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‎ UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to _____

Commission File Number: 001-31588

SUNATION ENERGY, INC.

(Exact name of registrant as specified in its charter)


Delaware		41-0957999
(State or other jurisdiction of incorporation or organization)		(Federal Employer Identification No.)

171 Remington Boulevard, Ronkonkoma, NY 11779		11779
(Address of principal executive offices)		(Zip Code)

(952) 996-1674

Registrant’s telephone number, including area code

Securities Registered Pursuant to Section 12(b) of the Act

Title of Each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.05 per share	SUNE	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒

Smaller Reporting Company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. YES ☐ NO ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Outstanding at November 5, 2025	3,406,614

SUNATION ENERGY, INC.

INDEX

			Page No.
Part I.	Financial Information

	Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets		2

	Condensed Consolidated Statements of Operations		4

	Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)		5

	Condensed Consolidated Statements of Cash Flows		12

	Notes to Condensed Consolidated Financial Statements		14

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	56

	Item 4.	Controls and Procedures	56

Part II.	Other Information		58

SIGNATURES CERTIFICATIONS			63

‎



SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

ASSETS
	September 30		December 31
	2025		2024
CURRENT ASSETS:
Cash and cash equivalents	$	5,414,591	$	839,268
Restricted cash and cash equivalents		288,948		312,080
Trade accounts receivable, less allowance for
credit losses of $280,863 and $240,817, respectively		4,924,480		4,881,094
Inventories		3,008,151		2,707,643
Prepaid income taxes		13,461		—
Related party receivables		21,571		23,471
Prepaid expenses		2,088,810		1,587,464
Costs and estimated earnings in excess of billings		797,390		560,648
Other current assets		612,248		198,717
TOTAL CURRENT ASSETS		17,169,650		11,110,385
PROPERTY, PLANT AND EQUIPMENT, net		1,047,668		1,238,898
OTHER ASSETS:
Goodwill		17,443,869		17,443,869
Operating lease right of use asset, net		3,391,457		3,686,747
Intangible assets, net		10,542,708		12,220,833
Other assets, net		12,000		12,000
TOTAL OTHER ASSETS		31,390,034		33,363,449
TOTAL ASSETS	$	49,607,352	$	45,712,732
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	7,291,519	$	8,032,769
Accrued compensation and benefits		1,362,804		796,815
Operating lease liability		285,676		321,860
Accrued warranty		198,087		350,013
Other accrued liabilities		1,476,479		1,055,995
Accrued loss contingencies		—		1,300,000
Income taxes payable		—		5,071
Refundable customer deposits		4,331,250		1,870,173
Billings in excess of costs and estimated earnings		1,889,832		444,310
Contingent value rights		288,948		312,080
Earnout consideration		—		2,500,000
Current portion of loans payable		379,609		3,139,113
Current portion of loans payable - related party		1,530,244		6,951,563
Embedded derivative liability		—		82,281
TOTAL CURRENT LIABILITIES		19,034,448		27,162,043
LONG-TERM LIABILITIES:
Loans payable and related interest		1,093,114		6,531,650
Loans payable and related interest - related party		3,897,808		—
Operating lease liability		3,233,929		3,471,623
Accrued compensation and benefits		620,087		—
TOTAL LONG-TERM LIABILITIES		8,844,938		10,003,273
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY
Series A Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively		—		—

Series B preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively		—		—
Series C preferred stock, par value $1.00 per share; 35,000 shares authorized; no shares issued and outstanding, respectively		—		—
Series D preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively		—		—
Common stock, par value $0.05 per share; 1,000,000,000 shares authorized;
3,406,614 and 9,343 shares issued and outstanding, respectively⁽¹⁾		170,331		467
Additional paid-in capital⁽¹⁾		77,953,503		51,445,995
Accumulated deficit		(56,395,868)		(42,899,046)
TOTAL STOCKHOLDERS' EQUITY		21,727,966		8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	49,607,352	$	45,712,732

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.

The accompanying notes are an integral part of the condensed consolidated financial statements.



SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended September 30				Nine Months Ended September 30
	2025		2024		2025		2024
Sales	$	18,993,636	$	14,718,386	$	44,694,528	$	41,487,003
Cost of sales		11,781,951		9,482,661		28,212,001		26,653,476
Gross profit		7,211,685		5,235,725		16,482,527		14,833,527
Operating expenses:
Selling, general and administrative expenses		6,898,041		6,133,087		19,381,068		19,321,037
Amortization expense		559,375		709,375		1,678,125		2,128,125
Fair value remeasurement of SUNation NY earnout consideration		—		—		—		(800,000)
Total operating expenses		7,457,416		6,842,462		21,059,193		20,649,162
Operating loss		(245,731)		(1,606,737)		(4,576,666)		(5,815,635)
Other (expense) income:
Investment and other income		15,173		25,410		90,999		98,576
Gain on sale of assets		—		(6,940)		—		(822)
Fair value remeasurement of warrant liability		—		(1,435,845)		(7,531,044)		(974,823)
Fair value remeasurement of embedded derivative liability		—		587,271		—		(468,329)
Fair value remeasurement of contingent forward contract		—		—		899,080		—
Fair value remeasurement of contingent value rights		(2,318)		(14,051)		23,132		478,809
Financing fees		—		—		(1,136,532)		—
Interest expense		(143,420)		(811,551)		(876,790)		(2,312,054)
Loss on debt extinguishment		—		(35,657)		(343,471)		(35,657)
Other expense, net		(130,565)		(1,691,363)		(8,874,626)		(3,214,300)
Net loss before income taxes		(376,296)		(3,298,100)		(13,451,292)		(9,029,935)
Income tax expense		16,679		509		45,530		38
Net loss		(392,975)		(3,298,609)		(13,496,822)		(9,029,973)

Deemed dividend on extinguishment of Convertible Preferred Stock		—		(3,464,426)		—		(4,215,551)
Deemed dividend on modification of PIPE Warrants		—		(875,737)		—		(11,447,251)
Deemed contribution on exchange of equity instruments		—		4,075,681		—		4,075,681
Net loss attributable to common shareholders	$	(392,975)	$	(3,563,091)	$	(13,496,822)	$	(20,617,094)


Basic net loss per share⁽¹⁾	$	(0.12)	$	(2,350.12)	$	(6.19)	$	(25,596.09)
Diluted net loss per share⁽¹⁾	$	(0.12)	$	(2,350.12)		(6.19)		(25,596.09)

Weighted Average Basic Shares Outstanding⁽¹⁾		3,406,614		1,516		2,180,066		805
Weighted Average Dilutive Shares Outstanding⁽¹⁾		3,406,614		1,516		2,180,066		805

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.

The accompanying notes are an integral part of the condensed consolidated financial statements.


SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
For the Nine Months Ended September 30, 2025


	Redeemable Convertible			Series A Convertible			Series B			Series C			Series D						Additional
	Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Common Stock			Paid-in		Accumulated
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares⁽¹⁾	Amount⁽¹⁾		Capital⁽¹⁾		Deficit		Total
BALANCE AT DECEMBER 31, 2024	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	9,343	$	467	$	51,445,995	$	(42,899,046)	$	8,547,416
Net loss	—		—	—		—	—		—	—		—	—		—	—		—		—		(13,496,822)		(13,496,822)
Issuance of common stock under Equity Incentive Plan	—		—	—		—	—		—	—		—	—		—	4		—		—		—		—
Issuance of common stock under registered direct offering, net of issuance costs	—		—	—		—	—		—	—		—	—		—	31,564		1,578		8,697,706		—		8,699,284
Issuance of common stock under pre-funded warrant exercises	—		—	—		—	—		—	—		—	—		—	55,392		2,770		8,308		—		11,078
Issuance of common stock under Series B warrant exercises	—		—	—		—	—		—	—		—	—		—	3,260,870		163,044		16,499,663		—		16,662,707
Issuance of Series D Preferred Stock	—		—	—		—	—		—	—		—	1		1	—		—		(1)		—		—
Cancellation of Series D Preferred Stock	—		—	—		—	—		—	—		—	(1)		(1)	—		—		1		—		—
Issuance of common stock on At-the-Market sales, net of issuance costs	—		—	—		—	—		—	—		—	—		—	762		37		351,335		—		351,372
Issuance of common stock on settlement of loss contingencies	—		—	—		—	—		—	—		—	—		—	6,065		304		880,452		—		880,756

Effect of reverse stock splits	—		—	—		—	—		—	—		—	—		—	42,614		2,131		(2,131)		—		—
Share based compensation	—		—	—		—	—		—	—		—	—		—	—		—		72,175		—		72,175
BALANCE AT SEPTEMBER 30, 2025	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	3,406,614	$	170,331	$	77,953,503	$	(56,395,868)	$	21,727,966


For the Three Months Ended September 30, 2025

	Redeemable Convertible			Series A			Series B			Series C			Series D						Additional
	Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Common Stock			Paid-in		Accumulated
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares⁽¹⁾	Amount⁽¹⁾		Capital⁽¹⁾		Deficit		Total
BALANCE AT JUNE 30, 2025	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	3,406,614	$	170,331	$	77,934,604	$	(56,002,893)	$	22,102,042
Net loss	—		—	—		—	—		—	—		—	—		—	—		—		—		(392,975)		(392,975)
Share based compensation	—		—	—		—	—		—	—		—	—		—	—		—		18,899		—		18,899
BALANCE AT SEPTEMBER 30, 2025	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	3,406,614	$	170,331	$	77,953,503	$	(56,395,868)	$	21,727,966


For the Nine Months Ended September 30, 2024

	Redeemable Convertible			Series A Convertible			Series B			Series C			Series D							Additional
	Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock				Common Stock			Paid-in		Accumulated
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount			Shares⁽¹⁾	Amount⁽¹⁾		Capital⁽¹⁾		Deficit		Total
BALANCE AT DECEMBER 31, 2023	—	$	—	28,000	$	28,000	—	$	—	—	$	—	—	$	—		68	$	3	$	47,490,197	$	(27,081,411)	$	20,436,789
Net loss	—		—	—		—	—		—	—		—	—		—		—		—		—		(9,029,973)		(9,029,973)
Issuance of common stock under Employee Stock Purchase Plan	—		—	—		—	—		—	—		—	—		—		1		—		9,772		—		9,772
Issuance of common stock under Equity Incentive Plan	—		—	—		—	—		—	—		—	—		—		2		—		—		—		—
Issuance of common stock under registered direct offering, net of issuance costs	—		—	—		—	—		—	—		—	—		—	—	18		1		918,987		—		918,988
Issuance of Series B Preferred Stock	—		—	—		—	1		1	—		—	—		—	—	—		—		14		—		15
Cancellation of Series B Preferred Stock	—		—	—		—	(1)		(1)	—		—	—		—		—		—		—		—		(1)
Issuance of common stock under PIPE Warrant exercise	—		—	—		—	—		—	—		—	—		—	—	83		4		324,786		—		324,790
Reclassification of Series A Preferred Stock to temporary equity	28,000		30,968,875	(28,000)		(28,000)	—		—	—		—	—		—	—	—		—		(30,940,875)		—		(30,968,875)
Deemed dividend on extinguishment of Convertible Preferred Stock	—		751,125	—		—	—		—	—		—	—		—	—	—		—		(751,125)		—		(751,125)
Reclassification of PIPE Warrants to liabilities	—		—	—		—	—		—	—		—	—		—	—	—		—		(10,592,220)		—		(10,592,220)

Conversion of Redeemable Convertible Preferred Stock to Common Stock	(13,485)	(15,277,055)	—	—	—	—	—	—	—	—	—	632	32	15,277,023	—	15,277,055
Conversion of Series A Convertible Preferred Stock to Common Stock	—	—	(1,490)	(1,490)	—	—	—	—	—	—		71	4	1,486	—	—
Reclassification of temporary equity to Series A Preferred Stock	(14,515)	(16,442,945)	14,515	14,515	—

SUNation Energy, Inc. 10-Q