SUNation Energy, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with consolidated revenues reaching $71.9 million, a 26% increase from $56.9 million in 2024. The growth was primarily driven by a 31% rise in residential contract revenue, attributed to heightened customer demand for solar installations ahead of the expiration of federal tax credits. Gross profit also saw a notable increase of 35%, totaling $27.5 million, with gross margins improving to 38.3% from 35.9% in the previous year.
The company experienced a reduction in operating expenses, which fell by 10.8% to $29.2 million, compared to $32.7 million in 2024. This decrease was largely due to lower corporate selling, general, and administrative costs, which dropped by 17.7%. Notably, SUNation Energy recorded no goodwill impairment in 2025, a significant turnaround from the $3.1 million impairment loss reported in 2024. However, the company did incur a loss of $10.9 million for the year, an improvement from the $15.8 million loss in the prior year.
Operationally, SUNation Energy's customer base expanded, with the company reporting a 31% increase in overall kilowatts installed in residential projects. The average system size for residential installations was 6.8 kilowatts in Hawaii and 127 kilowatts in New York. The company also noted a 35% referral rate for new installations, indicating strong customer engagement and satisfaction. As of March 1, 2026, SUNation Energy employed 164 people, reflecting its commitment to maintaining a skilled workforce to support its growth.
Strategically, SUNation Energy has focused on acquisitions and expanding its service offerings. The company operates primarily in New York and Hawaii, with plans to explore opportunities outside of solar to diversify its revenue streams. However, the company faces challenges, including reliance on a limited number of suppliers for solar components and potential regulatory changes that could impact its operations. The enactment of the "One Big Beautiful Bill Act" in July 2025, which accelerates the phase-out of certain tax credits, adds further uncertainty to the company's future revenue generation.
Looking ahead, SUNation Energy acknowledges substantial doubt about its ability to continue as a going concern without additional capital. The company plans to raise funds through public or private equity offerings and debt financing to support its operations and growth initiatives. Despite the challenges, SUNation Energy remains focused on leveraging its strengths in customer service and operational efficiency to navigate the evolving solar market.
About SUNation Energy, Inc.
SUNation Energy, Inc. develops and installs solar energy systems and battery storage solutions for residential, commercial, and municipal customers primarily in New York, Hawaii, and Florida. The company offers end-to-end renewable energy products, including solar panels, inverters, and energy management. It focuses on community-centric growth, cost reduction through scale, and strategic acquisitions, providing sustainable energy solutions with a competitive customer experience.
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