TipRanks

Sat, May 31, 2025, 5:47 AM2 min read

SunPower (SPWR) held its Annual Meeting yesterday, May 29th at 11:00 a.m. Pacific Time. All 12 SunPower proposals won with votes of 95% or higher, including: 1. the re-election of our 11 Board members, 2. re-hiring BDO as our auditor, and 3. the approval of the employee stock plan. SPWR chairman and CEO, T.J. Rodgers, said, “First and foremost, I thank our shareholders again for their great financial support in approving the stockholder plan proposal with a 96% vote. We have already transformed the company with our SPWR asset acquisition, and you just approved the shares – the standard new-hire shares – for about 1,000 SunPower employees that joined us as, in effect, founders, and swelled our ranks by 10x and our revenue by 14.7x. In addition, you also pre-approved the hiring shares for the next acquisition, which we are working on vigorously. And the ITC phase-out in the news today will make our next acquisitions easier. I have also run multiple financial scenarios for SPWR on the impact of the ITC phase-out. I do not see any possible ITC problem for the rest of this year that could cause SunPower’s revenue to drop enough to make us unprofitable, let alone have a serious financial issue. The 2026 ITC phase-out is still being debated, but in the worst case, an abrupt ITC shutdown at the end of Q4’25, we would have to suffer a quarterly revenue decline to below our breakeven point of $72M, an unlikely event. I wanted investors to know that now, while I am preparing a deeper presentation on the ITC issue to be presented on Thursday, June 5, 2025.”

• Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions

• Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. >;elm:context_link;itc:0;sec:content-canvas" href="https://thefly.com/?utm_source=finance.yahoo.com&utm_medium=referral" rel="nofollow noopener" target="_blank">Try Now>>

>;elm:context_link;itc:0;sec:content-canvas" href="https://www.tipranks.com/screener/analysts-top-stocks/?type=stockAnalysisLanding&utm_source=finance.yahoo.com&utm_medium=referral" rel="nofollow noopener" target="_blank">See the top stocks recommended by analysts >>

Read More on SPWR:

Disclaimer & DisclosureReport an Issue

• Complete Solaria Holds 2025 Annual Stockholders Meeting

• Charged: Solar stocks under pressure after House passes revised tax bill

• Morgan Stanley says amendment to OBBB more challenging for renewables

• Solar stocks plunge after House passes revised tax bill

• Trump Trade: Trump’s revised tax bill clears the House