$SUNE
SUNation Energy, Inc.

2024 Q2 Form 10-Q Financial Statement

#000002270124000004 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $13.55M $13.22M
YoY Change -31.69% -40.09%
Cost Of Revenue $8.757M $8.414M
YoY Change -31.04% -40.15%
Gross Profit $4.792M $4.805M
YoY Change -32.85% -39.98%
Gross Profit Margin 35.37% 36.35%
Selling, General & Admin $6.559M $6.629M
YoY Change -9.29% -17.78%
% of Gross Profit 136.86% 137.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $786.8K $801.8K
YoY Change -40.3% -41.77%
% of Gross Profit 16.42% 16.69%
Operating Expenses $6.818M $6.988M
YoY Change -20.27% -31.19%
Operating Profit -$2.026M -$2.183M
YoY Change 43.14% 1.56%
Interest Expense -$1.764M -$719.0K
YoY Change 212.98% 63.9%
% of Operating Profit
Other Income/Expense, Net -$4.915M $3.392M
YoY Change -555.65% -863.2%
Pretax Income -$6.941M $1.209M
YoY Change 1961.35% -146.6%
Income Tax -$6.633K $6.162K
% Of Pretax Income 0.51%
Net Earnings -$6.934M $1.203M
YoY Change 347.14% -147.07%
Net Earnings / Revenue -51.18% 9.1%
Basic Earnings Per Share -$1.11 -$0.26
Diluted Earnings Per Share -$1.11 -$0.26
COMMON SHARES
Basic Shares Outstanding 95.94M 64.08M
Diluted Shares Outstanding 6.270M 39.41M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.046M $1.790M
YoY Change -72.43% -54.55%
Cash & Equivalents $1.046M $1.790M
Short-Term Investments
Other Short-Term Assets $417.0K $293.9K
YoY Change -19.84% -53.65%
Inventory $3.234M $2.920M
Prepaid Expenses
Receivables $4.764M $4.976M
Other Receivables $24.87K $27.39K
Total Short-Term Assets $12.23M $13.15M
YoY Change -41.47% -44.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.377M $1.443M
YoY Change -5.18% -2.1%
Goodwill $20.55M $20.55M
YoY Change 0.0% 0.0%
Intangibles $14.39M $15.10M
YoY Change -20.34% -21.69%
Long-Term Investments
YoY Change
Other Assets $39.25M $40.07M
YoY Change -9.46% -14.35%
Total Long-Term Assets $40.62M $41.51M
YoY Change -9.32% -13.97%
TOTAL ASSETS
Total Short-Term Assets $12.23M $13.15M
Total Long-Term Assets $40.62M $41.51M
Total Assets $52.85M $54.65M
YoY Change -19.55% -23.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.500M $6.993M
YoY Change 30.39% -9.75%
Accrued Expenses $1.601M $1.970M
YoY Change 0.11% 85.79%
Deferred Revenue $1.414M $202.9K
YoY Change -16.39% -93.47%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.389M $5.219M
YoY Change 214.49% -9.78%
Total Short-Term Liabilities $23.83M $20.95M
YoY Change 1.88% -10.48%
LONG-TERM LIABILITIES
Long-Term Debt $9.652M $9.905M
YoY Change -26.88% 21.14%
Other Long-Term Liabilities $13.78M $11.60M
YoY Change 166.3% -24.03%
Total Long-Term Liabilities $23.48M $21.55M
YoY Change 27.76% -8.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.83M $20.95M
Total Long-Term Liabilities $23.48M $21.55M
Total Liabilities $47.31M $42.49M
YoY Change 13.27% -9.29%
SHAREHOLDERS EQUITY
Retained Earnings -$32.78M -$25.85M
YoY Change 41.41% 19.51%
Common Stock $362.2K $3.208M
YoY Change -27.81% 544.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.90M -$11.17M
YoY Change
Total Liabilities & Shareholders Equity $52.85M $54.65M
YoY Change -19.55% -23.92%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$6.934M $1.203M
YoY Change 347.14% -147.07%
Depreciation, Depletion And Amortization $786.8K $801.8K
YoY Change -40.3% -41.77%
Cash From Operating Activities -$776.5K -$2.649M
YoY Change -49.43% 2009.65%
INVESTING ACTIVITIES
Capital Expenditures $11.99K $5.590K
YoY Change -85.03% -98.3%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.120K
YoY Change -100.0% -99.09%
Cash From Investing Activities -$11.98K $524.00
YoY Change -100.61% -99.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -372.0K 544.9K
YoY Change -155.59% 345.7%
NET CHANGE
Cash From Operating Activities -776.5K -2.649M
Cash From Investing Activities -11.98K 524.0
Cash From Financing Activities -372.0K 544.9K
Net Change In Cash -1.160M -2.104M
YoY Change -205.92% -725.33%
FREE CASH FLOW
Cash From Operating Activities -$776.5K -$2.649M
Capital Expenditures $11.99K $5.590K
Free Cash Flow -$788.4K -$2.655M
YoY Change -51.2% 483.18%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Description of Business</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Pineapple Energy Inc. (“PEGY”, “Pineapple”, “we”, “our”, “us” or the “Company”) was originally organized as a Minnesota corporation in 1969. On March 28, 2022, the Company completed its previously announced merger transaction with Pineapple Energy LLC (“Pineapple Energy”) in accordance with the terms of that certain Agreement and Plan of Merger dated March 1, 2021, as amended by an Amendment No. 1 to Merger Agreement dated December 16, 2021 (collectively the “Merger Agreement”), by and among the Company, Helios Merger Co., a Delaware corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), Pineapple Energy LLC, a Delaware limited liability company, Lake Street Solar LLC as the Members’ Representative, and Randall D. Sampson as the Shareholders’ Representative, pursuant to which Merger Sub merged with and into Pineapple Energy, with Pineapple Energy surviving the merger as a wholly-owned subsidiary of the Company (the “Merger”). Following the closing of the Merger (the “Closing”) the Company changed its name to Pineapple Holdings, Inc. and commenced doing business using the Pineapple name, and subsequently, on April 13, 2022, changed its name to Pineapple Energy Inc. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Segoe UI', 'sans-serif';font-size: 11pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;vertical-align: baseline;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is a growing domestic operator and consolidator of residential solar, battery storage, and grid services solutions. Our strategy is focused on acquiring, integrating, and growing leading local and regional solar, storage, and energy services companies nationwide. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Segoe UI', 'sans-serif';font-size: 11pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;vertical-align: baseline;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;vertical-align: baseline;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Pineapple today is primarily engaged in the sale, design, and installation of photovoltaic solar energy systems and battery storage systems through its Hawaii-based </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">subsidiary, Hawaii Energy Connection, LLC</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> (“HEC”) and New York-based subsidiaries, the SUNation entities </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(collectively, “SUNation”)</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">. We install systems that provide clean, reliable solar energy typically at savings relative to traditional utility offerings. Our primary customers are residential homeowners. We also provide solar energy systems to commercial owners and other municipal customers. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;vertical-align: baseline;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 12pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Through its E-Gear business, Pineapple also develops, manufactures, and sells patented edge-of-grid energy management software and hardware technology, such as energy management control devices. These products allow homeowners to get the most out of their installed photovoltaic solar energy systems and utility grid support benefits. Our primary customers for this technology are energy services companies and other utilities.</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 12pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 12pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On June 30, 2023, the Company divested its legacy operations and operating assets through the sale of substantially all of the assets of its JDL Technologies, Inc. (“JDL”) and Ecessa Corporation (“Ecessa”) businesses. See Note 5, Discontinued Operations. As a result, unless otherwise noted, all information in this quarterly report on Form 10-Q related to the JDL and Ecessa businesses are discussed and presented as discontinued operations and the Company reports its remaining business operations as continuing operations.</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 12pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p>
CY2024Q1 dei Current Fiscal Year End Date
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--12-31
CY2024Q1 us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company uses estimates based on the best information available in recording transactions and balances resulting from operations. Actual results could materially differ from those estimates. The Company’s estimates consist principally of allowances for credit losses, revenue recognition on commercial projects based on percentage of completion, asset impairment evaluations, accruals for compensation plans, lower of cost or market inventory adjustments, the fair value of warrant liabilities and related assets at the date of acquisition, the fair value of the contingent value rights and contingent consideration, provisions for income taxes and deferred taxes, depreciable lives of fixed assets, and amortizable lives of intangible assets.</span></p>
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CY2023Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15098958
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25187882
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9379549
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15808333
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
709375
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1266698
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2128125
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2837500
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2387500
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2237500
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2237500
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3270833
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15098958
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
36291
CY2024Q1 us-gaap Other Receivables
OtherReceivables
27387
CY2023Q4 us-gaap Other Receivables
OtherReceivables
46448
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
197306
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
312445
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
640638
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
CY2024Q1 pegy Class Of Warrant Or Right Purchase Price Floor Of Warrants Or Rights
ClassOfWarrantOrRightPurchasePriceFloorOfWarrantsOrRights
0.14
CY2024Q1 pegy Percentage Of Future Anti Dilution Protection
PercentageOfFutureAntiDilutionProtection
0.0050
CY2024Q1 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
751125
CY2024Q1 pegy Class Of Warrant Or Right Purchase Price Floor Of Warrants Or Rights
ClassOfWarrantOrRightPurchasePriceFloorOfWarrantsOrRights
0.14
CY2024Q1 pegy Dividend Warrant Modification Decrease In Net Income To Common Shareholder Amount
DividendWarrantModificationDecreaseInNetIncomeToCommonShareholderAmount
10600000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.005
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.002
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
1720912
CY2024Q1 us-gaap Nonfinancial Liabilities Fair Value Disclosure
NonfinancialLiabilitiesFairValueDisclosure
11328614
CY2024Q1 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
-9607702
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
1799357
CY2023Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
5191072
CY2023Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
-3391715
CY2024Q1 pegy Contingent Value Rights Fair Value Remeasurement
ContingentValueRightsFairValueRemeasurement
376085
CY2023Q1 pegy Contingent Value Rights Fair Value Remeasurement
ContingentValueRightsFairValueRemeasurement
-250000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2024Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
1500000
CY2023Q4 pegy Consecutive Trading Days Of Below Minimum Closing Bid Price
ConsecutiveTradingDaysOfBelowMinimumClosingBidPrice
P31D
CY2024Q1 pegy Consecutive Trading Days Of Below Minimum Closing Bid Price
ConsecutiveTradingDaysOfBelowMinimumClosingBidPrice
P10D
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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pegy-20240331.xsd Edgar Link pending
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