# Powur 2025 Shareholder Report | Powur

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- Published at: 2026-02-01 18:28:37 UTC
- Updated at: 2026-02-04 18:26:40 UTC

## Author
Jonathan Budd

## Subject
Powur

## Content
Greetings Powur Shareholders,It is difficult to describe just how tumultuous 2025 was for the U.S. solar industry. It was a hang on for dear life kind of year, in which we saw a continuation of major bankruptcies, declining consumer trust, major policy upheaval, changing administrations and investor sentiment, and industry wide work force burn out. The challenges were as real as they get. Everyone was tested. Many did not pass. Powur stands before our shareholders today as one of the companies, and teams, who DID.As you’ll see in the numbers below, the year began in an impossibly difficult situation, with our largest finance partner owing Powur over $11,000,000 for systems we built and weren’t being paid for. The collapse of Sunnova wiped out ⅓ of our 1H revenue and pipeline of projects, and put us in a cash management position unlike any before. It challenged the very durability of our model, team, and our capability to find a way through. In the middle of that, Trump dropped the grenade known as the OBBB on the U.S. clean energy industries, and our future hung in the balance, as the incentives behind our product for decades were restructured or eliminated.Throughout all of this, we needed to find a way to keep going. To keep selling. To keep recruiting. To keep installing. To keep believing in the vision for why this company began, and why this community of people came together. This was a difficult period for many, and required all of us to dig deep and ask why we are part of the Energy Transition, what do we really believe in, what are we really committed to, and why should we keep going?And as we hung on through this wild ride, the answer to those questions began to make themselves more clear. The truth is, the Energy Transition is just getting started. The truth is, the technologies behind our product are better than ever and only advancing. The truth is, the macro factors behind distributed energy resources are only going in one direction and it’s POSITIVE for us. And the biggest truth, no matter what Powers to Be may want to hang on to legacy energy, you cannot suppress the sun and you cannot suppress the technological innovation force that is humanity. There is no doubt who the victors will be decades from now - the only question is who finds a way through to become the powerhouse next-generation energy company.I believe that a company and a team can do anything when the answers to the deepest questions behind why they do what they do are totally authentic. When our action comes from true purpose, conviction, and a belief that stands the tests of time, then we are truly on to something. The vision and mission behind Powur has always been as real as it gets: To accelerate societies adoption to Sustainable Energy technologies, and create a world that works better for all of life.This has not changed, and despite popular rhetoric today, it’s needed more than ever. We are still at the beginning of the most meaningful revolution in how society produces energy since we started harnessing the power of steam. We are at the forefront of true decentralization and distribution of power. This equals real energy independence, sustainability, and abundance. That is what we are building, that is what we are a part of, and that is what is possible. Every day we fight on… we close the gap on that future.Let’s dive in…2026 Financial ForecastWe expect full year revenue of $86,073,794 with EBITDA of $356,765, largely dependent on a 2H recovery. 2H generally sees significantly higher volume from the summertime sales boom. We expect to end the year with $9,427,329 in cash, and a net operating cash flow loss of $843,225.Powur is being conservative with our 2026 financial forecast, as the first half of this year is primarily a recovery year for us and the industry. All eyes are on how quickly the sales force and customers rebound from the ITC expiration, and get up to speed on the new consumer value proposition with TPO (leases and power purchase agreements). We are extremely bullish on the new value proposition as we’re seeing some of the lowest monthly payments for customers in HISTORY, combined with incredible rep commission and margin potential. I’ll discuss more on this in our roadmap for 2026. I believe there is meaningful upside to our 2026 forecast, and given the lean nature of the business, upside will flow through to cash flow generation and EBITDA directly, just as we saw in Q4 of 2025.One final note: the business performed extremely well in Q4 2025, generating an EBITDA of over $2.05M for the quarter. The critical metric that achieves turning Powur into a cash generating machine is our Employee-to-Install ratio. When this number is high, in the 1 employee to 3 installs range, Powur is printing money. At 1 employee to 1 install, we are losing money. 1 employee to 2 installs, we’re ok, but not thriving.My goal is to get this business to THRIVING. Despite the events of the past few years, I am NOT deterred. We have built one of the most resilient and durable business models in the history of clean energy. We have a model in which virtually ALL of our costs do not come due until post installation when we have received cash from financing. We have achieved this because of our direct sales model where commissions are ONLY paid after install (all sales and marketing costs deferred until customer fully recognized), and our distributed labor model where virtually all fulfillment costs come due after we’ve been paid. This important fact can not be lost on Powur shareholders and stakeholders.We have fought SO HARD to innovate this kind of model, because its resilience and cash generating power is unprecedented in resi solar. We now stand at the dawn of AI and the possibility of achieving greater efficiency of project, process, and software management than EVER before. This isn’t theory, our amazing team is implementing AI everyday and seeing the results. As we stay focused on innovating and solve more challenges of growth, efficiency, and throughput… I am 100% confident investors have never seen a model like this in Solar + Storage contracting before. We are cracking the code our peers have not been able to crack, and we will be highly valuable because of the CASH we generate. That is what we are fighting for.2026 Company RoadmapAdapt to the winning value proposition.Under the OBBB, all Biden era inflation reduction act incentives were retained for section 48E until the end of 2027, or until a maximum of June 1st 2030 per Safe Harboring guidelines issued by the treasury. It can not be understated how enormous of a win this is. The inflation reduction act contained incentives to achieve up to a 60% investment tax credit if a project qualifies for all three IRA adders 1) Domestic Content 2) Energy Community 3) Low Income. Effectively, this has pushed the net tax credit TPO providers earn per project to 45%~. While most people think solar got crushed, the actual reality is that this is the most generous subsidy and value proposition in the HISTORY of our industry, only fully matured in 2025, and is available until the end of the decade. It’s GO TIME.How do we capture this value for consumers and the company alike? Lease’s and PPA’s (NEW) Pre-Paid Lease’s Powur’s strategy is to directly integrate the largest and most stable finance providers of Leases, PPA’s, and Pre-Paid lease solutions directly into our proprietary vision proposal tool. This will give us a significant advantage of a one stop solution for sales reps and contractors to access the winning financial products, and deliver the most compelling financial value proposition to consumers, in a single tool.While the pre-paid lease solution is still in its earliest stages, we expect 80% of sales volume to be lease and PPA while 20% remains cash/loan. As pre-paid leasing coverage expands and becomes more integrated into finance tools, I expect as high as 50% prepaid lease / cash & loan and 50% traditional lease and PPA on a go forward basis.One final note: the economics of leasing are significantly better for installers, as we carry a reduced O&M liability. In addition, we see an increase in GPAC (gross profit after commission) on lease products over cash/loan, so rebuilding the business around this winning value proposition will result in more favorable unit economics.AI-First CapabilitiesThis is a critical time for every mature company to fully adapt to the revolution taking place within how we work. It is my belief that AI is absolutely as big an opportunity as it’s hyped up to be. Many of the initiatives inside Powur are already transforming what our team is capable of, how much more we can do per employee, and delivering faster and reliable solutions to customer problems.Our goal now is to define a highly compelling roadmap for how to implement AI into every aspect of our business, and execute on it. It is to do the hard work of beginning to rebuild our legacy platforms and infrastructure on top of an AI framework that allows for more usefulness going forward. It is to continue to grow as a culture, and as individuals, our understanding of AI. We must learn how it can be used in each role within the company, and determine what progress metrics we are willing to hold ourselves accountable for to demonstrate we are effectively adapting this technology at an aggressive speed. Winners and losers in the market will be determined by speed to AI implementation.I am proud of the work our team has done in this department so far, and genuinely enthused about the size of the opportunity ahead. And, we have more work to do… it’s important each member of our team pushes themselves to live into these new possibilities URGENTLY.World Class Direct Selling Growth EngineOur Objective: Transform compensation model to accelerate recruiting, leadership development, and leadership retention.As we adjust our business to 2026 and beyond, it’s become clear we need to keep pushing for innovation of our growth engine. To be blunt, our Powur 4.0 model failed. The theory was sound for free users and a simplified task to set an appointment, but reality proved free users have minimal to no skills or capabilities within the energy transition workforce. On top of it, there was no leadership incentive great enough for top team builders to invest in creating that capacity through outreach, coaching, mentoring, and training. As such, the model fell flat, recruiting slowed, and growth disappeared.It is critical that Powur knocks our differentiated growth engine out of the park. We are the category creator and leader in direct selling and social commerce for the U.S. Solar + Storage industry. We have proven the capability to be the fastest growing company in the history of our industry. Now we need to take the lessons we’ve learned across scaling, market and industry cycles, our product, plus more… and apply it forward in a POWERFUL new direct sales model that leads to sustainable and unrelenting growth.Version 5.0 of the Powur business model and compensation plan will be released March 28th, 2026. The focus of this model is to attract, build, and retain the LEADERS in the U.S. solar industry. We have already figured out the sales incentive, that piece is done. Now it’s time to figure out how to get the leaders into Powur who will be primarily responsible for recruiting, coaching, team development, and developing a highly capable Energy Transition workforce. The 5.0 model is a leap frog over previous versions of our compensation plan and incentives for leaders. I will update on how the new model is performing in our 1H 2026 shareholder report.5.0 Expected Key Results: 5-10% Month over Month growth in recruiting and team building from engaged leaders. Drive the performance of leadership development, coaching, and team engagement. Introduce the new Powur opportunity Presentation, marketing,media assets, and training curriculum. Self-Performing Contractors & PowurLinePowur has been working on a new enterprise product focused on gaining adoption within the traditional solar sales dealer community. We ran into persistent problems recruiting established solar sales orgs into Powur due to friction between our pricing model and the industry normalized redline model. The transfer friction remained too great to overcome in many cases, resulting in us pivoting towards building a “Powurline” program. This channel is now underway, with a meaningful amount of sales orgs signed up and starting to produce since introduction. It’s important the team remains focused on this new channel and continues to optimize onboarding, dealer experience, the technology stack supporting Powurline dealers, and throughput initiatives.In addition, one of the largest opportunities we see going forward in the market is supporting the long tail of solar contractors with access to sales enablement tools, financing, and supply chain. Being able to deliver the winning customer value proposition to consumers is not accessible to everyone, as requirements to gain access to financing have tightened, and equipment supply is more limited than ever. Powur can step in to provide these solutions to long tail contractors enabling their ability to reach the customer.Candidly, this is a big job. Managing contractors is not easy, or the finance companies would take the thousands of long tail installers themselves. More investment will be required for this program to scale, but we are seeing initial success and traction with select contractor partnerships. We expect to add more contractors to this program throughout ‘26, and assess what size of our business this channel may become and how we will fund an investment strategy to ensure it succeeds.Operational ExcellencePowur made bold moves in 2025 to streamline operations and prepare for where solar will be winning in 2026 and beyond. This resulted in: Reduced state coverage from 24 to 12 Reduced 85 utilities Reduced 461 AHJ’s (permitting departments) Reduced 17 installation partners Reduced inventory management at 9 CED locations We have massively simplified our business with the intent to laser focus on operations in these markets, installation partnerships, and refining internal process and management. Frankly, I will be looking to see that volume continues to justify each of the 12 states we operate in. If the volume does not dictate being in a market going forward, we will exit the market. I have no delusion - the only thing that causes companies to win operationally in our industry is effective throughput. Each market requires immense focus to first nail a winning value proposition, and then nail effective throughput. I trust our operations leaders and team to hold high standards and ensure Powur is growing its excellence through this simplified and focused approach. As always, this will be a top focus.Cash ManagementCash remains king and self sufficiency the king’s guard. Investors are likely to be on the sidelines until the industry recovers from the 1H lull and can forecast strong growth in the coming years. It’s critical we continue to manage cash very disciplined throughout 2026. Thankfully, we have built this muscle and proven there are few, if any, contractors who can compete with Powur around cash management.Value CreationThe last few years have been tough. I know I’ve questioned the future many times, and of course it’s natural for any stakeholder to question the future when there’s been so much change, disruption, and challenge. However, I’m going to present a contrarian view for a minute. Whereas many peers are pivoting to new verticals, products, industries, or looking for the next shiny thing investors are clamoring for… Powur is not going to do that.I think the path forward is to remain principled. Why do we do what we do? What problem are we solving? How do we create real value doing that? Too many times, entrepreneurs go off chasing the next shiny object thinking it’s a faster path to riches, and they’re wrong. By the time they get there, the shine wears off. And the flaws of that model are revealed.Solar was a big shiny object for the last decade. The industry saw tremendous growth. Investors and entrepreneurs RUSHED in. And chaos ensued. Much like a dot.com bubble, valuations never could meet actual performance. And the highly regulated and policy prone industry was easily disrupted by a wave of red or blue, because utilities are green. And come to find out, green is what calls the shots. But just like the dot.com bubble, the real opportunity is what happens next.Where does this leave us? In my opinion, now is the PERFECT opportunity to become a real value creating company. We have minimal to no delusions left. We know what models work and what models don’t to create value. Many of our competitors are GONE, leaving an even larger market opportunity. We are the only contractor model working on the holy grail; a national solar + storage contractor who can print money and whose primary expenses only become due once a customer is fully recognized and funding is received. We are completely differentiated in both our growth model (Direct Selling / Social Commerce) + labor model (distributed) to have long term financial advantages as we scale this business. My contrarian view is to buckle down, stay focused, and do what we came here to do. We came here to accelerate the adoption of technologies that are going to make humanity sustainable. We came here to innovate a business model that expands the energy transition work force and allows people to build a career, and even wealth, with a purpose. We came here to innovate distributed labor, and build a decentralized model for sales & fulfillment of these key technologies, which can stand the test of time’s volatility.Now, with AI on the horizon, the goal is clear. Get to 3 installs per employee. Radically improve throughput and efficiency; and become a money printing machine. Keep it simple stupid.What could this look like? Realistically, growing the business into the $200-250M range by 2027, with an 8% EBITDA. We’ll be generating $20M+ in cash per year, and that is real money. From there, we can leverage the fact we produce REAL VALUE in the world to decide to get more ambitious and see what direction we may want to take the business next. It is all on the table for me. Mergers, new products, SPACs, I’m open to anything that actually ALIGNS with growing this business, growing the energy transition products and work force, and cementing our impact on the world. The key point, being successful at our core purpose is the strategic spring board into countless future possibilities.There are an enormous amount of exciting opportunities ahead; virtual power plants, home improvement verticals, an ever evolving world of direct selling products. Honestly, opportunity is not the issue. Focus is. And I believe when we SUCCEED at the initial vision/mission the spirit of the rainforest gave us to do… that is when the next opportunities for expansion will open up. I hope this resonates with you.Please feel free to reach out with any questions or support you want to provide. As always, I am deeply thankful, appreciative, and inspired by your generosity and belief in Powur. Without our shareholders, we could not possibly be here, and we would not have made it this far. Thank you to each and every one of you for the role you have played.Here’s to an expansive 2026,Jonathan BuddPowur Founder | CEO