(Bloomberg) -- SunPower Corp. plunged the most ever in intraday trading after it breached a credit agreement and said there is “substantial doubt” about its ability to continue operating.

Shares of the rooftop solar company slumped as much as 41%. SunPower, which is majority owned by French energy giant TotalEnergies SE, said a subsidiary defaulted under its credit agreement due to a delay in third-quarter financial statements, according to a filing Monday.

If SunPower’s lenders demand immediate repayment, the company wouldn’t have enough liquidity to meet its obligations and pay its liabilities, the company said. “As such, substantial doubt exists about the company’s ability to continue as a going concern.” 

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The company could be on the hook for more than $65 million, analysts at Roth Capital Partners said in a research note Monday. “SunPower’s cash flow challenges could cascade and result in meaningful cash flow constraints” for dealers of the solar company. 

A SunPower representative said the company has “already initiated constructive discussions with our lenders and equity sponsors regarding solutions that we believe will strengthen SunPower’s long-term financial position.” The company also gained access last week to $50 million from its revolving credit facility, “which will give us runway to advance discussions,” according to the statement. 

The Roth note also suggested that SunPower might be having trouble paying the dealers who install its panels. “We deeply value our partnerships with our suppliers and dealers, and we remain committed to getting up-to-date on payments to all vendors as quickly as possible,” the SunPower representative said. 

Home solar companies have been battered by a slowdown in sales triggered by rising interest rates, which made it more expensive for customers to borrow to pay for panels. The industry’s woes are part of a larger collapse in clean-energy stocks driven in part by central bank tightening. SunPower shares have fallen more than 75% this year as the company has struggled with rising rates.

Read more: Worst of the US Rooftop Solar Slump Is Over, Sunnova CEO Says

--With assistance from Tope Alake and Mark Chediak.

(Updates with company comment.)

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