As filed with the United States Securities and Exchange Commission on January 30, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SunPower Inc. (Exact name of registrant as specified in its charter) Delaware 001-40117 93-2279786 (Commission File Number) (I.R.S. Employer Identification Number) 45700 Northport Loop East Fremont, CA 94538 (510) 270-2507 (Address, Including Zip Code, and Telephon ...

Core Insights - Nextpower Inc. (NASDAQ:NXT) is recognized as one of the top-performing new tech stocks, with a price target increase from $88 to $105 by TD Cowen, maintaining a Hold rating after the release of its FQ3 2026 earnings report [1] Financial Performance - In FQ3 2026, Nextpower reported a 34% year-over-year revenue increase to $909 million, attributed to a record backlog and strong demand in both US and international markets [2] - The company raised its FY2026 revenue guidance to a range of $3.43 billion to $3.50 billion following the positive earnings report [2] Strategic Developments - Nextpower completed the formation of the Nextpower Arabia joint venture with Abu Nayyan Holding, securing a 2.25 GW supply commitment for the Bisha Solar Project in Saudi Arabia [3] - Despite facing a $44 million headwind from tariffs during the quarter, management emphasized the successful rollout of new platform components and bundled services like TrueCapture, which are helping to maintain gross margins in the low 30s [3] Company Overview - Nextpower Inc. specializes in solar tracker technologies and solutions for utility-scale and distributed generation solar applications, both in the US and internationally [4]

Core Insights - Voltalia has secured a 132-megawatt solar project in the Gabès region of Tunisia, increasing its total capacity of projects set to enter construction in the country to nearly 400 megawatts [1][2] Group 1: Project Details - The Wadi project will begin construction in 2027 and is expected to be commissioned in 2028, generating renewable energy for approximately 200,000 inhabitants and avoiding 120,000 tonnes of CO₂ emissions annually [2][3] - The geographical proximity of the Wadi, Menzel Habib, and Sagdoud projects will allow for cost optimization in construction, transportation, and maintenance [1] Group 2: Strategic Importance - This project aligns with Tunisia's goal to increase the share of renewable energy to 30% of its electricity production by 2030, up from only 6% as of April 2025 [3] - Voltalia's CEO highlighted the significance of this project in strengthening the company's presence in a region with strong solar potential and supporting Tunisia's energy ambitions [4] Group 3: Company Overview - Voltalia operates with a total capacity of 3.6 GW in operation and under construction, alongside a project portfolio of 17.4 GW under development [5] - The company provides a comprehensive range of services in renewable energy, from design to operation and maintenance, and employs over 2,000 people across 20 countries [6][7]

Core Viewpoint - Enphase Energy is undergoing a restructuring to enhance efficiency and protect margins amid a challenging market environment, which has led to mixed investor sentiment regarding its future growth potential [2][6]. Company Overview - Enphase Energy, founded in 2006 and based in Fremont, California, specializes in energy technology, particularly in semiconductor-based microinverter technology for solar panels [1]. - The company has a market capitalization of approximately $5.23 billion and generates most of its revenue from the U.S. market [5]. Recent Developments - Enphase announced plans to cut around 160 jobs, representing under 6% of its workforce, and to shift roles to lower-cost regions, with restructuring costs estimated at $4.6 million [2]. - The company reported $410.4 million in revenue for Q3 2025, marking a 7.8% year-over-year increase and surpassing estimates [11]. - Non-GAAP EPS for Q3 rose nearly 38.5% year-over-year to $0.90, indicating strong profitability [11]. Market Conditions - The U.S. solar manufacturing and supply chain showed significant growth, with solar cell production increasing by 300% and module capacity rising by 37% by late 2025 [4]. - However, supply remains insufficient to meet domestic needs, and uncertainties regarding tax credits and tariffs complicate business planning [3]. Financial Performance - Enphase's non-GAAP gross margin for Q3 was 49.2%, with operating expenses slightly increasing to $78.5 million [13]. - The company ended Q3 with $1.48 billion in cash and marketable securities, generating $13.9 million in operating cash flow [13]. Analyst Sentiment - Analysts have mixed views on Enphase, with a consensus "Hold" rating among 32 analysts, while some upgrades have been noted, including a "Neutral" rating from Citi and a "Buy" from Goldman Sachs [19][20][21]. - The stock is currently trading above its consensus price target of $38.15, with a potential upside to a Street-high target of $67, suggesting a possible rally of 65.6% [22].

Core Insights - SunPower has launched a strategic initiative to enhance accessibility to home battery storage for American families through partnerships with The Cool Down, Palmetto, and Enphase Energy [1][2][4] Group 1: Strategic Initiative - The initiative aims to provide homeowners with access to premium battery systems and flexible financing options to make them more affordable [2] - The program is available to homeowners in 45 states, with priority access for existing SunPower customers [4] Group 2: Partnerships and Technology - The Cool Down is a media platform targeting homeowners seeking to reduce utility bills and gain energy independence [4][6] - Palmetto offers LightReach financing to eliminate upfront cost barriers, making battery storage more viable for homeowners [4][7] - Enphase Energy supplies the IQ Battery 10C, noted for its compact size, safety features, and superior warranty compared to competitors [4][8] Group 3: Market Context - Increasing weather events and energy independence concerns have led more families to recognize the value of battery systems for storing solar energy [3] - Battery systems enhance the value of existing solar installations and improve household resilience during grid outages [3]

Core Viewpoint - Springview Holdings Ltd has initiated its first pilot project for residential solar solutions in Singapore, marking a significant step in its sustainability strategy through collaboration with Jiangsu GSO New Energy Technology Co., Ltd [1][2]. Group 1: Pilot Project Details - The pilot project is located at 15 Jalan Nipah and aims to evaluate the economic, technical, and operational viability of rooftop solar solutions for landed residential properties in Singapore [2][3]. - A preliminary assessment indicates the potential for a solar photovoltaic system of up to approximately 60 kilowatts (kW), with an estimated daily generation of up to approximately 3.8 kilowatt-hours (kWh) per kW, leading to a potential total generation of approximately 228 kWh per day [3][10]. - The estimated monthly electricity savings from the solar generation could reach approximately S$2,000, translating to about S$24,000 annually, assuming substantial on-site self-consumption [4]. Group 2: Economic Viability - The indicative installation cost for the pilot project is approximately S$52,000, suggesting a potential simple payback period of about two to three years based on actual system performance and self-consumption levels [5]. - The project highlights the potential for rooftop solar solutions to provide significant long-term cost savings for homeowners with sustained electricity demand, in addition to environmental benefits [5]. Group 3: Collaboration and Future Plans - Under the collaboration framework, Springview will manage overall project delivery, regulatory coordination, and homeowner engagement, while GSO will provide technical expertise and engineering support [8]. - The pilot project aligns with the broader sustainability objectives of Singapore and may inform future offerings within Springview's residential design-and-build projects [7].

Core Viewpoint - The solar industry is experiencing significant growth, driven by increasing demand for reliable and stable energy solutions among consumers, as well as advancements in energy storage technology [1][2]. Company Performance - Sunrun's stock has increased by 123% over the past year, reflecting strong investor interest and market momentum in the solar sector [1]. - The company has seen a rise in customer additions, growing from 797,000 customers in 2012 to 1.14 million by the third quarter of the previous year, indicating a robust demand for solar solutions [2]. Market Dynamics - The solar industry is facing challenges related to tariffs on solar panels, although Sunrun has shifted its sourcing strategy away from China to Southeast Asia, mitigating some of the tariff impacts [3][4]. - The Federal Reserve Chair has indicated that tariffs may peak and then decline, which could positively affect solar panel pricing in the future [5]. Energy Independence and Reliability - Sunrun emphasizes its role in enhancing energy independence for Americans, particularly during major storms when traditional power plants may go offline [7][8]. - The company is focused on providing a distributed power model, which is seen as more reliable compared to centralized power generation [8]. Pricing and Customer Control - Sunrun maintains stable pricing for its solar energy solutions, offering customers a way to control their energy costs amidst rising utility prices [9]. - The company has adapted to the end of the solar tax credit, which affected a small portion of its business, allowing it to continue providing affordable energy solutions to customers [12][13]. Strategic Partnerships - Sunrun has formed partnerships with companies like NRG Energy and Tesla to support the Texas power grid, showcasing its commitment to enhancing energy resilience in various states [10][11].

Summary of China Solar Industry Conference Call Industry Overview - The conference call focused on the China solar industry, particularly the dynamics of solar cell pricing and profitability trends in January 2026 [1][5][6]. Key Highlights - **Cell Price and Silver Cost Increase**: - There was a significant increase in silver paste prices for solar cells, with increases of 112% for Back-side, 34% for Front-side Busbar, and 46% for Front-side Finger in January 2026. This follows an average increase of 54% in Q4 2025 [5]. - The increase in silver costs has raised production costs for cells/modules by approximately Rmb0.03/W month-over-month, with silver now accounting for about 20% of total module production costs, up from 7% in Q3 2025 and 11% in Q4 2025 [5]. - **Solar Installation Performance**: - China’s solar installations in December 2025 were reported at 40GW, reflecting an 82% month-over-month increase but a 43% year-over-year decrease. The total for FY25 reached 315GW, which is a 14% year-over-year increase, exceeding Goldman Sachs' estimate of 283GW [5][6]. - **Market Demand and Supply Dynamics**: - The supply/demand ratio improved to 129% in January from 139% in December, indicating a slight tightening in the market despite weak transaction volumes and a 20% month-over-month decline in cell production [5][10]. - Producer-side inventory days increased to 62 days in January from 58 days in December, suggesting a buildup of inventory amid weaker demand [5][13]. Pricing Trends - **Price Forecasts**: - For Q1 2026, prices for cells and modules are expected to increase by 31% and 5% respectively, driven by higher silver costs and an export rush ahead of tax rebate removals starting April 1, 2026. However, a retreat of 24% and 8% is anticipated in Q2 2026 due to Tier 1 adoption of cost reduction technologies [6]. - Upstream prices for Poly and Wafer are projected to decline by 11% quarter-over-quarter in Q1 and Q2 2026 due to anti-monopoly measures and seasonal low electricity costs [6]. Sector Outlook - **Regulatory Environment**: - The ongoing "anti-monopoly" regulations and "anti-involution" campaigns are expected to influence industry pricing, aligning with Tier 1 cost reduction progress amid demand weakness in 2026 [6]. - **Investment Recommendations**: - The report suggests a cautious approach towards certain segments, recommending a "Buy" on high-efficiency Tier 1 module players like Longi and a "Neutral" stance on low-cost Tier 1 Poly players like GCL Tech. Conversely, a "Sell" rating is advised for Rod Poly (Daqo ADR/A, Tongwei), Wafer (TZE), Equipment (Shenzhen S.C., Maxwell), and Glass (Flat A/H, Xinyi Solar) [6]. Additional Insights - **Profitability Metrics**: - Cash profitability for cells/modules improved in January, while it deteriorated for glass/film segments. The average cash gross profit margin (GPM) for Tier 1 Poly was reported at 38%, with a notable increase in profitability metrics across various segments [7][9]. - **Market Sentiment**: - The overall sentiment in the solar market remains cautious, with a focus on company-specific cost reduction strategies and the impact of rising silver prices on the industry cost curve [6]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the China solar industry.

Group 1: Company Performance - T1 Energy Inc. (NYSE:TE) experienced a significant increase of 12.04% on Tuesday, closing at $9.12, marking a new two-year high [1] - The rise in T1 Energy's stock price is attributed to the positive sentiment surrounding technology stocks, particularly due to Nvidia Corp.'s increased investments in the AI sector [1][2] Group 2: Industry Outlook - Nvidia announced a $2 billion acquisition of a stake in CoreWeave Inc., which is expected to bolster the AI industry and positively impact energy stocks like T1 Energy [2] - The US Energy Information Administration (EIA) forecasts a 21% growth in the solar and wind sectors by next year, up from 18% last year, indicating a robust outlook for renewable energy [3] - The solar sector is projected to see significant growth, with utility-scale providers expected to increase production from 290 billion kWh in 2025 to 424 billion kWh by 2027 [3] Group 3: Company Developments - T1 Energy is developing a $425 million solar cell fabrication facility in Texas, named G2 Austin, which aims for an annual production capacity of 2.1 GW of high-efficiency TOPCon solar cells [5] - Construction of the G2 Austin facility began last month, with commercial operations anticipated to start by the end of the year [5] Group 4: Market Trends - Nearly 70 GW of new solar generating capacity projects are expected to come online in the next two years, representing a 49% increase in US solar operating capacity compared to 2025 [4]

IPO Landscape - 2026 is anticipated to be a super cycle for IPO activity, with many companies ready to go public [1] - IPO activity is expected to accelerate towards the end of Q1 and into Q2, with some companies already on the road with their offerings [1] - Mega IPOs like OpenAI, Anthropic, and SpaceX may adopt a more selective approach due to the large capital they intend to raise [1] Market Resilience - Despite geopolitical instability, US markets remain resilient, reaching new highs in the Dow and S&P 500 [2] - The IPO pipeline is diversified across multiple sectors, not solely reliant on the tech industry [2] - AI is recognized as a transformational technology, but companies from various sectors are preparing to go public [2] SunPower Inc. (NASDAQ:SPWR) - SunPower reported Q4 2025 revenue of $88.5 million, up from $70 million in the previous quarter, with an operating income of $3.5 million [9] - The company nearly doubled its sales force to approximately 2,000 representatives and provided conservative Q1 2026 revenue guidance of $84 million [10] - SunPower aims to reach $1 billion in revenue by 2028 and is involved in solar system sales and installation in the US [10] GlobalFoundries Inc. (NASDAQ:GFS) - GlobalFoundries' stock performance increased by 28.79% in the last month, with 27 hedge fund holders [11] - Citi raised its price target on GlobalFoundries to $42 from $35, maintaining a Neutral rating [11] - The company executed a definitive agreement to acquire Synopsys' ARC Processor IP Solutions business, aimed at enhancing capabilities in custom silicon solutions [12][13]