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Side-by-side financial comparison of SunPower Inc. (SPWR) and TIGO ENERGY, INC. (TYGO), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
SunPower Inc. is the larger business by last-quarter revenue ($79.7M vs $30.6M, roughly 2.6× TIGO ENERGY, INC.). TIGO ENERGY, INC. runs the higher net margin — -17.8% vs -7.1%, a 10.7% gap on every dollar of revenue. On growth, TIGO ENERGY, INC. posted the faster year-over-year revenue change (115.0% vs -10.1%). Over the past eight quarters, SunPower Inc.'s revenue compounded faster (181.8% CAGR vs -95.8%).
SunPower Corporation is an American provider of photovoltaic solar energy generation systems and battery energy storage products, primarily for residential customers. The company, headquartered in San Jose, California, was founded in 1985 by Richard Swanson, an electrical engineering professor from Stanford University. Cypress Semiconductor bought a majority interest in the company in 2002, growing it quickly until SunPower went public in 2005. TotalEnergies, a French energy and oil company p...
Tigo Energy is an American private corporation, headquartered in Los Gatos, California, United States. It provides products, technologies, software, and services to installers, distributors, and original equipment manufacturers within the photovoltaic industry. It specializes in module-level power optimizers and smart module power electronics.
SPWR vs TYGO — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $79.7M | $30.6M |
| Net Profit | $-14.2M | $-2.2M |
| Gross Margin | 35.5% | 42.7% |
| Operating Margin | -27.4% | 2.1% |
| Net Margin | -17.8% | -7.1% |
| Revenue YoY | -10.1% | 115.0% |
| Net Profit YoY | -130.1% | 83.5% |
| EPS (diluted) | $-0.05 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $79.7M | — | ||
| Q3 25 | $22.0M | $30.6M | ||
| Q2 25 | $67.5M | $24.1M | ||
| Q1 25 | $82.7M | $18.8M | ||
| Q4 24 | $88.7M | — | ||
| Q3 24 | $5.5M | $14.2M | ||
| Q2 24 | $4.5M | $12.7M | ||
| Q1 24 | $10.0M | $9.8M |
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $-16.9M | $-2.2M | ||
| Q2 25 | $-22.4M | $-4.4M | ||
| Q1 25 | $8.1M | $-7.0M | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $-78.0M | $-13.1M | ||
| Q2 24 | $-15.9M | $-11.3M | ||
| Q1 24 | $-9.6M | $-11.5M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | 42.6% | 44.7% | ||
| Q1 25 | 48.5% | 38.1% | ||
| Q4 24 | 46.5% | — | ||
| Q3 24 | -57.0% | 12.5% | ||
| Q2 24 | -19.9% | 30.4% | ||
| Q1 24 | 22.7% | 28.2% |
| Q4 25 | -27.4% | — | ||
| Q3 25 | -15.7% | 2.1% | ||
| Q2 25 | -4.0% | -6.3% | ||
| Q1 25 | 1.3% | -21.1% | ||
| Q4 24 | -24.2% | — | ||
| Q3 24 | -541.4% | -73.2% | ||
| Q2 24 | -211.4% | -66.2% | ||
| Q1 24 | -75.1% | -92.7% |
| Q4 25 | -17.8% | — | ||
| Q3 25 | -76.9% | -7.1% | ||
| Q2 25 | -33.2% | -18.4% | ||
| Q1 25 | 9.8% | -37.2% | ||
| Q4 24 | 53.0% | — | ||
| Q3 24 | -1408.2% | -92.1% | ||
| Q2 24 | -353.8% | -89.1% | ||
| Q1 24 | -95.5% | -117.4% |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.19 | $-0.03 | ||
| Q2 25 | $-0.28 | $-0.07 | ||
| Q1 25 | $0.00 | $-0.11 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-1.03 | $-0.22 | ||
| Q2 24 | $-0.26 | $-0.19 | ||
| Q1 24 | $-0.20 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.6M | $40.3M |
| Total DebtLower is stronger | $164.8M | $50.0M |
| Stockholders' EquityBook value | $-90.1M | $12.1M |
| Total Assets | $241.2M | $107.8M |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $9.6M | — | ||
| Q3 25 | $5.1M | $40.3M | ||
| Q2 25 | $11.1M | $28.0M | ||
| Q1 25 | $10.6M | $20.3M | ||
| Q4 24 | $13.4M | — | ||
| Q3 24 | $79.5M | $19.5M | ||
| Q2 24 | $1.8M | $20.2M | ||
| Q1 24 | $1.8M | $21.9M |
| Q4 25 | $164.8M | — | ||
| Q3 25 | $204.3M | $50.0M | ||
| Q2 25 | $152.9M | $50.0M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | $147.3M | — | ||
| Q3 24 | — | $50.0M | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | $50.0M |
| Q4 25 | $-90.1M | — | ||
| Q3 25 | $-112.3M | $12.1M | ||
| Q2 25 | $-107.2M | $1.7M | ||
| Q1 25 | $-89.0M | $3.8M | ||
| Q4 24 | $-97.5M | — | ||
| Q3 24 | $-142.7M | $33.5M | ||
| Q2 24 | $-92.0M | $44.7M | ||
| Q1 24 | $-85.1M | $54.3M |
| Q4 25 | $241.2M | — | ||
| Q3 25 | $208.3M | $107.8M | ||
| Q2 25 | $163.1M | $80.6M | ||
| Q1 25 | $147.8M | $70.6M | ||
| Q4 24 | $144.5M | — | ||
| Q3 24 | $107.9M | $98.6M | ||
| Q2 24 | $33.4M | $103.3M | ||
| Q1 24 | $40.9M | $109.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.15× | ||
| Q2 25 | — | 29.55× | ||
| Q1 25 | — | 13.25× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.92× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.9M | $1.4M |
| Free Cash FlowOCF − Capex | — | $1.4M |
| FCF MarginFCF / Revenue | — | 4.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 0.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-1.9M | — | ||
| Q3 25 | $-6.4M | $1.4M | ||
| Q2 25 | $-4.4M | $7.8M | ||
| Q1 25 | $-2.6M | $-530.0K | ||
| Q4 24 | $-25.6M | — | ||
| Q3 24 | $-21.5M | $-535.0K | ||
| Q2 24 | $-2.7M | $-1.6M | ||
| Q1 24 | $-4.9M | $-11.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-874.0K | ||
| Q2 24 | — | $-1.7M | ||
| Q1 24 | — | $-11.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -6.1% | ||
| Q2 24 | — | -13.0% | ||
| Q1 24 | — | -118.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.32× | — | ||
| Q4 24 | -0.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
SPWR
| Residential Solar Installation | $46.9M | 59% |
| New Homes Business | $22.7M | 29% |
| Other | $10.1M | 13% |
TYGO
Segment breakdown not available.
