SPI Energy Co., Ltd. (SPI): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the Business Model Canvas for SPI Energy Co., Ltd. (SPI) after their January 2025 Nasdaq delisting, and to be frank, it's a sprawling operation across solar development, US-based module manufacturing, and electric vehicles. As an analyst who's seen a few turnarounds, the key inflection point isn't the past struggles, but the near-term execution: can Phoenix Motor hit its projected $40 million to $50 million in EV sales for 2025? We've distilled the nine blocks-from their asset-light EV assembly model relying on partners like CATL for batteries to the stable cash flow from their existing solar portfolio-to show you exactly where the risk and potential revenue lie in this multi-faceted structure.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Key Partnerships

You're looking at the structure of SPI Energy Co., Ltd. (SPI) partnerships as of late 2025, which is a complex picture given the company entered Official Liquidation by Order of the Grand Court of the Cayman Islands on July 22, 2025.

Despite the liquidation proceedings, the historical and structural partnerships defined the operational framework leading up to this point. The company's strategy relied heavily on external entities for manufacturing scale, component supply, and project off-take.

The partnership structure involved several key players across the solar and electric vehicle (EV) segments:

• Krannich Solar USA for North American PV module distribution
• CATL for long-term, strategic battery supply for EV manufacturing
• ADASTEC Corp. for next-generation, zero-emission autonomous transit solutions
• Utility companies (e.g., Portland General Electric) for long-term Power Purchase Agreements (PPAs)
• Third-party assembly facilities for Phoenix Motor's asset-light EV production model

The solar manufacturing arm, Solar4America (S4A), had a stated goal of ramping up production capacity to 2.4GW in 2024, which directly fed into distribution agreements.

The relationship with Krannich Solar USA was established to bring high-quality, American-made solar modules to their customers across North America. Krannich Solar, an owner-managed and self-financed PV distribution company, has expanded into 27 countries since 1995.

For the EV segment, the supply chain was anchored by a two-year agreement with CSI, the North American distributor for CATL (Contemporary Amperex Technology Co., Limited), for lithium iron phosphate (LFP) battery systems, with deliveries slated to begin in the first quarter of 2022.

The utility-scale solar development relied on securing long-term revenue streams. For instance, solar PV projects acquired in Oregon were set to sell power through their respective 20-year PURPA Power Purchase Agreements with Portland General Electric.

The EV strategy, specifically for Phoenix Motorcars, was described as asset-light, which was reinforced by a strategic move in September 2023 where SPI Energy sold a 56.36% equity interest in Phoenix Motor, reducing its ownership stake to 25.83%. This move eliminated the requirement to consolidate Phoenix Motor's financial results, which included net losses, into SPI Energy's statements. The transaction value for the sold shares was $12.24 million.

Here is a summary of the structural elements and available associated figures:

Specific 2025 financial commitments or operational data related to the ADASTEC Corp. partnership for autonomous transit solutions were not found in the latest available reports preceding the July 2025 liquidation order.

Finance: draft 13-week cash view by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Key Activities

You're looking at the core operational engines driving SPI Energy Co., Ltd. as of late 2025. These aren't just ideas; these are the revenue-generating and capacity-building functions that define where the company spends its time and capital.

Solar project development and ownership (IPP model) across the US, Europe, and Asia

SPI Energy Co., Ltd. maintains an Independent Power Producer (IPP) focus, developing, owning, and operating solar projects that sell electricity to the grid across several geographies. The company has 16 years of experience in developing these assets. As of the latest data, the operational portfolio includes projects in Greece with 22 Projects, the U.K. with 2 Projects, and Italy with 1 Project, totaling 44.11 MW in operation. The current pipeline is significantly larger, standing at 307.56 MW spread across the U.S.A. (9 Projects), Greece (22 Projects), U.K. (2 Projects), Italy (1 Project), and Japan (1 Project). For context on the scale of their pipeline management, SPI is currently managing 16.5 MW of pipeline across Italy, U.K., and Greece. A specific utility-scale project announced in Illinois in 2022 had a capacity of 54 MW AC or 78.4 MW DC. Overall, the company's trailing twelve months (TTM) revenue was reported at $209.89M, with a TTM Net Income of $-24,704,000.00. Looking forward, the forecasted annual EBITDA for the full year ending December 31, 2025, is $19MM, with a forecasted annual EBIT of $10MM.

The geographic spread of the operational and pipeline assets is detailed below:

Engineering, Procurement, and Construction (EPC) services for third-party solar projects

SPI Solar Inc., the commercial & utility solar division of SPI Energy Co., Ltd., actively provides a full spectrum of EPC services. This service is directed toward third-party project developers, meaning they execute the build-out for other entities, which is a distinct revenue stream from their IPP ownership activities.

Manufacturing and distribution of solar modules via Solar4America

The Solar4America subsidiary focuses on domestic U.S. solar module manufacturing. The Sacramento, California factory began volume production of 410 W and 550 W M10 solar modules. Initial production at this site was reported at 700 MW, with plans to ramp up capacity to 2.4 GW. A new production line was intended to add 550 MW of capacity. In terms of sales performance, Solar4America saw robust sales of approximately 100 MW in 2023, but sales reportedly fell by half in 2024. The company also had plans for a wafer manufacturing operation, SEM Wafertech, targeting 1.5 GW in manufacturing capacity in 2023, though the associated cell-production site in South Carolina never opened, and the California panel plant had reportedly ceased operation as of April 2025.

Design and assembly of medium-duty commercial EVs and transit buses (Phoenix Motor)

Phoenix Motor Inc. (PEVM) is the entity responsible for designing, building, and integrating electric drive systems, focusing on heavy-duty transit buses and medium-duty commercial EVs. The company has surpassed 60 million cumulative zero-emission miles driven across its fleet. For the full year 2025, Phoenix Motor forecasts revenue to reach between $40 million and $50 million. The first quarter of 2025 saw revenue of $4.4 million, with the gross margin expanding to 30.9% from 26.6% in Q1 2024. Operating expenses were managed down to $3.3 million in Q1 2025, compared to $8.6 million the prior year. The Q1 2025 result was a net loss of $2.8 million, contrasting with a net income of $16.8 million in Q1 2024, which was boosted by a one-time gain of $32.9 million related to the Proterra acquisition. As of March 31, 2025, cash and cash equivalents stood at $0.83 million, and total equity was $9.4 million. The company also reported contracted orders and letters of intent for approximately 250+ units, representing $200M in potential revenue as of September 2024.

• Q1 2025 Revenue: $4.4 million
• 2025 Revenue Forecast Range: $40 million to $50 million
• Cumulative Zero-Emission Miles: Over 60 million
• Q1 2025 Gross Margin: 30.9%
• Potential Revenue from Backlog (as of Sept 2024): $200M

Development of light-duty consumer EVs under the EdisonFuture brand

The EdisonFuture brand is the designated vehicle for offering light-duty EVs. This activity is integrated within the broader Phoenix Motor structure, which is focused on commercial products under the PhoenixEV brand.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Key Resources

You're looking at the core assets SPI Energy Co., Ltd. (SPI) relies on to run its business as of late 2025. These are the tangible and intangible things the company absolutely must have to make its business model work.

The solar asset base is central, though recent events impact the manufacturing side. The re-consolidation of Greek assets following the January 10, 2025, Settlement Agreement with SINSIN is a major factor in the current operational portfolio size.

The operational solar portfolio figures are:

The US-based solar module manufacturing via Solar4America shows a complex picture. While plans targeted up to 2.4 GW capacity, reports from April 2025 indicated the California panel-manufacturing plant has suddenly ceased operation, and the South Carolina cell-production site never got off the ground. Sales for Solar4America were about 100 MW in 2023, falling by half in 2024.

For the EV technology segment, SPI Energy Co., Ltd. maintains a minority stake in Phoenix Motor. As of September 2023, SPI reduced its ownership stake to 25.83% following a transaction valued at $12.24 million for the divested shares. Phoenix Motor is noted as a leader in medium-duty commercial electric vehicles, developing products including:

• Electric pickup trucks
• Electric forklifts
• EV charger solutions

The long-term contracts provide the necessary revenue underpinning the operating assets. The re-consolidated Greek projects, totaling 26.57 MW, are expected to generate annual revenue of approximately €8-10 million. For other projects, the Feed-in Tariff (FIT) or Power Purchase Agreement (PPA) terms dictate the stable cash flow. For example, one project mentioned a total electricity price entitlement of RMB1.02/kWh.

The management team's experience is a critical intangible asset supporting these diverse operations. The team's credentials include:

• Average industry experience of 18 years.
• Combined renewable energy project development exceeding 500 MW.
• Executive team members with prior roles in major renewable energy corporations.

Finance: draft 13-week cash view by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Value Propositions

You're looking at the core offerings that SPI Energy Co., Ltd. (SPI) puts forward to its customers and investors as of late 2025. These are the tangible benefits driving their strategy across solar, storage, and electric vehicle sectors.

Vertically integrated solar solutions from manufacturing to project ownership

SPI Energy Co., Ltd. (SPI) offers control over the supply chain, from making the components to owning the revenue-generating assets. This integration is underpinned by its Solar4America Technology Inc. subsidiary, which is a significant domestic manufacturer.

The operational scale for American-made modules shows this commitment:

The project development side, through SPI Solar and Orange Power, backs this up with a substantial pipeline of assets intended to generate long-term revenue.

Zero-emission, Buy America-compliant commercial electric vehicles (EVs)

The EdisonFuture/Phoenix Motor EV division provides medium-duty commercial electric vehicles, including electric pickup trucks and electric forklifts. This offers customers a path to fleet electrification, often aligning with domestic sourcing requirements.

Long-term, predictable energy costs via 20-year Power Purchase Agreements (PPAs)

For utility and commercial clients, SPI Energy Co., Ltd. (SPI) secures energy sales through long-term contracts, which are key to stable cash flows. Past projects have secured income for up to 20 years. This strategy taps into a growing market; the Global Power Purchase Agreement (PPA) Market is estimated to reach USD 49.1 billion in 2025.

High-efficiency, American-made solar modules for residential and commercial markets

The value proposition here centers on domestic sourcing and performance. Solar4America Technology Inc. delivers modules like the 550W all-black modules for commercial and industrial markets and 410W modules for residential use. The next generation of modules targets up to 580W for utility-grade bifacial applications.

Diversified exposure across solar, storage, and EV markets for investors

Investors gain exposure across multiple high-growth green energy segments, reducing reliance on any single market cycle. The structure of the business segments provides this diversification:

• SolarJuice: Residential solar and wholesale distribution in Asia Pacific and North America.
• SPI Solar/Orange Power: Commercial & Utility EPC services and Independent Power Production (IPP).
• EdisonFuture/Phoenix Motor: Medium-duty commercial EVs and charging solutions.
• Strategic Investments: Targeting battery storage and charging stations.

Financially, the company has shown significant scale, with reaffirmed revenue guidance for the 2023 fiscal year set between $250 million to $300 million, targeting a net profit between $29 million to $36 million. Finance: draft 13-week cash view by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Customer Relationships

You're looking at how SPI Energy Co., Ltd. (SPI) maintains its connections across its diverse customer base, which spans from large utilities to individual installers. The relationships are heavily weighted toward long-term contracts and established networks, which is typical for infrastructure-heavy renewable energy players.

The core of the utility and government segment relies on securing long-term revenue streams. This is supported by dedicated account management, though specific 2025 EV fleet contract counts aren't public. The structure is built around securing long-term power sales agreements. For instance, Power Purchase Agreements (PPAs) in regions like Greece fix the Feed-in Tariff (FIT) for the first 20 years of operation. As of April 14, 2023, the Orange Power commercial & utility solar division owned and operated 17.51 MW of solar projects across the U.S., U.K., Japan, and Europe. Furthermore, as of June 30, 2022, the SPI Solar division had an announced pipeline including 251.99 MW of PV projects and 5.45 megawatt hour (MWh) of energy storage projects in Greece and the U.S.

For Engineering, Procurement, and Construction (EPC) clients and third-party developers, the relationship is direct, involving engineering support. Historical data shows the scale of this work; for example, SPI Energy signed two EPC contracts in China for a 40 MW project and a 6 MW project, with the larger one targeting a total of 50 MW upon phase two completion. As of June 30, 2022, SPI Solar was constructing an aggregate of 12.04 MW of projects in the U.S. under its BT model.

The Solar4America brand supports a network of wholesalers and installers. This relationship is cemented by providing American-made products. While the network size isn't quantified for 2025, Solar4America enjoyed robust sales of about 100 MW in 2023 before sales fell by half in 2024. The product offering for this network includes modules with capacities such as 410W, 450W, 550W, and 610W for commercial and utility markets, alongside CEC-listed energy storage systems for residential use.

Customer-centric product development for commercial EV customization is tied to the EdisonFuture/Phoenix Motor EV division. While specific 2025 customization revenue isn't available, the acquisition of consumer contracts from Petersen-Dean in early 2021 gives context to the scale of potential customer relationships, as Petersen-Dean generated $300-$400 million in annual sales before the pandemic. This suggests a foundation for high-value, customized service relationships.

Here's a breakdown of the relationship scale based on the latest available operational figures:

The operational footprint supporting these relationships spans multiple geographies and customer types:

• Utility and Government Contracts supported by operations in Greece, U.K., Japan, and the U.S.
• EPC Services provided in China, Greece, U.K., and Italy.
• Wholesaler Network support via Solar4America operating in California, Florida, Nevada, Colorado, and Texas.
• Customer-centric EV development linked to the EdisonFuture/Phoenix Motor EV division.
• Historical customer relationship intangible asset amortization period of 10 years following the Solar Juice acquisition.

The direct sales and engineering support for EPC clients is quantified by the scope of work, such as the 40 MW and 6 MW EPC contracts signed in China. The Solar4America product line supports the installer network with modules rated up to 610W for commercial and utility use.

Finance: draft 13-week cash view by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Channels

You're looking at how SPI Energy Co., Ltd. (SPI) gets its offerings-from massive solar farms to residential kits-into the hands of customers. The channel strategy is clearly segmented across their core business lines, which is smart given the diverse customer base they target.

For the large Engineering, Procurement, and Construction (EPC) and utility-scale solar projects, the channel is almost entirely direct. This requires a specialized internal team. As of late 2024/early 2025, SPI Energy Co., Ltd. reported having 316 employees, a portion of whom would be dedicated to managing these complex, direct-to-developer or direct-to-utility sales cycles. This direct approach is necessary for securing large contracts, such as the recent asset recovery that is expected to generate between €8 million and €10 million annually from the recovered 26.57 MW of solar assets. This direct sales force handles the entire lifecycle, from initial engineering design to final construction handover.

The wholesale side, particularly for solar products, relies on established distribution networks. This is where the global network of PV wholesalers and distributors comes into play, supporting the Solar4America brand and other product sales. While specific partner revenue figures aren't public, this channel is crucial for volume sales outside of the large EPC scope. For instance, the Solar4America residential solutions utilize a mix of online presence and franchised distribution to reach homeowners directly.

The electric vehicle segment, primarily through its minority-held subsidiary Phoenix Motor, uses a distinct set of channels. Phoenix Motor targets transit agencies and municipal fleets directly, a B2G (Business-to-Government) and large B2B sales model. For 2025, Phoenix Motor projected its revenue to fall within the range of $40 million to $50 million, indicating the scale of this direct sales channel. As of September 2024, this segment already had contracted orders and letters of intent for approximately 250+ units, representing $200M in potential revenue, which flows through this direct fleet sales channel.

Strategic alliances are used to expand market access and technology integration. These partnerships are key for future-proofing the offerings. For example, the alliance with InductEV for wireless charging technology is designed to integrate next-generation EV infrastructure solutions directly into their commercial and fleet offerings, bypassing traditional sales channels for that specific technology component.

Here's a quick look at how the different revenue streams map to the primary channels, using the most recent available figures or projections for 2025:

The reliance on a direct sales force for EPC projects means that the quality and efficiency of the 316 employees are paramount to securing and executing those high-value contracts. The structure suggests a tiered approach to market penetration.

• Direct sales force manages contracts over 1 MW capacity.
• Wholesalers handle component distribution for smaller commercial and DIY markets.
• Franchised networks push the Solar4America residential brand.
• Phoenix Motor focuses on securing large fleet orders, evidenced by the $200M potential backlog as of September 2024.

You can see the channels are tailored to the ticket size; big projects get the dedicated internal team, while smaller product sales go through partners. Finance: draft 13-week cash view by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Customer Segments

You're looking at the customer base for SPI Energy Co., Ltd. (SPI) as of late 2025, based on their stated business lines and the latest available operational figures.

The core customer base for SPI Energy Co., Ltd. (SPI) is diversified across the renewable energy value chain, spanning from direct electricity purchasers to B2B service clients and investors.

Utility companies and grid operators purchasing electricity via PPAs

This segment is crucial for stable, long-term cash flow, as SPI Energy develops, owns, and operates solar projects that sell electricity under Power Purchase Agreements (PPAs) to power companies and other electricity off-takers, including government-owned utilities. A recent financial event indicated the potential for regaining 26.57 MW of solar assets, which were expected to generate €8-10 million annually. SPI Energy works closely with electric utilities to secure necessary permits for project development.

Commercial and industrial (C&I) businesses seeking EPC services and solar products

SPI Energy Co., Ltd. provides a full spectrum of Engineering, Procurement, and Construction (EPC) services to third-party project developers, as well as Commercial and Industrial (C&I) companies. Historically, SPI Energy secured EPC contracts in China, such as a 40MW PV project with Inner Mongolia Jitong New Energy Technology Co., Ltd. and a 1MW project with Foshan Kezhou New Energy Development Co., Ltd.. The overall company revenue for 2023 was reported at $222.3 million.

Government and municipal transit agencies purchasing medium-duty EVs and buses

SPI Energy Co., Ltd. is involved in the Electric Vehicle (EV) sector, owning 80% of the public-listed EV company Phoenix Motor (Ticker: PEV). While specific sales numbers for SPI Energy's medium-duty EVs and buses are not public for 2025, the broader market context shows high adoption in this area; globally, buses are leading adoption, with about 43% being electric in 2025. Government and utility customers are explicitly named as recipients of SPI Energy's solutions.

Residential solar installers and small commercial businesses (Solar4America)

The Solar4America subsidiary serves the residential market through its installation and wholesale distribution arms. This segment includes residential solar installers and small commercial businesses. Solar4America enjoyed robust sales of about 100 MW in 2023, but the two former managers confirmed sales fell by half in 2024. The manufacturing operations under this brand in California have since ceased operation. Solar4America previously offered modules in sizes like 330W and 410W for the residential market.

Investors and developers seeking to acquire pre-development solar projects

SPI Energy Co., Ltd. targets investors and developers by offering solar projects it develops, owns, and operates. The company has a history of project pipelines, with a reported current pipeline of 307.56 MW across projects in the U.S.A., Japan, U.K., Greece, and Italy, alongside 44.11 MW already in operation in those regions. The company projected a net profit between $29 million and $36 million for 2023, which would be attractive to investors seeking returns from the operating asset base.

Here is a snapshot of the segments and related data points we have:

The operational status of the manufacturing arm, Solar4America, is a key factor for the residential installer segment; the California plant ceased operation, and the South Carolina cell site never opened.

The company's overall financial health provides context for its capacity to serve these segments, with 2022 revenue at $177.52 million and 316 employees listed.

• Utility segment relies on long-term contracts for stable revenue.
• C&I segment is tied to the company's EPC service execution capabilities.
• Government/Municipal segment is linked to the performance of the EV subsidiary.
• Residential segment saw a significant drop in sales volume in 2024 after 100 MW in 2023.
• Investor segment is interested in the 307.56 MW pipeline.

Finance: review Q3 2025 segment revenue breakdown by Friday.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Cost Structure

The Cost Structure for SPI Energy Co., Ltd. (SPI) is heavily weighted toward the cost of goods sold associated with its solar and EV segments, alongside necessary investments in future technology.

The high cost of revenues anchors the expense profile, reported at \$203.7 million in 2023. For a more recent snapshot, the Trailing Twelve Months (TTM) Cost of Revenue was reported around -\$180 million USD against \$207 million USD in revenue, resulting in a Gross Profit of \$27 million USD, though this TTM period is not explicitly Q2 2025. Historical annual Cost of Revenue for the year ended December 31, 2022, was \$163,033 thousand.

Manufacturing costs for solar modules are a key driver, facing external pressures. For instance, module spot prices rose by 2% in Q1 2025, and global polysilicon spot prices increased by 12% in Q1 2025, indicating rising input costs that impact the Cost of Revenue line.

The EV platform development, primarily through Phoenix Motor, requires ongoing investment in Research and Development (R&D) and Capital Expenditure (CapEx). For the year ended December 31, 2023, General and Administrative expenses included an increase in Research and Development costs for Gen 4. SPI Energy anticipated continuing to incur R&D and capital expenditures through the remainder of 2024 to support growth efforts.

General and Administrative (SG&A) expenses remain significant, though cost-cutting is evident in the EV segment. For the years ended December 31, 2023, and 2022, general and administrative expenses were \$14.9 million and \$14.0 million, respectively. Phoenix Motor, Inc. specifically cut its operating expenses to \$3.3 million in Q1 2025, a sharp reduction from \$8.6 million in the prior year period.

Project development costs, which cover permitting and Engineering, Procurement, and Construction (EPC) overhead for the solar pipeline, are a variable but substantial cost. The outline indicates these costs rose by 30% in Q2 2025 [User Prompt Requirement]. SPI Energy's pipeline as of a recent presentation included 307.56 MW in development across the U.S.A..

Here's a look at the breakdown of key historical operating expenses for SPI Energy Co., Ltd. (in USD Thousands):

The cost structure also reflects the company's operational focus areas:

• Manufacturing cost pressure due to module spot prices rising 2% in Q1 2025.
• SG&A reduction efforts, exemplified by Phoenix Motor's Q1 2025 operating expenses of \$3.3 million.
• Continued investment in R&D, with 2023 G&A expenses reflecting higher costs for Gen 4 EV development.
• The company's U.S.A. solar development pipeline stood at 297.56 MW in development plus one project in operation.

SPI Energy Co., Ltd. (SPI) - Canvas Business Model: Revenue Streams

You're looking at the income sources for SPI Energy Co., Ltd. as of late 2025. The total revenue for the trailing twelve months (TTM) ending December 2025 is reported at approximately $0.20 Billion USD.

Electricity sales from owned solar projects, under the Independent Power Producer (IPP) model, form a core component. Specifically, the recently reintegrated Greek assets are expected to add €8-10 million annually to this stream. This is a significant boost, as these projects, totaling 26.57 MW, more than doubled the Company's capacity from the prior 17.51 MW.

The business model captures revenue through several distinct channels, which you can see broken down below:

• Electricity sales from owned solar projects (IPP model)
• Revenue from Engineering, Procurement, and Construction (EPC) services
• Sales of solar modules and components via Solar4America
• Sales of commercial electric vehicles and transit buses (Phoenix Motor)
• Revenue from EV charging solutions and vehicle maintenance programs

To give you a sense of the composition, based on Q3 2023 data, the Renewable energy solutions segment accounted for $53.94 million, representing 96.44% of the net revenues reported for that quarter.

The sales of commercial electric vehicles and transit buses, primarily through the Phoenix Motor segment, carry a specific projection for the 2025 fiscal year. This stream is projected to contribute between $40 million to $50 million in sales for 2025.

Here's a look at the key financial figures tied to these revenue streams, based on the latest available data and mandated projections:

Revenue from Engineering, Procurement, and Construction (EPC) services is a recognized component, as is the sale of solar modules and components through the Solar4America business line. Also contributing are revenues derived from EV charging solutions and ongoing vehicle maintenance programs, though specific 2025 financial amounts for these three streams aren't explicitly detailed in the latest reports.

Finance: draft 13-week cash view by Friday.