SUNation Energy, Inc. Quarterly report [Sections 13 or 15(d)]

Segment Information (Tables)

6 Months Ended

Jun. 30, 2025



						Corporate and
	SUNation		HEC		Other		Total
Three Months Ended June 30, 2025
Sales	$	9,820,849	$	3,243,405	$	—	$	13,064,254
Cost of sales		5,859,827		2,364,910		—		8,224,737
Gross profit		3,961,022		878,495		—		4,839,517
Operating expenses:
Selling, general and administrative expenses		3,746,504		1,021,320		1,675,905		6,443,729
Amortization expense		203,125		356,250		—		559,375
Total operating expenses		3,949,629		1,377,570		1,675,905		7,003,104
Operating loss		11,393		(499,075)		(1,675,905)		(2,163,587)
Other income (expenses):
Investment and other income		10,722		2,957		13,982		27,661
Fair value remeasurement of warrant liability		—		—		(7,531,044)		(7,531,044)
Fair value remeasurement of contingent forward contract		—		—		789,588		789,588
Fair value remeasurement of contingent value rights		—		—		6,271		6,271
Financing fees		—		—		(559,938)		(559,938)
Interest expense		(15,098)		—		(147,032)		(162,130)
Loss on debt extinguishment		—		—		—		—
Other (expense) income, net		(4,376)		2,957		(7,428,173)		(7,429,592)
Net loss before income taxes	$	7,017	$	(496,118)	$	(9,104,078)	$	(9,593,179)

Depreciation and amortization	$	251,048	$	374,381	$	—	$	625,429

Capital expenditures	$	—	$	8,817	$	—	$	8,817

Assets	$	24,140,111	$	16,935,705	$	3,054,034	$	44,129,850

						Corporate and
	SUNation		HEC		Other		Total
Three Months Ended June 30, 2024
Sales	$	9,731,647	$	3,817,773	$	—	$	13,549,420
Cost of sales		6,018,778		2,738,288		—		8,757,066
Gross profit		3,712,869		1,079,485		—		4,792,354
Operating expenses:
Selling, general and administrative expenses		3,970,704		991,480		1,596,739		6,558,923
Amortization expense		203,125		506,250		—		709,375
Fair value remeasurement of SUNation earnout consideration		—		—		(450,000)		(450,000)
Total operating expenses		4,173,829		1,497,730		1,146,739		6,818,298
Operating loss		(460,960)		(418,245)		(1,146,739)		(2,025,944)
Other income (expenses):
Investment and other income		5,115		3,644		18,566		27,325
Fair value remeasurement of warrant liability		—		—		(3,267,571)		(3,267,571)
Fair value remeasurement of embedded derivative liability		—		—		(1,055,600)		(1,055,600)
Fair value remeasurement of contingent value rights		—		—		116,775		116,775
Interest expense		(15,388)		—		(720,245)		(735,633)
Other (expense) income, net		(10,273)		3,644		(4,908,075)		(4,914,704)
Net (loss) income before income taxes	$	(471,233)	$	(414,601)	$	(6,054,814)	$	(6,940,648)

Depreciation and amortization	$	255,559	$	530,443	$	770	$	786,772

Capital expenditures	$	11,985	$	—	$	—	$	11,985

Assets	$	27,468,300	$	22,786,653	$	2,598,738	$	52,853,691



						Corporate and
	SUNation		HEC		Other		Total
Six Months Ended June 30, 2025
Sales	$	19,365,403	$	6,335,489	$	—	$	25,700,892
Cost of sales		11,731,799		4,698,251		—		16,430,050
Gross profit		7,633,604		1,637,238		—		9,270,842
Operating expenses:
Selling, general and administrative expenses		7,594,004		1,997,994		2,891,029		12,483,027
Amortization expense		406,250		712,500		—		1,118,750
Operating (loss) income		(366,650)		(1,073,256)		(2,891,029)		(4,330,935)
Other income (expenses):
Investment and other income		18,247		10,233		47,346		75,826
Fair value remeasurement of warrant liability		—		—		(7,531,044)		(7,531,044)
Fair value remeasurement of contingent forward contract		—		—		899,080		899,080
Fair value remeasurement of contingent value rights		—		—		25,450		25,450
Financing fees		—		—		(1,136,532)		(1,136,532)
Interest expense		(30,956)		—		(702,414)		(733,370)
Loss on debt extinguishment		—		—		(343,471)		(343,471)
Other expense, net		(12,709)		10,233		(8,741,585)		(8,744,061)
Net loss before income taxes	$	(379,359)	$	(1,063,023)	$	(11,632,614)	$	(13,074,996)

Depreciation and amortization	$	502,098	$	750,646	$	—	$	1,252,744

Capital expenditures	$	—	$	8,817	$	—	$	8,817



						Corporate and
	SUNation		HEC		Other		Total
Six Months Ended June 30, 2024
Sales	$	19,484,617	$	7,284,000	$	—	$	26,768,617
Cost of sales		11,820,538		5,350,277		—		17,170,815
Gross profit		7,664,079		1,933,723		—		9,597,802
Operating expenses:
Selling, general and administrative expenses		7,843,159		1,993,532		3,351,259		13,187,950
Amortization expense		406,250		1,012,500		—		1,418,750
Fair value remeasurement of SUNation earnout consideration		—		—		(800,000)		(800,000)
Total operating expenses		8,249,409		3,006,032		2,551,259		13,806,700
Operating (loss) income		(585,330)		(1,072,309)		(2,551,259)		(4,208,898)
Other income (expenses):
Investment and other income		9,772		5,451		57,943		73,166
(Loss) gain on sale of assets		—		6,118		—		6,118
Fair value remeasurement of warrant liability		—		—		461,022		461,022
Fair value remeasurement of embedded derivative liability		—		—		(1,055,600)		(1,055,600)
Fair value remeasurement of contingent value rights		—		—		492,860		492,860
Interest expense		(37,650)		—		(1,462,853)		(1,500,503)
Other expense, net		(27,878)		11,569		(1,506,628)		(1,522,937)
Net loss before income taxes	$	(613,208)	$	(1,060,740)	$	(4,057,887)	$	(5,731,835)

Depreciation and amortization	$	526,162	$	1,060,864	$	1,538	$	1,588,564

Capital expenditures	$	11,985	$	5,594	$	—	$	17,579