Sunation Energy Inc (SUNE) is a residential and commercial solar energy company that designs, sells, and installs photovoltaic solar energy systems and battery storage for homeowners and businesses. Revenue is generated primarily through direct sales of solar installations, with 85% of FY2025 consolidated revenue coming from photovoltaic solar energy systems and batteries sold to residential homeowners (per the 10-K filed 2026-03-23). The company operates through two principal subsidiaries: SUNation NY, serving Long Island, New York, and HEC, serving Hawaii. Sunation Energy positions itself as a regional consolidator in a fragmented market of over 4,000 contractors nationwide, competing against national installers and local operators. Products sourced from Enphase, Tesla, and FranklinWH are installed by the company's own workforce. In FY2025, total revenue was $71.9 million, up 26% from $56.9 million in FY2024, with a gross margin of 38%. The company reported an operating loss of $1.7 million in FY2025, improved from an operating loss of $12.3 million in FY2024.

Revenue model

Transactional revenue from direct sale and installation of photovoltaic solar systems and battery storage. Residential homeowners typically finance purchases through third-party loans arranged by the company. In Hawaii, the company also earns revenue by aggregating customer batteries into a virtual power plant and selling grid services to the utility.

Products and services

Photovoltaic solar energy systems (rooftop and ground-mounted), battery storage systems, and energy management control devices. Products sourced from Enphase, Tesla, FranklinWH, and other providers. Average residential system size was 6.8 kilowatts for HEC (Hawaii) customers and 127 kilowatts for SUNation NY (Long Island) customers in FY2025.

Customers and end markets

Primarily residential homeowners (85% of FY2025 consolidated revenue). Commercial customers represent the remaining portion. Approximately 35% of installed jobs in FY2025 came from referrals or repeat customers.

Value-chain role

Downstream installer and integrator. The company sources solar panels, inverters, and batteries from third-party manufacturers and sells, finances, and installs complete systems directly for end customers. It also holds proprietary technology for virtual power plant aggregation in Hawaii.

Geographic exposure

Operations concentrated in two markets: Long Island, New York (SUNation NY) and Hawaii (HEC), as disclosed in the 10-K filed 2026-03-23.

Source: SEC 10-K, filed 2026-03-23

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