SUNE · SUNation Energy, Inc.
SUNation Energy Inc. engages in the design, installation, and maintenance of photovoltaic solar energy systems and battery storage systems in the United States. The company's brand portfolio includes SUNation, SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. It also develops and offers energy control devices for solar systems that are paired with batteries. In addition, the company provides energy and grid services. It serves residential homeowners, commercial owners, municipal customers, energy services companies, and utilities. SUNation Energy Inc. was founded in 1969 and is based in Ronkonkoma, New York.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $2.68 |
| SO | 4.1M |
| Options | 1.1M |
| Warrants | 0.0M |
| FD SO | 5.2M |
| MC | $13.9M |
| Cash | $1.7M |
| Total debt | $6.0M |
| EV | $18.2M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 35.2% |
| Insiders | 16.5% |
| # Institutions | 20 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 6.9% |
| Days to cover | 0.02 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 7.19 | 27.21 | 18.99 | 13.06 |
| Revenue YoY % | (43.1%) | 77.0% | 29.0% | (3.6%) |
| Cost of Revenue | 5.60 | 16.15 | 11.78 | 8.22 |
| Gross Profit | 1.59 | 11.06 | 7.21 | 4.84 |
| Gross Profit YoY % | (64.1%) | 97.8% | 37.7% | 1.0% |
| Gross Margin % | 22.1% | 40.7% | 38.0% | 37.0% |
| SG&A | 5.36 | 7.60 | 6.90 | 6.44 |
| Operating Expense | 5.92 | 8.16 | 7.46 | 7.00 |
| Operating Income | (4.33) | 2.90 | (0.25) | (2.16) |
| Operating Income YoY % | (99.8%) | 144.7% | 84.7% | (6.8%) |
| Operating Margin % | (60.2%) | 10.7% | (1.3%) | (16.6%) |
| EBITDA | (3.71) | 3.53 | 0.38 | (1.54) |
| EBITDA Margin % | (51.5%) | 13.0% | 2.0% | (11.8%) |
| Interest Expense | 0.13 | 0.17 | 0.14 | 0.16 |
| Other Income / (Expense) | — | — | — | (7.27) |
| Pretax Income | (4.08) | 2.61 | (0.38) | (9.59) |
| Tax Provision | 0.01 | 0.01 | 0.02 | 0.01 |
| Net Income | (4.09) | 2.60 | (0.39) | (9.61) |
| Net Margin % | (56.9%) | 9.6% | (2.1%) | (73.5%) |
| Diluted EPS | -$1.20 | $1.81 | -$0.12 | -$3.14 |
| Basic EPS | -$1.20 | $1.81 | -$0.12 | -$3.14 |
| Diluted Avg Shares | 3.4 | — | 3.4 | 3.1 |
| Basic Avg Shares | 3.4 | — | 3.4 | 3.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 66.46 | 71.91 | 56.86 | 79.63 | 27.52 |
| Revenue YoY % | (7.6%) | 26.5% | (28.6%) | 189.3% | — |
| Cost of Revenue | 41.76 | 44.36 | 36.44 | 51.94 | 20.14 |
| Gross Profit | 24.70 | 27.54 | 20.43 | 27.70 | 7.38 |
| Gross Profit YoY % | (10.3%) | 34.8% | (26.2%) | 275.4% | — |
| Gross Margin % | 37.2% | 38.3% | 35.9% | 34.8% | 26.8% |
| SG&A | 26.30 | 26.98 | 27.05 | 29.07 | 12.21 |
| Operating Expense | 28.54 | 29.22 | 32.74 | 35.16 | 17.83 |
| Operating Income | (3.84) | (1.67) | (12.32) | (7.47) | (10.45) |
| Operating Income YoY % | (129.2%) | 86.4% | (65.0%) | 28.5% | — |
| Operating Margin % | (5.8%) | (2.3%) | (21.7%) | (9.4%) | (38.0%) |
| EBITDA | (1.34) | 0.83 | (9.16) | (2.33) | (7.22) |
| EBITDA Margin % | (2.0%) | 1.2% | (16.1%) | (2.9%) | (26.2%) |
| Interest Expense | 0.60 | 1.04 | 3.09 | 2.66 | — |
| Other Income / (Expense) | (7.00) | (8.13) | — | 2.11 | — |
| Pretax Income | (11.44) | (10.84) | (15.81) | (8.01) | (10.34) |
| Tax Provision | 0.05 | 0.05 | 0.03 | 0.12 | 0.01 |
| Net Income | (11.49) | (10.89) | (15.85) | (8.13) | (10.35) |
| Net Margin % | (17.3%) | (15.1%) | (27.9%) | (10.2%) | (37.6%) |
| Diluted EPS | -$2.65 | -$4.38 | -$10110.93 | -$611.55 | -$4.04 |
| Basic EPS | -$2.65 | -$4.38 | -$10110.93 | -$611.55 | -$4.04 |
| Diluted Avg Shares | 3.4 | 2.5 | 0.0 | 0.0 | 6.7 |
| Basic Avg Shares | 3.4 | 2.5 | 0.0 | 0.0 | 6.7 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.69 | 7.18 | 5.41 | 3.19 |
| Receivables | 3.24 | 4.24 | 4.92 | 3.30 |
| Inventory | 2.88 | 2.53 | 3.01 | 2.32 |
| Other Current Assets | 1.23 | 2.52 | 3.82 | 2.14 |
| Total Current Assets | 9.05 | 16.47 | 17.17 | 10.95 |
| Net PPE | 0.95 | 1.02 | 1.05 | 1.11 |
| Operating Lease ROU | 3.24 | 3.32 | 3.39 | 3.51 |
| Goodwill | 17.44 | 17.44 | 17.44 | 17.44 |
| Intangible Assets | 9.42 | 9.98 | 10.54 | 11.10 |
| Total Assets | 40.12 | 48.24 | 49.61 | 44.13 |
| Accounts Payable | 4.61 | 7.40 | 7.29 | 6.41 |
| Current Lease Liabilities | 0.30 | 0.29 | 0.29 | 0.33 |
| Other Current Liabilities | 7.65 | 7.72 | 11.46 | 6.07 |
| Total Current Liabilities | 12.56 | 15.41 | 19.03 | 12.80 |
| Long-term Debt | — | 6.64 | — | — |
| Long-term Lease Liabilities | 3.08 | 3.16 | 3.23 | 3.31 |
| Other Liabilities | 4.22 | (1.31) | 5.61 | 5.92 |
| Total Liabilities | 19.86 | 23.90 | 27.88 | 22.03 |
| Retained Earnings | (57.88) | (53.79) | (56.40) | (56.00) |
| Total Equity | 20.26 | 24.35 | 21.73 | 22.10 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.69 | 7.18 | 0.84 | 3.58 | 2.19 |
| Short-term Investments | — | — | — | — | 2.67 |
| Receivables | 3.24 | 4.24 | 4.88 | 5.01 | 5.56 |
| Inventory | 2.88 | 2.53 | 2.71 | 3.58 | 6.05 |
| Other Current Assets | 1.23 | 2.52 | 2.68 | 3.61 | 9.49 |
| Total Current Assets | 9.05 | 16.47 | 11.11 | 15.78 | 25.96 |
| Net PPE | 0.95 | 1.02 | 1.24 | 1.51 | 1.19 |
| Operating Lease ROU | 3.24 | 3.32 | 3.69 | 4.52 | 4.17 |
| Goodwill | 17.44 | 17.44 | 17.44 | 20.55 | 20.55 |
| Intangible Assets | 9.42 | 9.98 | 12.22 | 15.81 | 20.55 |
| Other Assets | — | — | — | — | 2.28 |
| Total Assets | 40.12 | 48.24 | 45.71 | 58.17 | 74.70 |
| Accounts Payable | 4.61 | 7.40 | 8.03 | 7.68 | 7.59 |
| Current Lease Liabilities | 0.30 | 0.29 | 0.32 | 0.39 | 0.22 |
| Other Current Liabilities | 7.65 | 7.72 | 18.81 | 14.30 | 18.12 |
| Total Current Liabilities | 12.56 | 15.41 | 27.16 | 22.37 | 25.93 |
| Long-term Debt | — | 6.64 | — | — | — |
| Long-term Lease Liabilities | 3.08 | 3.16 | 3.47 | 4.19 | 3.96 |
| Other Liabilities | 4.22 | (1.31) | 6.53 | 11.17 | 17.58 |
| Total Liabilities | 19.86 | 23.90 | 37.17 | 37.74 | 47.47 |
| Retained Earnings | (57.88) | (53.79) | (42.90) | (27.08) | (19.09) |
| Total Equity | 20.26 | 24.35 | 8.55 | 20.44 | 27.22 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (4.09) | 2.60 | (0.39) | (9.61) |
| D&A | 0.62 | 0.62 | 0.63 | 0.63 |
| Stock-Based Comp | 0.01 | 0.01 | 0.02 | 0.02 |
| Δ Working Cap & Other | (1.70) | (1.14) | 2.13 | 8.83 |
| Operating Cash Flow | (5.16) | 2.10 | 2.39 | (0.13) |
| CapEx | — | (0.03) | (0.01) | — |
| Investing Cash Flow | 0.00 | (0.03) | (0.01) | — |
| Other Financing | — | (0.59) | — | 1.87 |
| Financing Cash Flow | (0.33) | (0.59) | (0.15) | 1.87 |
| Free Cash Flow | — | 2.07 | 2.38 | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (11.49) | (10.89) | (15.85) | (8.13) | (10.35) |
| D&A | 2.50 | 2.50 | 3.15 | 5.14 | 3.23 |
| Stock-Based Comp | 0.06 | 0.09 | 0.03 | 1.21 | 0.31 |
| Δ Working Cap & Other | 8.12 | 9.26 | 6.36 | 1.12 | (0.77) |
| Operating Cash Flow | (0.81) | 0.95 | (6.30) | (0.67) | (7.58) |
| CapEx | — | (0.05) | (0.03) | (0.66) | (0.12) |
| Acquisitions | — | — | — | — | (10.99) |
| Other Investing | — | — | — | 4.22 | 8.01 |
| Investing Cash Flow | — | (0.05) | (0.03) | 3.57 | (3.10) |
| Stock Buyback | — | — | (0.01) | (0.04) | — |
| Other Financing | 0.80 | 5.12 | 2.09 | (2.72) | 15.91 |
| Financing Cash Flow | 0.80 | 5.12 | 2.08 | (2.76) | 15.91 |
| Free Cash Flow | — | 0.91 | (6.34) | (1.32) | (7.69) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.72 | 1.07 | 0.90 | 0.86 |
| Quick Ratio | 0.49 | 0.90 | 0.74 | 0.67 |
| Debt / Equity | 0.98 | 0.98 | 1.28 | 1.00 |
| EBITDA Margin % | (51.5%) | 13.0% | 2.0% | (11.8%) |
| Working Capital | (3.51) | 1.07 | (1.86) | (1.85) |
| Net Debt | — | (0.54) | — | — |
| ROE % | (20.2%) | 10.7% | (1.8%) | (43.5%) |
| ROA % | (10.2%) | 5.4% | (0.8%) | (21.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.72 | 1.07 | 0.41 | 0.71 | 1.00 |
| Quick Ratio | 0.49 | 0.90 | 0.31 | 0.55 | 0.77 |
| Debt / Equity | 0.98 | 0.98 | 4.35 | 1.85 | 1.74 |
| EBITDA Margin % | (2.0%) | 1.2% | (16.1%) | (2.9%) | (26.2%) |
| Working Capital | (3.51) | 1.07 | (16.05) | (6.59) | 0.03 |
| Net Debt | — | (0.54) | — | — | — |
| ROE % | (56.7%) | (44.7%) | (185.4%) | (39.8%) | (38.0%) |
| ROA % | (28.6%) | (22.6%) | (34.7%) | (14.0%) | (13.9%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-01 | Brennan James Robert | Officer (Chief Financial Officer) | 2026-04-14 | P | 123,254 | $1.77 | $218,160 |
| 2026-05-01 | Maskin Scott | Director, Officer (Chief Executive Officer), 10% Owner | 2026-04-14 | P | 554,712 | $1.77 | $981,840 |
| 2024-12-13 | Lacey Roger HD | Director | 2024-12-11 | P | 1,200 | $2.85 | $3,420 |
| 2024-12-13 | Lacey Roger HD | Director | 2024-12-11 | P | 480 | $2.80 | $1,344 |
| 2024-12-12 | Brennan James Robert | Officer (Chief Operating Officer) | 2024-12-11 | P | 2,000 | $2.81 | $5,620 |
| 2024-12-12 | Maskin Scott | Director | 2024-12-11 | P | 3,500 | $2.81 | $9,835 |
| 2024-10-15 | Conroy Jeffrey J. | 10% Owner | 2024-10-10 | P | 350,704 | $0.12 | $40,331 |
| 2024-10-15 | Conroy Jeffrey J. | 10% Owner | 2024-10-10 | S | (16,014) | $0.11 | -$1,810 |
| 2024-10-11 | Conroy Jeffrey J. | 10% Owner | 2024-10-09 | P | 333,921 | $0.11 | $36,063 |
| 2024-10-11 | Conroy Jeffrey J. | 10% Owner | 2024-10-09 | S | (29,010) | $0.11 | -$3,133 |
| 2024-08-23 | Ingvaldson Eric | Officer (CHIEF FINANCIAL OFFICER) | 2024-08-21 | S | (2,663) | $0.87 | -$2,321 |
| 2024-06-17 | Holland Tom | Director | 2024-06-14 | P | 3,000 | $1.30 | $3,915 |
| 2024-06-17 | SAMPSON RANDALL D | Director | 2024-06-13 | P | 6,700 | $1.45 | $9,706 |
| 2024-06-14 | Lacey Roger HD | Director | 2024-06-13 | P | 12,250 | $1.65 | $20,212 |
| 2024-06-14 | Maskin Scott | Director | 2024-06-13 | P | 15,000 | $1.43 | $21,450 |
| 2024-06-06 | Honour Scott | Director | 2024-06-04 | S | (50,000) | $0.21 | -$10,295 |
| 2024-05-17 | Hlavka Kristin | Officer (CORPORATE CONTROLLER) | 2024-05-15 | F | (7,906) | $0.09 | -$712 |
| 2024-05-17 | Ingvaldson Eric | Officer (CHIEF FINANCIAL OFFICER) | 2024-05-15 | F | (8,839) | $0.09 | -$796 |
| 2024-05-17 | Udseth Kyle | Director, Officer (CHIEF EXECUTIVE OFFICER) | 2024-05-15 | F | (10,768) | $0.09 | -$969 |