Financial Data and Key Metrics Changes - SunPower reported $121.27 million in profit for Q1 2025, a significant increase from a loss of $5.9 million in the previous quarter [6][7] - The company achieved profitability and cash flow positivity in the quarter, marking a turnaround from the previous quarter's losses [6][7] - Non-GAAP profit for the quarter was reported at $121.27 million, compared to $81.1 million in the prior quarter, indicating a 49% increase [6][10] Business Line Data and Key Metrics Changes - The company has streamlined its operations post-merger, reducing headcount from 3,500 to 906, which has contributed to cost savings and improved profitability [11][12][17] - The focus on maintaining a lean workforce has resulted in an annualized savings of $1.6 million [16][17] - Revenue per employee is currently at $369,000, which is considered strong for the solar industry [23] Market Data and Key Metrics Changes - SunPower's market performance has been relatively stable compared to competitors, with the company slightly ahead of industry averages despite market challenges [65] - The company is positioned to benefit from a strategic partnership with Sundar, a sales firm that will support growth and increase sales capacity [58] Company Strategy and Development Direction - SunPower aims to enhance its technology edge by partnering with REC for panels and Enphase for inverters, focusing on innovation in solar technology [86][109] - The company is committed to maintaining strong financials through disciplined cost management and strategic acquisitions, while being cautious about integrating new companies [68][70] - The management emphasizes the importance of customer satisfaction and quality service as a core value to differentiate from competitors [101][104] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the solar market but believes that SunPower is better positioned than many competitors [65] - The company is entering a new phase in the renewable energy sector, with a focus on scaling up production and improving supply chain efficiencies [44][45] - The management is optimistic about the future, leveraging decades of industry experience to navigate complex challenges [45][56] Other Important Information - SunPower has strengthened its board by adding three directors with extensive public company experience, enhancing governance and strategic oversight [59][61] - The company has rebranded itself to reflect its new direction and vision, which includes a focus on technology and customer service [66][100] Q&A Session Summary Question: What is the company's strategy for future growth? - The company plans to focus on technology partnerships and maintaining a lean operational structure to drive profitability and growth [86][68] Question: How is SunPower addressing customer satisfaction? - SunPower is committed to improving customer service and quality, with management personally involved in addressing customer issues [101][104] Question: What are the expectations for market performance moving forward? - Management believes that SunPower is positioned to perform better than competitors in the current market environment, despite overall industry challenges [65]

Financial Data and Key Metrics Changes - SunPower reported $121.27 million in profit for Q1 2025, a significant increase from a loss of $5.9 million in the prior quarter [7] - Non-GAAP profit for the quarter was $121.27 million, up from $81.1 million in the previous quarter, indicating a 49% increase [8][9] - The company achieved profitability and was cash flow positive during the quarter, marking a turnaround in financial performance [7][8] Business Line Data and Key Metrics Changes - The company is currently generating over $80 million in revenue per quarter, with plans to increase this figure [11] - The headcount has been reduced from 3,500 employees post-merger to 906, reflecting a significant cost-cutting effort [12][13] - The company is tracking revenue per employee, currently at $369,000, which is considered strong for the solar industry [24] Market Data and Key Metrics Changes - SunPower's performance is slightly ahead of competitors in the market, which are experiencing declines [66] - The company is focusing on maintaining solid financials amidst a challenging market environment, with a strategy to avoid the pitfalls that led to the bankruptcy of other solar companies [67][70] Company Strategy and Development Direction - SunPower is rebranding and restructuring to enhance its market position, with a focus on technology and innovation [67][88] - The company is forming strategic partnerships to support growth, including a partnership with a sales firm named Sundar [59] - SunPower aims to regain its technological edge by collaborating with companies like REC and Enphase for solar panels and inverters [88][111] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the renewable energy sector, noting the transition to a dominant energy source as solar becomes the lowest cost form of electrical energy [46][47] - The company is focused on improving customer service and quality to differentiate itself from competitors [103][106] - Management acknowledged the need for immediate action to retain key employees while reducing headcount, indicating a balanced approach to cost management [38][39] Other Important Information - The company has strengthened its board with experienced directors from public companies to enhance governance [60][62] - SunPower is implementing a disciplined approach to managing headcount and costs, with regular tracking of employee metrics [17][19] - The company is committed to maintaining a strong customer focus, emphasizing the importance of customer satisfaction in its operations [103][106] Q&A Session Summary Question: What is the company's strategy for growth in the current market? - Management highlighted the importance of strategic partnerships and technological innovation as key components of their growth strategy [59][88] Question: How is the company addressing customer service issues? - Management emphasized a commitment to improving customer service and quality, with a focus on treating customers well to avoid negative publicity [103][106] Question: What measures are being taken to ensure financial stability? - The company is actively managing costs through headcount reductions and disciplined financial tracking to maintain profitability [12][17][38]

[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)

Core Viewpoint - SunPower has reported its first profitable quarter in four years, coinciding with its rebranding from Complete Solaria, Inc. to SunPower, and has shown significant improvements in revenue and operating income [3][18]. Financial Performance - Q1 2025 revenue was $80.2 million, consistent with expectations, despite being a traditionally challenging winter quarter [9]. - The company achieved a gross margin of 36% in Q1 2025, down from 47% in Q4 2024 [4]. - Operating income for Q1 2025 was $1.3 million on a non-GAAP basis, a significant improvement from a loss of $5.9 million in Q4 2024 [16]. - Cash balance increased to $14.0 million in Q1 2025 from $13.3 million in Q4 2024 [13]. Operational Changes - The company reduced its workforce from 3,499 employees to 906 within a quarter, aligning staffing levels with profitability targets [9]. - SunPower has implemented continuous cost-cutting measures, leading to improved operating income over the last three quarters [16]. Strategic Developments - SunPower has formed a strategic partnership with Sunder, a solar sales firm, expected to contribute to revenue growth starting in Q3 2025 [18]. - The board has been strengthened with the addition of three former public company CEOs, enhancing governance and strategic oversight [19]. Future Outlook - The company forecasts steady revenue and positive operating income for the next quarter, with a detailed growth plan to be presented at the May annual meeting [15].

Core Points - SunPower is rebranding from Complete Solaria, Inc. and changing its ticker symbol to "SPWR" and "SPWRW" effective April 22, 2025 [1] - The company has a rich history, founded in April 1985, went public in 2005, and surpassed $1 billion in revenue in 2008 [2] - T.J. Rodgers, CEO, emphasized the significance of this rebranding as a strategic move to unify the company's identity under the SunPower name [3] - The new Helios logo symbolizes innovation, referencing NASA's Helios solar-powered airplane, which set a record altitude using SunPower solar cells [4] - SunPower will present its audited financial results for the full year 2024 and unaudited results for Q1 2025 on April 30, 2025 [7] - SunPower is recognized as a leading residential solar services provider in North America, focusing on energy-efficient solutions [8]

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]