Segment Information

9 Months Ended

Sep. 28, 2025

Segment Information [Abstract]

Segment Information

(15) Segment Information

The segment information is presented on a basis that is consistent with the Company’s internal management reporting. The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM manages the Company and reports financial results based on three reportable segments which are the same as the Company’s operating segments. The CODM evaluates the performance of these reportable segments and allocates resources to make operating decisions based on certain financial information, including segmented internal income/(loss) prepared on a basis consistent with U.S. GAAP. The measurement criteria is based on their operating revenue and operating income (loss) and excluding any corporate costs which are not allocatable to the operating segments. The CODM’s measurement criteria does not include segment assets. During the periods presented, the Company reported its financial performance through the following three reportable segments; Residential Solar Installation, New Homes Business and Sunder.

Residential Solar Installation. This segment performs solar system, storage and battery installations for residential homeowners.

New Homes Business. This segment is new, as a result of the SunPower Acquisition which occurred in the fourth quarter of fiscal 2024. The Company developed a method to allocate direct expenses for the respective reportable segments. This segment performs solar system installations for new home builders.

Sunder. This segment is new beginning in fiscal year 2025, as a result of the Sunder Acquisition which occurred late in the third quarter of fiscal 2025. This segment’s principal activity is a solar energy sales force to initiate and execute contracts with customers throughout the United States.

	Thirteen Weeks Ended
	September 28, 2025										September 29, 2024
(in thousands)	Residential Solar Installation			New Homes Business		Sunder		Total			Residential Solar Installation			New Homes Business		Sunder		Total
Operating revenues	$	38,579		$	27,116		4,310	$	70,005		$	5,536		$	—	$	—	$	5,536
Less:
Cost of revenues		20,984			13,329		3,652		37,965			8,693			—		—		8,693
Sales commissions		7,479			55		—		7,534			7,270			—		—		7,270
Sales and marketing		4,781			1,686		—		6,467			1,093			—		—		1,093
General and administrative(1)		12,240			9,243		—		21,483			18,450			—		—		18,450
Operating (loss) income from continuing operations		(6,905	)		2,803		658		(3,444	)		(29,970	)		—		—		(29,970	)
Reconciliation of segment (loss) income from continuing operations before income taxes:
Unallocated amounts:
Interest expense									(8,104	)									(2,338	)
Interest income									—										86
Other expense, net									(4,256	)									(65,684	)
Gain on extinguishment of debt									—										19,948
(Loss) from continuing operations before income taxes								$	(15,804	)								$	(77,958	)

⁽¹⁾ For the thirteen weeks ended September 28, 2025, depreciation and amortization expense was $1.0 million,  $0.3 million, and zero for the Residential Solar Installation, New Homes Business and Sunder reportable segments, respectively. For the thirteen weeks ended September 29, 2024, depreciation and amortization expense was $0.3 million for the Residential Solar Installation reportable segment.

	Thirty-Nine Weeks Ended
	September 28, 2025										September 29, 2024
(in thousands)	Residential Solar Installation			New Homes Business		Sunder		Total			Residential Solar Installation			New Homes Business		Sunder		Total
Operating revenues	$	114,097		$	101,862		4,310	$	220,269		$	20,068		$	—	$	—	$	20,068
Less:
Cost of revenues		67,388			55,930		3,652		126,970			21,834			—		—		21,834
Sales commissions		22,882			1,391		—		24,273			11,691			—		—		11,691
Sales and marketing		19,591			2,173		—		21,764			3,762			—		—		3,762
General and administrative(1)		32,782			19,600		—		52,382			29,789			—		—		29,789
Operating (loss) income from continuing operations		(28,546	)		22,768		658		(5,120	)		(47,008	)		—		—		(47,008	)
Reconciliation of segment (loss) income from continuing operations before income taxes:
Unallocated amounts:
Interest expense									(23,258	)									(8,230	)
Interest income									3										102
Other expense, net									(1,724	)									(66,234	)
Gain on extinguishment of debt									—										19,948
(Loss) from continuing operations before income taxes								$	(30,099	)								$	(101,422	)

⁽¹⁾ In the thirty-nine weeks ended September 28, 2025, depreciation and amortization expense was $3.4 million, $0.9 million and zero for the Residential Solar Installation, New Homes Business and Sunder reportable segments, respectively. In the thirty-nine weeks ended September 29, 2024, depreciation and amortization expense was $1.0 million for the Residential Solar Installation reportable segment.