SunPower Inc., formerly known as Complete Solaria, Inc., reported its financial results for the thirteen weeks ended March 29, 2026, revealing a revenue of $72.8 million, a decrease of 7% from $78.4 million in the same period last year. The company experienced a significant reduction in cost of revenues, which fell by 45% to $28.1 million, leading to a gross profit of $44.7 million, up 63% from $27.4 million in the prior year. Despite this improvement in gross profit, SunPower reported a loss from operations of $19.2 million, compared to a loss of $3.7 million in the previous year, primarily due to a 105% increase in total operating expenses, which reached $63.9 million.
The company has been actively pursuing growth through strategic acquisitions, including the recent purchase of Cobalt Power Systems, Inc. for approximately $9.7 million, which is expected to enhance its capabilities in large renewable energy systems. This acquisition follows earlier purchases of Sunder Energy LLC and Ambia Energy LLC, which have expanded SunPower's market presence and operational capacity. As of March 29, 2026, the company reported an accumulated deficit of $451.5 million and current debt of $38 million, with cash and cash equivalents totaling $9.5 million.
Operationally, SunPower's customer base and engagement metrics have been impacted by market conditions. The company reported a decline in revenues from its Residential Solar Installation and New Homes Business segments, attributed to reduced consumer demand and higher financing costs due to rising interest rates. The New Homes Business saw a 65% drop in revenue, reflecting lower construction activity and selective solar integration volumes from homebuilder partners. In contrast, Dealer segment revenues increased significantly, driven by the integration of Sunder's operations.
Looking ahead, SunPower faces challenges related to its liquidity and capital resources, as indicated by its substantial operating loss and ongoing negative cash flows. The company is exploring additional financing options, including a recent private offering of $41 million in 10% Convertible Senior Secured Notes, which aims to bolster its working capital. However, there remains substantial doubt about the company's ability to continue as a going concern within the next year, necessitating careful management of its financial strategies and operational expenditures.
About Complete Solaria, Inc.
Complete Solaria designs, sells, and installs solar energy systems for residential homeowners and small to medium-sized businesses. It offers a comprehensive platform with software tools, financing options, and a network of sales and build partners to deliver customized, energy-efficient solar solutions. The company focuses on customer experience, operational efficiency, and strategic acquisitions to expand its market presence in the renewable energy sector.
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