Complete Solaria, Inc. - CSLR STOCK NEWS

Complete Solar (NASDAQ: CSLR) reported Q3 2024 results and significant corporate developments. The company successfully acquired SunPower's assets, including New Homes, Blue Raven, and Dealer businesses, along with rights to the SunPower brand. The acquisition brought 1,204 SunPower employees to Complete Solar, which previously had only 65 employees. The company raised $80 million through convertible debt offerings for the $45 million acquisition and working capital.

Q3 2024 combined revenue reached $117.3 million, though Q4 2024 revenue is expected to decrease to $80 million due to non-recurring backlog benefits. Operating loss is projected to improve from ($40.0M) in Q3 to $2-11 million in Q4 2024, with plans to achieve breakeven in 2025 through significant cost reductions.

Complete Solar (Nasdaq: CSLR) released 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 divisions showed varied performance: New Homes ($53.2M revenue), Blue Raven Solar ($43.5M revenue), and Dealer division ($20.6M revenue). CEO T.J. Rodgers announced plans to present a Rev. 5 Annual Operating Plan to over 1,000 employees, focusing on cost reduction and headcount adjustments to achieve breakeven operating income in 2025. The company has implemented a $25.8 million operating expense reduction for Q4'24 and forecasts Q4'24 revenue of $100 million.

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 (Nasdaq: CSLR) announced it will release its Q3 2024 financial and operational results after market close on November 13, 2024. The company will host a webcast conference call on the same day at 5:00 PM ET, led by T.J. Rodgers and the management team. Interested parties can access the webcast through registration or the company's investor relations website. A replay will be available on the Events page of Complete Solar's website.

Complete Solar Holdings, Inc. (Nasdaq: CSLR) has appointed Dan Myers as Executive Vice President of its New Homes Division. Myers, a solar industry veteran with a decade of experience, will report to CEO T.J. Rodgers and oversee the division supporting builders of new residential communities. His background includes leadership roles at major residential solar installers and consulting for Fortune 100 solar developers.

CEO Rodgers highlighted Myers' supply chain expertise as important for managing the geographically dispersed New Homes Division. Myers' immediate challenge involves addressing the aftermath of SunPower's bankruptcy, providing support for legacy projects while developing long-term solutions with new builder partners. This appointment aligns with Complete Solar's strategy of leveraging experienced leadership to navigate industry challenges and expand its residential solar offerings.

Complete Solar Holdings, Inc. (Nasdaq: CSLR) has received approval from the United States Bankruptcy Court for the District of Delaware to acquire SunPower 's Blue Raven, New Homes, and Dealer businesses for $45 million in cash. The sale is expected to close by September 30, 2024, bringing the SunPower brand and approximately 1,000 employees under Complete Solar's umbrella.

CEO T.J. Rodgers views this as a pivotal moment for SunPower, emphasizing the potential for growth in the US solar market. He thanked the court for recognizing Complete Solar's offer despite claims made by Maxeon, a Singapore-based company. Rodgers also acknowledged investors who contributed an additional $40 million, bringing the total funding to $80 million for the transition.

Complete Solar Holdings, Inc. (Nasdaq: CSLR) has been named the prevailing bidder for SunPower's assets in its Chapter 11 proceedings. Subject to final Bankruptcy Court approval on September 23, 2024, Complete Solar will acquire SunPower's assets and manage three of its business units. CEO T.J. Rodgers announced plans to hire 1,000 people from SunPower's current workforce, offering fresh stock options and a startup work ethic. Despite Rodgers' intention to reduce applications by emphasizing the workload, 1,925 employees applied within hours. Rodgers aims to transform recent shareholder complaints into respect or praise within a year with the newly formed team.

Complete Solar (Nasdaq: CSLR) has raised $40.5 million to cover the remaining closing costs of its $45 million bid to acquire certain SunPower (OTC: SPWRQ) business units. The funding was secured through a convertible debenture with a 7% coupon and a 25% conversion premium. The company has also created a $30 million Equity Line Of Credit (ELOC) to address potential bidding escalation in the auction. As the 'stalking horse' bidder in SunPower's Chapter 11 bankruptcy, Complete Solar has been granted access to SunPower managers and executives to create a future plan. The proposed new SunPower will be smaller, employing about half the current workforce. Notably, 1,925 SunPower and Blue Raven employees have already signed up for interviews with Complete Solar.

Complete Solar (Nasdaq: CSLR) has submitted a $45 million bid to become the stalking horse in SunPower's Chapter 11 bankruptcy Asset Purchase Agreement (APA). The bid includes assuming up to $7.2 million in liabilities for SunPower's New Homes business. Despite low Q2'24 revenue of $4.5 million due to working capital constraints, the company raised $46 million in July through a convertible debenture offering. This move eliminated private equity debt, resulting in a 32.1% stock increase. Q2'24 non-commission operating expenses reached a two-year low of $4.4 million. The company expects revenue to recover to $20 million in Q4'24 and aims to exceed 30% gross margin in Q3'24. Complete Solar has integrated 37 employees from Core Energy and plans to make all new SunPower employees shareholders based on merit.