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OREM, Utah - SunPower (NASDAQ:SPWR), a prominent residential solar services provider trading near its InvestingPro Fair Value, has filed its overdue Annual Report on Form 10-K for the year ended December 29, 2024, as confirmed on April 30, 2025. The company’s stock has shown remarkable resilience with a 182% return over the past year, despite maintaining a weak financial health score. The filing follows a notification from Nasdaq on April 28, 2025, that the company had not met the Nasdaq Listing Rule 5250(c)(1) due to the delay in filing the required report.
The company had previously communicated via a Form 12b-25 filed with the SEC on March 31, 2025, that additional time was needed to complete the year-end audit and reporting process. SunPower CEO T.J. Rodgers explained that the delay was due to the comprehensive auditing process, which took 14,000 hours, significantly more than the typical 6,500 hours for a mature company. With total debt of $204.7 million and a concerning current ratio of 2.46, InvestingPro analysis indicates the company faces significant financial challenges. Rodgers emphasized that there is no penalty for the delay and no impact on shareholders.
SunPower’s digital platform and installation services cater to North American customers seeking energy-efficient solutions. The company’s successful submission of the audited financial statements within the 60-day grace period provided by Nasdaq ensures continued compliance with the exchange’s listing requirements.
This development, based on a press release statement, indicates that SunPower has addressed the compliance issue with Nasdaq and remains a key player in the residential solar services market.
In other recent news, Complete Solaria reported its financial results for the fourth quarter of 2024, with revenue reaching $81.1 million and a net loss of $5.94 million. The company is aiming to achieve operating income breakeven by the first quarter of 2025, focusing on strategic cost reductions and the integration of acquired assets. In addition, Complete Solaria announced a rebranding initiative, changing its ticker symbols to SPWR and SPWRW on Nasdaq, effective April 22, 2025. The company also outlined a strategic vision update in an SEC filing, although the details are not part of formal financial statements. Complete Solaria has adjusted its fiscal year to align with industry standards, ending on the Sunday closest to December 31. The company’s 2025 Annual Meeting of Stockholders is scheduled for May 15, 2025, and will be held virtually. Meanwhile, the company has significantly reduced its headcount to cut costs and is focused on leveraging SunPower assets for future growth. The company plans to present its full-year 2024 audited financial results and the first quarter of 2025 unaudited results in an upcoming webcast on April 30, 2025.
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