Sunpower Inc. · NASDAQ:SPWR
Sunpower — 38th Annual Roth Conference 2026
47 slides from Sunpower's conference presentation, Mar 23, 2026
Slide 1: 38th Annual Roth Conference
1 Wingspan 247’ 747 - 400 211’ Weight 1322 lbs Payload 726 lbs 170 mph @ 80,000’ 14 x 2hp motors 65,000 Solar Cells 35,000 Watts 38 th Annual Roth Conference T.J. Rodgers, CEO, March 23, 2026 Helios 96,863’ Unbroken record Aug. 13, 2001 Bifacial cells
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation contains forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended, about us and our industry that involve substantial risks and uncer
Slide 3: Dan McCranie, Director Marketing & Sales
Spec Template 12645 / A Dan McCranie SPWR Director – Marketing & Sales 10 NASDAQ BoDs : Freescale Semi On Semi Cypress Semi Enovix Mentor Graphics Actel Semi Xicor Semi CEO : SEEQ Technology VP Mktg/Sales : Cypress Semi, SEEQ Semi, Harris Semi 3
Slide 4: Agenda
Agenda 4 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market is
Slide 5: Agenda
Agenda 5 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions
Slide 6: Convertible Debenture Offering, August 2024
©2024 Complete Solaria Owner: T.J. Rodgers 6 Original pitch to raise funds for CSLR Now SunPower (Nasdaq: SPWR) A Public Solar Company With Venture Return Potential Convertible Debenture Offering T.J. Rodgers, CEO August 19, 2024
Slide 7: Convertible Debenture Funding All by Cantor Fitzgerald
Convertible Debenture Funding All by Cantor - Fitzgerald Convertible Notes Maturity Conversion Price/Share Shares (MM) Exersizable As of Date Price for Soft Call 7/01/29 Principal Interest ($ MM) Rate $46.0 12.0% $1.680 7/05/26 $2.520 7/01/29 $32.3 7.0% $2.137 9/16/26 $3.206 7/01/29 $2.137 9/16/26 $
Slide 8: The SunPower name adds 20.3% premium
The SunPower name adds 20.3% premium Based on technology superiority Acquired “SunPower” Brand = Price Premium 8 Lowest cost option % Price Premium to Lowest Cost Equipment Type
Slide 9: Advanced Hardware: SPWR Monolith Panel
Advanced Hardware: SPWR “Monolith” Panel (TM Pending) By REC Exclusive to SPWR HJT Technology 470W best in class @ 50 lbs. (22.7 kgs OSHA spec) 25yr life Scene From “2001: A Space Odyssey” 9
Slide 10: Connected Digital Solar System: Enphase Microinverter
Connected Digital Solar System: Enphase Microinverter 4.1M gates, ARM M0&M4 CPUs, $1.25 DC In 8.49A/55.4V 470W 10 IQ 8 . First inverter to run when the grid is down (Maui fire) . IQ9. First inverter using gallium nitride transistors at 480V commercial. First inverter to run backwards as battery char
Slide 11: Agenda
Agenda 11 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market i
Slide 12: US Residential Solar Penetration Rates
US Residential Solar Penetration Rates, Source: US EIA 94.4% of qualified homes do not have solar 2030 Fcst: 30% 2026 Update: 7% 11/13/2024 12 United States
Slide 13: Solar Energy Produces Cheapest KWh
Solar Energy Produces Cheapest KWh Wikipedia 2009 - 2024 13
Slide 14: Solar Energy Additions: Exponential Growth
Solar Energy Additions No. 1 Exponential Growth 14
Slide 15: US Residential Solar Installations Projection
*SEIA (Solar Energy Industries Association) and Wood Mackenzie Power & Renewables US Solar Market Insight (Q4 2025) Residential Solar Installations Pessimistic Projection* Owner: SGH +46.5% YoY Megawatts dc SPWR growth from three acquisitions 15
Slide 16: Agenda
Agenda 16 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market i
Slide 17: Fourth Quarter Report
Spec Template 12645 / A Fourth Quarter Report January 23, 2026
Slide 18: Helios at 80,000 Feet
Helios at 80,000 Feet: Pressure 14.7psi 0.4 psi 18 59F Above Armstrong Limit: H 2 O Boils 212F
Slide 19: hy AY Hh so] o S_ c o€& « § A o nw
hy AY Hh so] o S_ c 26 o€& « § A o 2 nw
Slide 20: Revenue and Operating Income Projections
$2.42 $67.5 ITC News $2.02 $70.0 Cobalt $30M $3.55 Record $88.5 Record Sunder $90M $2.94 $82.7 Record $2.00 E Profitable 2026 $80.0E 10% down ITC Cut* Ambia $80M Revenue and Operating Income Projections (Millions) $10 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26E Operating Income (M) $5 $0 $(5.9) ($5)
Slide 21: SunPower $1 Billion Mission
21 SunPower $1 Billion Mission (September 2025) Consistently profitable growth from $300 million in 2025 to $1 billion in 2028. SPWR exceeded $1 billion in revenue 13 times between 2008 and 2023 Our Vision SunPower will again be recognized as No. 1 in solar by introducing products with advanced hard
Slide 22: Agenda
22 Agenda “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market i
Slide 23: SPWR Acquisition Machine: Sunder
Spec Template 12645 / A SPWR “Acquisition Machine” Sunder
Slide 24: Sunder Energy Top Residential Sales Force
Sunder Energy Widely Regarded as One of the Top Residential Sales Forces in the U.S. Eric Nielsen, Co - Founder and President 17 yrs in direct sales MBA (Ohio State), BS Finance and BS Econ (Utah State) EVP of Four Combined Sales Forces Max Britton, Co - Founder and CEO 12 yrs in direct sales Tank c
Slide 25: Sunder Doubles Coverage
+ 22 States 46 States Sunder Doubles Coverage, Especially in CA, TX, FL 25 25
Slide 26: Acquisitions Increased Sales Rep Headcount
Acquisitions Increased Sales Rep Headcount 1126 G64 841 448 448 8G6 G73 G73 203 203 G7 350 1126 964 + Sunder 1737 + Ambia 1721 + Purelight 1974 0 500 1000 1500 2000 2500 Q1'25 Q2'25 Q3'25 Q4'25 1/20/26 SunPower Sunder Ambia Purelight Old - SPWR Bankruptcy TPO 3% 26 TPO 95%
Slide 27: Total Backlog Up 2.5x-4.2x
Total Backlog Up 2.5x - 4.2x Backlog Jobs = Signed Contract + Design Complete + Funding Justin Cooper: 3 - 21 - 2026 – 27 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26E YoY 2.48x Jobs YoY 4.15x
Slide 28: The Acquisition Machine: Ambia
Spec Template 12645 / A The Acquisition “Machine” Ambia
Slide 29: 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) Athlete: Ironman & Ultra Marathon MBA (Univ. of Utah), BS Economics (BYU) SunPower: Co - EVP of Combined Sales Forces Spencer Jensen, COO Former COO of BlueRav
Slide 30: Ambia Revenue Growth
Ambia Revenue Growth 100 MOMENTUM @ g 2 Despite unprecedented = 60 market adversity, AMBIA has Ss continued to grow every year, oO faster than any other vertically = 40 integrated EPC in the US. oO 20 (ae 2021 2022 2023 2024 2025 SUNPOWER’ . \
Slide 31: The Acquisition Machine: Cobalt
Spec Template 12645 / A The Acquisition “Machine” Cobalt
Slide 32: John Bergh, CEO Cobalt Power Systems
32 John Bergh CEO Cobalt Power Systems Ran family water well business upon father’s death New hire to SPWR Silicon Valley Regional Sales Manager Qcells: Director Biz Dev $336 million business Bought Cobalt Power Systems (2025 rev: $33 million) Athlete (college football) Coach (Youth sports: football
Slide 33: Introducing Monolith Panel at SunPower SalesCon
33 Introducing “Monolith” Panel at SunPower SalesCon
Slide 34: First Monolith System: Pleasure Point, Santa Cruz
First Monolith System: Pleasure Point, Santa Cruz 34 Monolith Arrived January 16 th , Installed January 22 nd Total Annual Kilowatt Hrs Maximized with Enphase IQ8X Inverters
Slide 35: Driving Low Headcount: Ark and Requisition Auction
Driving Low Headcount: Using the “Ark” & “Requisition Auction” Headcount Target Sunder HC 21 Ambia HC 169 Cobalt HC 96 1225 980 820 Latest Solar Layoffs 660 Noah’s Ark 1,225 seats 980 seats 820 seats Despite three acquisitions, The Req Auction kept headcount at 820 New Strategy: get the best 820 you
Slide 36: Revenue Per Employee-Year
Revenue Per Employee - Yr +Sunder ITC News 36 Q4’25 Record $445,000, our overarching efficiency metric 1. Sunrun: $326,415 (full year 2025, after 18% layoff to 9,059 employees) 2. Enphase: $494,000 (Q4’25 annualized) $326K 1 Sunrun +Ambia $494K 2 Enphase
Slide 37: Agenda
Agenda 37 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market i
Slide 38: Surinder S. Bedi, EVP Quality, Engineering and Customer Success
Surinder S. Bedi EVP, Quality, Engineering and Customer Success 38 MS, Industrial & Systems Engineering, Ohio University Executive Management, Technology & Strategic Innovation, Standard University Graduate School of Business. o Award: Product Innovation Excellence for Bifacial Solar Panels, Frost &
Slide 39: 85% first pass yield
Don’t worry Mr. Jones, I have 85% first pass yield. 39
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40
Slide 41: First Pass Yield = 100%
First Pass Yield = 100% Source RJG Andon Cord pulled: WW03, 5PM PST Spec 10724 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Work Week 2025 41 LightReach New Homes M1 Submissions Platinum status $800/job Containment phase FPY = 100%, Zero Defects Root Cause Corrective
Slide 42: Agenda
Agenda 42 “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar market i
Slide 43: Financial Model
43 Financial Model
Slide 44: Revenue Plan to $1B
Spec Template 12645 / A 44 50 - 100 150 200 250 300 Q3 Q4 Q1 Q2 Q3 26 Q4 Q1 Q2 Q3 Q4 27 28 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24 25 SunPower Direct Sales & EPC 1. SPWR - Direct Sunder 2. Sales New Homes 3. NH (Sales & EPC) 4. Battery - Upgrades 5. extEPC 6. Cobalt Owner: KXN 02/23/26 Revenue Plan G2v13S2 $M $441M
Slide 45: Cash & Funding Plan
Spec Template 12645 / A 45 Sunder Payment Capital Raised 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 Q1'28 Q2'28 Q3'28 Q4'28 20 40 60 80 100 Cash & Funding G2v13S5 March 20, 2026 Owner: KXN 03/ 20 /26 Cash $M Min cash $10M $10.1M PE bridge debt $1.3M TJ investment $6.8M
Slide 46: Conclusion
46 Conclusion “Old” SunPower (1985) went bankrupt in August 2024 SPWR chairman, T.J. Rodgers, funded “new” SPWR with five convertible debentures ($150M) SPWR is slightly cash flow negative due to convertible debt interest and the cost of three acquisitions Despite current ITC malaise, the solar mark
Slide 47: _SUNP WER’
_SUNP WER’ 4 te aAyT GE