Slide 1: Jefferies Renewables & Clean Energy Conference: First Quarter Report
Jefferies Renewables & First Quarter Report Clean Energy Conference T.J. Rodgers, CEO, May 12, 2026 T.J. Rodgers, December 4, 2025 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: SunPower Reports Q1'26 Results
SunPower Reports Q1’26 Results • Q1’26 Revenue $72.8 million • Q1’26 OpInc ($12.9M) loss due to revenue miss and staffing for Q3’26 growth • Convertible note offering reduced debt by $40 million • Bookings increased to a record 4,446 jobs, up from 1,197 in Q1’25 due to acquisitions • 2025 10K statem
Slide 4: SunPower Q1'26 Revenue & Operating Income Statement
SunPower Q1’26 Revenue & Operating Income Statement1 4
Slide 5: 10K Audit Analysis
10K Audit Analysis (Millions) $12 Q1'25 Q2'25 Q3'25 Q4'25 2025 $10 $10.90 OpInc Prior Quarterly Reports $8 Pre-10K Audit $6 $4 $3.56 $2.94 $2.42 $2.02 $2 $0 $82.7 $67.5 $70.0 $88.5 $308 Revenue $8 The New Source Of Truth $7.33 OpInc $6 After Adjustments $4.85 Post-10K Audit $4 $3.18 $2 $0.97 $0 $(1.
Slide 6: Audit Sampling
Audit Sampling The standard auditing method is to sample line items from our books and ask us to retrieve and supply independent third-party documentation that validates the books are accurate: contracts, work orders, signed drawings, invoices for panels, work logs, customer invoices, proof of payme
Slide 7: Appendix — AI Search for Zero Restatements at Cypress Semiconductor
Appendix — Al Search for Zero Restatements at Cypress Semiconductor did cypress semiconductor ever restate a quarter Based on available records and financial reports, there is no evidence that Cypress Semiconductor was forced to restate a quarter due to accounting fraud or significant errors during
Slide 8: SunPower Structural Changes
SunPower Structural Changes What SunPower has changed: 1) We have received and accepted the resignation of the CFO. 2) I have been appointed by the board of directors as SunPower’s Principal Financial Officer for approximately one month, until we hire our current CFO candidate. 3) The board has appo
Slide 9: Q1'26 Results and Beyond
Q1’26 Results and Beyond • Our Q1’26 revenue was $72.8 million, down 9% from our Q4’25 $80 million guidance, primarily due to our Q1’26 revenue slowdown, which was actually mild compared to the market. This alone would have led to only a $1.8 million operating income fall through loss, but • Our non
Slide 10: SunPower Headcount History
SunPower Headcount History 4000 The “Ark” SPWR + CSLR DAY 1 3499 3500 3000 TARGET HC: 1225 TARGET HC: 980 2500 POST-MERGER, DAY 1 TARGET HC: 820 2000 ONE QTR POST-MERGER TWO QTRS TARGET HC: 700 1500 1280 THREE QTRS 1140 NOW 919 889 946 1000 833 832 710 500 0 Q3'24 Q4'24 Q4'24 Q1'25 Q2'25 Q3'24 Q4'25
Slide 11: Our 2026 Forecast
Our 2026 Forecast • The cuts reduced ongoing operating expense by approximately $9.9 million per quarter. • The cuts were too late to help Q1’26, but 60% of them will help Q2’26. • Our current Q2’26 revenue estimate of $75 million will incur an operating loss of only about $3.0 million. • Finally, w
Slide 12: Revenue Plan
Revenue Plan G2v13S10 $M Actuals/Guidance Model (Not Guidance) 300 $954M Planned Revenue Growth $1B Revenue 250 Ambia $22.9M Sunder $7.3M $663M 200 Batteries $3.8M Cobalt EPC $3.0M $424M 150 New Homes $3.0M +41% $96M BE Cashflow $300M 100 $76M BE OpInc 50 - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 13: Total Bookings Record
Total Bookings Record Booked Jobs = Signed Contract + Design Complete + Funding Approved Record Jobs 4,446 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,197 1,000 500 – Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Justin Cooper: 3-21-2026 13
Slide 14: Questions
Jefferies Renewables & Questions Clean Energy Conference T.J. Rodgers, December 4, 2025 14