[Financial Performance](index=1&type=section&id=Financial%20Performance) [Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) SunPower achieved its first profitable quarter in four years, reporting **$80.2 million** revenue and **$1.3 million** non-GAAP operating income for Q1 2025 - Achieved the **first profitable quarter in four years**, coinciding with the company's rebranding to SunPower[1](index=1&type=chunk)[4](index=4&type=chunk) Q1 2025 Non-GAAP Financial Summary (In Thousands) | ($1000s) | Q1 2025 (Non-GAAP) | Q4 2024 (Non-GAAP) | Change | | :--- | :--- | :--- | :--- | | Revenue | 80,174 | 88,674 | -9.6% QoQ | | Gross Margin | 36% | 47% | -11 p.p. QoQ | | Operating Income/(loss) | 1,274 | (5,940) | Improved by $7.2M | | Cash Balance | 13,995 | 13,308 | +$0.7M | - The company explains that non-GAAP results, which are used to run the company, differ from GAAP by excluding non-cash amortization, stock compensation, and one-time events[6](index=6&type=chunk)[8](index=8&type=chunk) - The reported **47% gross margin** for Q4'24 is noted as being inflated due to jobs acquired from SunPower at no COGS cost and should not be used for forward-looking projections[6](index=6&type=chunk) [Q1 2025 Accomplishments & Operations](index=2&type=section&id=Q1%202025%20Accomplishments%20%26%20Operations) [Operational Efficiency and Profitability](index=2&type=section&id=Operational%20Efficiency%20and%20Profitability) SunPower achieved **$80.2 million** revenue in a challenging quarter, driven by significant headcount reduction to **906 employees** - Q1'25 revenue of **$80.2 million** was achieved during the traditionally difficult winter quarter[12](index=12&type=chunk) - The company has aggressively reduced headcount from a combined **3,499 employees** on October 1, 2024, to **906** in Q1'25, which is ahead of its target of 980[12](index=12&type=chunk) - Continuous cost-cutting measures improved operating income from a **$39.6 million loss** in Q3'24 (pro-forma) and a **$5.9 million loss** in Q4'24 to a **$1.3 million profit** in Q1'25[17](index=17&type=chunk) [Outlook and Strategic Developments](index=3&type=section&id=Outlook%20and%20Strategic%20Developments) [Business Outlook](index=3&type=section&id=Business%20Outlook) The company forecasts steady revenue and positive operating income for Q2 2025, with further details at the May annual meeting - SunPower forecasts steady revenue and positive operating income again for Q2 2025[16](index=16&type=chunk) [Subsequent Events and Strategic Initiatives](index=4&type=section&id=Subsequent%20Events%20and%20Strategic%20Initiatives) Post-quarter, the company rebranded as **SunPower** (SPWR), formed a strategic partnership with **Sunder**, and hired key industry talent - On April 21, 2025, the company rebranded as **SunPower**, and its ticker changed from CSLR to **SPWR** effective April 22, 2025[19](index=19&type=chunk) - A new strategic partnership was formed with **Sunder**, a large solar sales firm, which is expected to contribute to top-line growth starting in Q3'25[19](index=19&type=chunk) - Key new hires include **Dr. Richard Swanson**, founder of SunPower, as a technology advisor, and **Dr. Mehran Sedigh**, former head of Enphase's battery business, as the new CTO[17](index=17&type=chunk) [Corporate Governance](index=4&type=section&id=Corporate%20Governance) SunPower strengthened its board with three new public-company ex-CEO directors and established a fully independent structure with a Lead Director - The board was strengthened with the addition of three public-company ex-CEO directors: **Lothar Maier, Dan McCranie, and Jamie Haenggi**[20](index=20&type=chunk) - A fully independent board structure has been established, with **Ron Pasek** appointed as Lead Director and **Dan McCranie** as Compensation Committee Chairman[21](index=21&type=chunk) [Supplementary Information](index=6&type=section&id=Supplementary%20Information) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) The company provides a reconciliation of GAAP to non-GAAP financial measures, adjusting a **$8.9 million** GAAP operating loss to a **$1.3 million** non-GAAP operating income Reconciliation (In Thousands) | Reconciliation (In Thousands) | Q1 2025 (ended 30-Mar-24) | | :--- | :--- | | **GAAP operating loss** | **(8,876)** | | Depreciation and amortization | 1,146 | | Stock based compensation | 5,756 | | Restructuring charges | 3,248 | | Total of Non-GAAP adjustments | 10,150 | | **Non-GAAP net income** | **1,274** | - Adjustments primarily consist of depreciation and amortization, non-cash stock-based compensation, and acquisition/restructuring costs such as severance and professional services[32](index=32&type=chunk)[33](index=33&type=chunk) [Disclaimers](index=6&type=section&id=Disclaimers) This report contains forward-looking statements subject to risks and uncertainties, and Q1 2025 financial results are preliminary and unaudited - The report includes forward-looking statements regarding revenue, profit, and cost control efforts, which are not guarantees of future performance[28](index=28&type=chunk) - The financial results for Q1'25 are preliminary, unaudited, and may change upon finalization of the company's closing procedures and external audit[29](index=29&type=chunk)

First Profitable Quarter In Four YearsOREM, Utah, April 30, 2025 (GLOBE NEWSWIRE) -- SunPower, formerly d/b/a Complete Solaria, Inc. (“SunPower” or the “Company”) (Nasdaq: SPWR), a solar technology, services, and installation company, will present its 2024 and Q1’25 results via webcast at 1:00pm ET on Wednesday, April 30. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: https://investors.sunpower.com/news-events/events ...

OREM, Utah, April 18, 2025 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. d/b/a Complete Solar (Nasdaq: CSLR), a solar technology, services, and installation company, today announced that it revised the date for its upcoming earnings call, and Complete Solar will present its audited 2024 financial results and unaudited Q1’25 results in a quarterly investor report on April 30, 2025 at 1:00pm ET. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of ...

Core Viewpoint - Complete Solar, Inc. has announced a revised date for its upcoming earnings call, where it will present its audited 2024 financial results and unaudited Q1'25 results on April 30, 2025 [1][2]. Financial Results - The company will present the results of the first two quarters of the combined entity, which is expected to show positive operating income and cash flow for Q1'25, consistent with prior public guidance [2][3]. Audit and Reporting Delays - The delay in the earnings report from April 23 to April 30 is due to a one-week delay in the SEC 10K filing, caused by the complexity of auditing the financials of three previously independent companies: Complete Solar, old SunPower, and Blue Raven [3][4]. - The audit is now expected to be completed by April 25, 2025, rather than the previously anticipated April 14 [3]. Company Background - Complete Solar has recently acquired SunPower assets, positioning itself as a leading residential solar services provider in North America [4]. - The company is actively pursuing a Sarbanes-Oxley (SOX) program to enhance financial controls, with expectations for future audits to be completed on or ahead of schedule and at a lower cost to shareholders [4].

OREM, Utah, April 14, 2025 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. d/b/a Complete Solar (Nasdaq: CSLR) today announced that it will present its audited 2024 financial results and unaudited Q1'25 results in a quarterly investor report on April 23 at 1:00pm ET. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: investors.completesolar.com/news-events/events. This press release contains forward-looking statements within ...

Core Insights - Complete Solar has successfully integrated SunPower assets, positioning itself as a leading residential solar services provider in North America [2][3] - The company is set to present at the Cantor Global Technology Conference on March 11, 2025, where management will engage with investors [1][2] - Complete Solar is confident in achieving positive operating income profit in Q1 2025, highlighting its effective execution of business plans and cost reduction strategies [2][3] Company Overview - Complete Solar specializes in solar technology, services, and installation, focusing on supporting customers transitioning to energy-efficient lifestyles [2] - The company has developed a digital platform that enhances its installation services, further solidifying its market position [2] Financial Outlook - Management has reaffirmed guidance for operating income profit in the first quarter of 2025, indicating strong financial performance expectations [2][3] - The integration of SunPower is expected to contribute positively to the company's financial results, enhancing its competitive edge in the solar industry [2]

Financial Performance - Complete Solar's Q4'24 revenue reached $81.1 million, a 14.7 times increase compared to $5.5 million in Q3'24, exceeding the forecast of $80 million[6] - The company achieved a gross margin of 37% in Q4'24, a significant improvement from -57% in Q3'24[7] - Operating expenses were reduced from $94.0 million in Q3'24 to $35.7 million in Q4'24, a 62% decrease, with a further 30% reduction forecasted for Q1'25[6] - Complete Solar's annualized revenue based on Q4'24 results is projected at $324 million, with a quarterly loss of $5.94 million expected to be addressed in 2025[22] - Q4'24 GAAP operating loss from continuing operations was $29,586,000, with a total of non-GAAP adjustments amounting to $23,646,000[29] - Non-GAAP net loss for Q4'24 was $5,940,000, showing a decrease from the previous quarter's non-GAAP net loss of $6,877,000[29] - The company projects to achieve breakeven operating income in Q1'25, with expectations for Q4'24 and fiscal 2025 financial performance being closely monitored[25] Cost Management - The headcount was reduced from 3,499 to 1,140 employees, achieving a 67% reduction by the end of Q4'24[6] - The company is implementing further headcount reductions and cost control efforts as part of its strategy to improve financial performance[25] - Restructuring charges for Q4'24 totaled $12,771,000, indicating ongoing efforts to streamline operations[29] - Stock-based compensation for Q4'24 was reported at $9,770,000, reflecting the company's equity incentive awards[31] Future Outlook - Complete Solar is forecasting modest revenue growth to $82.0 million in Q1'25 despite typical seasonal declines in the solar industry[6] - The company plans to achieve breakeven non-GAAP operating income in Q1'25, supported by current backlog and cost-cutting measures[6] - Cash balance at the end of Q4'24 was $13.3 million, with plans to grow cash from operations throughout 2025[6] - The company anticipates that actual results may differ materially from forward-looking statements due to various risks and uncertainties, including market conditions and integration of SunPower assets[25] Integration and Leadership - The integration of SunPower assets is substantially complete, with the two operating divisions now fully integrated[5] - New executive leadership has been appointed, including Dan Myers as EVP and GM of the New Homes Division and Steve Erickson as EVP and GM of the Blue Raven Solar Division[6] Audit and Compliance - Preliminary financial results for fiscal 2024 are subject to change pending final accounting procedures and external audit[26] - The financial results presented are not comprehensive and should not be viewed as a substitute for full, audited financial statements[26] - The company has not yet booked stock-based compensation as of December 27, 2024, indicating potential future adjustments[31]

Financial Data and Key Metrics Changes - The company reported preliminary unaudited results for Q4 2024, which were issued on the morning of the conference call [1][3] - Specific financial metrics and comparisons to previous periods were not detailed in the provided content [2] Business Line Data and Key Metrics Changes - The conference call included mentions of different divisions, such as the New Homes division and the Blue Raven division, but specific performance metrics for these divisions were not provided in the content [1][4] Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the provided content [2] Company Strategy and Development Direction and Industry Competition - The company is focused on its operations in Silicon Valley and has ongoing board meetings, indicating active management engagement [4] - The strategic direction and competitive landscape were not explicitly discussed in the provided content [2] Management's Comments on Operating Environment and Future Outlook - Management's comments regarding the operating environment and future outlook were not included in the provided content [2] Other Important Information - The conference call included a disclaimer about forward-looking statements and the potential risks associated with them [2] - Non-GAAP financial measures were mentioned, with a reference to a press release for reconciliations, but specific figures were not provided [3] Q&A Session All Questions and Answers - No questions or answers from the Q&A session were included in the provided content [2]

Core Viewpoint - Complete Solar, Inc. has reported preliminary unaudited results for Q4'24, highlighting significant revenue growth following the acquisition of SunPower assets, with a focus on future forecasts and operational improvements [1][2][4]. Financial Performance - Q4'24 revenue reached $81.1 million, a 14.7 times increase compared to $5.5 million in Q3'24, surpassing the forecast of $80 million [4][5]. - The company achieved a gross margin of 37% in Q4'24, a significant improvement from -57% in Q3'24 [5]. - Operating expenses were reduced from $94 million in Q3'24 to $35.7 million in Q4'24, with a further forecasted reduction of 30% in Q1'25 [4][5]. Operational Developments - The integration of SunPower assets is substantially complete, with the headcount increasing from 109 to 1,341 post-acquisition [4][8]. - The company has appointed new executives for its divisions, including Dan Myers as EVP and GM of the New Homes Division and Steve Erickson for the Blue Raven Solar Division [4]. Future Outlook - Despite typical seasonal revenue declines in the solar industry, Complete Solar forecasts modest revenue growth to $82 million in Q1'25 [4]. - The company anticipates reaching operating income breakeven in Q1'25, supported by a strong backlog and ongoing cost-cutting measures [9][10]. Strategic Initiatives - The company has implemented a headcount reduction strategy, decreasing from 3,499 to 1,140 employees, aiming for a final target of 980 [8][9]. - Complete Solar's management has emphasized a commitment to operational efficiency and profitability, with plans to grow cash from operations throughout 2025 [9][10]. Management Commentary - CEO T.J. Rodgers expressed confidence in the company's direction, highlighting the importance of focusing on future performance rather than past results [2][15]. - The management team has opted to distribute a modest bonus to all employees, recognizing their contributions during a challenging quarter [14].

Core Viewpoint - Complete Solar Holdings, Inc. is set to release its fourth quarter and full year 2024 results on January 21, 2025, before market open, indicating a significant upcoming event for investors [1]. Company Overview - Complete Solar has recently acquired SunPower assets, positioning itself as a leading solar services provider in North America [3]. - The company offers a digital platform and installation services aimed at supporting customers in transitioning to a more energy-efficient lifestyle [3]. Investor Engagement - Interested parties can access the upcoming webcast by registering or visiting the Events page on Complete Solar's corporate website, with a recommendation to log in at least 10 minutes prior to the event [2]. - A replay of the webcast will be available for a limited time on the Events page [2].