Sunpower Stock Earnings Reports

SunPower reported Q1 2026 revenue of $72.8M, missing prior guidance of $80M and generating a non-GAAP operating loss of $12.9M driven by $9.9M of incremental spending tied to preparing for a growth ramp. Management implemented immediate cost actions: 115 RIFs, an across‑the‑board 4‑day workweek (effectively a temporary pay reduction), reduction of inside sales and finance/admin costs, and other headcount targets (current target lowered to 700; headcount at ~710). These cuts are expected to reduce operating expense by $9.9M per quarter and materially improve Q2 results (management now expects Q2 revenue ~$75M and operating loss ~ $3M). Management expects a meaningful recovery in Q3, guiding to be profitable and cash-flow positive at or above $96M of revenue and targeting a step-up toward $130M in Q3 as bookings from recent acquisitions (Sunder, Ambia, Cobalt) convert. Bookings were a record 4,446 jobs in Q1, ASP is about $32k (increasing with battery attach), and median booking-to-revenue conversion is roughly 2 months (use ~90 days as a rule of thumb). The company completed its 2025 10-K audit which revealed prior quarter restatements (revenue revised from $308M to $300M; operating income from $10.9M to $7.33M). As a result the CFO resigned, the CEO temporarily assumed Principal Financial Officer responsibilities while recruiting a new CFO, and Bernard Gutmann (former ON Semiconductor CFO) joined the Board and Audit Committee. Management emphasized fixing controls and SOX processes, expects restated Qs to be filed imminently, and reiterated commitment to the longer-term $1B revenue plan (run‑rate projected by Q3 2028).