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plete Solaria(CSLR) - 2024 Q4 - Annual Results
CSLRplete Solaria(CSLR)2025-01-27 21:30

Financial Performance - Complete Solar's Q4'24 revenue reached 81.1million,a14.7timesincreasecomparedto81.1 million, a 14.7 times increase compared to 5.5 million in Q3'24, exceeding the forecast of 80million[6]−Thecompanyachievedagrossmarginof3780 million[6] - The company achieved a gross margin of 37% in Q4'24, a significant improvement from -57% in Q3'24[7] - Operating expenses were reduced from 94.0 million in Q3'24 to 35.7millioninQ4′24,a6235.7 million in Q4'24, a 62% decrease, with a further 30% reduction forecasted for Q1'25[6] - Complete Solar's annualized revenue based on Q4'24 results is projected at 324 million, with a quarterly loss of 5.94millionexpectedtobeaddressedin2025[22]−Q4′24GAAPoperatinglossfromcontinuingoperationswas5.94 million expected to be addressed in 2025[22] - Q4'24 GAAP operating loss from continuing operations was 29,586,000, with a total of non-GAAP adjustments amounting to 23,646,000[29]−Non−GAAPnetlossforQ4′24was23,646,000[29] - Non-GAAP net loss for Q4'24 was 5,940,000, showing a decrease from the previous quarter's non-GAAP net loss of 6,877,000[29]−ThecompanyprojectstoachievebreakevenoperatingincomeinQ1′25,withexpectationsforQ4′24andfiscal2025financialperformancebeingcloselymonitored[25]CostManagement−Theheadcountwasreducedfrom3,499to1,140employees,achievinga676,877,000[29] - The company projects to achieve breakeven operating income in Q1'25, with expectations for Q4'24 and fiscal 2025 financial performance being closely monitored[25] Cost Management - The headcount was reduced from 3,499 to 1,140 employees, achieving a 67% reduction by the end of Q4'24[6] - The company is implementing further headcount reductions and cost control efforts as part of its strategy to improve financial performance[25] - Restructuring charges for Q4'24 totaled 12,771,000, indicating ongoing efforts to streamline operations[29] - Stock-based compensation for Q4'24 was reported at 9,770,000,reflectingthecompany′sequityincentiveawards[31]FutureOutlook−CompleteSolarisforecastingmodestrevenuegrowthto9,770,000, reflecting the company's equity incentive awards[31] Future Outlook - Complete Solar is forecasting modest revenue growth to 82.0 million in Q1'25 despite typical seasonal declines in the solar industry[6] - The company plans to achieve breakeven non-GAAP operating income in Q1'25, supported by current backlog and cost-cutting measures[6] - Cash balance at the end of Q4'24 was $13.3 million, with plans to grow cash from operations throughout 2025[6] - The company anticipates that actual results may differ materially from forward-looking statements due to various risks and uncertainties, including market conditions and integration of SunPower assets[25] Integration and Leadership - The integration of SunPower assets is substantially complete, with the two operating divisions now fully integrated[5] - New executive leadership has been appointed, including Dan Myers as EVP and GM of the New Homes Division and Steve Erickson as EVP and GM of the Blue Raven Solar Division[6] Audit and Compliance - Preliminary financial results for fiscal 2024 are subject to change pending final accounting procedures and external audit[26] - The financial results presented are not comprehensive and should not be viewed as a substitute for full, audited financial statements[26] - The company has not yet booked stock-based compensation as of December 27, 2024, indicating potential future adjustments[31]