SPWR

SunPower Inc. is the rebranded Complete Solaria — a roll-up of acquired residential-solar assets (the bankrupt SunPower Corp.'s Blue Raven/New Homes businesses in 2024, plus Sunder and Ambia in late 2025). That explains the eye-catching +175.9% revenue jump to $300M: it is bought growth, not organic demand, and it sits on top of management's own explicit statement that 'there is substantial doubt about our ability to continue as a going concern within one year.' When a filing says that in plain language, it overrides every favorable-looking ratio above it.

The balance sheet is the disqualifier. Stockholders' equity is negative $90.1M against $331M of liabilities (a meaningless -3.68x leverage ratio that simply signals insolvency), retained deficit is -$457M, and cash is just $9.62M — down 28% — versus $24.3M of current debt due now (up 1,520% YoY) and $165M of long-term debt. Current liabilities ($155M) exceed current assets ($113M), so working capital is negative. Operating cash flow is still negative (-$15.3M), meaning the business burns cash even after the acquisitions, and the company is plugging the hole by selling stock: shares outstanding rose 58% to 127M, including 4.01M shares dumped to White Lion Capital under an equity line of credit for just $6.7M. That ELOC is a continuous dilution machine pointed at existing holders.