plete Solaria-Complete Solar Preliminary Fourth Quarter Report

Core Viewpoint - Complete Solar, Inc. has reported preliminary unaudited results for Q4'24, highlighting significant revenue growth following the acquisition of SunPower assets, with a focus on future forecasts and operational improvements [1][2][4]. Financial Performance - Q4'24 revenue reached $81.1 million, a 14.7 times increase compared to$ 5.5 million in Q3'24, surpassing the forecast of $80 million [4][5]. - The company achieved a gross margin of 37% in Q4'24, a significant improvement from -57% in Q3'24 [5]. - Operating expenses were reduced from$ 94 million in Q3'24 to $35.7 million in Q4'24, with a further forecasted reduction of 30% in Q1'25 [4][5]. Operational Developments - The integration of SunPower assets is substantially complete, with the headcount increasing from 109 to 1,341 post-acquisition [4][8]. - The company has appointed new executives for its divisions, including Dan Myers as EVP and GM of the New Homes Division and Steve Erickson for the Blue Raven Solar Division [4]. Future Outlook - Despite typical seasonal revenue declines in the solar industry, Complete Solar forecasts modest revenue growth to$ 82 million in Q1'25 [4]. - The company anticipates reaching operating income breakeven in Q1'25, supported by a strong backlog and ongoing cost-cutting measures [9][10]. Strategic Initiatives - The company has implemented a headcount reduction strategy, decreasing from 3,499 to 1,140 employees, aiming for a final target of 980 [8][9]. - Complete Solar's management has emphasized a commitment to operational efficiency and profitability, with plans to grow cash from operations throughout 2025 [9][10]. Management Commentary - CEO T.J. Rodgers expressed confidence in the company's direction, highlighting the importance of focusing on future performance rather than past results [2][15]. - The management team has opted to distribute a modest bonus to all employees, recognizing their contributions during a challenging quarter [14].