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OREM, Utah - SunPower Corporation (NASDAQ:SPWR), a prominent player in the solar technology and installation sector currently trading at $1.26 per share, announced the successful passage of all 12 shareholder proposals during its Annual Meeting on Thursday. According to InvestingPro analysis, the company appears undervalued despite facing recent market challenges, with the stock down nearly 30% year-to-date. The proposals, which included the re-election of its 11 Board members, the reappointment of BDO as its auditor, and the approval of an employee stock plan, received overwhelming support, with each passing by a margin of 95% or higher.
In a statement, Chairman and CEO T.J. Rodgers expressed gratitude to shareholders for their financial backing, particularly highlighting the approval of the stockholder plan proposal with a 96% vote. This plan is significant as it provides stock options for approximately 1,000 employees who joined SunPower through a recent acquisition, which increased the company’s workforce tenfold and revenue by 14.7 times. The company’s revenue growth has been remarkable, showing a 124% increase in the last twelve months, according to InvestingPro data.
Rodgers also addressed the ongoing discussions regarding the Investment Tax Credit (ITC) phase-out, a critical factor for the solar industry. He reassured investors that SunPower had run multiple financial scenarios and does not foresee any immediate ITC-related problems that could threaten the company’s profitability for the remainder of the year.
Looking ahead, SunPower is preparing for the potential impact of the ITC phase-out in 2026. Rodgers indicated that even in the worst-case scenario—an abrupt end to the ITC by Q4 2025—the company is unlikely to see its quarterly revenue dip below the breakeven point of $72 million.
Investors are invited to a Business Update Call scheduled for Thursday, June 5, 2025, at 10 am PT, where Rodgers will present a more detailed analysis of the ITC issue and its potential implications for SunPower.
Since its establishment in 1985, SunPower has been a leading provider of residential solar services in North America. The company’s digital platform and installation services are designed to meet the energy needs of customers transitioning to more energy-efficient solutions. While currently showing a gross profit margin of 43%, analysts tracked by InvestingPro expect the company to return to profitability this year, with projected earnings per share of $0.16. For deeper insights into SunPower’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This news article is based on a press release statement from SunPower.
In other recent news, SunPower has regained compliance with Nasdaq listing requirements by filing its overdue Annual Report on Form 10-K for the year ended December 29, 2024. This development follows a notification from Nasdaq regarding a delay in the filing, which SunPower attributed to an extensive auditing process. Meanwhile, Complete Solaria has disclosed forward-looking statements in a regulatory filing, outlining financial projections and operational goals for the remainder of 2025 and into 2026. These projections include the anticipated impact of investment tax credits and are subject to risks and uncertainties. Additionally, Complete Solaria has announced a strategic vision update, referred to as the "SunPower Vision Message," to inform stakeholders of its strategic direction. The company also rebranded, changing its ticker symbols to SPWR and SPWRW on Nasdaq. Moreover, Complete Solaria has aligned its fiscal year-end with industry standards, moving to a 52-to-53-week fiscal year. The company’s 2025 Annual Meeting of Stockholders is scheduled for May 15, 2025, to be held virtually.
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