CEO T.J. Rodgers Letter to SPWR Shareholders
SunPower (SPWR) CEO T.J. Rodgers has issued an open letter to shareholders regarding the upcoming annual meeting on May 29, 2025. The company is seeking approval for three proposals, with the most critical being an amendment to the 2023 Equity Incentive Plan to add 21.6 million shares (27% of current shares) for employee compensation.
The expansion is necessary to fulfill stock options promised to 841 former SunPower employees following Complete Solar's reverse acquisition, which grew the company from 65 to 906 employees. This acquisition has proven successful, increasing quarterly revenue from $4.5 million in Q2'24 to $80.2 million in Q1'25, marking SunPower's first profit in over four years.
The new shares will be distributed as RSUs vesting over five years, and will also cover director compensation and potential future acquisitions.
SunPower (SPWR) CEO T.J. Rodgers ha scritto una lettera aperta agli azionisti in vista dell'assemblea annuale del 29 maggio 2025. La società chiede l'approvazione di tre proposte, la più importante delle quali è una modifica al Piano di Incentivi Azionari 2023 per aggiungere 21,6 milioni di azioni (il 27% delle azioni attuali) destinate alla remunerazione dei dipendenti.
Questa espansione è necessaria per onorare le stock option promesse a 841 ex dipendenti SunPower dopo la fusione inversa con Complete Solar, che ha portato il numero di dipendenti da 65 a 906. L'acquisizione si è rivelata un successo, con un aumento del fatturato trimestrale da 4,5 milioni di dollari nel Q2'24 a 80,2 milioni di dollari nel Q1'25, segnando il primo profitto di SunPower in oltre quattro anni.
Le nuove azioni saranno distribuite come RSU con maturazione in cinque anni e copriranno anche la remunerazione dei direttori e possibili acquisizioni future.
SunPower (SPWR) CEO T.J. Rodgers ha emitido una carta abierta a los accionistas respecto a la próxima reunión anual el 29 de mayo de 2025. La compañía busca la aprobación de tres propuestas, siendo la más importante una enmienda al Plan de Incentivos de Capital 2023 para añadir 21,6 millones de acciones (27% de las acciones actuales) para la compensación de empleados.
La ampliación es necesaria para cumplir con las opciones sobre acciones prometidas a 841 ex empleados de SunPower tras la adquisición inversa de Complete Solar, que aumentó el número de empleados de 65 a 906. Esta adquisición ha sido exitosa, incrementando los ingresos trimestrales de 4,5 millones de dólares en el Q2'24 a 80,2 millones de dólares en el Q1'25, marcando la primera ganancia de SunPower en más de cuatro años.
Las nuevas acciones se distribuirán como RSU con un período de consolidación de cinco años y también cubrirán la compensación de los directores y posibles adquisiciones futuras.
SunPower (SPWR)의 CEO T.J. Rodgers가 2025년 5월 29일 예정된 연례 주주총회와 관련해 주주들에게 공개 서한을 발표했습니다. 회사는 세 가지 안건에 대한 승인을 요청하고 있으며, 가장 중요한 안건은 직원 보상을 위해 2,160만 주(현재 주식의 27%)를 추가하는 2023년 주식 인센티브 계획 수정안입니다.
이번 확장은 Complete Solar의 역합병 이후 약속된 스톡옵션을 이행하기 위해 필요하며, 이 합병으로 직원 수가 65명에서 906명으로 늘어났습니다. 이번 인수는 성공적이었으며, 분기 매출이 2024년 2분기 450만 달러에서 2025년 1분기 8,020만 달러로 증가해 SunPower가 4년 만에 처음으로 수익을 기록했습니다.
새로운 주식은 5년에 걸쳐 베스팅되는 RSU로 배분되며, 이사 보상 및 향후 인수에도 사용될 예정입니다.
SunPower (SPWR) Le PDG T.J. Rodgers a adressé une lettre ouverte aux actionnaires concernant la prochaine assemblée générale annuelle du 29 mai 2025. La société sollicite l'approbation de trois propositions, la plus importante étant une modification du Plan d'Incitations en Actions 2023 pour ajouter 21,6 millions d'actions (27 % des actions actuelles) destinées à la rémunération des employés.
Cette extension est nécessaire pour honorer les options d'achat d'actions promises à 841 anciens employés de SunPower suite à l'acquisition inversée de Complete Solar, qui a fait passer l'effectif de 65 à 906 employés. Cette acquisition s'est avérée réussie, augmentant le chiffre d'affaires trimestriel de 4,5 millions de dollars au T2 2024 à 80,2 millions de dollars au T1 2025, marquant le premier bénéfice de SunPower en plus de quatre ans.
Les nouvelles actions seront distribuées sous forme de RSU avec une acquisition progressive sur cinq ans, et couvriront également la rémunération des administrateurs ainsi que d'éventuelles acquisitions futures.
SunPower (SPWR)-CEO T.J. Rodgers hat einen offenen Brief an die Aktionäre bezüglich der bevorstehenden Hauptversammlung am 29. Mai 2025 veröffentlicht. Das Unternehmen bittet um Zustimmung zu drei Vorschlägen, wobei der wichtigste eine Änderung des Equity Incentive Plans 2023 ist, um 21,6 Millionen Aktien (27 % der aktuellen Aktien) für die Mitarbeitervergütung hinzuzufügen.
Die Erweiterung ist notwendig, um die nach der Reverse-Akquisition von Complete Solar versprochenen Aktienoptionen an 841 ehemalige SunPower-Mitarbeiter zu erfüllen, wodurch die Mitarbeiterzahl von 65 auf 906 gestiegen ist. Diese Akquisition war erfolgreich und steigerte den Quartalsumsatz von 4,5 Millionen US-Dollar im Q2'24 auf 80,2 Millionen US-Dollar im Q1'25, was SunPowers ersten Gewinn seit über vier Jahren markiert.
Die neuen Aktien werden als RSUs ausgegeben, die über fünf Jahre vesten, und decken auch die Vergütung von Direktoren sowie mögliche zukünftige Übernahmen ab.
- Revenue grew 17x from $4.5M to $80.2M quarterly following the SunPower acquisition
- Company achieved first profitable quarter in over 4 years in Q1'25
- RSUs will vest over 5 years, ensuring long-term employee commitment
- Directors agreed to be paid in stock for 2024 and 2025, aligning with shareholder interests
- Significant dilution with 21.6M new shares (27% of current outstanding shares)
- Rapid expansion from 65 to 906 employees poses integration challenges
- Additional shares partly reserved for potential future acquisition, indicating further dilution risk
Insights
SunPower seeks 27% share dilution to support recent acquisition integration and growth, showing first profitability in four years.
CEO T.J. Rodgers is requesting shareholder approval for a significant equity plan expansion, seeking an additional
The financial impact of this acquisition appears promising - quarterly revenue skyrocketed from
The equity plan expansion serves multiple strategic purposes beyond just covering existing commitments to former SunPower employees. The requested shares will also provide compensation for the sales force, board directors (who have agreed to be paid in stock for 2024-2025), future employee hiring needs, and potential acquisition-related equity awards. The company is implementing a Silicon Valley-style approach to compensation, with restricted stock units vesting over five years to ensure employee retention and alignment with shareholder interests.
While the dilution percentage is substantial, management makes a compelling value proposition: 1.27x more stock in exchange for 17x revenue growth and a return to profitability. The requested shareholder approval represents a critical juncture for the company's ability to retain acquired talent and execute its growth strategy after this transformative transaction.
OREM, Utah, May 12, 2025 (GLOBE NEWSWIRE) -- T.J. Rodgers, the CEO of SunPower (aka Complete Solaria, Inc.) (“SunPower” or the “Company”) (Nasdaq: SPWR), a solar technology, services, and installation company, today published an open letter to shareholders regarding the Company’s 2025 Annual Meeting and proxy vote. The contents of the letter are below:
May 12, 2025
45700 Northport Loop East
Fremont, California 94538
Dear [Investor],
I am writing to you as one of our largest SunPower shareholders [Nasdaq: SPWR] to ask for your proxy vote in our ‘virtual’ annual meeting of stockholders at 11:00 a.m. Pacific Time on Thursday, May 29, 2025. While annual meetings have shrunk in size, this particular virtual meeting is critical to the new SunPower and its shareholders. We need shareholder approval for three proposals. The first two proposals are both non-controversial: to re-elect the board and to re-appoint our auditors.
The third proposal is critical: to approve an amendment to our 2023 Equity Incentive Plan to reserve an additional 21.6 million shares of Common Stock for issuance to new employees under the plan. That’s a big number, about
This vote is critical to our Company because we have hired and offered board-approved sign-on options to 841 old-SunPower employees that have not yet been formally granted (because any change in the Equity Plan itself requires not just board approval, but also shareholder approval). Our SunPower asset acquisition raised the headcount of tiny Complete Solar (CSLR), very quickly from just 65 employees to 906 in a minnow-swallows-whale reverse acquisition, triggering the Equity Plan update. That transaction greatly benefited shareholders by driving old-CSLR quarterly revenue from 1) just
The deal to shareholders is compelling: if you give us 1.27x more stock we will give you 17x revenue growth and turn profitable.
The 21.6 million share request not only covers the employment offers for old-SunPower employees, but also includes shares for our sales force, shares for our directors, who have agreed to be paid in stock for 2024 and 2025, shares for hiring future employees, and a block of shares to issue new-hire equity awards in connection with a potential acquisition to grow SunPower inorganically.
Finally, the “new-hire stock” for the SunPower employees is not a one-time grant. It is in the form of restricted stock units (RSUs) that will vest over five years to ensure continuity and commitment from each of our employees, Silicon Valley style. I believe in the Silicon Valley model that makes all employees shareholders and incentivizes them to drive shareholder returns, and I am thus seeking your support for that principle.
You should have already received your proxy voting materials. If you have not or are having issues voting your shares, you may reach out to our CFO, Daniel Foley via cell at (858)-212-9594 or via email at daniel.foley@sunpower.com and he will assist you. We appreciate your continued support for SunPower and would appreciate your support at our May 29th annual meeting as we work to grow the new SunPower rapidly to the benefit of all shareholders.
Sincerely,
T.J. Rodgers
CEO
About the Company
The Company has become a leading residential solar services provider in North America. The Company’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.sunpower.com.
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 Q1’25 and fiscal 2025 financial performance, including with respect to our Q1’25 and fiscal 2025 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 Q2’25. 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 Q1’25 and fiscal 2025, 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 to be filed with the SEC on April 30, 2025, 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 SunPower 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.
| Company Contact: Dan Foley CFO daniel.foley@sunpower.com (858) 212-9594 | Sioban Hickie VP Investor Relations & Marketing IR@sunpower.com (801) 477-5847 |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddcfd359-19b9-44ba-9fbb-ddf631fdb62b
Source: SunPower
FAQ
What is SPWR requesting in their May 2025 shareholder vote?
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