CEO Thanks Shareholders for Ongoing Support

Rhea-AI Summary

SunPower (SPWR) held its Annual Meeting where all 12 company proposals passed with over 95% approval, including board member re-elections, BDO auditor appointment, and employee stock plan approval. CEO T.J. Rodgers expressed gratitude for shareholder support, highlighting the company's transformation through SPWR asset acquisition which increased workforce 10x and revenue 14.7x. Addressing ITC phase-out concerns, Rodgers assured investors that 2025 revenue would remain above the $72 million breakeven point, maintaining profitability. The company plans a deeper ITC impact presentation during the upcoming Business Update Call scheduled for June 5th, 2025, at 10am PT.

Positive

• All 12 company proposals passed with overwhelming 95%+ shareholder approval
• SPWR asset acquisition led to 10x workforce growth and 14.7x revenue increase
• Company expects to maintain profitability despite ITC phase-out concerns
• Breakeven point established at $72 million quarterly revenue

Negative

• Potential ITC phase-out by end of Q4'25 could impact future revenue
• Company actively seeking additional acquisitions, which may require additional shares

Insights

Financial Analyst

SunPower's shareholder meeting success and CEO's reassurance about ITC phase-out indicates stable short-term outlook despite regulatory changes.

The successful passage of all shareholder proposals with over 95% approval demonstrates strong investor confidence in SunPower's current leadership and strategic direction. Most notably, shareholders approved the employee stock plan with a 96% vote, which CEO T.J. Rodgers specifically highlighted as critical for integrating the approximately 1,000 employees who joined through the SPWR asset acquisition.

The company's transformation through this acquisition has been substantial, increasing their workforce 10x and revenue by 14.7x. This dramatic scaling indicates the company has undergone a fundamental business transformation rather than merely incremental growth.

Regarding the ITC (Investment Tax Credit) phase-out, Rodgers provided two key financial insights: First, he doesn't anticipate any ITC-related issues affecting profitability for the remainder of 2025. Second, he revealed the company's quarterly revenue breakeven point of $72 million, suggesting SunPower has achieved relatively stable unit economics.

The mention of working "vigorously" on the next acquisition, combined with the statement that the ITC phase-out will make acquisitions "easier," suggests the company is positioning itself as a consolidator in what could become a more challenging market for smaller solar companies if tax credits diminish.

While Rodgers projects confidence about navigating potential regulatory changes, his scheduling of a deeper presentation specifically on the ITC issue indicates this regulatory shift represents a material concern requiring detailed explanation to investors.

All Shareholder Proposals Pass with Wide Margins

Business Update Call Scheduled for June 5^th at 10am PT

OREM, Utah, May 30, 2025 (GLOBE NEWSWIRE) -- SunPower (aka Complete Solaria, Inc.) (“SunPower” or the “Company”) (Nasdaq: SPWR), a solar technology, services, and installation company, held its Annual Meeting yesterday, May 29^th at 11:00 a.m. Pacific Time. All 12 SunPower proposals won with votes of 95% or higher, including: 1. the re-election of our 11 Board members, 2. re-hiring BDO as our auditor, and 3. the approval of the employee stock plan.

SPWR chairman and CEO, T.J. Rodgers, said, “First and foremost, I thank our shareholders again for their great financial support in approving the stockholder plan proposal with a 96% vote. We have already transformed the company with our SPWR asset acquisition, and you just approved the shares – the standard new-hire shares – for about 1,000 SunPower employees that joined us as, in effect, founders, and swelled our ranks by 10x and our revenue by 14.7x. In addition, you also pre-approved the hiring shares for the next acquisition, which we are working on vigorously. And the ITC phase-out in the news today will make our next acquisitions easier.

Rodgers continued, “I have also run multiple financial scenarios for SPWR on the impact of the ITC phase-out. I do not see any possible ITC problem for the rest of this year that could cause SunPower’s revenue to drop enough to make us unprofitable, let alone have a serious financial issue.

Rodgers concluded, “The 2026 ITC phase-out is still being debated, but in the worst case, an abrupt ITC shutdown at the end of Q4’25, we would have to suffer a quarterly revenue decline to below our breakeven point of $72 million, an unlikely event. I wanted investors to know that now, while I am preparing a deeper presentation on the ITC issue to be presented on Thursday, June 5, 2025.”

Business Update Call June 5th.
T.J Rodgers will host a 2Q Business Update call in the format of SPWR’s quarterly investor calls on Thursday, June 5^th at 10am PT. Interested investors may access the webcast by registering here or by visiting the Events page within the IR section of the company website: https://investors.sunpower.com/news-events/events.

About SunPower
The Company has been a leading residential solar services provider in North America since 1985. 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 future quarterly revenue projections, our expectations regarding our future fiscal financial performance, including with respect to our future quarterly and fiscal 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. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation,  our expectations relating to the ITC phase out and its impacts on our business, 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, changes to domestic or foreign tariffs or tax incentives, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of our audit and financial statements for Q2’25 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 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 Contacts:
Dan Foley	Sioban Hickie
CFO	VP Investor Relations
daniel.foley@sunpower.com	sioban.hickie@sunpower.com
(858) 212-9594	(801) 477-5847

Source: SunPower

FAQ

What were the key proposals approved at SunPower's (SPWR) Annual Meeting?

Shareholders approved 12 proposals with 95%+ approval, including re-election of 11 Board members, re-hiring BDO as auditor, and approval of the employee stock plan.

How has the SPWR asset acquisition impacted SunPower's business?

The acquisition increased SunPower's workforce by 10 times and revenue by 14.7 times, adding approximately 1,000 employees.

What is SunPower's (SPWR) quarterly revenue breakeven point?

SunPower's quarterly revenue breakeven point is $72 million, below which the company would become unprofitable.

When is SunPower's (SPWR) next Business Update Call?

SunPower's Business Update Call is scheduled for June 5th, 2025, at 10am PT.

How might the ITC phase-out affect SunPower's (SPWR) profitability?

CEO Rodgers stated that even in worst-case ITC shutdown scenario, the company expects to maintain profitability through 2025, with revenue staying above breakeven point.