Complete Solar Announces Preliminary Q3’24 Results
Complete Solar Holdings (Nasdaq: CSLR) announced preliminary Q3'24 financial results, reporting revenue of $117.3 million with a $42.0 million loss for the post-merger company combining CSLR and SunPower. The company's three divisions reported the following results: New Homes ($53.2M revenue, -$12.0M non-GAAP PBT), Blue Raven Solar ($43.5M revenue, -$6.8M non-GAAP PBT), and Dealer division ($20.6M revenue, -$22.2M non-GAAP PBT). CEO T.J. Rodgers announced plans to implement cost-cutting measures, including headcount reduction, to achieve breakeven operating income in 2025. Q4'24 revenue is forecasted at $100 million, with a $25.8 million operating expense reduction already implemented.
Complete Solar Holdings (Nasdaq: CSLR) ha annunciato i risultati finanziari preliminari del Q3'24, riportando ricavi di 117,3 milioni di dollari con una perdita di 42,0 milioni di dollari per la società post-fusione che unisce CSLR e SunPower. Le tre divisioni dell'azienda hanno riportato i seguenti risultati: Nuove abitazioni (ricavi di 53,2 milioni di dollari, -12,0 milioni di dollari di PBT non-GAAP), Blue Raven Solar (ricavi di 43,5 milioni di dollari, -6,8 milioni di dollari di PBT non-GAAP) e Divisione rivenditori (ricavi di 20,6 milioni di dollari, -22,2 milioni di dollari di PBT non-GAAP). Il CEO T.J. Rodgers ha annunciato piani per implementare misure di riduzione dei costi, inclusa la riduzione del personale, per raggiungere un utile operativo in pareggio entro il 2025. I ricavi del Q4'24 sono previsti a 100 milioni di dollari, con una riduzione delle spese operative di 25,8 milioni di dollari già attuata.
Complete Solar Holdings (Nasdaq: CSLR) anunció los resultados financieros preliminares del Q3'24, reportando ingresos de 117,3 millones de dólares con una pérdida de 42,0 millones de dólares para la empresa resultante de la fusión entre CSLR y SunPower. Las tres divisiones de la empresa reportaron los siguientes resultados: Nuevas viviendas (ingresos de 53,2 millones de dólares, -12,0 millones de dólares de PBT no-GAAP), Blue Raven Solar (ingresos de 43,5 millones de dólares, -6,8 millones de dólares de PBT no-GAAP) y División de distribuidores (ingresos de 20,6 millones de dólares, -22,2 millones de dólares de PBT no-GAAP). El CEO T.J. Rodgers anunció planes para implementar medidas de reducción de costos, incluida la reducción de personal, para alcanzar un ingreso operativo en equilibrio en 2025. Se prevé que los ingresos del Q4'24 alcancen los 100 millones de dólares, con una reducción de gastos operativos de 25,8 millones de dólares ya implementada.
Complete Solar Holdings (Nasdaq: CSLR)는 Q3'24의 예비 재무 결과를 발표하며 1억 1,730만 달러의 수익과 4,200만 달러의 손실을 보고했습니다. 이는 CSLR과 SunPower의 합병 후 회사의 결과입니다. 회사의 세 개 부문은 다음과 같은 성과를 보고했습니다: 신규 주택 (수익 5,320만 달러, 비GAAP PBT -1,200만 달러), Blue Raven Solar (수익 4,350만 달러, 비GAAP PBT -680만 달러), 유통업체 부문 (수익 2,060만 달러, 비GAAP PBT -2,220만 달러). CEO T.J. Rodgers는 2025년까지 손익 분기점을 달성하기 위해 인력 감축을 포함한 비용 절감 조치를 시행할 계획을 발표했습니다. Q4'24의 수익은 1억 달러로 예상되며, 이미 시행된 운영 비용 절감은 2,580만 달러에 달합니다.
Complete Solar Holdings (Nasdaq: CSLR) a annoncé les résultats financiers préliminaires du Q3'24, avec un chiffre d'affaires de 117,3 millions de dollars et une perte de 42,0 millions de dollars pour l'entreprise issue de la fusion entre CSLR et SunPower. Les trois divisions de l'entreprise ont rapporté les résultats suivants : Nouvelles maisons (chiffre d'affaires de 53,2 millions de dollars, -12,0 millions de dollars de PBT non-GAAP), Blue Raven Solar (chiffre d'affaires de 43,5 millions de dollars, -6,8 millions de dollars de PBT non-GAAP) et Division des distributeurs (chiffre d'affaires de 20,6 millions de dollars, -22,2 millions de dollars de PBT non-GAAP). Le PDG T.J. Rodgers a annoncé des plans pour mettre en œuvre des mesures de réduction des coûts, y compris une réduction des effectifs, afin d'atteindre un revenu d'exploitation à l'équilibre en 2025. Les revenus du Q4'24 sont prévus à 100 millions de dollars, avec une réduction des dépenses d'exploitation de 25,8 millions de dollars déjà mise en œuvre.
Complete Solar Holdings (Nasdaq: CSLR) hat die vorläufigen Finanzzahlen für das Q3'24 veröffentlicht und berichtet von einem Umsatz von 117,3 Millionen Dollar mit einem Verlust von 42,0 Millionen Dollar für das nach der Fusion von CSLR und SunPower entstandene Unternehmen. Die drei Abteilungen des Unternehmens berichteten über folgende Ergebnisse: Neue Wohnungen (Umsatz 53,2 Millionen Dollar, -12,0 Millionen Dollar nicht-GAAP PBT), Blue Raven Solar (Umsatz 43,5 Millionen Dollar, -6,8 Millionen Dollar nicht-GAAP PBT) und Händlerabteilung (Umsatz 20,6 Millionen Dollar, -22,2 Millionen Dollar nicht-GAAP PBT). CEO T.J. Rodgers kündigte an, Kosten senkende Maßnahmen, einschließlich Stellenstreichungen, umzusetzen, um bis 2025 eine operative Gewinnschwelle zu erreichen. Für Q4'24 wird ein Umsatz von 100 Millionen Dollar prognostiziert, wobei bereits eine Reduzierung der Betriebskosten um 25,8 Millionen Dollar umgesetzt wurde.
- Implementation of $25.8 million operating expense reduction in Q4'24
- Strategic plan to achieve breakeven operating income by 2025
- Court approval to use SunPower brand in the future
- Q3'24 net loss of $42.0 million
- All three divisions reporting negative profit before tax
- Expected revenue decline from $117.3M in Q3'24 to $100M in Q4'24
- Planned headcount reduction
Insights
The preliminary Q3'24 results reveal significant challenges with
The revenue forecast reduction from
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
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 details of our Rev. 5 Annual Operating Plan for cutting headcount and other costs to achieve breakeven operating income in 2025. Since my style has always been to present and explain plans broadly to employees, I am releasing the headline information now to preempt any early dissemination of material non-public information prior to our formal November 13 report to shareholders, at which the final financial results will be presented for the old Complete Solar, which has already been merged into the Dealer Division of SunPower. We will also present the two-year “stub” financial results for the old SunPower divisions: New Homes, Blue Raven and Dealer:
| Preliminary Q3’24 Financial Results (millions) | ||||
| Profit Before Tax (PBT) | ||||
| Division | Charter | Revenue | GAAP | non-GAAP |
| New Homes | Sales to homebuilders | N/A | ( | |
| Blue Raven Solar | Sales direct to customer | N/A | ( | |
| Dealer (+ CSLR) | Sales of jobs from dealers | N/A | ( | |
| ( | ( | |||
| *GAAP vs. non-GAAP reconciliation attached. Differences due to stock-based compensation and acquisition-related restructuring charges. | ||||
Rodgers concluded, “Certain components of the Q3’24 results will not carry over directly into Q4’24, our first quarter after integration as “NewCo,” officially Nasdaq: CSLR. (We have won the right in court to use the SunPower brand in the future.) First, the
About Complete Solar
With its acquisition of SunPower assets, Complete Solar has become a leading solar services provider in North America. Complete Solar’s digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit https://www.completesolar.com.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release the price of Complete Solar’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Complete Solar’s business, and changes in the combined capital structure; the ability to implement business plans, forecasts, and the evolution of the markets in which Complete Solar will compete.
Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Complete Solar assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.
Sioban Hickie
Phone: +1 (801) 477-5847
InvestorRelations@CompleteSolar.com
Source: Complete Solar, Inc.
APPENDIX
| Complete Solar, Inc. (as of acquisition closed July 1, 2024) | ||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (PRELIMINARY) | ||||
| (In Thousands) | ||||
| 13 weeks ended | ||||
| September 29, 2024 | ||||
| GAAP operating loss from continuing operations | Note | (64,143 | ) | |
| Depreciation and amortization | A | - | ||
| Stock based compensation | B | 9,225 | ||
| Restructuring charges | C | 13,905 | ||
| Total of Non-GAAP adjustments | 23,130 | |||
| Non-GAAP net loss | (41,013 | ) | ||
| Notes: | ||||
| (A) | Depreciation and amortization: Depreciation and amortization related to capital expenditures. | |||
| (B) | Stock-based compensation: Stock-based compensation relates to our equity incentive awards and for services paid in warrants. Stock-based compensation is a non-cash expense. | |||
| (C) | Restructuring charges: Costs primarily related to acquisition, headcount reductions and other non-recurring charges. | |||
FAQ
What was Complete Solar's (CSLR) revenue in Q3 2024?
How much operating expense reduction did CSLR implement for Q4 2024?
What is CSLR's projected revenue for Q4 2024?
When will Complete Solar (CSLR) expect to achieve breakeven operating income?
