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

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025



						Corporate and
	SUNation NY		HEC		Other		Total
Three Months Ended September 30, 2025
Sales	$	13,014,951	$	5,978,685	$	—	$	18,993,636
Cost of sales		7,723,699		4,058,252		—		11,781,951
Gross profit		5,291,252		1,920,433		—		7,211,685
Operating expenses:
Selling, general and administrative expenses		4,211,881		1,119,994		1,566,166		6,898,041
Amortization expense		203,125		356,250		—		559,375
Total operating expenses		4,415,006		1,476,244		1,566,166		7,457,416
Operating loss		876,246		444,189		(1,566,166)		(245,731)
Other income (expenses):
Investment and other income		3,713		2,044		9,416		15,173
Fair value remeasurement of contingent value rights		—		—		(2,318)		(2,318)
Interest expense		(14,448)		—		(128,972)		(143,420)
Other (expense) income, net		(10,735)		2,044		(121,874)		(130,565)
Net loss before income taxes	$	865,511	$	446,233	$	(1,688,040)	$	(376,296)

Depreciation and amortization	$	246,687	$	381,362	$	—	$	628,049

Capital expenditures	$	—	$	8,970	$	—	$	8,970

Assets	$	26,924,256	$	19,806,231	$	2,876,865	$	49,607,352



						Corporate and
	SUNation NY		HEC		Other		Total
Three Months Ended September 30, 2024
Sales	$	10,639,895	$	4,078,491	$	—	$	14,718,386
Cost of sales		6,605,595		2,877,066		—		9,482,661
Gross profit		4,034,300		1,201,425		—		5,235,725
Operating expenses:
Selling, general and administrative expenses		3,459,895		1,106,608		1,566,584		6,133,087
Amortization expense		203,125		506,250		—		709,375
Total operating expenses		3,663,020		1,612,858		1,566,584		6,842,462
Operating income (loss)		371,280		(411,433)		(1,566,584)		(1,606,737)
Other income (expenses):
Investment and other income		4,513		6,004		14,894		25,410
Loss on sale of assets		—		—		(6,940)		(6,940)
Fair value remeasurement of warrant liability		—		—		(1,435,845)		(1,435,845)
Fair value remeasurement of embedded derivative liability		—		—		587,271		587,271
Fair value remeasurement of contingent value rights		—		—		(14,051)		(14,051)
Interest expense		(17,594)		—		(793,957)		(811,551)
Loss on debt extinguishment		—		—		(35,657)		(35,657)
Other (expense) income, net		(13,081)		6,004		(1,684,285)		(1,691,363)
Net (loss) income before income taxes	$	358,199	$	(405,429)	$	(3,250,869)	$	(3,298,100)

Depreciation and amortization	$	254,115	$	530,121	$	512	$	784,748

Capital expenditures	$	12,170	$	—	$	—	$	12,170

Assets	$	15,683,384	$	12,483,699	$	22,832,253	$	50,999,336



						Corporate and
	SUNation NY		HEC		Other		Total
Nine Months Ended September 30, 2025
Sales	$	32,380,354	$	12,314,174	$	—	$	44,694,528
Cost of sales		19,455,498		8,756,503		—		28,212,001
Gross profit		12,924,856		3,557,671		—		16,482,527
Operating expenses:
Selling, general and administrative expenses		11,805,885		3,117,988		4,457,195		19,381,068
Amortization expense		609,375		1,068,750		—		1,678,125
Total operating expenses		12,415,260		4,186,738		4,457,195		21,059,193
Operating loss		509,596		(629,067)		(4,457,195)		(4,576,666)
Other income (expenses):
Investment and other income		21,960		12,277		56,762		90,999
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		—		—		23,132		23,132
Financing fees		—		—		(1,136,532)		(1,136,532)
Interest expense		(45,404)		—		(831,386)		(876,790)
Loss on debt extinguishment		—		—		(343,471)		(343,471)
Other (expense) income, net		(23,444)		12,277		(8,863,459)		(8,874,626)
Net loss before income taxes	$	486,152	$	(616,790)	$	(13,320,654)	$	(13,451,292)

Depreciation and amortization	$	748,785	$	1,132,008	$	—	$	1,880,793

Capital expenditures	$	—	$	17,787	$	—	$	17,787



						Corporate and
	SUNation NY		HEC		Other		Total
Nine Months Ended September 30, 2024
Sales	$	30,124,512	$	11,362,491	$	—	$	41,487,003
Cost of sales		18,426,133		8,227,343		—		26,653,476
Gross profit		11,698,379		3,135,148		—		14,833,527
Operating expenses:
Selling, general and administrative expenses		11,303,054		3,100,140		4,917,843		19,321,037
Amortization expense		609,375		1,518,750		—		2,128,125
Fair value remeasurement of SUNation NY earnout consideration		—		—		(800,000)		(800,000)
Total operating expenses		11,912,429		4,618,890		4,117,843		20,649,162
Operating (loss) income		(214,050)		(1,483,742)		(4,117,843)		(5,815,635)
Other income (expenses):
Investment and other income		14,285		11,455		72,836		98,576
(Loss) gain on sale of assets		—		6,118		(6,940)		(822)
Fair value remeasurement of warrant liability		—		—		(974,823)		(974,823)
Fair value remeasurement of embedded derivative liability		—		—		(468,329)		(468,329)
Fair value remeasurement of contingent value rights		—		—		478,809		478,809
Interest expense		(55,244)		—		(2,256,810)		(2,312,054)
Loss on debt extinguishment		—		—		(35,657)		(35,657)
Other (expense) income, net		(40,959)		17,573		(3,190,914)		(3,214,300)
Net loss before income taxes	$	(255,009)	$	(1,466,169)	$	(7,308,757)	$	(9,029,935)

Depreciation and amortization	$	780,277	$	1,590,985	$	2,050	$	2,373,312

Capital expenditures	$	24,155	$	5,594	$	—	$	29,749