Financial Analysis

(3) Business Combinations SunPower Businesses Acquisition On August 5, 2024, the Company entered into an Asset Purchase Agreement (the APA) with SunPower Corporation and SunPower Corporations direct and indirect subsidiaries (collectively, the SunPower Debtors) providing for the sale and purchase of certain assets relating to the Blue Raven Solar business, New Homes Business and Non-Installing Dealer network previously operated by the SunPower Debtors. The APA was entered into in connection with a voluntary petition filed by SunPower Corporation under Chapter 11 of the United States Code, 11 U.S.C. 101-1532. The transaction was approved on September 23, 2024, by the United States Bankruptcy Court for the District of Delaware. The Company completed the acquisition of the Acquired Assets (as defined in the APA) effective September 30, 2024, in the Companys fourth quarter of fiscal year 2024, in consideration for a cash purchase price of $54.5 million (SunPower Acquisition). The assets and businesses acquired, including liabilities assumed, by the Company under the APA are referred to herein as the SunPower Businesses. Prior to its acquisition, the SunPower Businesses operated as a solar technology and energy services provider that offered fully integrated solar, storage, and home energy solutions to customers in the United States through an array of hardware, software, and Smart Energy solutions. The financial results of the SunPower Businesses have been included in the Company …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(12) Commitments and Contingencies Leases The Company leases its facilities under non-cancelable operating lease agreements. The Company leases vehicles under finance lease agreements. Operating and financing lease activity was as follows (dollars in thousands): Fiscal Year Ended December 28, December 29, 2025 2024 Lease cost Finance lease cost: Amortization of right-of-use assets $ 2,008 $ 553 Interest on lease liabilities 213 77 Total finance lease cost 2,221 630 Operating lease cost Operating leases 1,754 1,003 Total operating lease cost 1,754 1,003 Total lease cost $ 3,975 $ 1,633 Other information Cash paid for amounts included in the measurement of lease liabilities Finance leases $ 2,292 $ 551 Operating leases 1,886 1,039 Weighted-average remaining lease term (in years): Finance leases 2.0 2.0 Operating leases 1.9 2.5 Weighted-average discount rate: Finance Leases 7 % 7 % Operating leases 9.1 % 9.5 % Future minimum lease payments under non-cancellable leases are as follows as of December 28, 2025 (in thousands) : Finance Leases Operating Leases Fiscal year ending 2026 $ 2,090 $ 2,330 2027 609 1,642 2028 382 785 2029 222 741 2030 and thereafter 312 Total undiscounted liabilities 3,303 5,810 Less: imputed interest (177 ) (624 ) Total lease liabilities $ 3,126 $ 5,186 The Companys consolidated balance sheet includes the following lease liabilities (in thousands) : As of December 28, December 29, 2025 2024 Operating lease liabilities Operating lease liabilities, current (A …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(18) Employee Benefit Plan The Company sponsors a 401(k) defined contribution and profit-sharing plan (401(k) Plan) for its eligible employees. This 401(k) Plan provides for tax-deferred salary deductions for all eligible employees. Employee contributions are voluntary. Employees may contribute the maximum amount allowed by law, as limited by the annual maximum amount as determined by the Internal Revenue Service. The Company may match employee contributions in amounts to be determined at the Companys sole discretion. The Company made no contributions to the 401(k) Plan for the fiscal years ended December 28, 2025 and December 29, 2024. …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

(15) Stock-Based Compensation In July 2023, the Companys Board of Directors adopted and stockholders approved the 2023 Incentive Equity Plan (the 2023 Plan). The 2023 Plan became effective immediately upon the closing of the Amended and Restated Business Combination Agreement. Initially, a maximum number of 8,763,322 shares of the Companys common stock may be issued under the 2023 Plan. In addition, the number of shares of the Companys common stock reserved for issuance under the 2023 Plan automatically increases on January 1 of each year, effective January 1, 2024 through January 1, 2033, in an amount equal to the lesser of (1) 4% of the total number of shares of the Companys common stock outstanding on December 31 of the preceding year, or (2) a lesser number of shares of the Companys common stock determined by the Companys Board of Directors prior to the date of the increase. The maximum number of shares of the Companys common stock that may be issued on the exercise of incentive stock options (ISOs) under the 2023 Plan is three times the number of shares available for issuance upon the 2023 Plan becoming effective (or 26,289,966 shares). Historically, awards were granted under the Amended and Restated Complete Solaria Omnibus Incentive Plan (2022 Plan), the Complete Solar 2011 Stock Plan (2011 Plan), the Solaria Corporation 2016 Stock Plan (2016 Plan) and the Solaria Corporation 2006 Stock Plan (2006 Plan) (collectively with the 2023 Plan, the Plans). Under the Plans, the …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(5) Fair Value Measurements The following tables set forth the Companys financial assets and liabilities that are measured at fair value , on a recurring basis (in thousands) : As of December 28, 2025 Level 1 Level 2 Level 3 Total Financial Assets Restricted cash $ 3,841 $ $ $ 3,841 Total $ 3,841 $ $ $ 3,841 Financial Liabilities July 2024 Notes derivative liability (1) $ $ $ 19,604 $ 19,604 July 2024 Notes derivative liability related parties (1) 12,615 12,615 September 2024 Notes derivative liability (1) 37,930 37,930 September 2024 Notes derivative liability related parties (1) 5,870 5,870 July 2025 Note derivative liability related party (1) 3,246 3,246 September 2025 Notes derivative liability (1) 14,756 14,756 November 2025 Note derivative liability related party (1) 1,488 1,488 Forward purchase agreement liabilities 3,965 3,965 SAFE Agreement with related party 535 535 Private placement warrants 1,692 1,692 Working capital warrants 194 194 Public warrants 2,475 2,475 Deferred Sunder Consideration Shares 10,840 10,840 Deferred Ambia Consideration Shares 16,879 16,879 Total $ 13,315 $ $ 118,774 $ 132,089 As of December 29, 2024 Level 1 Level 2 Level 3 Total Financial Assets Restricted cash $ 3,841 $ $ $ 3,841 Total $ 3,841 $ $ $ 3,841 Financial Liabilities July 2024 Notes derivative liability (1) $ $ $ 13,563 $ 13,563 July 2024 Notes derivative liability related parties (1) 21,127 21,127 September 2024 Notes derivative liability (1) 55,474 55,474 September 2024 Notes der …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(13) Income Taxes The Companys loss from continuing and discontinued operations before provision for income taxes for the fiscal years ended December 28, 2025 and December 29, 2024, was as follows (in thousands) : Fiscal Year Ended December 28, 2025 December 29, 2024 Domestic $ (42,676 ) $ (54,444 ) Foreign Loss from continuing operations before income taxes $ (42,676 ) $ (54,444 ) Loss from discontinued operations before income taxes $ (1,100 ) $ (2,007 ) The components of income tax benefit from continuing and discontinued operations were as follows ( in thousands) : Fiscal Year Ended December 28, 2025 December 29, 2024 Current income tax expense Federal $ $ State 278 Total current income tax expense 278 Deferred income tax expense Federal 1,200 State 100 Total deferred income tax expense 1,300 Income tax expense from continuing operations $ 1,578 $ Income tax expense as a component of discontinued operations $ $ The Company adopted ASU 2023-09 prospectively for the fiscal year ended December 28, 2025. The following table presents required disclosure pursuant of ASU 2023-09 and reconciles the Companys federal statutory tax amount and rate, based on its results from continuing operations, to its actual effective amount and rate: Dollars ( in thousands ) Effect on Effective Tax Rate Federal tax (benefit) at statutory rate $ (8,962 ) $ 21.0 % State income taxes, net of federal tax benefit (1) 378 (0.9 ) Foreign tax effects Tax law changes Effect of cross-border tax laws Tax cr …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05 Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides an update to all entities with a practical expedient when estimating expected credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company adopted ASU 2025-05 in the fiscal year ended December 28, 2025. The impact of the adoption was not material to the Companys consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The objective of ASU 2023-09 is to enhance disclosures related to income taxes, including specific thresholds for inclusion within the tabular disclosure of income tax rate reconciliation and specified information about income taxes paid. ASU 2023-09 is effective for public companies starting in annual periods beginning after December 15, 2024. The Company adopted this ASU on a prospective basis in its annual report in the fiscal year ended December 28, 2025. The impact of the adoption was not material to the Companys consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(19) Related Party Transactions Refer to the consolidated financial statements and the following notes to the consolidated financial statements for details and disclosures relating to related party transactions entered into by the Company; Note 2 Basis of Presentation and Summary of Significant Accounting Policies; Note 6 Supplemental Balance Sheet Information; Note 8 Forward Purchase Agreements, Note 9 SAFE Agreements, Note 10 Borrowings and Derivative Liabilities, and Note 11 Other Non-Operating Income, Net . …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(4) Revenue Recognition and Contract Balances Disaggregated revenue All revenue is generated in the U.S. Revenue is disaggregated as follows (in thousands) : Fiscal Year Ended December 28, December 29, 2025 2024 Residential Solar Installation Revenue recognized over time $ 160,987 $ 67,460 Total Residential Solar Installation 160,987 67,460 New Homes Business Revenue recognized over time 46,686 32,205 Revenue recognized at a point in time 77,909 9,077 Total New Homes Business 124,595 41,282 Dealer Revenue recognized at a point in time 14,418 Total Dealer 14,418 Total revenue $ 300,000 $ 108,742 Total revenue recognized over time $ 207,673 $ 99,665 Total revenue recognized at a point in time 92,327 9,077 Contract balances Accounts receivable, contract assets and contract liabilities from contracts with customers are as follows (in thousands): As of December 28, December 29, 2025 2024 Trade accounts receivable, net $ 67,824 $ 25,842 Contract assets: Contract assets, current $ 14,122 $ 26,066 Total contract assets $ 14,122 $ 26,066 Contract liabilities: Contract liabilities, current $ 20,336 $ 10,003 Contract liabilities, noncurrent 794 918 Total contract liabilities $ 21,130 $ 10,921 The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional. The increas …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(17) Segment Information Fiscal Year Ended December 28, 2025 (in thousands) Residential Solar Installation New Homes Business Dealer Total Operating revenues $ 160,987 $ 124,595 $ 14,418 $ 300,000 Less: Cost of revenues (1) 88,400 82,288 100 Sales commissions 26,298 5,032 5,679 Sales and marketing 25,154 3,253 623 General and administrative (1) 58,597 29,648 1,859 Segment operating income (loss) (37,462 ) 4,374 6,157 (26,931 ) Reconciliation of segment income (loss) from continuing operations before income taxes: Unallocated amounts: Interest expense (25,095 ) Interest income 3 Other non-operating income, net 9,347 Loss from continuing operations before taxes $ (42,676 ) (1) For the year ended December 28, 2025, depreciation and amortization expense was as follows (in millions) Residential Solar Installation New Homes Business Dealer Total Depreciation and amortization classified in: Cost of revenues $ 2.0 $ 0.1 $ 0.1 $ 2.2 General and administrative 5.3 0.8 0.9 7.0 Total $ 7.3 $ 0.9 $ 1.0 $ 9.2 Fiscal Year Ended December 29, 2024 (in thousands) Residential Solar Installation New Homes Business Total Operating revenues $ 67,460 $ 41,282 $ 108,742 Less: Cost of revenues 45,266 23,974 Sales commissions 23,388 1,202 Sales and marketing 6,827 General and administrative (1) 57,641 18,953 Segment operating (loss) (65,662 ) (2,847 ) (68,509 ) Reconciliation of segment loss from continuing operations before income taxes: Unallocated amounts: Interest expense (16,223 ) Interest income …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(2) Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Companys consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, as well as related disclosure of contingent assets and liabilities. Significant estimates and assumptions made by management include, but are not limited to, the determination of (i) the allowance for credit losses; (ii) inventory obsolescence; (iii) stock-based compensation; (iv) workmanship warranty; (v) intangible assets acquired in business combinations; (vi) forward purchase agreements; (vii) Simple Agreement for Future Equity (SAFE) Agreements, (viii) derivative liabilities; and (ix) warrant liabilities. The Companys financial condition or operating results may be affected to the extent that there are material differences between estimates and actual results. The Company bases its estimates on past experience …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

(14) Common Stock and Common Stock Warrants Common Stock The Company has authorized the issuance of 1,000,000,000 shares of common stock and 10,000,000 shares of preferred stock as of December 28, 2025. No preferred stock has been issued and none are outstanding as of December 28, 2025 and December 29, 2024. Common stock purchase agreement On July 16, 2024, the Company entered into a common stock purchase agreement with White Lion Capital, LLC (White Lion), as amended on July 24, 2024 (White Lion SPA), and a related registration rights agreement for an equity line of credit financing facility. Pursuant to the White Lion SPA, the Company has the right, but not the obligation, to require White Lion to purchase, from time to time, up to $30 million in aggregate gross purchase price of newly issued shares of the Companys common stock, subject to the caps and certain limitations and conditions set forth in the White Lion SPA, including terms that restrict the ability of the Company to issue shares of common stock to White Lion that would result in White Lion beneficially owning more than 9.99% of the Companys outstanding common stock. On August 14, 2024, the Company entered into Amendment No. 2 to the White Lion SPA (collectively with the White Lion SPA White Lion Amended SPA). The White Lion Amended SPA provides that the Company may notify White Lion to exercise the Companys right to sell shares of its common stock by delivering an Hour Rapid Purchase Notice. If the Company deliv …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

(20) Subsequent Events Amendment to White Lion SPA On January 11, 2026, the Company and White Lion entered into Amendment No. 3 (Amendment No. 3) to the White Lion SPA. Amendment No. 3 extends the commitment period under the White Lion SPA (the Commitment Period) to the earlier of December 31,2027 and the date on which White Lion has purchased an aggregate number of shares of the Companys common stock equal to the Commitment Amount (as defined below). Further, Amendment No. 3 increases, subject to approval by the Companys stockholders, the commitment amount under the Purchase Agreement to $55.0 million of shares of its common stock (the Commitment Amount), which the Company may elect to sell to White Lion pursuant to the White Lion SPA, from time to time in the Companys sole discretion, during the Commitment Period. In addition, Amendment No. 3 adds an option for the Company to submit three hour rapid purchase notices to White Lion that, if accepted by White Lion and otherwise delivered in accordance with the Purchase Agreement, would enable the Company to sell shares of its common stock to White Lion based on the lowest traded price of the Companys common stock during the three-hour valuation period following White Lions written acceptance of a three hour purchase notice. Standby Equity Purchase Agreement; Convertible Note; Convertible Debenture On January 27, 2026 (the Effective Date), SunPower entered into a Standby Equity Purchase Agreement (the SEPA) with YA II PN, LTD., …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

(3) Business Combinations SunPower Acquisition On September 30, 2024, commencing the Companys fourth quarter of fiscal 2024, the Company completed the acquisition of certain assets and assumption of certain liabilities from SunPower Debtors for an aggregate cash consideration paid of $54.5 million, net of $1.0 million of cash acquired. Prior to its declaration of bankruptcy SunPower Debtors was a solar technology and energy services provider that offered fully integrated solar, storage, and home energy solutions to customers in the United States through an array of hardware, software, and Smart Energy solutions. The financial results of the SunPower Acquisition have been included in the Companys unaudited condensed consolidated financial statements since the date of the SunPower Acquisition. This transaction was accounted for as a business combination in accordance with ASC 805, Business Combinations. Transaction costs incurred in connection with the close of the SunPower Acquisition totaled $7.2 million and were expensed by the Company and included in general and administrative expenses within the fourth quarter of the Companys fiscal year ended December 29, 2024. The fair values of assets acquired and liabilities assumed were based upon a preliminary valuation. Consistent with previous disclosures, the Company disclosed that further adjustments to the Companys inventory were expected in the thirty-nine week period ended September 28, 2025. As of September 28, 2025, the Comp …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(12) Commitments and Contingencies Warranty provision Activity by period relating to the Companys warranty provision was as follows (in thousands) : Thirty-Nine Weeks Ended September 28, 2025 September 29, 2024 Warranty provision, beginning of period $ 5,968 $ 4,849 Accruals for new warranties issued 3,238 830 Settlements, other (5,837 ) (932 ) Warranty provision, end of period $ 3,369 $ 4,747 Warranty provision, current $ 1,229 $ 1,425 Warranty provision, noncurrent 2,140 3,322 Indemnification agreements From time to time, in its normal course of business, the Company may indemnify other parties, with which it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from breach of representation, covenant or third-party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification agreements due to the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification claims. In the opinion of management, any liabilities resulting from these agreements would not have a material adverse effect on the business, financial position, results of operations, or cash flows of the Company. Settlement of dispute with SunPower Debtors Bankruptcy Esta …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(11) Stock-Based Compensation In July 2023, the Companys board of directors adopted and stockholders approved the 2023 Incentive Equity Plan (the 2023 Plan). The 2023 Plan became effective immediately upon the closing of the Amended and Restated Business Combination Agreement. Initially, a maximum number of 8,763,322 shares of SunPower common stock may be issued under the 2023 Plan. In addition, the number of shares of SunPower common stock reserved for issuance under the 2023 Plan will automatically increase on January 1 of each year, starting on January 1, 2024 and ending on January 1, 2033, in an amount equal to the lesser of (1) 4% of the total number of shares of SunPowers common stock outstanding on December 31 of the preceding year, or (2) a lesser number of shares of SunPower common stock determined by SunPowers Board prior to the date of the increase. The maximum number of shares of SunPower common stock that may be issued on the exercise of incentive stock options (ISOs) under the 2023 Plan is three times the number of shares available for issuance upon the 2023 Plan becoming effective (or 26,289,966 shares). Historically, awards were granted under the Amended and Restated Complete Solaria Omnibus Incentive Plan (2022 Plan), the Complete Solar 2011 Stock Plan (2011 Plan), the Solaria Corporation 2016 Stock Plan (2016 Plan) and the Solaria Corporation 2006 Stock Plan (2006 Plan) (together with the Complete Solaria, Inc. 2023 Incentive Equity Plan (2023 Plan), the Pla …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(4) Fair Value Measurements The following table sets forth the Companys financial assets and liabilities that are measured at fair value, on a recurring basis (in thousands) : As of September 28, 2025 Level 1 Level 2 Level 3 Total Financial Assets Restricted cash $ 3,841 $ $ $ 3,841 Total $ 3,841 $ $ $ 3,841 Financial Liabilities July 2024 Notes derivative liability $ $ $ 21,664 $ 21,664 July 2024 Notes derivative liability related parties 13,940 13,940 September 2024 derivative liability 53,301 53,301 September 2024 derivative liability related parties 5,922 5,922 July 2025 Note derivative liability related party 3,468 3,468 September 2025 Notes derivative liability 16,274 16,274 Forward purchase agreement liabilities 4,301 4,301 Public warrants 2,588 2,588 Private placement warrants 1,880 1,880 Working capital warrants 215 215 SAFE Agreement with related party 497 497 Total $ $ $ 124,050 $ 124,050 As of December 29, 2024 Level 1 Level 2 Level 3 Total Financial Assets Restricted cash $ 3,841 $ $ $ 3,841 Total $ 3,841 $ $ $ 3,841 Financial Liabilities July 2024 Notes derivative liability $ $ $ 13,563 $ 13,563 July 2024 Notes derivative liability related parties 21,127 21,127 September 2024 Notes derivative liability 55,474 55,474 September 2024 Notes derivative liability related parties 6,958 6,958 Forward purchase agreement liabilities (1) 3,494 3,494 Public warrants 862 862 Private placement warrants 627 627 Working capital warrants 72 72 SAFE Agreement with related party 3 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(13) Income Taxes As a result of the Companys history of net operating losses, the Company has provided a full valuation allowance against its deferred tax assets. For each of the thirteen week periods ended September 28, 2025, and September 29, 2024, the Company recognized income tax expense of zero . For the thirty-nine week periods ended September 28, 2025, and September 29, 2024, the Company recognized income tax expense of zero and eleven thousand dollars, respectively. The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025. The OBBBA contains significant changes to corporate taxation, including accelerated deductions for capital expenditures, expensing of research and development costs incurred in the US, and increased deductibility of interest expense. The Company is currently evaluating the impact of OBBBA, but does not expect a material provision would impact the effective tax rate. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(16) Related Party Transactions Refer to the following notes to the Companys unaudited condensed consolidated financial statements for details regarding the related party transactions entered into by the Company; Note 1(a) Description of Business; Note 2(i) Summary of Significant Accounting Policies Changes in related parties ; Note 4 Fair Value Measurements; Note 6 Accrued Expenses and Other Current Liabilities; Note 7 Other Expense, Net; Note 8 Capital Stock; Note 9 Borrowings and Derivative Liabilities, and Note 10 SAFE Agreements. All other related party transactions are described herein. The Company determined that SameDay Solar became a related party to the Company during fiscal year 2024. The Companys revenue is net of dealer fees attributable to SameDay Solar of $0.3 million and $1.6 million in the thirteen and thirty-nine week periods ended September 28, 2025, respectively. The Companys revenue is net of dealer fees attributable to SameDay Solar of $1.6 million in each of the thirteen and thirty-nine week periods ended September 29, 2024. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(15) Segment Information The segment information is presented on a basis that is consistent with the Companys internal management reporting. The Companys Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM). The CODM manages the Company and reports financial results based on three reportable segments which are the same as the Companys operating segments. The CODM evaluates the performance of these reportable segments and allocates resources to make operating decisions based on certain financial information, including segmented internal income/(loss) prepared on a basis consistent with U.S. GAAP. The measurement criteria is based on their operating revenue and operating income (loss) and excluding any corporate costs which are not allocatable to the operating segments. The CODMs measurement criteria does not include segment assets. During the periods presented, the Company reported its financial performance through the following three reportable segments; Residential Solar Installation, New Homes Business and Sunder. Residential Solar Installation . This segment performs solar system, storage and battery installations for residential homeowners. New Homes Business . This segment is new, as a result of the SunPower Acquisition which occurred in the fourth quarter of fiscal 2024. The Company developed a method to allocate direct expenses for the respective reportable segments. This segment performs solar system installations for new home builders. Sunder . …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(2) Summary of Significant Accounting Policies (a) Basis of presentation The interim unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC). Accordingly, these interim unaudited condensed consolidated financial statements do not include all the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, these interim unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Companys financial position as of September 28, 2025, and the results of operations for the thirteen and thirty-nine week periods ended September 28, 2025 and September 29, 2024. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. These interim unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

(8) Capital Stock The Company has authorized the issuance of 1,000,000,000 shares of common stock and 10,000,000 shares of preferred stock as of September 28, 2025. No preferred stock has been issued and none are outstanding as of September 28, 2025. Common stock purchase agreement On July 16, 2024, the Company entered into a common stock purchase agreement with White Lion Capital, LLC (White Lion), as amended on July 24, 2024 (White Lion SPA), and a related registration rights agreement for an equity line of credit financing facility. Pursuant to the White Lion SPA, the Company has the right, but not the obligation, to require White Lion to purchase, from time to time, up to $30 million in aggregate gross purchase price of newly issued shares of the Companys common stock, subject to the caps and certain limitations and conditions set forth in the White Lion SPA, including terms that restrict the ability of the Company to issue shares of common stock to White Lion that would result in White Lion beneficially owning more than 9.99% of the Companys outstanding common stock. On August 14, 2024, the Company entered into Amendment No. 2 to the White Lion SPA (collectively with the White Lion SPA White Lion Amended SPA). The White Lion Amended SPA provides that the Company may notify White Lion to exercise the Companys right to sell shares of its common stock by delivering an Hour Rapid Purchase Notice. If the Company delivers an Hour Rapid Purchase Notice, the Company shall delive …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

(17) Subsequent Events Partial conversion of September 2024 Notes Subsequent to September 28, 2025, holders of $10.6 million of the Companys September 2024 Notes converted their September 2024 Notes into 6.2 million shares of common stock of the Company. Acquisition of Ambia Energy LLC On November 11, 2025, the Company announced that it signed a non-binding letter of intent to acquire Ambia Energy, LLC (Ambia) located in Lindon, Utah in exchange for approximately $37.5 million of equity in SunPower, subject to customary closing conditions. On November 21, 2025, the Company entered into a Membership Interest Purchase Agreement (the Membership Interest Purchase Agreement) with Ambia and Ambia Holdings, Inc., a Delaware corporation and the sole member of Ambia (the Member). The Company, Ambia and the Member completed the closing under the Membership Interest Purchase Agreement (the Ambia Closing) on November 21, 2025. At the Ambia Closing, the Company acquired all of the outstanding membership interests of Ambia from the Member for: (a) 10,243,924 shares (the Closing Consideration Shares) of common stock of the Company, $0.0001 par value per share (the Common Stock), issued at the Ambia Closing to the Member; and (b) the agreement to issue an additional $9.375 million of shares of Common Stock on the six-month anniversary of the Ambia Closing and an additional $9.375 million of shares of Common Stock on the 12-month anniversary of the Ambia Closing (such additional shares of Com …

SubsequentEventsTextBlock · excerpt; the full note is in the filing