SunPower's FY2025 numbers show a Utah-based solar installer posting $300 million in revenue but a $45.4 million net loss amid a sharp multi-year sales decline.
A Solar Name Rebuilt in Utah
SunPower Inc. installs residential solar systems, battery storage, and home energy management equipment, and it also works with homebuilders and a network of third-party dealers to sell solar contracts. The company is headquartered in Orem, Utah, and trades on the Nasdaq under the ticker SPWR. It employs approximately 785 people and went public in its current form in July 2023.
Three Ways SunPower Reaches Customers
The business runs through three segments. The Residential Solar Installation segment handles solar, storage, and battery work directly for homeowners. The New Homes Business segment installs solar systems for new-construction builders. The Dealer segment supplies a third-party sales force that signs and executes solar contracts with customers across the United States.
What the Revenue Line Shows
In fiscal year 2025, SunPower reported revenue of $300.0 million. That figure matters less on its own than in context: company revenue has declined 84% from FY2019 to FY2025, a steep, multi-year contraction rather than a single bad quarter. A company generating $300.0 million today is operating at a fraction of the scale it once had.
Profitability Under Pressure
SunPower's gross margin came in at 43.1%, meaning the company retains a substantial share of each sales dollar after covering the direct cost of installations and equipment. But that margin isn't translating into overall profit. The company posted a net loss of $45.4 million for FY2025, producing a net margin of -15.1%. In plain terms, for every dollar of revenue, the company lost roughly fifteen cents once all expenses, not just direct costs, were counted.
Balance Sheet at a Glance
Total assets stood at $241.2 million. That's a modest asset base for a national solar contractor, and it sits below the company's annual revenue figure of $300.0 million, a reminder that this is a services-heavy, asset-light operation rather than a capital-intensive manufacturer.
How the Market Is Pricing It
SunPower's market capitalization is $138.6 million, with shares recently trading at $0.58 on a 15-minute delayed basis. The stock is trading 73% below its 52-week high, a decline that lines up with the broader pattern of shrinking revenue and continued net losses described above. Market capitalization sitting well under the company's own reported revenue and total-asset figures reflects how investors are currently weighing the business's earnings troubles against its remaining scale.
Putting the Pieces Together
- Revenue: $300.0 million, down 84% since FY2019
- Net income: -$45.4 million, a -15.1% net margin
- Gross margin: 43.1%
- Total assets: $241.2 million
- Market cap: $138.6 million, share price $0.58
A Contractor Navigating a Smaller Footprint
SunPower operates in the contractors industry, competing for residential solar work through direct installation, homebuilder partnerships, and independent dealers. The combination of positive gross margins alongside a net loss suggests the core installation work still generates money at the transaction level, even as broader operating costs and the shrunken revenue base weigh on the bottom line.
A Note on This Report
This article is a factual summary drawn from public filings and market data, not investment advice.
