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].

Financial Performance - The company reported $5.5 million in revenue for the last quarter of the old Complete Solar, indicating challenges in growth prior to the merger[8]. - The combined revenue for the last quarter from Complete Solar, Dealer, and SunPower was approximately $117 million, with a reported loss of $40 million, reflecting a decline of about 30-35%[44][47]. - The revenue for Q3 included $20.6 million, with Complete Solar contributing $5.5 million and SunPower's internal group contributing $15 million[45]. - The expected revenue for Q4 is projected to be $80 million, down from an initial target of $100 million, indicating a shift in order generation rates[48][49][55]. - A revenue run rate of $80 million is needed for the company to break even, with plans to achieve this in the coming quarters[105]. - The company anticipates revenue of $622 million, with projections to reach $900 million by 2028 if it grows at the market's average rate without taking market share[145]. - If the company achieves $700 million in revenue by 2028, it could potentially be valued at $1.4 billion based on a 2x sales multiple, translating to a share price of approximately $10[148]. Organizational Structure and Workforce - The new organizational structure includes 995 employees, with a focus on integrating three divisions: New Homes, Blue Raven, and Dealers[36]. - Blue Raven has over 1,000 sales personnel and is responsible for manufacturing, aiming to streamline operations within the new company[23]. - The company has reduced its workforce from 2,800 to 1,200 employees, with plans to cut an additional couple hundred redundant positions[126]. - The finance group was initially staffed with 67 employees, which will be streamlined as operations stabilize[128]. - The company is consolidating its office space, moving from multiple leases to a single building, which will result in cost savings over time[130]. Profitability and Cost Management - The company plans to achieve profitability by mid-2025, with a strategy to minimize losses in the initial phases[13]. - Operating expenses (opex) are anticipated to decrease significantly from $43.5 million in Q3 to between $2 million and $11 million in Q4, due to headcount reductions[52][57]. - The company aims to achieve profitability with a gross margin target based on the revised revenue expectation of $80 million, as opposed to the previous target of $100 million[57]. - The company is focused on cost reductions and operational efficiency to enhance profitability moving forward[123]. - A consulting group identified potential savings of $30 million annually by optimizing procurement processes and reducing costs associated with non-standard specifications[132]. Market Opportunities and Strategy - The U.S. solar market is currently underpenetrated, with only 3.7% of homes utilizing solar energy, indicating a significant growth opportunity[74]. - The market for solar energy is projected to be valued at $7.5 billion in 2023, with a compound annual growth rate (CAGR) of 14% expected over the long term[75]. - The company plans to leverage its brand name and technology to enhance its market position and potentially acquire other solar companies at lower prices for growth[65][70]. - The company is focusing on building a more effective salesforce by merging operations and targeting different market segments through distinct strategies[72][73]. Challenges and Backlog - The backlog of new homes and retrofit homes has decreased by approximately 10-20% due to market reactions following SunPower's bankruptcy[80]. - The company lost 20% of its new homes business due to the bankruptcy of SunPower, with expectations that this could rise to around 30% as they rebuild relationships with builders[91][97]. - The company has a backlog of over 10,000 homes through Q4 2025, indicating ongoing demand despite recent challenges[92]. Acquisitions and Investments - Complete Solar raised $80 million through convertible debt offerings to fund the acquisition of SunPower's assets, which cost $45 million[7]. - The acquisition of SunPower's assets included a successful court battle for the rights to the SunPower brand, which was previously contested[5]. - The company has committed to paying approximately $10.1 million over the next year to service existing SunPower batteries, demonstrating a proactive approach to customer care[89]. Future Leadership - The company plans to bring in a new CEO to lead future growth and intends to donate stock to charity at a high point for tax benefits[150].

Core Insights - Blue Raven Solar, a division of Complete Solar Holdings, has signed an installation sales agreement with Sunder Energy, a major player in the residential solar market in the US [1][2] - Sunder Energy operates in 48 states and completes approximately 12,000 solar installations annually, generating an estimated revenue of $400 million for residential installers [1] - The partnership is expected to enhance Complete Solar's capabilities in the residential solar sector, leveraging Sunder's extensive sales network [2][3] Company Overview - Complete Solar has recently acquired assets from SunPower, 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 transitioning to energy-efficient solutions [3]

Financial Data and Key Metrics Changes - The company reported a combined revenue of $117 million for Q3 2024, which includes $5.5 million from Complete Solaria and $15 million from SunPower's internal group [26][28] - The expected operating loss for Q4 2024 is projected to drop from $40 million to a range of $2 million to $11 million due to significant headcount reductions [31][34] - The company raised $80 million through convertible debt offerings to fund the acquisition of SunPower's assets [5][27] Business Line Data and Key Metrics Changes - The company operates three divisions: New Homes, Blue Raven, and Dealer, with New Homes being the only division currently making a profit [17][19] - Blue Raven has over 1,000 people in its sales force and is focused on direct sales and installations, while New Homes targets corporate clients for solar installations [15][16] - The Dealer division involves purchasing signed contracts from dealers, with a typical system costing around $40,000, where the dealer earns approximately $12,000 [18][19] Market Data and Key Metrics Changes - The company has a backlog of over 10,000 homes through Q4 and 2025, despite losing approximately 20% of its new homes business due to SunPower's bankruptcy [52][57] - The U.S. solar market is currently underpenetrated, with only 3.7% of homes having solar, indicating significant growth potential [44] Company Strategy and Development Direction - The company aims to achieve profitability by mid-2025, with a focus on integrating the operations of Blue Raven and SunPower to enhance efficiency [9][22] - The strategy includes leveraging the SunPower brand to attract customers and potentially acquire other solar companies at lower prices due to current market conditions [39][42] - The company plans to maintain a lean operational structure while targeting $100 million in quarterly revenue [8][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by SunPower's bankruptcy but expressed optimism about rebuilding relationships with builders and regaining market share [48][58] - The company expects to break even at a revenue run rate of $80 million, with plans to improve operational efficiency and reduce costs [62] - Management highlighted the importance of maintaining customer trust and addressing product issues, particularly with SunPower's batteries [51][57] Other Important Information - The company has undergone significant restructuring, reducing its legal team from 39 to 7 people and consolidating IT systems to cut costs [24][25] - The company is focused on creating a supportive environment for employees, offering stock options to incentivize performance and retention [66] Q&A Session Summary Question: Can you update us on the number of new homes and retrofit homes in the backlog currently? - Management indicated a loss of approximately 10% to 20% of new homes business due to SunPower's bankruptcy, but they are working on solutions to regain builder trust [47][52] Question: How much cash do you expect to have on the balance sheet exiting the year? - The expected cash on the balance sheet at year-end is approximately $20 million to $25 million [61] Question: What is the revenue run rate needed to achieve break-even? - The company needs to achieve a revenue run rate of $80 million to break even [62]

Core Viewpoint - Complete Solar has successfully acquired SunPower's assets and is restructuring to enhance operational efficiency and revenue generation, with a focus on achieving breakeven by 2025 [2][4][10]. Financial Performance - Q3'24 revenue for Complete Solar was reported at $5.536 million, with a gross margin of -57% and an operating income loss of $29.768 million [3]. - The combined revenue for NewCo (Complete Solar and SunPower) in Q3'24 was $117.34 million, with expectations of $80 million in Q4'24 [9][10]. - The operating income loss is projected to decrease from $40 million in Q3'24 to between $2 million and $11 million in Q4'24 due to significant headcount reductions [9][10]. Acquisition Details - Complete Solar acquired SunPower's assets, including the New Homes, Blue Raven, and Dealer businesses, and secured rights to the SunPower brand [2][4]. - The acquisition involved hiring 1,204 SunPower employees, significantly increasing Complete Solar's workforce from 65 to 1,269 [2][4]. Future Projections - The company aims for $100 million in revenue in Q4'24, with a sustainable operating income loss of $1 million, followed by its first profitable quarter in Q2'25 [5][10]. - A restructuring plan is in place to achieve breakeven operating income by 2025, with operational expenses expected to decrease from $43.5 million in Q3'24 to $17 million in Q4'24 [10][9]. Organizational Changes - The new organizational structure of Complete Solar includes a leaner team designed to optimize operations across various regions, including Utah, Texas, and the Philippines [6][7]. - Centralized administrative functions are expected to yield significant savings in headcount [6].