Complete Solar Third Quarter Report

Core Viewpoint - Complete Solar has successfully acquired SunPower's assets and is restructuring to enhance operational efficiency and revenue generation, with a focus on achieving breakeven by 2025 [2][4][10]. Financial Performance - Q3'24 revenue for Complete Solar was reported at $5.536 million, with a gross margin of -57$29.768 million [3]. - The combined revenue for NewCo (Complete Solar and SunPower) in Q3'24 was $117.34 million, with expectations of$80 million in Q4'24 [9][10]. - The operating income loss is projected to decrease from $40 million in Q3'24 to between$2 million and $11 million in Q4'24 due to significant headcount reductions [9][10]. Acquisition Details - Complete Solar acquired SunPower's assets, including the New Homes, Blue Raven, and Dealer businesses, and secured rights to the SunPower brand [2][4]. - The acquisition involved hiring 1,204 SunPower employees, significantly increasing Complete Solar's workforce from 65 to 1,269 [2][4]. Future Projections - The company aims for$100 million in revenue in Q4'24, with a sustainable operating income loss of $1 million, followed by its first profitable quarter in Q2'25 [5][10]. - A restructuring plan is in place to achieve breakeven operating income by 2025, with operational expenses expected to decrease from$43.5 million in Q3'24 to $17 million in Q4'24 [10][9]. Organizational Changes - The new organizational structure of Complete Solar includes a leaner team designed to optimize operations across various regions, including Utah, Texas, and the Philippines [6][7]. - Centralized administrative functions are expected to yield significant savings in headcount [6].