SunPower Q1'26 Op Loss ($12.9M); CFO Resigns Amid Audit Issues
SunPower Inc. reported a Q1'26 non-GAAP operating loss of ($12.9) million and revenue of $72.8 million, missing its Q4'25 guidance. The loss was attributed to lower revenue and a $9.9 million ramp in spending for anticipated Q3'26 growth. Amidst a difficult 2025 10K audit that led to restatements for Q1-Q3 2025, the CFO resigned, and CEO T.J. Rodgers was temporarily appointed Principal Financial Officer. The company implemented significant cost-cutting measures, including a reduction in force of 115 employees and a four-day workweek, expected to save $9.9 million per quarter. Despite the challenges, SunPower achieved record bookings of 4,446 jobs in Q1'26 and forecasts Q3'26 revenue to reach $96 million, its cashflow breakeven point.
Key Highlights
- CFO resigned; CEO T.J. Rodgers temporarily appointed Principal Financial Officer.
- Q1'26 non-GAAP operating loss was ($12.9) million, ending four quarters of positive operating income.
- Q1'26 revenue was $72.8 million, missing Q4'25 guidance of $80 million.
- Company reduced debt by $40 million through a convertible note offering.
- Bookings increased to a record 4,446 jobs in Q1'26, up from 1,197 in Q1'25 due to acquisitions.
- 115 employees were RIFed, and a four-day workweek implemented to cut costs by $9.9 million quarterly.
- Q2'26 revenue is estimated at $75 million with an operating loss of about $3.0 million.
- Q3'26 revenue is forecast to climb to $96 million, the cashflow breakeven point.