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].

Core Insights - Complete Solar announced preliminary Q3'24 financial results with revenue of $117.3 million and a loss of $42.0 million following the merger with SunPower [1][2] - The company plans to present its Rev. 5 Annual Operating Plan aimed at achieving breakeven operating income by 2025, which includes cutting headcount and other costs [2][3] - A revenue forecast of $100 million for Q4'24 has been provided, reflecting adjustments from Q3'24 results [3] Financial Performance - Q3'24 revenue breakdown includes: - New Homes: $53.2 million with a loss of $12.0 million - Blue Raven Solar: $43.5 million with a loss of $6.8 million - Dealer Division: $20.6 million with a loss of $22.2 million - Total GAAP operating loss for Q3'24 was $64.1 million, while the non-GAAP net loss was $41.0 million [3][9] Cost Management - The company has implemented a $25.8 million reduction in operating expenses for Q4'24 [3] - Non-GAAP adjustments for Q3'24 included $9.225 million in stock-based compensation and $13.905 million in restructuring charges, totaling $23.130 million [7][10] Strategic Direction - Complete Solar has become a leading solar services provider in North America following its acquisition of SunPower assets, focusing on digital platforms and installation services [4]

OREM, Utah, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Complete Solar Holdings, Inc. d/b/a Complete Solar (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today announced preliminary Q3’24 financial results of $117.3 million in revenue with a $42.0 million loss for the post-merger company combining CSLR and SunPower. Complete Solar CEO, T.J. Rodgers said, “On Wednesday, November 6, 2024, at our Orem, Utah HQ, we will present to over 1,000 employees the detai ...

LEHI, Utah, Nov. 03, 2024 (GLOBE NEWSWIRE) -- Complete Solar Holdings, Inc. d/b/a Complete Solar (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today announced it will release its financial and operational results, for the third quarter of 2024, after market close on Wednesday, November 13, 2024. T.J. Rodgers and the Complete Solar management team will also host a webcast conference call on November 13, 2024, at 5:00 PM ET. Interested parties may ...

LEHI, Utah, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Complete Solar Holdings, Inc. d/b/a Complete Solar ("Complete Solar" or the "Company") (Nasdaq: CSLR), a solar technology, services, and installation company, today announced the appointment of Dan Myers to the position of Executive Vice President, New Homes Division, effective immediately. Mr. Myers will report to CEO, T.J. Rodgers and have financial and general management responsibility for the Company's New Homes Division, which supports builders who create n ...

I initiated coverage of Complete Solaria (NASDAQ: CSLR ) last October with a sell rating at $1.6 stock price. The company had a high cash burn rate and an over leveraged balance sheet at that time, prompting my sell recommendation. Following Mandela has been a cryptocurrency enthusiast and trader since 2017. He loves coding and writing about cryptocurrencies and crypto investment strategies. He has an in-depth understanding of distributed ledger technology, the Web3 technology stack, and crypto investing. H ...

Complete Solaria, Inc. (NASDAQ:CSLR) Q2 2024 Earnings Conference Call August 14, 2024 5:00 PM ET Company Participants T.J. Rodgers - CEO Brian Wuebbels - COO Cole Farmer - VP of Sales and Marketing Conference Call Participants T.J. Rodgers Hi, my name is T.J. Rodgers. I'm the CEO of Complete Solaria. And today, we're going to give you the second quarter report. I'm going to introduce the gentleman on the far side, during my pitch. This is Dan Foley, who's our new CFO, started today. Excuse me. This is the f ...

Second Quarter Update August 14, 2024 1 T.J. Rodgers Q2'24 Investor Meeting 8/14/24 T.J. Rodgers Q2'24 Investor Meeting 8/14/24 Disclaimer This presentation may not be retained by you, and neither this presentation nor the information contained herein may be reproduced, redistributed or provided to any other person or published, in whole or in part, for any purpose, without the express and prior written consent of Complete Solaria, Inc. ("Complete Solaria"). This presentation contains "forward‐looking" stat ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40117 COMPLETE SOLARIA, INC. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | |-----------------------------------------|------------- ...