管理層發言
Good morning. My name is Sioban Hickie. I'm the VP of Investor Relations, and I would like to welcome everyone to SunPower's Fourth Quarter earnings call. I will review a few housekeeping items before handing the call over to our CEO, Dr. T.J. Rodgers. This call is being recorded, and a replay will be available on SunPower's Investor Relations website. Please note that today's presentation may include projections and other forward-looking statements, which are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied. We may also discuss certain non-GAAP financial measures today, and a reconciliation of any differences between those non-GAAP measures and the most directly comparable GAAP measures is available in our press release. Lastly, there will be a question-and-answer session after the formal remarks today. I will now turn the call over to Dr. T.J. Rodgers, SunPower's Chairman and CEO.
Good morning. We have some guests here today. First, I will introduce John Berger later. We also have two directors from SunPower, Dan McCranie and Will Anderson, both of whom I'll introduce with slides. Our logo is the Helios airplane. It featured 35,000 watts of SunPower solar cells when it successfully flew at an altitude of 92,000 feet, setting an unbroken record. I want to highlight an aspect of this airplane: the reflection you see indicates that the underside of the wing is clear plastic. This design allows light to enter from below and generate power through bifacial cells, which can absorb energy from both sides. I will share more about that later. Dan McCranie has served on 10 NASDAQ boards, following his time at Cypress Semiconductor as VP of Marketing and Sales. He was also Chairman of both divisions when Motorola split into Freescale and others, and he served on the Cypress Board. Additionally, he has led SST Technology, which spun out of Intel focusing on non-volatile memories. Will Anderson holds degrees from MIT and Stanford and has been on the SunPower Board since 2010. He founded Complete Solar, which acquired SunPower, and is currently on our Board. He also runs a start-up called Same-Day Solar, learning about financing, which might open new avenues for us. I'm showing you a slide again because it's interesting. This is an image of Helios flying at 80,000 feet, where the curve of the Earth is visible above the atmosphere, allowing unfiltered sunlight to reach us, translating to more energy. I did some engineering calculations since you last saw this. At that altitude, atmospheric pressure drops significantly, meaning survival without a space suit is impossible. This is a remarkable image showing the sealed environment required for flying at such heights. The Helios can remain airborne indefinitely thanks to its batteries. We released a financial report earlier today showcasing record financial results, including two acquisitions, and we signed a $55 million equity line of credit, details of which I'll discuss on the next slide. Our revenue reached a record $88.5 million, up from $70 million last quarter. Key contributors include our two new acquisitions: Sunder, which contributed revenue for a full quarter, and Ambia, which contributed for part of the quarter. Our operating income also reached a record of $3.5 million, which is 4% of revenue. Our target is to achieve 10% operating income. Our cash balance ended at $9.3 million, an increase from $5.1 million in the previous quarter. I already mentioned that we increased our equity line with White Line Capital to $55 million as of January 11, pending shareholder approval due to its nature as an equity transaction. These preliminary financials are not expected to change significantly, but I focused on the key metrics investors want to see. On the non-GAAP side, our revenue saw a 26% quarter-on-quarter increase to $88.5 million. We enjoyed an exceptional gross margin, aided by clearing out old inventory from SunPower. The base gross margin is at 38%, so I advise against overly optimistic projections for future performance. Our operating expenses increased only by 8.5% compared to the previous quarter, and we're actively working to improve further. This allowed us to achieve a profit of $3.545 million, up from $2 million last quarter, alongside an additional $4.3 million in cash, excluding funds from the ELOC mentioned earlier. In terms of operating income, we see a timeline showing the progress before and after our acquisitions, indicating the significant turnaround. Following the acquisition, we began generating roughly $80 million quarterly, with a run rate of $320 million. Despite facing revenue challenges due to the ITC cut, our cost-saving measures enabled us to maintain profitability. As we move into this quarter, we project $88.5 million in revenue, reflecting the acquisitions starting to take effect. For the next quarter, I'm offering a conservative estimate. Notably, January through March is typically a challenging period for solar due to winter conditions, particularly in northern markets, alongside uncertainties regarding the ITC, impacting our forecasts. Nonetheless, we expect this to be our second-best quarter despite these challenges. We achieved profitability for four consecutive quarters, completing a financial turnaround compared to the previous four years where SunPower struggled. Our total revenue for 2025 reached $308.8 million, demonstrating our ability to maintain revenue levels despite market volatility. Looking ahead, we project revenue for Q1 2026 at $84 million, though I emphasize the uncertainty of this forecast. However, I anticipate operating income will remain positive. If we navigate Q1 successfully, we will have strong momentum moving into the rest of 2026. Regarding market dynamics, the Energy Information Agency indicates current residential solar penetration in the U.S. stands at 5.6%, a notable increase from 3.7% in 2020. In states like California, penetration is higher but still capped at 15.5%. Rather than viewing our market as crowded, I see it as expansive, with ample room for growth. This graph illustrates acquisition-related increases in our sales representative headcount. In solar, we often utilize independent contractors, or 1099 workers, which means our costs are linked directly to performance. Earlier this year, we had 1,126 reps from the former SunPower, a company that experienced a steep decline. With the acquisition of Sunder, we more than doubled our sales force, and we have continued to grow since. After announcing Ambia, we added 203 sales reps, and recently we acquired a pool of high-quality reps from Purolite, who had gone bankrupt. This brought our total to nearly 2,000, almost doubling our sales force. On the direct employee side, we must maintain stable headcount numbers to control costs and maintain profitability. Historically, we managed to reduce our total employee count while streamlining operations. The goal has been to achieve synergies across our operations while maximizing our effectiveness with existing staff. As we hold our headcount steady and continue to grow revenue, our revenue per employee metric provides insights into productivity. We've achieved over $400,000 in revenue per employee, significantly higher than many competitors in the industry. Our market capitalization compared to revenue shows an interesting trend. While facing challenges, we remain committed to increasing our performance metrics to match industry leaders. To address why Sunrun has rebounded from the ITC cuts while we have not, I attribute this to our cash position and recent equity line increases, giving us flexibility in the current market environment. We are also working to enhance our financial reporting processes after encountering delays recently. We are hiring a Silicon Valley-based consultant to help uplift our financial systems for better efficiency, ensuring that we get back to timely reporting. Finding a full-time CFO remains a focus, and we are conducting interviews in Salt Lake to identify the right fit. Lastly, regarding misconceptions about our financial status, I want to clarify any inaccuracies and ensure transparent communication going forward. We recently announced our Monolith solar panel, which boasts a record 470 watts. Its lightweight design adheres to OSHA regulations regarding weight limits, making it efficient for residential installations. We maintain a partnership with REC, the leading non-Chinese panel company, to secure exclusive rights for this panel. Also, we signed a letter of intent to acquire Cobalt Power Systems, a well-regarded name in Silicon Valley solar. This partnership aligns with our strategic direction as we seek to expand our presence and capabilities within the market. Now, I’ll turn it over to John Bergh for further insights.
I do. Excited to be here. I've been involved with SunPower since late 2006, where our customers had to wait 6 months to get panels. Well, now they don't have to wait 6 months, and they don't want anything that's safe-harbored and waiting in a warehouse for 2 years. They want the newest technology and they want it deployed, and they want to deploy it on their house now. Cost of electricity is going up. But what Cobalt Power Systems really represents here, and it's a different type of acquisition for Mr. Rodgers and Mr. McCranie and his team is we represent a differentiated scalable revenue vector for SunPower. So we're uniquely positioned to integrate sales origination, operational execution and next-generation renewable energy technology deployment, all within a single platform. So together, our combined capabilities, as T.J. has mentioned earlier, with the sales capability, I mean, right now, we've got a dozen system designers and they're top notch, they're top tier. But having access to 1,800 or over 1,800 sales reps, that plays right into our position. So together, we can address the full spectrum of demand of the market, spanning residential, new home construction, multifamily, light commercial, large-scale commercial, industrial applications, including up to large-scale data center power infrastructure. By operating Cobalt as a focused subsidiary within a publicly traded enterprise, SunPower unlocks a multiplier effect, unknown or unseen in the market. It's got efficient access to capital for a company like Cobalt. Its workforce scale and its institutional resources as a publicly traded company will allow us to scale, grow and meet the market demand for renewable energy power. It takes 5 to 7 years for a gas turbine to be installed in one of these units. They need power now. They need solar, they need wind. They need infrastructure and execution, which we can provide. Cobalt brings a proven track record of building and operating a profitable business unit, which is unique in solar. It's positioned to deliver meaningful, sustainable profitability while accelerating the deployment of industry-leading energy solutions to end users at scale. That's why when we first got our first shipment of Monolith last Friday, we have customers that have already oversold. We already oversold our first container. So we're getting our second container. They want the most power dense module. They want to use the best parts of the roof. Why? Because they have EVs. They have complex energy demands that are requiring more electricity. We're here to serve that function. But quality, quality is at the foundational standard and it always has been with SunPower. Quality, technology, that's the core of our platform. And now with T.J. and his team, we have the disciplined execution at scale that will reestablish SunPower and establish the new SunPower in a league of its own over the coming months and years. So I couldn't be more excited.
Thank you. When asked what to do, I suggested he share his plans with enthusiasm, and he followed through. I’d like to discuss our other acquisitions for a moment. As I mentioned before, Sunder is a six-year-old sales company with significant sales achievements. Eric Nielsen, their Co-Founder and President, is now the Executive Vice President of Sales and Marketing for the entire company, leading the sales team except for a small group selling to corporate builders. He has recently introduced options to attract independent contractors to stock options, which is a formal and relatively new initiative for us. This will be part of our strategy to expand our sales force. Max Britton, another co-founder, has a remarkable background as a tank commander in Iraq and now runs the Sunder sales division. As a result, Sunder will handle customer contracts, creating nearly bulletproof final agreements that can be worth $10,000 to $15,000. This is vital for maintaining a high volume of sales through our company, ensuring we utilize our installation capacity efficiently. Devon Glassman is their first employee, a lawyer with an MBA, overseeing sales operations for the entire company. I want to show you a slide illustrating our growth; it highlights our significant improvement in coverage across key states. Our next acquisition was Ambia, an $80 million company, where I gained additional insights. Their Co-Founder and CEO, Conner Ruggio, an ultramarathon athlete, leads our SunPower Direct segment, which encompasses all of SunPower's operations except new homes and sales. SunPower is now structured into three segments: new homes, direct, and sales. Conner's Chief Operating Officer is top-notch, and Spencer Jensen, managing direct operations, is equally impressive. We just acquired them, and I have slides showing their revenue growth. They initially spun out of SunPower and have now returned, contributing their expertise as we aim for an $80 million target by 2025. Ambia is enhancing our direct manufacturing capabilities, having previously excelled with Blue Raven. This cycle time metric I want to highlight shows their efficiency from project initiation to permitting, with exemplary numbers well below our previous benchmarks at SunPower. Now, to focus on our goals: we're aiming for consistent growth, targeting $1 billion by 2028 from our current $300 million level. This requires both inorganic and organic growth. For example, in Q4, we achieved $88 million in profit with 111 million diluted shares. While our price-to-sales ratio remains low, we have a comprehensive plan for growth moving forward. As we evolve, SunPower aims to be recognized as the leader in solar technology, emphasizing advanced hardware and software-controlled solar systems. Our goal is to integrate superior technology into our offerings to expand job opportunities. We are developing software-controlled solar products that facilitate smart energy management, leveraging established technologies like the CAN Bus for seamless communication among our systems. Looking ahead, we have advancements in solar technology, including bifacial panels and the next generation of Perovskite-silicon cells. New inverters from Enphase will improve energy backup capabilities, and our new electric vehicle will enable users to charge exclusively with solar energy, further enhancing sustainability. We're laying the groundwork for a robust future, with a clear organizational structure and plans for growth. We had a successful year, and while I won’t project numbers for 2026 just yet, the indicators are looking promising. Our focus is on maintaining a minimum cash reserve of $10 million while potentially seeing cash flow positivity soon. Next quarter aims for $84 million, which would be our second-best quarter ever, with a target of holding market share despite anticipated industry declines. With three more deals pending, we are well-positioned for the future. I'm now ready for questions.
We will now begin our Q&A session. Our first question today comes from the line of Derek Soderberg at Cantor Fitzgerald.
分析師問答
So T.J. You just touched on your vision for becoming an advanced technology solar company with software controlled systems. I guess from the investors' perspective, why is this the most sustainable, profitable model for residential solar and commercial? And what's sort of the most exciting part of the business as things have sort of come together on the sales front and the hardware front? What's the most exciting part of the model as the business sort of comes together here?
That's a really good question. A well-respected analyst recently asked me why we need a national company and why individuals with pickup trucks in various U.S. cities can't handle solar installations. The reality is, if all solar work involved merely driving to houses to install various products, then a national company wouldn't be necessary. However, consider the complexity of the systems I mentioned earlier. They require intelligence to understand weather patterns, manage power storage or car charging, and adapt as clouds move across the sun. This isn't something individuals in pickup trucks can manage; it's quite challenging. The Enphase inverter, for example, may look simple, but it contains incredible technology developed over many years, resulting in a product that others cannot easily replicate. Enphase once had a significant advantage with the most efficient solar panels, which lasted for decades until other competitors caught up by developing similar technology over time. Today, panels have become more commoditized despite their sophisticated engineering. As we all know, investors are particularly drawn to software companies. To illustrate this, Hawaii has different regulations regarding solar systems compared to California or Massachusetts. Enphase tackles this by downloading software updates that adapt to changing Hawaiian laws, something only a company with significant resources can do. This capability, coupled with superior hardware, is what sets us apart. That's why a national company is essential; only a company of that scale can invest in meaningful partnerships and the necessary technological advancements.
T.J., who's going to be facilitating the software piece of the business? You had mentioned that a few times today. It feels like there's an opportunity there for you guys now that you have a full hardware offering, a nationwide sales team. Can you upsell software? Can you be a part of the recurring piece of the business? Is there a software angle to this at all?
Sure. Do I have a software group? I'm not a software expert. I have many software professionals, but I don’t think I have the team to create the vision I just outlined. Currently, we can't manufacture panels, but our partner, RAC, excels at it. We can't develop software systems at the moment. We can certainly program, install, and define them, but we aren't able to do that right now with our partner Enphase. Partnerships at our level are crucial. If you consider any industry, Boeing doesn’t produce jet engines; companies like Pratt & Whitney or Rolls-Royce do. It's challenging to handle everything alone, so we partner. That's our approach, while being aware of what needs to be done.
Got it. That's helpful. A couple of clarifying questions. The $84 million guidance with $4 million of uncertainty, is the way to interpret that as $80 million of high likelihood revenue with $4 million that's uncertain? Or is the $4 million potential upside to guidance?
So I feel like there's a little box being put here and then another little box being put here and then I'm starting to look up and there's a little lid going on there. I'll be honest with you, that number 84, I invented that number the other day, so I could be sure of it. And then I checked with the people and they said, we can be sure of it, and it's a little bit less than our actual internal plan, which will determine their bonus.
Got it. Got it. And then on operating expenses, they were up 41% sequentially on a GAAP basis. What was the reason for this growth? Was there kind of onetime stuff associated with you guys going out and selling some of that backlog? Can you help us understand maybe looking forward, where we should sort of expect the operating expense run rate to be kind of in Q1, Q2? Anything to help us kind of model that for '26?
Our operating expenses have not increased as much as you mentioned. You referred to an increase on a GAAP basis, but that doesn't clarify much. From what I see, our operating expenses, excluding commissions, are nearly flat at 8.5% quarter-over-quarter. The difference lies in how GAAP and non-GAAP are presented. Operating expenses include stock compensation, which inflates the reported people costs. This raises the question of whether expenses reflect just salaries and benefits or also include the value of stock options. I have an example with SunPower, which I initially thought I was acquiring at a bankruptcy sale, but I later had to account for it on my books, leading to losses each quarter. To evaluate operating expenses accurately, focus on that specific line. I also exclude commissions from the calculations because they can range from 26% to as high as 36%. For a true picture of operating expenses, deduct commissions and intangible assets as I've explained, and that reveals the real operating expenses, which are tightly controlled. I review headcount regularly, and there are no excesses or one-time events involved; the distortions arise from mandatory accounting practices.
Got it. That's helpful. And my last question, T.J., the silver price has been going up. That's a key component in solar panels. There's some concern on potentially physical supply. Do you view that as a risk for the industry?
No, I think the panel situation will be a tough one. I didn't purchase any safe harbor panels, and we experienced a last-minute rush at the end of the year as everyone tried to buy solar panels to install a few on homes to still qualify for the subsidy. Companies began managing their operations by accumulating unnecessary inventory due to a government market distortion. That illustrates the issue of multiple markets. We chose not to participate in that. Currently, all those panels that were purchased are just sitting around. Later this year, for my economy system, which is the lowest cost option, I plan to acquire those panels at a significant discount compared to those who are watching the depreciation of their excess inventory. There are many new panel manufacturing plants being established in the United States. To circumvent tariffs, many Asian manufacturers are producing solar cells overseas. They are importing these solar cells, which are smaller and lighter, allowing for quicker transport, and then assembling them into panels using large machines in the U.S. The number of these manufacturing plants is increasing significantly. The panel market is not profitable. It’s not an area you want to invest in; you should focus on capitalizing on the surplus supply. We are already seeing an excess of supply this quarter.
Our next question comes from Gus Richard from Northland.
I was just curious how you guys are doing converting Sunder sales into installs and sort of where that is and what you think the trajectory will look like?
Can you say that one more time? I'm not sure I got it.
So I was wondering how you're doing on converting the Sunder sales into installations and what that trajectory might look like?
You guys wanted... We've got 2 positives going on with Sunder right now. First off is their fundamental 1099 force that they brought us in, in late September has moved up dramatically in total bookings. Secondly, T.J. was telling me about 5 weeks ago that we brought in about 350 Purolite guys. We brought them in at the very, very end of 2025, and we've been expanding in 2026. Those guys have already produced significant bookings in the first 4 weeks, we have over 100 strong bookings. We have another 350 that are in the front end of the booking channel. The way it looks for us right now with Sunder is that we're going to have a larger revenue than we currently are forecast as a result of the rapid expansion in 1099 sales force at Sunder. So we're very pleased with that part of residential retrofit. That's working very good for us. This is a complex topic that I discuss frequently. The reason Eric Nielsen excels as VP of Sales compared to T.J. Rodgers is that Eric has a better understanding of the independent contractors, and I don't. I tend to focus on doing what's right for the company in a disciplined way. To keep the independent contractors engaged, Eric provides them with a work environment they value. I support that with stock options, but there are additional benefits as well. One key advantage for them is the ability to choose which installer receives a job. Currently, they have access to 26 options, including SunPower Direct and our competitors. They select jobs by constantly trying different options until they find the most favorable outcome, without being obligated to assign jobs to a specific person. As of now, the results are promising, and I align with Dan's viewpoint on the potential for growth. At present, Sunder contributes a mid-single-digit percentage to SunPower’s overall performance, which is projected to rise to 35% over the year. Why isn’t this already happening? If T.J. were to dictate a strategy, it would likely lead to disengagement. Instead, T.J. allows Eric to take the lead. The geographical expansion has introduced sales opportunities in areas where we previously had no installations, prompting us to gradually build our installation capabilities. Simultaneously, we have installers in certain regions unable to fulfill all job requests and are working to strengthen our sales presence there. We are currently developing strategies that will eventually connect both aspects, improving efficiency over time. The positive news is that our results are not overly reliant on significant fallout. By the end of the year, we anticipate that 50% of the business will come from direct sales or new homes, ensuring a steady stream of orders and maintaining consistent activity throughout the year.
Finally, just the Purolite acquisition of 1099s moved us, expanded us into states where even Sunder wasn't particularly strong after the acquisition. An example of that is the Northeast and in particular, the Oregon territory. Those are target-rich for TPOs. We were fair encouraged there. And now with the Purolite sales guys, we are very, very strong. So I'm feeling very good about retro residential sales and retro residential bookings for 2026.
You mentioned the decline of the original SunPower sales force, which is partly due to bankruptcy. Additionally, this sales force had significant success selling in the Midwest, where customers tend to pay upfront, own the systems, and immediately benefit from savings on power bills, resulting in quicker paybacks. However, in California, the scenario is different. Third-party ownership and financing companies get involved, taking a larger share of the profits. The strategy I advocate for cash or loan purchases involves explaining that an upfront payment will lead to reduced utility bills starting the next quarter. Over time, savings on utility costs will exceed the initial investment, making it appealing to customers. In contrast, the pitch in California often emphasizes that solar can be installed at no upfront cost, with initial payments covered, and that monthly payments will be less than previous utility bills. This approach emphasizes the lack of upfront investment while ensuring monthly savings. The transition to third-party ownership or financing has proven challenging for the original SunPower sales force, but the new sales teams we have acquired are adept at working within this system. They have already established themselves in the market by recognizing the value of third-party ownership before we did, and now we are collaborating effectively.
Okay. Got it. And then just on Cobalt, I just want to make sure I'm clear. It sounded like you do utility scale and industrial-size installations, you mentioned data centers. And I'm just wondering sort of how do I think about the markets you address ready industrial, utility scale and kind of how big a system kind of sold at this point...
Go ahead.
We've faced limitations as a small private company, but we possess the expertise and a proven track record in installing multiple megawatts. We have completed 12 megawatts at the Port of Stockton and are currently finishing a 1.4-megawatt project at Santa Clara University, which includes three phases of a superstructure carport. We are also wrapping up work at the Los Altos Golf and Country Club, which features both ground mount and carport structures, as well as installations on the main clubhouse. Our team is well-equipped to handle installations with complex voltage requirements, including step-up and step-down configurations, switch gears, and other modifications, all of which we manage in-house. While our previous market capitalization limited our ability to expand nationally, we are now positioned to achieve excellence and scale due to our transition to a publicly traded company.
We are currently in Silicon Valley, which is where I’m from. One thing I’ve noticed with the mainstream solar approach is that it’s becoming more commoditized. It’s similar to aluminum siding, and suddenly, engineering and scale become important once again. The plans I file in Austin, Texas for a 5 kilowatt installation are essentially standard templates. Many planning commissions now allow for online submissions, and in Palo Alto, California, if you want to install a megawatt of solar, you have to work with the city, which can be quite a challenge. This means we now have capabilities that we didn’t have before, allowing us to study and understand the marketing aspects. I’ve observed their marketing strategies and plan to start sending teams from Salt Lake to learn from them. One of my young marketing team members in Salt Lake has experience making movies to supplement his income, and he knows how to create effective advertisements. His marketing team consists of just him, but we intend to learn from each other to increase the flow of solar panels. When we negotiate the price of panels, we want to present ourselves as a volume company rather than a smaller local player. The synergies are still unclear, but I am studying the situation closely without taking unnecessary risks, and I will optimize our approach as we determine the best path forward.
Gus left the line. We do have a couple of quick ones from the online audience. I'll start off with one quick one for me, asking about our conference schedule for Q1, just so everyone is aware. We will be at the Jefferies Power, Utilities and Clean Energy Conference in March, the first week of March in New York City. March 11 in New York City, we will be attending the Cantor Technology and Industrials Conference. And then on March 12, we will be involved in the virtual Canaccord's Sustainability Summit. In addition, we'll be doing some NDRs and fireside chats. So please reach out if you have any questions about scheduling. One quick question from the line. You've discussed New Homes progress, which will be material to growth in 2027 and forward. Can you discuss the progress on rebuilding that pipeline today?
Okay. For many guests, it is important to note that we have the VP of that division here. This is the 3-year quarterly plan I showed you, with New Homes highlighted in blue. Currently, New Homes is experiencing some challenges because it typically reaches its lowest point in Q1 before starting to recover. This situation arose after the bankruptcy of SunPower, which led all corporations to cancel their contracts for the quarter. Now, we are focused on rebuilding. So, what is your plan to move forward?
Today, we are aiming for 2026 to regain market share, growing our bookings from approximately $45 million, which converts at around a 97% rate, to about $110 million in 2026. This positions us back to the average rate of around $125 million per year seen in 2022. Additionally, we are partnering with more dealers who are engaged in collaborative efforts with other companies. We are accelerating our growth in New Homes as well as in the multifamily sector, with Cobalt contributing to that portfolio, including our Commercial and Industrial space. The New Homes business is very optimistic about our expected delivery in 2026, creating a solid foundation on top of our overall SunPower revenue. Can I add a bit more detail to that? Our plan is to achieve over $110 million in bookings this year, which is an increase from over $40 million last year. It's important to remember that there is a 5- to 6-quarter lag between bookings and revenue in New Homes. Therefore, the bookings we are currently seeing will lead to significant revenue growth in 2027. Additionally, our opportunity pipeline is growing as we expand our sales organization in New Homes, and we are increasingly confident in our ability to meet or exceed that $110 million target. Finally, consider the best performance in New Homes from the previous SunPower era, which was around $50 million to $60 million in quarterly numbers. So when thinking about what we can achieve once we rebuild our New Homes organization, envision $50 million to $60 million quarters compared to the $10 million quarters we've had this year and the $25 million to $30 million quarters we are currently on track for in 2027.
As long as you got the camera on the front, Will, what is the theory behind your new company in the finance world?
The opportunities to enhance margin throughout the value chain involve rapidly installing the right equipment and financing it appropriately. Currently, the main sources of financing are power purchase agreements and leases, as the income tax incentives for solar remain available for residential installations. We are combining these elements through partnerships with companies like LightReach, which is a key ally in financing, as well as Enphase and others mentioned by T.J. Additionally, by incorporating rapid installation methods, such as those we are developing with same-day solar, we aim to streamline the process for customers, despite the complexities we manage behind the scenes through our partnerships.
Sorry about that. Is it...
That is it. That ends our call for today.
Thank you for tuning in. We appreciate your support.