Sunpower Inc. · NASDAQ:SPWR
Sunpower — Jefferies Renewables & Clean Energy Conference 2025
59 slides from Sunpower's conference presentation, Dec 4, 2025
Slide 1: Jefferies Renewables & Clean Energy Conference
1 Jefferies Renewables & Clean Energy Conference T.J. Rodgers, December 4, 2025 Record 92,863 Ft. August 13, 2001
Slide 2: 2
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Slide 3: Helios solar aircraft altitude record
3 Wingspan 247’ Weight Payload 1322 lbs 726 lbs 96,863’ Sustained Aug. 13, 2001 Unbroken record 14 x 2hp motors 170 mph @ 80,000 ft
Slide 4: A Public Solar Company With Venture Return Potential
©2024 Complete Solaria Owner: T.J. Rodgers 4 A Public Solar Company With Venture Return Potential Convertible Debenture Offering T.J. Rodgers, CEO August 19, 2024
Slide 5: Residential Solar Installations and Base Case Forecast
5 Residential Solar Installations and Base Case Forecast, 2020 - 2029 Unlimited market Mkt = $7.45B in 2023, CAGR = 14.4% thru 2030
Slide 6: SunPower Bankruptcy Enables 10x Revenue Growth Opportunity
6 $M/quarter Systems Modules Extreme Revenue Growth Opportunity SunPower Bankruptcy 11/13/2024 11/13/2024 PI E Raised $80M SunPower Bankruptcy Enables 10x Revenue Raised $46M Working capital cut off by private equity
Slide 7: Convertible Debenture Portfolio
7 7 Convertible Debenture Portfolio Soft Call (150% of Conversion) Price for Exersizable Interest Payments ($ MM) Shares Conversion Principal Interest Soft Call As of Date Jan. 1 Jul. 1 Annual (MM) Price/Share ($ MM) Rate Maturity No Issuance $2.520 7/05/26 $5.52 $2.76 $2.76 27.4 $1.680 $46.0 12.0%
Slide 8: …and SunPower Took Off
…and SunPower Took Off 8 Rodgers Silicon Valley Acquisition Corp.
Slide 9: Autoline: Continuous River of Silicon
Autoline: Continuous River of Silicon – One Cell Per 2.5 Seconds 9 Rodgers Silicon Valley Acquisition Corp.
Slide 10: SPWR Grew to $1.4 Billion in Revenue in 3 Years
IPO CAP $1.5B RAISED $139M SPWR Grew to $1.4 Billion in Revenue in 3 years 18.1x 10 Rodgers Silicon Valley Acquisition Corp. SPIN OUT 2011 ACQ $2.6B(40%) BY TOTAL
Slide 11: Conclusion
Conclusion 11 SunPower APA opportunity to scale CSLR from $40M/yr to $400M/yr • Based on detailed Rev. 4 financial plan done with SunPower team • Stalking Horse bid $45 million – for the assets of three SunPower businesses • Making employment offers to join CSLR, including stock options • Raising $8
Slide 12: Saving SunPower
Saving SunPower Dick Swanson CEO SunPower T.J. Rodgers CEO Cypress S.F. Chronicle Jan. 2012 12 Rodgers Silicon Valley Acquisition Corp. Technical superiority
Slide 13: Genius Founder Dick Swanson is Back
Genius Founder Dick Swanson is Back PhD Electrical Engineering, Stanford University • 2012 - present: Served on various boards of directors including: PowerOne, Noon Energy Systems, Bay Area PV Consortium, Worldwatch Institute, and Activate. • 2012 - present: Served on various advisory boards includ
Slide 14: The SunPower Name Added a 20.3% Premium
The SunPower name added a 20.3% premium. That could be all of our profit “SunPower” Brand = Higher Prices 14 Lowest cost option % Price Premium Equipment Type
Slide 15: REC Monolith HJT Technology Panel
15 REC “Monolith” Scene From “2001: A Space Odyssey” Exclusive to SPWR HJT Technology 470W best in class 50 lbs. (22.7 kgs) First cargo container 12/7/25
Slide 16: Enphase Microinverter
16 Rodgers Silicon Valley Acquisition Corp. Enphase Microinverter: 97.5% Efficient System Not another box: Enables the Digital Grid 4.1 million gates, ARM M0&M4 CPUs $1.25 AC Out 3.3A/120V DC In 10A/40V IQ8. First inverter to run when the grid is down. IQ9. First inverter using gallium nitride trans
Slide 17: Quality & Customer Success
17 Quality & Customer Success Surinder Bedi, 7 - 25 - 2025
Slide 18: Surinder Bedi, EVP Quality & Customer Success
Surinder Bedi EVP, Quality, Operational Excellence & Customer Success 18 18 MS Industrial Engineering, Ohio University o Award Product Innovation Excellence for Bifacial Solar Panels, Frost & Sullivan, US. 2018 o Award: Intel Quality Leadership, Intel Corporation o Award: Applied Materials President
Slide 19: Company Quality Policy
Company Quality Policy //} P La Quality Leadership The Key Concopts to isa Top Priority. ‘Quality Policy: ‘Our Quaity Standards Zero Defects = Leadership: Do Firs Tine Right ~ etter, tester and cost efficiently to ctferentiate cur company integrity: Aways, do wnat cig tthe company. 2 Aiheronce to St
Slide 20: 85% first pass yield
Don’t worry Mr. Jones, I have 85% first pass yield. 20
Slide 21: SunPower
SUNPOWER®
Slide 22: First Pass Yields
First Pass Yields = 100%, WW99, 2025 New Homes M1 Submissions to LightReach Source RJG FPY = 100% Is Achievable Containment 22 Root Cause Corrective Actions
Slide 23: Third Quarter Report
23 Third Quarter Report October 21, 2025, Live @ 1:00PM ET
Slide 24: Helios at 80,000 Feet
Helios at 80,000 Feet, Pressure 14.7psi 0.4 psi 24
Slide 25: ceo0COCB
mK n | | ceo0COCB WNT asta Solar-Pow Spacema SUNPOWER®
Slide 26: SunPower Announces Record Profit in Q3'25
SUNPOWER® SunPower Announces Record Profit in Q3’25 Forecasts Additional Revenue & Profit Records in Q4’25 OREM, Utah (October 21, 2025) — SunPower, the “Company,” or Nasdaq: “SPWR’, a solar technology, services, and installation company, will present its Q3'25 results via webcast today Tuesday, Oct
Slide 27: Revenue and Operating Income by Quarter
$(39.6) $(5.9) $2.94 $2.42 $3.12 ($40) ($25) ($30) ($35) ($20) ($15) ($10) ($5) $0 $5 $10 Q3'24 Q4'24 Q3'25 (Millions) $81.1 $70.0 $67.5 ITC news Record Revenue $82.7 Acquire SPWR Assets Last old - SPWR qtr (sum of losses, unaudited) “God” Plan Non - GAAP Shown To Investors 10/21/25 Q1'25 Q2'25 Oper
Slide 28: SunPower Inc. Share Price
/ \ Sunpower Inc : (Follow ) NASDAQ: SPWR 1.53 usp +0.01 (0.66%) # past 6 months Dec 2, 4:00 PM EST = Disclaimer 1D 5D 1M 6M YTD More w 2.5 2.0 1.5 1.0: T T T Jul 2025 Oct 2025 Dec 2025 Open 1.62 Mkt cap 132.22M High 1.62 P/E ratio Low 1.51 Div yield SUNPOWER® 28
Slide 29: SunPower Market Capitalization/Revenue (P/S) Ratio
SunPower Market Capitalization/Revenue (P/S) Ratio 2.5x 2.2x 2.1x 2.5x 2.2x 2.2x 1.6x 1.8x 1.9x 1.4x 1.7x 2.0x 2.1x 2.0x 0.5x 0.5x 0.4x 0.4x 0.3x 0.4x 0.6x 0.4x 0.5x 0.5x 0.4x 0.5x 0.4x 0.4x - 0.5x 1.0x 1.5x 2.0x 2.5x Peers SPWR 29 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun
Slide 30: Market Capitalization/Revenue (P/S) Ratio vs Peers
2.6x 2.4x 2.3x 2.8x 2.5x 2.5x 1.8x 2.0x 2.1x 1.6x 1.8x 2.1x 2.2x 2.1x 1.6x 1.2x 1.0x 1.0x 0.8x 0.7x 0.7x 0.8x 0.8x 0.8x 1.3x 1.4x 2.0x 1.8x 0.5x 0.5x 0.4x 0.4x 0.3x 0.4x 0.6x 0.4x 0.5x 0.5x 0.4x 0.5x 0.4x 0.4x - Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 Aug '25
Slide 31: Daily Cash Balance Q4'25
$(1,000) $(2,000) $(3,000) ‘000 $ $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ - Q4’25 Daily Cash balance BOQ $4.1M EOQ $3.2M Ambia Work Week NOV DEC Raise minimum cash balance above $10M 40 41 42 43 44 45 46 47 48 49 50 51 52 OCT Owner: KXN 11/25/25 31
Slide 32: Convertible Debenture Offering To Acquire Sunder Energy
32 Convertible Debenture Offering To Acquire Sunder Energy T.J. Rodgers, CEO September 15, 2025
Slide 33: Sunder Energy Star Executive Talent
Sunder Energy (Founded 2019) Star Executive Talent with Cumulative $3 Billion Sales Eric Nielsen, Co - Founder and President 17 yrs in direct sales Corporate finance: Abbott Labs, Vivint MBA (Ohio State), BS Finance and BS Econ (Utah State) SunPower: EVP Sales & Marketing (role in NewCo) Max Britton
Slide 34: Sunder Doubles Coverage in CA, TX, FL
+ 34 34 22 States 45 States Doubles Coverage, Especially in CA, TX, FL
Slide 35: Sunder Transforms SunPower Salesforce
Sunder Transforms SunPower Salesforce Sales force : Doubles our salesforce to 1,734 from 841 Efficiency : $4M rev/emp - yr, only 20 W2 employees Coverage : 45 states, up from 22 Doubles presence in CA, FL, TX Marketing : Full marketing team : videographer, photographer, graphic designer, events team
Slide 36: Convertible Debenture Portfolio
Convertible Debenture Portfolio Convertible Notes Maturity Conversion Price/Share Shares (MM) Exersizable As of Date Price for Soft Call 7/01/29 $1.680 7/05/26 $2.520 7/01/29 $2.137 9/16/26 $3.206 No Issuance 1 7/01/24 2 9/08/24 3 9/22/24 7/01/29 $2.137 9/16/26 $3.206 4 7/10/25 7/01/29 $1.790 7/05/2
Slide 37: Evan Dwyer, SVP Direct Sales
Evan Dwyer, SVP Direct Sales SPWR Sales Force Now Works For Ex - Sunder CEO 37
Slide 38: Ambia: The Fastest Growing Solar EPC in America
AMBIA THE FASTEST GROWING SOLAR EPC IN AMERICA SUNPOWER®
Slide 39: Momentum
MOMENTUM £& g Ao Despite unprecedented = 60 market adversity, AMBIA has —s continued to grow every year, oO faster than any other vertically = 40 integrated EPC in the US. o) ® 20 jag 2021 2022 2023 2024 2025 SUNPOWER® —
Slide 40: Industry Leading Cycle Times
INDUSTRY LEADI NG Cycle times in core markets are among the fastest in the industry, achieved by designing smarter systems and leveraging CYCLE TIM ES automation and Al rather than simply adding headcount. Time Percentiles Milestone TPI0 TP25 TP50 TP75 TP9O Project Received to Permit Submitted 31 5.
Slide 41: Ambia $80M Revenue + World-Class EVPs
Ambia = $80M Revenue + World - Class EVPs Conner Ruggio, Co - Founder and CEO 8 Years in Executive & Sales Leadership 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 Je
Slide 42: SunPower Headcount History
SunPower Headcount History 4000 SPWR+CSLRDAY4 | 3499 3500 3000 2500 a TARGETHC: 1225 TARGETHC: 980 1 , POST-MERGER, DAY 1 | ONE QTR POST-MERGER NOW 1800 1341 ‘4990 \TWO QTRSPOST-MERGER —_TARGETHC: 820 | POST : 1204 1140 1116 : ‘THREE QTRS POST-MERGER | AMBIA f 1000 |_906 ' 861 | 966 - | 0 Ll Ul TLL
Slide 43: Our Vision
Q3’28 Q3’25 Grow to $250 $70.0 million Revenue $28.5 million (G2v7) $3.12 million Operating Income 83.1 + 27.4 (convert call) +30 acq = 140.5 83 million Fully Diluted Shares $7.14 $3.61 Revenue/share Grow to 1.8x (RUN) 0.43x P/S ratio $12.85 @ 1.8x ($7.14 @ 1.0x) $1.55 Share price (8/5/25) 43 Our Vi
Slide 44: Integration Status
44 Integration Status: 12/1/25, Rev 3.0 1. SunPower: Sunder 2. SunPower Ambia
Slide 45: The Integration Machine
The Integration “Machine” 20 acquisitions at Cypress ‘86 - ’16 5 acquisitions at Enphase 3 acquisitions at SPWR 45 Spec Template 12645 / A
Slide 46: Integration Process Document
. Enghase MBA Integration Process Document . Enghase MBA Integration Process Document SUNPOWER Document Number 30840 Rev 8 109/10/2025 SUNPOWER® Document Number 10448 Rev 09/18/2025 1. PURPOSE 7.9 IRZ 1.1 The Integration IR Process (IRP) document defines the processes by which the company evaluates
Slide 47: Integration Process Initiative
Integration Process Initiative. SunPower : Sunder HR/Legal/Fin/IT 47 Spec Template 12645 / A Sales/Prod/Cust Pricing/Branding Satisfy Exit Criteria Written Plan
Slide 48: Workstream Execution: IR2 Completed, IR3 Accelerated
Workstream Execution: IR2 Completed. IR3 Accelerated. 48 Spec Template 12645 / A Review Board: TJ Rodgers, Dan McCranie, Surinder S. Bedi, Steve Erickson, Eric Nielsen, Jeff McNeil SunPower Sunder Integration. Accountability: Surinder S. Bedi and Devon Glassman Approval Gating Factor IR2 Items IR2 M
Slide 49: SunPower: Sunder Integration Status
SunPower: Sunder Integration (INTS): Status 11/25 Total Goals Defined = 314. Total Completed = 206 (66%), Remaining Goals = 108 (34%) 56 (76) 117 (193) 77 (270) 44 (314) 0 40 20 (20) 20 60 80 100 120 140 IR0 (09/19/25) IR1 (09/24/25) Goals IR2 (11/05/25) IR Stages (Dates) Goals For Each IR Stage (Cu
Slide 50: SunPower: Ambia Integration Status
50 SunPower: AMBIA Integration (INTA): IR1 Status 12/1 Total Goals Defined = 464. Total Completed = 88 (19%), Remaining Goals = 376 (81.0%) SPEC: 10448 COMPLETED REMAINING 20 (20) 68 (88) 208 (296) 108 (404) 60 (464) 68 0 50 100 200 150 250 IR0 (11/24/25) IR1 (12/01/25) IR3 (04/20/26) IR4 (05/15/26)
Slide 51: SunPower Integration Capacity
51 SunPower Integration Capacity 0 50 100 150 200 250 GOAL Q4'25 Spec Template 12645 / A SUNDER AMBIA NEW CO Q1'26 Q2'26 QUARTER Q3'26 Q4'26
Slide 52: Financial Model
52 Financial Model
Slide 53: Sales & EPC Revenue Plan
- 50 100 150 200 250 $M 300 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1'28 Q2'28 Q3'28 Q4'28 Sunder Sales External EPC New Homes Sales & EPC Revenue Plan G2 v7 Owner: KXN 11/30/25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 SunPower Direct Blue Raven Ambia Internal EPC Batteries 2025: $310M 2026: $549M 202
Slide 54: Cash & Funding Plan
Cash & Funding G2 v7 Plan Q1'27 Q2'27 Q3'27 Q4'27 Owner: KXN 11/30/25 $M 100 0.0 5.0 3.7 10.0 16.0 0.0 0.0 0.0 0.0 0 20 40 60 80 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Capital Raised Ending Cash Min cash limit $10M 0.0 0.0 Ending Cash Funding 26.0 Start Raise $6.5M Convert interest $4M Cont
Slide 55: Q4'25 Outlook
55 Q4’25 Outlook
Slide 56: SunPower Annualized Revenue/Employee
SUNPOWER® SunPower Annualized Revenue/Employee 5450 1000s Q3'25Report $400 7a $360 $350 _ $337 $300 $285 ITc Sunder $250 News Acquisition $200 $150 $100 $50 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Quarter CBA: 10/16/2025 e Our headcount reached the financial target at 829, down from an initial 3,499, even aft
Slide 57: SunPower Annualized Revenue Per Employee
SunPower Annualized Revenue Per Employee $450 $400 $350 $300 $285 $250 $200 $150 $100 $50 Q4'24 SUNPOWER’ Now $436 $360 $337 $304 ITc Sunder Ambia News - Acquisition Q1'25 Q2'25 Q3'25 Q4'25 Quarter CBA: 12/2/2025 57
Slide 58: Convertible Debenture Plan
Convertible Debenture Plan Convertible Notes Maturity Conversion Price/Share Shares (MM) Exersizable As of Date Price for Soft Call 7/01/29 $1.680 7/05/26 $2.520 7/01/29 $2.137 9/16/26 $3.206 No Issuance 1 7/01/24 2 9/08/24 3 9/22/24 7/01/29 $2.137 9/16/26 $3.206 4 7/10/25 7/01/29 $1.790 7/05/26 $2.
Slide 59: _SUNP WER’
_SUNP WER’ 4 Taal
SunPower — Jefferies Renewables & Clean Energy Conference 2025 on 6ix