Majority of Equity Offering from Sand Hill Road Venture Investors (Form 8-K)

Majority of Equity Offering from Sand Hill Road Venture Investors

OREM, Utah (September 3, 2026) - SunPower Inc. ("SunPower" or the "Company") (Nasdaq: SPWR), a solar technology, services, and installation company, today announced it has raised $26.2 million in an equity private placement round, which was funded mainly by investors from Sand Hill Road, the "Wall Street" of Silicon Valley at the northern boundary of Palo Alto and Stanford University. The round was anchored by Foris Ventures, the family office of John Doerr, Chairman of venture firm Kleiner-Perkins.

T.J. Rodgers, SunPower CEO, said, "I want to thank all the investors who participated in this round. Today, SPWR's share price hovers under $1 due to the solar market reset caused by the loss of the Investment Tax Credit (ITC) combined with the Q2'26 misexecution of our SunPower Direct Division, which has been reassigned to our most experienced P&L manager, Kapil Rai, and will soon be back to normal. SunPower plans to return to profitability shortly and needs to raise growth capital. This situation offers investors a low-priced equity with a potential 4x to 11x ROI multiple calculated four different ways*, a scenario much akin to a venture capital round.

Rodgers continued, "So, I took the 10-minute drive to Silicon Valley's Sand Hill Road for a day of presentations to VCs that consisted of five points (on our website here): 1) SunPower's revenue is $300 million but the company is valued at just $60 million (just 0.20x sales). 2) SunPower plans to grow profitably next year to $500 million, but unlike a typical venture start-up, has its product-development and IPO risks behind it. 3) According to the U.S. Energy Information Agency (EIA), the Company serves an underpenetrated $7 billion residential solar market in which only 6% of solar-capable U.S. homes have even installed solar as of 2026. 4) The EIA further forecasts solar industry growth to 30% market penetration by 2030, and finally, 5) those EIA figures do not yet account for the expected Artificial Intelligence electricity price increases. In other words, we've got an iconic solar company about to turn profitable in a large and growing solar market.

Rodgers concluded, "Based on the presentations described above, we received initial verbal commitments that day for the majority of the $26.2 million in new cash investments."

About SunPower

SunPower (Nasdaq: SPWR) is a solar technology, services, and installation company focused on delivering reliable and affordable energy solutions. The Company's digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.sunpower.com.