SunPower Inc.

Q1 2026 revenue was $72.8 million, down from the company’s prior guidance of $80 million. Non-GAAP operating income was minus $12.9 million, which management attributed to a $9.9 million increase in spending during the quarter and timing of cost actions. Management said cash was flat after raising $41 million in the quarter and using it to pay down debt while keeping working cash at around $10 million. For Q2 2026, management guided to revenue of $75 million and an operating loss of about $3 million; for Q3, it said revenue should be above $96 million, which would make the business profitable and cash flow positive. Management also said the operating income breakeven revenue is $76 million and cash flow breakeven revenue is $96 million.

T.J. Rodgers emphasized that the quarter was weaker than expected but not, in his words, “catastrophic,” and he framed the bigger story as a turnaround driven by cost cuts, operating discipline, and a strong bookings pipeline. He repeatedly pointed to a large step-up in Q3 as acquisitions and the business rebuild feed through. He was also unusually forceful about accounting integrity, saying the company is tightening controls, restating prior quarters, and will not leave the issue unresolved.

The call did not feature a traditional CFO update; Rodgers effectively handled the financial commentary as acting Principal Financial Officer. He said Q1 revenue was $72.8 million and that $9.9 million of quarterly cost reductions were implemented after the quarter’s results were already set, leaving Q1 with a minus $12.9 million non-GAAP operating income. He said the company raised $41 million, paid down debt, and kept working cash at about $10 million, and he outlined Q2 revenue guidance of $75 million, Q2 operating loss of about $3 million, and a Q3 target above $96 million. He also discussed the audit burden, saying the 2025 10-K required 390 formal auditor requests and that the company will now use more formalized internal controls and documentation.

Analysts pressed on the record bookings number, asking average revenue per job and the conversion timeline; management said average selling price is about $32,000 per installation, rising with battery attach, and that the median booking-to-revenue cycle is about 2 months, with a general rule of thumb of 90 days. Questions also focused on whether the company is benefiting from solar-industry bankruptcies; management said it has picked up some sales talent from competitors, but also noted layoffs, morale disruption, and the risks of a 1099 sales force. A web question asked how SunPower will ramp installs to meet demand, and management said it is reducing hiring, using a 4-day workweek, and trying to shorten training time so it can respond faster without adding too much upfront cost.