Complete Solar Preliminary Fourth Quarter Report
Complete Solar (Nasdaq: CSLR) announced its preliminary unaudited Q4’24 results, highlighting significant achievements and future forecasts. The Q4’24 revenue was $81.1 million, a substantial increase from the previous quarter's $5.5 million, attributed to the successful integration of SunPower's assets, which were acquired for $45 million.
The acquisition, approved by a Delaware bankruptcy court, has increased Complete Solar's headcount from 109 to 1,341 as of September 30. The company has since reduced this to 1,140, with a target of 980. Operating expenses have been cut from $94 million in Q3’24 to $35.7 million in Q4’24.
For Q1’25, Complete Solar forecasts revenue growth to $82 million despite seasonal industry declines. The company aims for operating income breakeven and expects to grow its cash balance from the current $13.3 million. New executive appointments include Dan Myers and Steve Erickson leading the New Homes and Blue Raven Solar divisions, respectively.
CEO T.J. Rodgers highlighted the company's financial strategy, focusing on non-GAAP results to provide a clearer picture of operational performance. The full-year audit, involving historical SunPower financials, is expected to complete by mid-March 2025.
Complete Solar (Nasdaq: CSLR) ha annunciato i suoi risultati preliminari non verificati per il Q4’24, evidenziando traguardi significativi e previsioni future. Le entrate del Q4’24 sono state di 81,1 milioni di dollari, un notevole incremento rispetto ai 5,5 milioni di dollari del trimestre precedente, attribuito all'integrazione di successo degli asset di SunPower, acquisiti per 45 milioni di dollari.
L'acquisizione, approvata da un tribunale di bancarotta del Delaware, ha aumentato il numero di dipendenti di Complete Solar da 109 a 1.341 al 30 settembre. L'azienda ha poi ridotto questo numero a 1.140, con un obiettivo di 980. Le spese operative sono state abbattute da 94 milioni di dollari nel Q3’24 a 35,7 milioni di dollari nel Q4’24.
Per il Q1’25, Complete Solar prevede una crescita del fatturato a 82 milioni di dollari nonostante il calo stagionale dell'industria. L'azienda mira a raggiungere il breakeven operativo e prevede di incrementare il proprio saldo di cassa dagli attuali 13,3 milioni di dollari. Tra le nuove nomine ci sono Dan Myers e Steve Erickson, che guideranno rispettivamente le divisioni New Homes e Blue Raven Solar.
Il CEO T.J. Rodgers ha evidenziato la strategia finanziaria dell'azienda, concentrandosi sui risultati non-GAAP per fornire un quadro più chiaro delle performance operative. L'audit dell'intero anno, riguardante i dati finanziari storici di SunPower, è previsto terminare entro metà marzo 2025.
Complete Solar (Nasdaq: CSLR) anunció sus resultados preliminares no auditados para el Q4’24, destacando logros significativos y previsiones futuras. Los ingresos del Q4’24 fueron de 81,1 millones de dólares, un aumento sustancial en comparación con los 5,5 millones de dólares del trimestre anterior, atribuido a la exitosa integración de los activos de SunPower, que se adquirieron por 45 millones de dólares.
La adquisición, aprobada por un tribunal de quiebras de Delaware, ha aumentado el número de empleados de Complete Solar de 109 a 1.341 a partir del 30 de septiembre. La empresa ha reducido este número a 1.140, con un objetivo de 980. Los gastos operativos se han recortado de 94 millones de dólares en el Q3’24 a 35,7 millones de dólares en el Q4’24.
Para el Q1’25, Complete Solar prevé un crecimiento de ingresos a 82 millones de dólares a pesar de la disminución estacional en la industria. La empresa busca alcanzar el equilibrio operativo y espera aumentar su saldo de caja de los actuales 13,3 millones de dólares. Nuevas designaciones ejecutivas incluyen a Dan Myers y Steve Erickson, quienes liderarán respectivamente las divisiones de New Homes y Blue Raven Solar.
El CEO T.J. Rodgers destacó la estrategia financiera de la empresa, enfocándose en resultados no-GAAP para proporcionar una imagen más clara del rendimiento operativo. Se espera que la auditoría del año completo, que involucra datos financieros históricos de SunPower, se complete para mediados de marzo de 2025.
Complete Solar (Nasdaq: CSLR)는 Q4’24의 비감사 예비 결과를 발표하며 중요한 성과와 향후 전망을 강조했습니다. Q4’24의 수익은 8,110만 달러로, 이전 분기의 550만 달러에서 크게 증가했으며, 이는 4,500만 달러에 인수한 SunPower 자산의 성공적인 통합에 기인합니다.
델라웨어 주 파산 법원에서 승인된 이번 인수로 Complete Solar의 직원 수는 9월 30일 기준으로 109명에서 1,341명으로 증가했습니다. 이후 이 숫자는 1,140명으로 줄어들었으며, 980명의 목표를 가지고 있습니다. 운영 비용은 Q3’24의 9,400만 달러에서 Q4’24의 3,570만 달러로 줄어들었습니다.
Q1’25를 위해 Complete Solar는 산업의 계절적 감소에도 불구하고 수익이 8,200만 달러로 성장할 것으로 전망하고 있습니다. 회사는 운영 수익의 균형을 목표로 하며, 현재 1,330만 달러인 현금 잔고를 증가시킬 것으로 예상하고 있습니다. 새로운 임원으로는 Dan Myers와 Steve Erickson이 각각 New Homes와 Blue Raven Solar 부서를 이끌게 됩니다.
CEO T.J. Rodgers는 회사의 재무 전략을 강조하며, 비-GAAP 결과에 주목해 운영 성과를 보다 명확하게 보여주고자 했습니다. SunPower의 역사적 재무 정보를 포함한 연간 감사는 2025년 3월 중순까지 완료될 것으로 예상됩니다.
Complete Solar (Nasdaq: CSLR) a annoncé ses résultats préliminaires non vérifiés pour le Q4’24, mettant en avant des réalisations significatives et des prévisions futures. Les revenus du Q4’24 ont atteint 81,1 millions de dollars, soit une augmentation substantielle par rapport aux 5,5 millions de dollars du trimestre précédent, attribuée à l'intégration réussie des actifs de SunPower, acquise pour 45 millions de dollars.
L'acquisition, approuvée par un tribunal de faillite du Delaware, a porté le nombre d'employés de Complete Solar de 109 à 1 341 au 30 septembre. L'entreprise a depuis réduit ce chiffre à 1 140, avec un objectif de 980. Les dépenses opérationnelles ont été réduites de 94 millions de dollars au Q3’24 à 35,7 millions de dollars au Q4’24.
Pour le Q1’25, Complete Solar prévoit une croissance des revenus à 82 millions de dollars malgré les déclins saisonniers de l'industrie. L'entreprise vise à atteindre l'équilibre opérationnel et s'attend à augmenter son solde de trésorerie, actuellement de 13,3 millions de dollars. De nouvelles nominations exécutives incluent Dan Myers et Steve Erickson dirigeant respectivement les divisions New Homes et Blue Raven Solar.
Le PDG T.J. Rodgers a souligné la stratégie financière de l'entreprise, en se concentrant sur les résultats non-GAAP pour fournir une image plus claire de la performance opérationnelle. L'audit de l'année complète, impliquant des données financières historiques de SunPower, devrait être achevé d'ici la mi-mars 2025.
Complete Solar (Nasdaq: CSLR) hat seine vorläufigen, nicht geprüften Ergebnisse für das Q4’24 bekannt gegeben und dabei bedeutende Erfolge und zukünftige Prognosen hervorgehoben. Der Umsatz im Q4’24 betrug 81,1 Millionen Dollar, was einen beträchtlichen Anstieg gegenüber 5,5 Millionen Dollar im vorherigen Quartal darstellt, was auf die erfolgreiche Integration der Vermögenswerte von SunPower zurückzuführen ist, die für 45 Millionen Dollar erworben wurden.
Die Übernahme, die von einem Konkursgericht in Delaware genehmigt wurde, hat die Mitarbeiterzahl von Complete Solar zum 30. September von 109 auf 1.341 erhöht. Das Unternehmen hat diese Zahl inzwischen auf 1.140 reduziert, mit einem Ziel von 980. Die Betriebskosten wurden von 94 Millionen Dollar im Q3’24 auf 35,7 Millionen Dollar im Q4’24 gesenkt.
Für das Q1’25 prognostiziert Complete Solar ein Umsatzwachstum auf 82 Millionen Dollar, trotz saisonaler Rückgänge in der Branche. Das Unternehmen strebt einen operativen Gewinnbbreakeven an und erwartet, seinen Kassenbestand von derzeit 13,3 Millionen Dollar zu erhöhen. Neu ernannte Führungskräfte sind Dan Myers und Steve Erickson, die jeweils die Abteilungen New Homes und Blue Raven Solar leiten.
CEO T.J. Rodgers hob die finanzielle Strategie des Unternehmens hervor und konzentrierte sich auf nicht-GAAP-Ergebnisse, um ein klareres Bild der operativen Leistung zu vermitteln. Die Abschlussprüfung für das ganze Jahr, die historische Finanzdaten von SunPower umfasst, wird voraussichtlich bis Mitte März 2025 abgeschlossen sein.
- Q4’24 revenue of $81.1 million, up from $5.5 million in Q3’24.
- Successful integration of SunPower assets.
- Operating expenses reduced from $94 million in Q3’24 to $35.7 million in Q4’24.
- Forecasted revenue growth to $82 million in Q1’25.
- Targeting operating income breakeven in Q1’25.
- Cash balance expected to grow in 2025.
- Q4’24 saw a $5.94 million quarterly loss.
- Full-year audit delay into mid-March 2025.
Insights
Complete Solar's preliminary Q4'24 results reveal a transformative quarter following their strategic
The company's aggressive cost-cutting measures are noteworthy, with operating expenses slashed by
The Q1'25 forecast of
The post-merger integration strategy demonstrates sophisticated operational restructuring. The "Noah's Ark" model - selecting only 1,219 key employees from the acquired entities - represents an innovative approach to right-sizing while preserving essential capabilities. The consolidation of business units (merging Dealer with Blue Raven and O&M with Quality) indicates streamlined organizational design.
The
OREM, Utah, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. d/b/a Complete Solar (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today will present its preliminary unaudited Q4’24 results via webcast at 2:00pm 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.
Complete Solar Chairman and CEO, T.J. Rodgers commented, “Our Q4’24 results are subject to a full-year audit, which is currently in progress and involves historical SunPower financials, a complication that is forecasted to delay our audited Q4’24 results into mid-March. By that time, I want to be talking to investors about Q2’25, only two weeks away, not analyzing 2024 history. That’s why we are providing this preliminary, unaudited report which focuses on just Q4’24 and our forecast for Q1’25. The risk of this decision is that the audit process may change some of the results, but probably not revenue, and certainly not the Q1’25 forecast. We have a 57-person finance group comprised of people from two public companies that I trust to report one quarter properly. The Q1’25 forecast is mine.
Rodgers added, “We will give GAAP and non-GAAP results for those quarters with commentary focusing on the non-GAAP results, unless otherwise stated. My philosophy is that “non-GAAP” results should be as close to GAAP results as possible, but without 1) stock earnings charges added onto the dilution impact of share count we already report, 2) amortization of intangible assets, and 3) charges for special one-time events, both negative and positive.”
Summary of CSLR’s Q4’24 Accomplishments
In our November 13 Third Quarter Report, we presented an operating plan for Complete Solar predicated on our successful
- The SunPower Integration is substantially complete. On the last day of Q3’24, September 30, we closed the acquisition, six days after a Delaware bankruptcy court approved our asset purchase of three SunPower business units, which have now been substantially integrated (including their MRP systems) into CSLR as its two sole operating divisions, New Homes and Blue Raven Solar. That asset integration raised our headcount from 109 to 1,341 on September 30. Our original target of 1,225 was achieved in December, as shown on the included headcount chart. We raised
$80 million on September 24 to fund the$45 million SunPower asset purchase price plus the expected added operating capital required to get to profitability. - Our
$81.1 million Q4 revenue beat expectations. CSLR’s consolidated revenue for Q4’24 jumped to$81.1 million , up 14.7 times vs. old-CSLR’s$5.5 million third quarter revenue on a standalone basis, and beat the$80 million revenue forecasted in our Third Quarter Report. - New Divisional EVP/GMs are in place. We announced the promotion of Blue Raven’s Dan Myers as the EVP and GM of the New Homes Division on October 15, 2024 (here). And one month ago, we hired veteran operations manager Steve Erickson, who was promoted six times at three Salt Lake “Solar Valley” companies since 2011, to be the EVP and GM of the Blue Raven Solar Division.
- We are forecasting revenue growth next quarter. Despite the typical industry seasonality that reduces solar industry revenue by
5% -14% in the Q1 winter quarter, we are forecasting modest quarter-on-quarter revenue growth to$82.0 million in Q1’25. - The Company is almost at its “fighting weight.” The combined headcount of the two companies started at 3,499 on October 1 and was reduced by
67% to 1,140 by the end of Q4’24, as shown in the embedded org chart. Our final headcount target for the combined company is 980. - Our operating expense has been cut by a factor of two. The headcount reduction led to a total non-GAAP operating expense reduction from
$94.0 in Q3’24 million for the added expenses of the two companies to$35.7 million in Q4’24 for the combined and cost-reduced company. The operating expenses less sales commissions were$84.0 million in Q3’24, down to$19.8 million in Q4’24, a 4x reduction. Our forecast is to drop operating expense less commissions by another30% in Q1’25. - We are forecasting operating income breakeven in Q1’25. Given our current backlog and cost-cutting plan, we are forecasting non-GAAP operating income at breakeven in Q1’25.
- Our cash balance will grow. We finished Q4’24 with
$13.3 million in cash, our lowest quarter since raising the$80 million in funding. We plan to grow cash from operations during 2025.
Fellow Shareholders:
Our revenue, earnings and cashflow for the stand-alone old-CSLR (Q1-Q3) and the post-merger CSLR (Q4), preliminary and unaudited, are given below showing identical Q4’24 GAAP and non-GAAP results, except for GAAP operating income, which still contains charges from merger write-offs:
The Noah’s Ark Model
Our primary cost reductions in Q4’24 were achieved by reducing headcount in both companies:
CSLR Total Headcount By Work Week
So far, we have reduced our headcount from 3,499 to 1,140 employees, using the Noah’s Ark model in which the 65-employee old-CSLR made employment offers to only 1,219 SunPower and Blue Raven Solar employees to get them “on the Ark” that, we believe, will shelter them from the flood of high interest rates that has already has put over 70 solar companies out of business.
When we were raising the
Actual 510-foot Oak Noah’s Ark Model – Williamsburg, KY
The Ark merger theory is actually nothing but a typical Silicon Valley startup plan in disguise. Instead of a big company in trouble asking for and getting too much money (SunPower asked for
Since this org chart was shown last quarter, we have merged the Dealer business unit into the Blue Raven business unit and the O&M (Operations and Maintenance to support our customers) into our Quality Group, with a new Senior VP of quality, Surinder Bedi, who headed Advanced Product Quality at Lucid Motors. Other new executives include Chaise Sweat, our General Counsel from ADT Solar, and Venki Sundaresan, our VP of IT, who ran IT groups at Cypress Semiconductor and Enphase.
This Friday, January 24, 2025, at our Orem, Utah HQ, we will present this report to over 1,000 employees and our board. We will also cover the details of our 2025 Rev. 6 Annual Operating Plan which currently shows operating income profitability in 2025.
Complete Solar CEO, T.J. Rodgers said, “The board honored our fourth quarter performance with a modest
Rodgers continued, “Our
Rodgers concluded, “We would like to thank our shareholders for funding our company and giving us the opportunity to re-build an iconic solar company.”
The NASA Helios airplane had 14 electric motors that used SunPower all-black high-efficiency cells to take off and land on its own power. In 2001, it set an all-time altitude record of 96,863 feet, which still stands. The F-15 Eagle, a mach 2.5 fighter, capable of accelerating while climbing vertically, has a service ceiling of 72,000 feet.
About Complete Solar
With its recent acquisition of SunPower assets, Complete Solar has become a leading residential 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 www.completesolar.com.
Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), Complete Solar provides an additional financial metrics in this press release that are not prepared in accordance with GAAP ("non-GAAP"). Management believes the non-GAAP financial measures, in addition to GAAP financial measures, are useful measures of operating performance because the non-GAAP financial measure does not include the impact of items that management does not consider indicative of Complete Solar’s operating performance, such as amortization of goodwill and expensing employee stock options in addition to accounting for their dilutive effect, which facilitates the analysis of the company’s core operating results across reporting periods. The non-GAAP financial measures do not replace the presentation of Complete Solar’s GAAP financial results and should only be used as a supplement to, not as a substitute for, Complete Solar’s financial results presented in accordance with GAAP. Descriptions of and reconciliations of the non-GAAP financial measures used in this press release are included in the financial table above and related footnotes. We encourage investors to carefully consider our preliminary results under GAAP, as well as our preliminary non-GAAP information and the reconciliations between these presentations, to more fully understand our business. Non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “forecast,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” and “pursue” or the negative of these terms or similar expressions. Forward-looking statements in this press release include, without limitation, our Q1’25 revenue projection, our expectations regarding our Q4’24 and fiscal 2025 financial performance, including with respect to our Q4’24 and fiscal 2024 combined revenues and profit before tax loss, expectations and plans relating to further headcount reduction, cost control efforts, and our expectations with respect to when we achieve breakeven operating income and positive operating income, including our forecast to be operating income breakeven in Q1/25. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to implement further headcount reductions and cost controls, our ability to integrate and operate the combined business with the SunPower assets, our ability to achieve the anticipated benefits of the SunPower acquisition, global market conditions, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of our audit and financial statements for Q4/24 and fiscal 2024, and other risks and uncertainties applicable to our business. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our annual report on Form 10-K filed with the SEC on April 1, 2024, our quarterly reports on Form 10-Q filed with the SEC and other documents that we have filed with, or will file with, the SEC. 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 in this press release 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.
Preliminary Unaudited Financial Results
The selected unaudited financial results for the Q4’24 and fiscal 2024 in this press release are preliminary and subject to our quarter and year-end accounting procedures and external audit by our independent registered accounting firm. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and financial statements for Q4’24 and fiscal 2024 and may not represent the actual financial results for such quarter and full year. In addition, the information in this press release is not a comprehensive statement of our financial results for Q4’24 or the 2024 fiscal year, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period.
Company Contacts:
| Dan Foley | Sioban Hickie |
| CFO | VP Investor Relations & Marketing |
| dfoley@completesolar.com | InvestorRelations@completesolar.com |
| (801) 477-5847 |
| COMPLETE SOLARIA, INC. | ||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (PRELIMINARY) | ||||||||||||
| (In Thousands) | ||||||||||||
| COMPLETE SOLARIA, INC. - REPORTED Unaudited | PRELIMINARY - Unaudited | |||||||||||
| 13 weeks ended | 13 weeks ended | 13 weeks ended | 13 weeks ended | |||||||||
| March 31, 2024 | June 30, 2024 | September 29, 2024 | December 29, 2024 | |||||||||
| GAAP operating loss from continuing operations | Note | (7,544 | ) | (9,494 | ) | (29,770 | ) | (29,586 | ) | |||
| Depreciation and amortization | A | 357 | 686 | 991 | 1,105 | |||||||
| Stock based compensation | B | 1,341 | 2,570 | 4,086 | 9,770 | |||||||
| Restructuring charges | C | 406 | 905 | 17,816 | 12,771 | |||||||
| Total of Non-GAAP adjustments | 2,104 | 4,161 | 22,893 | 23,646 | ||||||||
| Non-GAAP net loss | (5,440 | ) | (5,333 | ) | (6,877 | ) | (5,940 | ) | ||||
| 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 GAAP entry has not been booked as of 12/27/24. | |||||||||||
| (C) | Acquisition Costs: Costs primarily related to acquisition, headcount reductions (i.e. severence), legal, professional services (i.e. historical carveout audits) and due diligence. | |||||||||||
Source: Complete Solar, Inc.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4c76594-b9af-470a-b427-09757f513d28
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https://www.globenewswire.com/NewsRoom/AttachmentNg/201e9649-2104-4a97-8e8b-ea7312752e43
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