Slide 1: Fourth Quarter Report
Record 92,863 Ft. August 13, 2001 Fourth Quarter Report January 20, 2026, Live @ 1:00PM ET 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties
Slide 3: Dan McCranie, SPWR Director – Marketing & Sales
Dan McCranie SPWR Director – Marketing & Sales 10 NASDAQ BoDs: Enovix Mentor Graphics Freescale Semi Actel Semi Cypress Semi Xicor Semi On Semi CEO: SEEQ Technology VP Mktg/Sales: Cypress Semi, SEEQ Semi, Harris Semi 3
Slide 4: Will Anderson, SPWR Director – Solar Technology & IT Systems
Will Anderson SPWR Director – Solar Technology & IT Systems BS MIT, MBA Stanford SunPower, Inc. Director, 2010 - Present Founder and former CEO (Complete Solar) SameDay Solar, Inc. Founder and CEO, 2024 – Present 4
Slide 5: Helios at 80,000 Feet, Pressure 14.7psi → 0.4 psi
Helios at 80,000 Feet, Pressure 14.7psi → 0.4 psi Boiling 212F 59F 5
Slide 6: Solar-Powered Spaceman
Wy Solar-Pow Spaceman | Nive (| Tae N TT) 08 .
Slide 7: SunPower Announces Record Financials in Q4’25
SUNPOWER’ SunPower Announces Record Financials in Q4’25 Cobalt and Ambia Acquisitions, $55 million Equity Line of Credit Signed OREM, Utah (January 20, 2025) —- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR’), a solar technology, services, and installation company, will present i
Slide 8: Sunder, Ambia Record; Opex; Signed $55M ELOC
Sunder, Ambia Record (26% Q-Q) Base 38%! Opex (8.5% Q-Q) Record Added $4.3M cash Signed $55M ELOC 8
Slide 9: Non-GAAP Operating Income
Non-GAAP Operating Income (Millions) $10 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26E Operating Income (M) $5 $3.55 $2.94 $2.42 $2.02 $2.00 E | x ss = wf | $0 ssa | Record $(5.9) ($5) Revenue (M) al $81.1 $82.7 $67.5 $70.0 | $88.5 | $84.0E 246 Record ITC Cut Record ($15) /—+ Cobalt ($20) -—> Ambia ($2
Slide 10: Financial Overview
Financial Overview e SunPower posted its fourth consecutive profitable quarter, making the full 2025 year profitable, after four consecutive old-SunPower loss years e Our Q4’25 revenue and operating income were records at $88.5 million and $3.5 million, respectively e Our 2025 revenue totaled $308.8
Slide 11: US Residential Solar Penetration Rates
US Residential Solar Penetration Rates, Source: US EIA 94.6% of qualifying homes do not yet have solar 11
Slide 12: Acquisition Increases Sales Rep Headcount (1099)
Acquisition Increases Sales Rep Headcount (1099) 12
Slide 13: SunPower Direct Employee (W-2) Headcount Stays Stable
SunPower Direct Employee (W-2) Headcount Stays Stable 13
Slide 14: Full Time Direct Employee – Revenue Per Employee Per Year
Full Time Direct Employee – Revenue Per Employee Per Year +Ambia +Sunder ITC Breakeven Cut level 14
Slide 15: Market Capitalization (P/S) Ratio to Revenue
Market Capitalization (P/S) Ratio to Revenue 2.0x Lisl Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec '25 1/16/26 Our market capitalization to revenue (P/S) ratio has lingered near only 0.5 for all of New SunPower’s five-quarter life. Solar indu
Slide 16: Why did Sunrun recover from the ITC cut while SunPower did not?
Why did Sunrun recover from the ITC cut while SunPower did not? 16
Slide 17: Cash & Funding G2 v9.2 Plan
Cash & Funding G2 v9.2 Plan Cash $M 100 80 Ending Cash 60 Funding 2 40 Rounds $46M 29.0 20 17.0 Min cash $10M 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Capital Raised 17 Owner: KXN 01/20/26
Slide 18: “Monolith” Panel
“Monolith” Panel The “Black Monolith” was discovered in an excavation site on the moon in the 1968 Sci-Fi classic, “2001: A Space Odyssey.” T.J. Rodgers unveiling the “Monolith” panel at the Dec. 16, 2025 SunPower sales conference. Rodgers continued, “We were proud to announce that we recently signe
Slide 19: Cobalt
Cobalt SunPower announced on January 16, that it had signed a Letter of Intent to acquire Cobalt Power Systems Inc. — Silicon Valley’s premier solar company (here). Cobalt will soon install the first Monolith panels made by our partner REC on a 111-kilowatt project at the historic Fortinet building
Slide 20: John Bergh, CEO Cobalt Power Systems
John Bergh CEO Cobalt Power Systems Self-made man Left college to run family water well business upon father’s death Solar thermal collector engineer → PV engineer SunPower: promotion salesman through Silicon Valley Regional Sales Manager Qcells: Director Biz Dev $336 million business Bought Cobalt
Slide 21: Sunder Energy (Founded 2019)
Sunder Energy (Founded 2019) Cumulative $3 Billion Sales Eric Nielsen, Co-Founder and President 17 yrs in direct sales MBA (Ohio State), BS Finance and BS Econ (Utah State) SunPower: EVP Sales & Marketing (role in NewCo) Created options to top 1099 sales rep program Max Britton, Co-Founder and CEO 1
Slide 22: Doubles Coverage, Especially in CA, TX, FL
Doubles Coverage, Especially in CA, TX, FL + 22 States 45 States 22
Slide 23: Ambia = $80M Revenue + World-Class EVPs
Ambia = $80M Revenue + World-Class EVPs Conner Ruggio, Co-Founder and CEO Former President of Sales of Aptive Environmental ($650M Exit) Ironman & Ultra Marathon Athlete MBA (Univ. of Utah), BS Economics (BYU) SunPower: EVP SunPower Direct (EPC) Spencer Jensen, COO Former COO of BlueRaven, Operation
Slide 24: Ambia Revenue Growth
MOMENTUM Despite unprecedented market adversity, AMBIA has continued to grow every year, faster than any other vertically integrated EPC in the US. Ambia Revenue Growth 100 Revenue (Millions) 2021 2022 2025 2024 2025
Slide 25: 15 days faster than SPWR
(Days) 15 days faster than SPWR 25
Slide 26: SunPower $1 Billion Mission
SunPower $1 Billion Mission (September 2025) Consistently profitable growth from $300 million in 2025 to $1 billion in 2028. Q4’25 Q3’28 (G2V9.2 plan) Revenue $88 million Grow to $250 Operating Income $3.5 million Fully Diluted Shares 111.9 million 140 million for acquisitions P/S ratio 0.55x Grow t
Slide 27: Revenue Plan G2 v9.2
Revenue Plan G2 v9.2 Model $M 2028: $894M 300 2027: $783M 250 $1B Revenue 2026: $507M 200 8.1% Op Inc “God” Plan Investor Forecast 150 2025: $309M 100 50 - Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1'28 Q2'28 Q3'28 Q4'28 SunPower Direct Sunder New Homes Sales & E
Slide 28: Outlook
Outlook • For Q1’26: $84 million revenue (second best ever, down 4.4%) • Operating profit expected in winter/ITC quarter $2.0 million, every quarter of 2026 • Cash: vehicle to keep cash >$10 million; three deals pending 28
Slide 29: Questions
Questions 29