SPWR · SunPower Inc.

SunPower Inc. disclosed that its previously issued interim financial statements for the first three quarters of fiscal 2025 should no longer be relied upon due to material errors primarily concerning revenue recognition and interest expense. The errors originated from identified material weaknesses in the Company's internal control over financial reporting, specifically within control activities, information and communication, and monitoring activities. While the Company has corrected these misstatements in the annual results included in a press release issued on April 14, 2026, the specific impact on each prior interim period is still under review. Preliminary estimates suggest a cumulative negative impact on financial performance for the thirty-nine weeks ended September 28, 2025, including a revenue decrease of approximately $13 million and an increased net loss of approximately $5 million. The Company stated its intention to restate the affected periods by filing amended Quarterly Reports on Form 10-Q as soon as practicable. The Audit Committee and authorized officers discussed these matters with BDO USA, P.C., the independent registered public accounting firm. Investors should be aware that previous earnings releases and investor communications covering these periods should no longer be relied upon.