, M&A3<\/sup><\/td>\n5,642<\/td>\n6,331<\/td>\n0<\/td>\n\u00a0<\/td>\n0<\/td>\n<\/tr>\n
Operating Income (loss)<\/td>\n(18,115)<\/td>\n(19,196)<\/td>\n(12,473)<\/td>\nb<\/td>\n(12,865)<\/td>\n<\/tr>\n
Cash Balance5<\/sup><\/td>\n4,024<\/td>\n9,488<\/td>\n4,024<\/td>\ne<\/td>\n9,488<\/td>\n<\/tr>\n<\/table>\n

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Our Q2\u201926 revenue was $56.0 million, $16.8 million down from the $72.8 million reported in Q1\u201926. That revenue decline (a, above) flowed through the P&L to produce a Q2\u201926 non\u2011GAAP operating loss of $12.5 million (b), actually slightly better than the Q1\u201926 loss. The good news is that while the revenue dropped $16.8 million, the operating expense dropped $19.7 million (c), of which $7.1 million was a reduction in fixed cost (d) that will help drive recovery in subsequent quarters. Finally, our ending Q3\u201926 cash balance was $4.0 million (e), below our minimum cash target of $10 million, because we chose to avoid the dilution that would have been caused by raising money at a low share price.<\/p>\n

\u00a0_______________________<\/p>\n

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\n 1 <\/sup>Non-GAAP Operating income is based on preliminary, unaudited non-GAAP results posted on the IR section of our\u00a0\u00a0website under \u201cNews\u201d [us.sunpower.com<\/a>].
<\/sub>
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\n 2 <\/sup>Our 2026 GAAP financial statements are found in the 10Q filing posted on our website.
<\/sub>
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\n 3 <\/sup>Our non\u2011GAAP financials are used to run the company. Our policy allows for only three GAAP\/non-GAAP differences: a) no non\u2011cash amortization of intangibles, b) no employee stock compensation charges and c) no one\u2011time restructuring M&A gains or losses.
<\/sub>
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\n 4 <\/sup>The filed 10Q report transfers $475,000 from opex to fixed COGS with no Opinc effect.
<\/sub>
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\n 5 <\/sup>Cash balances exclude restricted cash and include issued but uncashed checks.<\/sub>\n <\/p>\n

SunPower CEO, T.J. Rodgers, commented, \u201cThe Q2\u201926 $16.8 million revenue drop was factors worse than any result New SunPower has ever posted. And was caused primarily by our SunPower Direct Division. The relevant questions are why did we fail to make our numbers; what will we change to prevent the problem in the future; and when will we return to profitability?<\/p>\n

Rodgers continued, \u201cThe Direct Division revenue miss was caused in turn by a pile\u2011up of about 1,105 jobs delayed at the end of the line in Q2\u201926. The principle is simple: double the inventory of any operation and for a given effort, the inventory will move half as fast. These delayed jobs have signed contracts, are in operation now and will clear the line this quarter, releasing about $15.3 million in revenue (which I expected to ship in Q2, hence I made no pre\u2011announcement). In short form, we had the orders, the designs, and the financing, but chose not to submit the jobs for funding due to violations of our quality specifications for funding package submissions, such as blurry photographs or a missing utility bill or \u2013 worse \u2013 re\u2011design and re\u2011permit. Fortunately, our Quality group held its ground and did not allow any defective jobs to be submitted for funding. Our strong quality policy is why SunPower\u2019s New Homes division has not suffered even one rejection of its financing submissions for over 70 weeks by its financial partner, Palmetto LightReach \u2013 a feat that earned SunPower the LightReach Platinum Partner Award in 2026.<\/p>\n

Rodgers concluded, \u201cThe Q2\u201926 quality problems were self\u2011induced by the SunPower Direct management team that knowingly and surreptitiously violated our quality specifications. After that discovery, I replaced the top two and one\u2011half tiers of that management team from Ambia, a startup we acquired, and started over with SunPower veterans Kapil Rai and Steve Erickson. The benefit of eliminating that management team will become visible in Q3.\u201d<\/p>\n

\n Q3\u201926 Outlook<\/strong>\n <\/p>\n

Despite a poor Q2\u201926, we remain optimistic in our outlook for Q3\u201926. \u00a0We have just enjoyed our three best quarters in bookings ever. We expect to grow Q3\u201926 revenue to $75\u2011plus million and reduce our operating loss by 90% from ($12.5 million) in Q2\u201926 to less than ($1.0 million) in Q3\u201926.<\/p>\n

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$13.0 Million in Permanent Cost Reductions<\/strong>\n <\/p>\n

The actions to stem Q1\u201926 losses \u2013 a RIF, the implementation of a four\u2011day workweek (to minimize the RIF), and structured cost\u2011cutting \u2013 were made in May and reduced our quarterly fixed operating expenses by about $7.1 million. In Q3\u201926, we will further reduce our fixed expenses by another $5.9 million with more cost cutting and \u201cright\u2011sizing\u201d the combined New Homes\u2011Cobalt management teams.<\/p>\n

\n Conclusion<\/strong>\n <\/p>\n

Given the structural changes mandated by two consecutive tough quarters, we will recover strongly in both revenue and profit in Q3\u201926. Cost cutting to survive on thin margins can only go so far. With the state\u2011of\u2011the\u2011art Monolith and Monolith II panels, as well as the high tech, high margin installations by our New Homes\/Cobalt Division, we will move into the premium segment of the solar market defined by sustainable technology advantages and bring premium pricing to a very lean installation company.<\/p>\n

\n Recent Events of Note<\/strong>
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(Press Releases on Our Website <\/strong>here<\/a>)<\/p>\n