SunPower Inc. (NASDAQ: SPWR) reported fourth‑quarter 2025 revenue of $88.5 million, a 0.3% increase from the $88.7 million recorded in Q4 2024 and a 25% rise from the $70.0 million earned in Q3 2025. The figure beat the consensus estimate of $83.3 million, underscoring the impact of the company’s recent acquisitions of Sunder Energy and Ambia Solar, which added new customers and sales channels to the business.
Non‑GAAP operating income climbed to $3.545 million, up from $2.0 million in the prior quarter and marking a 77% year‑over‑year gain. The improvement reflects tighter cost control and a favorable mix shift toward higher‑margin residential solar installations. GAAP gross margin expanded to 55% from 46% in Q3 2025, while the non‑GAAP operating margin rose to 4.0% from 3.2%, signaling that the company is beginning to realize the scale benefits of its expanded sales force.
The company’s earnings per share for the quarter were not disclosed in the preliminary release, but the trailing twelve‑month EPS stood at $0.21, a positive turnaround from the $-0.19 reported in Q3 2025. Management emphasized that the positive EPS trend is a result of the combined effect of higher revenue and disciplined operating expenses.
For 2026, SunPower reiterated its outlook for Q1 revenue of $84 million ± $4 million and maintained a target of $308.8 million in full‑year revenue, consistent with the 2025 year‑end figure. The guidance reflects the company’s expectation of a 10%‑15% winter slump and the impact of the federal investment tax credit cut, while still anticipating growth from the newly integrated sales teams.
CEO T.J. Rodgers highlighted the role of the acquisitions, noting that the onboarding of 893 sales representatives from Sunder in September 2025 and 203 from Ambia in November 2025, along with 350 from Purelight in January 2026, brought the total sales force to 1,977 representatives. He said the expanded team “should provide us with a market share gain in each quarter of 2026.”
Management cautioned that the company will face headwinds in the coming quarter, including the typical winter slump and the ITC subsidy cut, but remains confident that the acquisitions and cost‑control measures will sustain profitability and support the company’s long‑term growth strategy.
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