SPWRW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-19

• SunPower Inc. is a residential solar and energy services company headquartered in Orem, Utah. We operate a technology-enabled platform that supports a national network of sales partners, dealers, and installation professionals to deliver solar energy systems, battery storage solutions, and related s…

• During 2025 and through the thirteen week period ended March 29, 2026 we significantly reshaped our business through a series of strategic acquisitions, including the acquisition of Sunder Energy, LLC (“Sunder”), Ambia Energy LLC (“Ambia”) and Cobalt Power Systems, Inc. (“Cobalt”). These acquisition…

• As further discussed below and in Note 16 – Segment Information to our unaudited condensed consolidated financial statements, we have three reportable segments: Residential Solar Installation, New Homes Business and Dealer.

• There is substantial doubt about our ability to continue as a going concern within one year after the date that the unaudited condensed consolidated financial statements are issued. The unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been pre…

• We continued the integration of recent acquisitions of Sunder and Ambia into our operating platform. In the thirteen week period ended March 29, 2026, we acquired Cobalt for $9.7 million. Cobalt focuses on large premium renewable energy systems across residential, new home, multifamily and commercia…

Text removed vs the prior filing · source: 10-Q · 2025-12-19

• SunPower Inc. (“SunPower” or the “Company”) is the rebranded name of Complete Solaria, Inc. Complete Solaria, Inc. was formed in November 2022 through the merger of Complete Solar and The Solaria Corporation. Founded in 2010, Complete Solar created a technology platform to offer clean energy product…

• As further discussed below and above (Note 15 – Segment Information), we have three reportable segments: Residential Solar Installation, New Homes Business and Sunder Energy (“Sunder”).

• There is substantial doubt about our ability to continue as a going concern within one year after the date that the unaudited condensed consolidated financial statements are issued. The unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been pre…

• ● Increase revenue by expanding installation capacity and developing new geographic markets – We continue to expand our network of partners who will install systems resulting from sales generated by our sales partners. By leveraging this network of skilled builders in addition to our in-house instal…

• On September 30, 2024, upon approval by the Bankruptcy Court for the District of Delaware, we completed the acquisition of certain assets relating to the Blue Raven Solar Business, New Homes Business and non-Installing Dealer network previously operated by SunPower Debtors. On September 24, 2025, we…

Text added vs the prior filing · source: 10-Q · 2026-05-19

• Notwithstanding the foregoing, there were no changes to previously issued financial statements. Our Chief Executive Officer and Chief Financial Officer believe that the interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all…

• Control Activities. Our Company did not design and implement effective control activities and identified the following material weakness:

• ● Ineffective design and operation of certain control activities due to significant personnel changes throughout 2025. Control deficiencies, which aggregate to a material weakness, occurred within substantially all areas of financial reporting.

• Information and Communication. Our Company did not design and implement effective information and communication activities and identified the following material weaknesses:

• ● Our Company did not design and maintain effective general information technology controls over logical access and program change management for our key information systems used to support the financial reporting process. Specifically, management did not maintain effective controls to ensure proper…

Text removed vs the prior filing · source: 10-Q · 2025-12-19

• On September 24, 2025, we completed the Sunder acquisition. We are currently integrating Sunder into our overall internal control over the financial reporting process and, consistent with interpretive guidance issued by the staff of the Securities and Exchange Commission, we are excluding the busine…

• Notwithstanding the foregoing, there were no changes to previously issued financial statements. Our Chief Executive Officer and Principal Financial Officer believe that the interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in…

• Management has developed and commenced a remediation plan to address the material weakness and strengthen the Company’s control environment. The plan includes implementing comprehensive internal control policies and formal IT governance procedures, including change management protocols for financial…

• Management is committed to completing these remediation efforts as promptly as possible. Until these measures are fully implemented and operating effectively, the material weakness will remain. The Company will continue to evaluate the effectiveness of its internal controls and provide updates in fu…

• This control environment material weakness also contributed to the other material weaknesses identified below.

Text added vs the prior filing · source: 10-Q · 2026-05-19

• Our 10.0% Notes are secured obligations, and there are risks associated with our 10.0% Notes that could adversely affect our business and financial condition.*

• On April 21, 2026, the Company entered into note purchase agreements in connection with a private offering of $41.0 million aggregate principal amount of 10.0% Notes. The indenture for the 10.0% Notes (the “Indenture”) includes customary covenants and sets forth certain events of default after which…

• ● certain payment defaults on the 10.0% Notes (which, in the case of a default in the payment of interest on the Notes, will be subject to a 30-day cure period);

• ● failure by the Company to comply with its obligation to convert the 10.0% Notes in accordance with the Indenture upon exercise of a holder’s conversion right;

• ● the Company’s failure to send certain notices under the Indenture within specified periods of time;