SunPower Inc. (NASDAQ: SPWR) filed its 2025 annual 10-K report showing revenue of $300 million and a GAAP operating loss of $26.9 million, according to a company statement. The solar technology and installation company reported non-GAAP operating income of $7.33 million for 2025.

The audit process resulted in 40 adjustments that reduced previously reported revenue by $8.8 million from $308.8 million to $300 million, primarily due to eliminating double bookings in a legacy computer system. The company purged $20.7 million from its balance sheet through these audit adjustments.

SunPower completed three acquisitions during 2025, expanding its sales coverage from 22 to 46 states. The company adopted "SunPower" as its legal name and brand during the year.

The GAAP operating loss of $26.9 million includes $10.5 million in stock-based compensation, $9.1 million in amortization of intangibles, and $14.6 million in acquisition-related expenses. After standard GAAP adjustments, the company reported non-GAAP operating income of $7.3 million.

CEO T.J. Rodgers stated the company plans to restate its Q1 through Q3 2025 quarterly reports to align with the 10-K results. He noted that the three companies merged in 2025 had collectively lost approximately $40 million in Q3 2024 before acquisition but were turned profitable on an operating income basis.

SunPower reported a cash balance of $9.6 million at year-end, excluding restricted cash. The company set a target to grow combined revenue to over $400 million in 2026.