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Segment Information
 9 Months Ended 12 Months Ended
Sep. 28, 2025
Dec. 29, 2024
Segment Information [Abstract]    
Segment Information

(15) Segment Information

 

The segment information is presented on a basis that is consistent with the Company’s internal management reporting. The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM manages the Company and reports financial results based on three reportable segments which are the same as the Company’s operating segments. The CODM evaluates the performance of these reportable segments and allocates resources to make operating decisions based on certain financial information, including segmented internal income/(loss) prepared on a basis consistent with U.S. GAAP. The measurement criteria is based on their operating revenue and operating income (loss) and excluding any corporate costs which are not allocatable to the operating segments. The CODM’s measurement criteria does not include segment assets. During the periods presented, the Company reported its financial performance through the following three reportable segments; Residential Solar Installation, New Homes Business and Sunder.

 

Residential Solar Installation. This segment performs solar system, storage and battery installations for residential homeowners.

New Homes Business. This segment is new, as a result of the SunPower Acquisition which occurred in the fourth quarter of fiscal 2024. The Company developed a method to allocate direct expenses for the respective reportable segments. This segment performs solar system installations for new home builders.

 

Sunder. This segment is new beginning in fiscal year 2025, as a result of the Sunder Acquisition which occurred late in the third quarter of fiscal 2025. This segment’s principal activity is a solar energy sales force to initiate and execute contracts with customers throughout the United States.

 

   Thirteen Weeks Ended 
   September 28, 2025   September 29, 2024 
(in thousands)  Residential
Solar
Installation		   New Homes
Business		   Sunder   Total   Residential
Solar
Installation		   New Homes
Business		   Sunder   Total 
Operating revenues  $38,579   $27,116    4,310   $70,005   $5,536   $—   $—   $5,536 
                                         
Less:                                        
Cost of revenues   20,984    13,329    3,652    37,965    8,693    —    —    8,693 
Sales commissions   7,479    55    —    7,534    7,270    —    —    7,270 
Sales and marketing   4,781    1,686    —    6,467    1,093    —    —    1,093 
General and administrative(1)   12,240    9,243    —    21,483    18,450    —    —    18,450 
Operating (loss) income from continuing operations   (6,905)   2,803    658    (3,444)   (29,970)   —    —    (29,970)
Reconciliation of segment (loss) income from continuing operations before income taxes:                                        
Unallocated amounts:                                        
Interest expense   
 
    
 
    
 
    (8,104)        
 
    
 
    (2,338)
Interest income   
 
    
 
    
 
    —         
 
    
 
    86 
Other expense, net   
 
    
 
    
 
    (4,256)        
 
    
 
    (65,684)
Gain on extinguishment of debt   
 
    
 
    
 
    —         
 
         19,948 
(Loss) from continuing operations before income taxes                 $(15,804)                
            
    
 
   $(77,958)

 

(1) For the thirteen weeks ended September 28, 2025, depreciation and amortization expense was $1.0 million,  $0.3 million, and zero for the Residential Solar Installation, New Homes Business and Sunder reportable segments, respectively. For the thirteen weeks ended September 29, 2024, depreciation and amortization expense was $0.3 million for the Residential Solar Installation reportable segment.

 

    Thirty-Nine Weeks Ended  
    September 28, 2025     September 29, 2024  
(in thousands)   Residential
Solar
Installation		     New Homes
Business		     Sunder     Total     Residential
Solar
Installation		     New Homes
Business		     Sunder     Total  
Operating revenues   $ 114,097     $ 101,862       4,310     $ 220,269     $ 20,068     $ —     $ —     $ 20,068  
                                                                 
Less:                                                                
Cost of revenues     67,388       55,930       3,652       126,970       21,834       —       —       21,834  
Sales commissions     22,882       1,391       —       24,273       11,691       —       —       11,691  
Sales and marketing     19,591       2,173       —       21,764       3,762       —       —       3,762  
General and administrative(1)     32,782       19,600       —       52,382       29,789       —       —       29,789  
Operating (loss) income from continuing operations     (28,546 )     22,768       658       (5,120 )     (47,008 )     —       —       (47,008 )
Reconciliation of segment (loss) income from continuing operations before income taxes:                                                                
Unallocated amounts:                                                                
Interest expense    
 
      
  
      
 
       (23,258 )            
 
      
 
       (8,230 )
Interest income    
 
      
 
      
 
       3              
 
      
 
       102  
Other expense, net    
 
      
 
      
 
       (1,724 )            
 
      
 
       (66,234 )
Gain on extinguishment of debt    
 
      
 
      
 
       —              
 
               19,948  
(Loss) from continuing operations before income taxes                           $ (30,099 )            
            
      
 
     $ (101,422 )

 

(1) In the thirty-nine weeks ended September 28, 2025, depreciation and amortization expense was $3.4 million, $0.9 million and zero for the Residential Solar Installation, New Homes Business and Sunder reportable segments, respectively. In the thirty-nine weeks ended September 29, 2024, depreciation and amortization expense was $1.0 million for the Residential Solar Installation reportable segment.

(22) Segment Information

 

The segment information is presented on a basis that is consistent with the Company’s internal management reporting. The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM manages the Company and report financial results based on two reportable segments which are the same as our operating segments. CODM evaluates the performance of these reportable segments and allocates resources to make operating decisions based on certain financial information, including segmented internal income/(loss) from continuing operations prepared on a basis consistent with U.S. GAAP. The measurement criteria is based on their operating revenue and operating income (loss) and excluding any corporate costs which are not allocatable to the operating segments. The CODM’s measurement criteria does not include segment assets. During the periods presented, the Company reported its financial performance through the following two reportable segments; Residential Solar Installation and New Homes Business.

 

Residential Solar Installation. This segment performs solar system, storage and battery installations for residential homeowners.

 

New Homes Business. This segment is new in fiscal year 2024 as a result of the SunPower Acquisition which occurred in the fourth quarter of fiscal 2024. The Company developed a method to allocate direct expenses for the respective reportable segments. This segment performs solar system installations for new home builders.

 

   Fiscal Year Ended December 29, 2024 
(in thousands)  Residential
Solar
Installation		   New Homes
Business		   Total 
Operating revenues  $67,460   $41,282   $108,742 
                
Less:               
Cost of revenues   45,266    23,974    69,240 
Sales commissions   23,388    1,202    24,590 
Sales and marketing   6,827    -    6,827 
General and administrative (1)   9,805    3,232    13,037 
Operating income (loss)   (17,826)   12,874    (4,952)
                
Reconciliation of segment loss from continuing operations before income taxes:               
Unallocated amounts:               
General corporate expense   -    -    (63,557)
Interest expense   -    -    (16,223)
Interest income   -    -    19 
Other income (expense), net   -    -    7,932 
Gain on troubled debt restructuring   -    -    22,337 
Loss from continuing operations before taxes  $-   $-   $(54,444)

 

(1)For the year ended December 29, 2024, depreciation and amortization expense was $2.6 million and $0.1 million for the Residential Solar Installation and New Homes Business reportable segments, respectively.
   Fiscal Year Ended December 31, 2023 
(in thousands)  Residential
Solar
Installation		   New Homes
Business		   Total 
Operating revenues  $87,616   $             -   $87,616 
                
Less:               
Cost of revenues   69,828    -    69,828 
Sales commissions   31,127    -    31,127 
Sales and marketing   6,920    -    6,920 
General and administrative (1)   32,099    -    32,099 
Operating income (loss)   (52,358)   -    (52,358)
                
Reconciliation of segment loss from continuing operations before income taxes:               
Unallocated amounts:               
General corporate expense   -    -    - 
Interest expense   -    -    (14,033)
Interest income   -    -    36 
Other income (expense), net   -    -    (29,862)
Gain on troubled debt restructuring   -    -    - 
Loss from continuing operations before taxes  $-   $-   $(96,217)

 

(1)For the year ended December 31, 2023, depreciation and amortization expense was $0.9 million for the Residential Solar Installation reportable segment.

 

Assets by segment are as follows (in thousands):

 

   As of 
   December 29,   December 31, 
   2024   2023 
Residential Solar Installation  $66,145   $47,322 
New Homes Business   78,321    - 
Total assets  $144,466   $47,322