SUNation Energy Inc 2026年季度报告

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-Q_____________________________________________________ ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from______to_____ Commission File Number: 001-31588 SUNATION ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware41-0957999(State or other jurisdiction ofincorporation or organization)(Federal EmployerIdentification No.)171 Remington Boulevard, Ronkonkoma, NY 1177911779(Address of principal executive offices)(Zip Code) (952) 996-1674Registrant’s telephone number, including area codeSecurities Registered Pursuant to Section 12(b) of the Act Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). YES☒NO☐ Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer☒Smaller Reporting Company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. YES☐NO☒ APPLICABLE ONLY TO CORPORATE ISSUERS:Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Outstanding at May 5, 2026 4,123,106 SUNATION ENERGY, INC. INDEXPage No.Part I.Financial InformationItem 1.Financial Statements (Unaudited)Condensed Consolidated Balance Sheets2Condensed Consolidated Statements of Operations3Condensed Consolidated Statements of Changes in Stockholders’ Equity(Deficit)4Condensed Consolidated Statements of Cash Flows5Notes to Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures about Market Risk33Item 4.Controls and Procedures33Part II.Other Information35SIGNATURES CERTIFICATIONS38 SUNATION ENERGY, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) SUNATION ENERGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) SUNATION ENERGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)(Unaudited)For the Three Months Ended March 31, 2026 The accompanying notes are an integral part of the condensed consolidated financial statements. SUNATION ENERGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three Months Ended March 3120262025CASH FLOWS FROM OPERATING ACTIVITIES:Net loss$(4,090,614)$(3,496,432)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization622,537627,315Share based compensation5,92130,815Credit loss provision52,807(25,079)Provision to write down inventories to net realizable value(26,770)(10,855)Amortization of right of use asset77,08686,201Fair value remeasurement of contingent forward contract—(109,492)Fair value remeasurement of contingent value rights—(19,179)Gain (loss) on extinguishment of debt(332,412)343,471Gain on sale of assets(2,700)—Interest and accretion expense93,473571,241Changes in assets and liabilities:Trade and related party accounts receivables942,875978,228Inventories, net(322,748)205,946Prepaid income taxes11,17314,615Other assets1,273,20612,186Accounts payable(2,782,565)(941,847)Accrued compensation and benefits132,01620,770Customer deposits(152,586)(443,775)Other accrued liabilities(614,438)(148,679)Accrued interest(50,358)(1,098,799)Net cash used in operating activities(5,164,097)(3,403,349)CASH FLOWS FROM INVESTING ACTIVITIES:Proceeds from the sale of property, plant and equipment2,700—Net cash provided by investing activities2,700—CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings against related party working capital line of cre