Sunation Energy, Inc. · NASDAQ:SUNE
Sunation Energy — Investor Presentation (December 2025)
28 slides from Sunation Energy's investor presentation, December 2025
Slide 1: Powering the Energy Transition Since 2003
Investor Presentation Powering the Energy Transition Since 2003 December 2025 Nasdaq: SUNE
Slide 2: Forward Looking Statements
Forward Looking Statements Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and S
Slide 3: From our CEO
From our CEO “In 2024, Jim Brennan and I assumed the leadership of SUNation. With the support of an amazing team, we created and implemented a series of initiatives that have strengthened our operations, reduced costs, eliminated debt, and enhanced efficiencies. The passage of the One Big Beautiful
Slide 4: SUNation Energy: Powering the Energy Transition
SUNation Energy: Powering the Energy Transition Business: Leading provider of residential and commercial solar energy, battery storage, and grid services solutions. 2022 2003 Year Public 22,000+ Year Acquires Systems Respected Brands: Operate primarily in New York, Florida, and Installed 1 Founded H
Slide 5: Riding the "Solar Coaster"
Riding the “Solar Coaster” Macro Events • After an historic performance in 2022, the beginning of 2023 brought about significant industry challenges: • Silicon Valley Bank bankruptcy ➢ Triggered an overnight change in solar payments to EPCs nationally and financial market uncertainty regarding FDIC
Slide 6: A New Dawn: Corporate Transformation Initiatives
A New Dawn: Corporate Transformation Initiatives Progress through September 30, 2025: Q3 2025 + Nine Months (YTD) 2025 Added new leadership and Board with relevant industry, capital markets, and Enhanced public company experience. Governance Redomiciled to Delaware. Improved Secured $20 M in aggrega
Slide 7: Growth Strategies
Growth Strategies Restructured $5.6 M Promissory Note into 36 monthly payments ending May 2028. Prioritize Cash Flow Final cash distribution to holders of non-transferable Contingent Value Rights completed in December 2025, fully satisfying our payment obligations. Residential solar is a fragmented
Slide 8: Q3 2025 Performance Overview ($ in Millions)
Q3 2025 Performance Overview ($ in Millions) Sales Growth, Improved Gross Margin, Return to Profitability, Strong Balance Sheet Revenue Gross Margin Total Operating Adjusted EBITDA Operating Highlights Expenses (%) • Consolidated sales increased +29%, with $19.0 38.0% both SUNation NY (+22%) and HEC
Slide 9: 2025: Higher Sales and Profitability on the Horizon
2025: Higher Sales and Profitability on the Horizon Experienced Leadership Team Significant Brand Equity Built Over 20+ Years of Delivering Exceptional Client Service Greatly Improved Financial and Liquidity Profile Cost Optimization Initiatives to Generate Operating Efficiencies in 2025 Simplified
Slide 10: Forging Ahead Following the Passage of the OBBBA
Forging Ahead Following the Passage of the OBBBA RESIDENTIAL: ELIMINATION OF SECTION 25D • Addressing surge in residential solar inquiries in New York and Hawaii. • Increased consumer urgency to install by year-end 2025 • Focus on municipalities with accelerated permitting process • Identifying new
Slide 11: Comprehensive Suite of Solar Energy Solutions
Comprehensive Suite of Solar Energy Solutions Revenue Breakdown Solar and Battery Storage • Provide solar power systems, battery storage, and related services to residential and commercial customers primarily in New York / Florida (SUNation) 13% and Hawaii (Hawaii Energy Connection) $41.5M YTD 2024
Slide 12: Customer Centric Approach Drives High Satisfaction, Customer Referrals, and Low Client Acquisition Costs
Customer Centric Approach Drives High Satisfaction, Customer Referrals, and Low Client Acquisition Costs • Full-service installer for total control of the customer experience • Diverse product / financing options meet customer needs • Clear and transparent sales agreements • Digital tools to manage
Slide 13: Leading Market Position (NY)
Leading Market Position (NY) The Long Island, New York market (PSEG territory) area of SUNation, with one of the highest per kilowatt energy costs in the United States, exhibits the largest number of middle-class single-family owner-occupied homes without solar raise in the US and the greatest poten
Slide 14: Underpenetrated U.S. Solar Market
Underpenetrated U.S. Solar Market Solar Penetration as % of Total Electricity Generation1 Spain 21.1% Netherlands 20.5% Chile 19.5% Greece 17.8% Australia 15.2% Israel 15.0% Germany 14.4% Poland 11.8% Japan 11.7% Belgium 11.6% Switzerland 11.2% Italy 11.1% India 10.9% Bulgaria 10.8% Austria 10.7% De
Slide 15: U.S. Solar Insights
U.S. Solar Insights Residential Solar Installations and Forecast, 2020-2030 Q3 2025* • The US solar industry installed 11.7 gigawatts direct current (GWdc) of capacity, a 20% increase from Q3 2024 and a 49% increase from Q2 2025. This was the third largest quarter for deployment in the industry’s hi
Slide 16: Current Primary Markets / NY and HI
Current Primary Markets / NY and HI Established Solar Presence with Room to Expand Firmly established operations in downstate NY market, with New battery program and high statewide attach rates expected demand for solar expected to continue due to utility structures and to continue, even as the Fede
Slide 17: Rising Cost of Electricity
Rising Cost of Electricity (1) U.S. electricity demand is expected to increase by 2% annually and 50% by 2050 National Our primary markets of NY and HI have some of Electricity per Kilowatt-Hour in U.S. City Average Price highest per-kilowatt-hour energy costs in the nation (Not Seasonally Adjusted)
Slide 18: Highly Fragmented Industry
Highly Fragmented Industry Consisting of many smaller local and regional players U.S. Residential Solar Installers by KW Installed RESI RESIDENTIAL KW TOTAL KW COMPANY HQ RANK INSTALLED 2024 INSTALLED 2024 1 Freedom Forever CA 400,513.83 400,513.83 2 Trinity Solar NJ 128,600.21 128,600.21 3 ION Sola
Slide 19: Differentiated M&A Strategy to Augment Growth
Differentiated M&A Strategy to Augment Growth (1) Targeting solar engineering, procurement, and construction (EPC) companies in the United States Deliver meaningful cost and >$20M in revenue and >$1M in revenue synergies EBITDA, preferably with ME US GAAP audited financials Ease of integration, comp
Slide 20: Cross-Selling Initiatives to Drive Growth
Cross-Selling Initiatives to Drive Growth Leverage growing installed base for incremental revenue Residential Smart Circuits Home Energy Service & Repair Management Solar Upsell / Cross-sell Opportunities Additional Upfront Storage EV Charging Storage Service & Repair Sale Continue to Expand in Comm
Slide 21: Service and Maintenance
Service and Maintenance SUNation Service • #1 solar service on Long Island, serving Solar System Solar Battery Level-2 residential, commercial and institutional clients Maintenance Storage EV Charging • ~5% of total revenues as of December 31, 2024, with objective to expand this percentage over time
Slide 22: Executive Leadership Team with Deep Industry Experience
Executive Leadership Team with Deep Industry Experience Scott Maskin – Chief Executive Officer and Director • Co-Founder of SUNation Solar Systems in 2003 • Master Electrician with decades of relevant construction experience • More than two decades of solar industry leadership with a hands-on approa
Slide 23: Investment Conclusions
Investment Conclusions • Refreshed leadership charting a new course for a well- respected, 20+ year old company • Strategic restructuring largely completed, marking a turning point in SUNation’s growth and development • Continued focus on growing revenues, lower operating expenses, and improved bala
Slide 24: Financials / Appendix
Forward Looking Statements | Financials / Appendix | 24 / Powering the Energy Transition
Slide 25: Consolidated Results Overview
Consolidated Results Overview Third Quarter (Q3) and Nine Months (YTD) Ended September 30 Statement of Operations Summary Q3 2025 Q3 2024 YTD 2025 YTD 2024 ($ in Millions) Total Sales $19.0 $14.7 $44.7 $41.5 Cost of Sales $11.8 $9.5 $28.2 $26.7 Gross Profit $7.2 $5.2 $16.5 $14.8 Gross Profit Margin
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet Balance Sheet Summary September 30, 2025 December 31, 2024 ($ in Millions) Cash & Equivalents $5.4 $0.8 Restricted Cash & Cash Equivalents $0.3 $0.3 Accounts receivable, net $4.9 $4.9 Inventories, net $3.0 $2.7 Total Current Assets $17.2 $11.1 Property, Plant, and Equipmen
Slide 27: Reconciliation of GAAP Net Loss to Adjusted EBITDA Q3 2025 and Q3 2024
Reconciliation of GAAP Net Loss to Adjusted EBITDA Q3 2025 and Q3 2024 Three Months Ended September 30, 2025 2024 Net (Loss) Income $ (392,975) $ (3,298,609) Interest expense 143,420 811,551 Interest income (9,670) (16,450) Income taxes 16,679 509 Depreciation 68,674 75,373 Amortization 559,375 709,
Slide 28: Reconciliation of GAAP Net Loss to Adjusted EBITDA YTD 2025 and YTD 2024
Reconciliation of GAAP Net Loss to Adjusted EBITDA YTD 2025 and YTD 2024 Nine Months Ended September 30, 2025 2024 Net (Loss) Income $ (13,496,822) $ (9,029,973) Interest expense 876,790 2,312,054 Interest income (27,070) (56,572) Income taxes 45,530 38 Depreciation 202,668 245,187 Amortization 1,67
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