Sunation Energy Inc
sunation.comWhat Do They Do?
Installs and services solar energy systems and battery storage for homeowners, businesses, and municipal customers.
10-K for FY2025, filed Mar 23, 2026SUNation Energy, Inc. (herein referred to as “SUNation Energy,” “SUNE,” “our,” “we” or the “Company”) is focused on growing leading local…View ↗
Our primary customers are residential homeowners. We also provide solar energy systems to commercial owners and other municipal customers.View ↗
Our current business units, Hawaii Energy Connection, LLC (“HEC”), and New York-based subsidiaries, the SUNation entities (collectively…View ↗
How Do They Make Money?
Homeowners and commercial customers pay for completed solar systems; residential payments from financing companies arrive at installation milestones, while commercial project payments are billed as work progresses.
10-K for FY2025, filed Mar 23, 2026Under the customer loan scenario, we receive cash payments from the loan company upon completion of various milestones during the…View ↗
Revenue is recognized when there is a transfer of control of promised goods or services to customers in an amount that reflects the…View ↗
Commercial contracts are generally completed within three to twelve months from commencement of construction. Construction on large…View ↗
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10-K for FY2025, filed Mar 23, 2026
FY2025 revenue by reportable segment ↗
$71.9M
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10-K for FY2025, filed Mar 23, 2026
$71.9M ↗
| Segment | Share | Revenue |
|---|---|---|
|
SUNation NY
|
69% |
SUNation NY, FY2025
$49.6M Sources
|
|
HEC
|
31% |
HEC, FY2025
$22.3M Sources
|
Who Are Their Customers?
Homeowners are the main customers, alongside commercial, industrial, institutional, and municipal customers. The company sells directly through residential agreements and commercial project contracts.
10-K for FY2025, filed Mar 23, 2026Our primary customers are residential homeowners. We also provide solar energy systems to commercial owners and other municipal customers.View ↗
Residential Customers AgreementsView ↗
SUNation Energy, through its regional business entities, actively develops and installs photovoltaic (PV) arrays and other renewable energy…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $10.9M in FY2025, but brought in more cash than it spent: $906.4K of free cash flow.
10-K for FY2025, filed Mar 23, 2026
−$1.7MView ↗
10-K for FY2025, filed Mar 23, 2026
−$10.9MView ↗
10-K for FY2025, filed Mar 23, 2026
$906.4KView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 12, 2026
−$3.3MView ↗
- ▼ −65% (Loss)
- vs −$9.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 12, 2026
Open tableView ↗
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Sep 4, 2026
SUNation amended its proposed merger agreement with Suniva
The amendment changes merger conditions and the closing net cash requirement.
Sources
8-K, filed Sep 8, 2026
On September 4, 2026, SUNation Energy, Inc., a Delaware corporation (“SUNation”), SUNation Merger Sub, Inc., a Delaware corporation and a…View ↗
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Jun 8, 2026
SUNation agreed to merge with Suniva
If completed, Suniva would become a wholly owned subsidiary and the combined company is expected to operate under the Suniva name.
Sources
8-K, filed Jun 8, 2026
On June 5, 2026, SUNation Energy, Inc., a Delaware corporation (“SUNation”), SUNation Merger Sub, Inc., a Delaware corporation and a wholly…View ↗
Growing. Revenue grew 1884.2x in 4 years, from $38.2K in FY2021 to $71.9M in FY2025, about 559% a year.
E-Gear activity
The older report describes E-Gear as developing, manufacturing, and selling energy management software and hardware to energy services companies and utilities. The latest report describes the business as offering energy management controls in Hawaii, paired with solar and batteries, to support grid services.
10-K for FY2022, filed Apr 14, 2023 10-K for FY2025, filed Mar 23, 2026Through its E-Gear, LLC (“E-Gear”) business, Pineapple also develops, manufactures, and sells patented edge-of-grid energy management…View ↗
In the Hawaiian market we also offer energy management control devices on solar systems that are paired with batteries that help homeowners…View ↗
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