Corporate and

SUNation

HEC

Other

Total

Three Months Ended March 31, 2025

Sales

$

9,544,554

$

3,092,084

$

—

$

12,636,638

Cost of sales

5,871,972

2,333,341

—

8,205,313

Gross profit

3,672,582

758,743

—

4,431,325

Operating expenses:

Selling, general and administrative expenses

3,847,500

976,674

1,215,124

6,039,298

Amortization expense

203,125

356,250

—

559,375

Total operating expenses

4,050,625

1,332,924

1,215,124

6,598,673

Operating loss

(378,043)

(574,181)

(1,215,124)

(2,167,348)

Other income (expenses):

Investment and other income

7,525

7,276

33,364

48,165

Fair value remeasurement of contingent forward contract

—

—

109,492

109,492

Fair value remeasurement of contingent value rights

—

—

19,179

19,179

Financing fees

—

—

(576,594)

(576,594)

Interest expense

(15,857)

—

(555,383)

(571,240)

Loss on debt extinguishment

—

—

(343,471)

(343,471)

Other (expense) income, net

(8,332)

7,276

(1,313,413)

(1,314,469)

Net loss before income taxes

$

(386,375)

$

(566,905)

$

(2,528,537)

$

(3,481,817)

Depreciation and amortization

$

251,050

$

376,265

$

—

$

627,315

Assets

$

25,302,335

$

17,320,441

$

1,804,896

$

44,427,672

Corporate and

SUNation

HEC

Other

Total

Three Months Ended March 31, 2024

Sales

$

9,752,970

$

3,466,227

$

—

$

13,219,197

Cost of sales

5,801,760

2,611,989

—

8,413,749

Gross profit

3,951,210

854,238

—

4,805,448

Operating expenses:

Selling, general and administrative expenses

3,872,455

1,002,052

1,754,520

6,629,027

Amortization expense

203,125

506,250

—

709,375

Fair value remeasurement of SUNation earnout consideration

—

—

(350,000)

(350,000)

Total operating expenses

4,075,580

1,508,302

1,404,520

6,988,402

Operating loss

(124,370)

(654,064)

(1,404,520)

(2,182,954)

Other income (expenses):

Investment and other income

4,657

1,807

39,377

45,841

(Loss) gain on sale of assets

—

6,118

—

6,118

Fair value remeasurement of warrant liability

—

—

3,728,593

3,728,593

Fair value remeasurement of contingent value rights

—

—

376,085

376,085

Interest expense

(22,262)

—

(742,608)

(764,870)

Other (expense) income, net

(17,605)

7,925

3,401,447

3,391,767

Net (loss) income before income taxes

$

(141,975)

$

(646,139)

$

1,996,927

$

1,208,813

Depreciation and amortization

$

270,603

$

530,421

$

768

$

801,792

Capital expenditures

$

—

$

5,594

$

—

$

5,594

Assets

$

27,568,483

$

23,575,775

$

3,510,099

$

54,654,357