Latest news with #COGS
Yahoo
30-04-2025
- Business
- Yahoo
SunPower Reports Q1'25: $80.2M Revenue, $1.3M Profit¹
First Profitable Quarter In Four Years OREM, Utah, April 30, 2025 (GLOBE NEWSWIRE) -- SunPower, formerly d/b/a Complete Solaria, Inc. ('SunPower' or the 'Company') (Nasdaq: SPWR), a solar technology, services, and installation company, will present its 2024 and Q1'25 results via webcast at 1:00pm ET on Wednesday, April 30. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: Please see our SunPower rebranding announcement on the back page of the April 29 print version of the Wall Street Journal or on the mobile app for the WSJ print version, where it will reside for the next week. SunPower chairman and CEO, T.J. Rodgers commented, 'This is the Company's second quarterly report after the SunPower asset purchase on September 30, 2024, and our first report as SunPower, after rebranding with that name on April 21, 2025. The rebranding also fortuitously coincides with SunPower's first profitable quarter in four years.' SunPower Revenue & Operating Income Our First Two Quarters as SunPower GAAP2 NON-GAAP ($1000s, except gross margin) Q1 2025 Q4 2024 Q1 20253 Q4 2024 Revenue 80,174 88,674 80,174 88,674 4 Gross Margin 36 % 47 % 36 % 47 %4 Operating Expenses 27,366 62,769 27,366 62,769 Operating Expenses 12,270 49,870 12,270 49,870 Less Commission Operating Income/(Loss) (8,876 ) (21,501 ) 1,274 (5,940 ) Cash Balance5 13,995 13,308 13,995 13,308 _____________________________________ 1 Operating profit based on the non-GAAP results posted on our website [ To see our audited 2024 GAAP financial statements, go to the SEC 10K filing on our website [ Our non-GAAP financials are used to run the company and differ from the official GAAP report in three ways: 1) no non-cash amortization of intangibles, no employee stock compensation charges (already reflected in share count by dilution) and no one-time events, including favorable and unfavorable events. (See note 4.)4 The Q4'24 revenue and gross margin reported in our unaudited January 21, 2025 shareholder letter were lower, $81,103 and 37%, respectively. These figures were accurate and conformed to our CSLR revenue recognition standards on that date. The numbers presented here are calculated using the harmonized revenue recognition standards for the combined company from the audited 2024 results. Internally, we use our original Q4'24 forecast to judge our performance. For example, the 47% Q4'24 gross margin is inflated by jobs bought from SunPower at no COGS cost, and should not be used in a forward-looking projections.5 Cash balance is exclusive of restricted cash. Fellow Shareholders: Our Q1'25 revenue, earnings and cashflow are given above. They feature identical GAAP and non-GAAP results for the quarter, except for GAAP operating income, which contains charges from depreciation and amortization of intangible assets, stock-based compensation charges, and non-recurring events, mostly from the asset purchase. Rodgers added, 'I congratulate our team for breaking the profit barrier just 180 days after launch, despite enduring layoffs and some hard times in the solar industry. The rest of this report will focus on our other important first-quarter accomplishments.' Summary of SunPower Q1'25 Accomplishments Our $80.2 million Q1'25 revenue was in line with expectations, and it was achieved in the traditionally difficult winter quarter. (For example, Blue Raven operates in the Midwest and often has to remove snow from customers' roofs during winter.) SunPower is now properly and leanly staffed. The new SunPower was launched with the combined headcounts of Complete Solar, SunPower and Blue Raven Solar – 3,499 employees – on October 1, 2024. We reduced the staffing by 3x, to 1,140 one quarter later, as graphed below. Our final headcount target for the combined company was first set at 1,225 and then lowered to 980. We are currently ahead of that plan with 906 employees. We are at the right headcount to be profitable at $300 million in annualized new employees. We are now able to recycle a fraction of the salaries saved from headcount reductions to bring in key industry players. For example, we hired Dr. Richard Swanson, the Stanford technical genius and founder of SunPower, to advise us on technology, as well as our new CTO, Dr. Mehran Sedigh, a storage expert who ran the Enphase Battery business unit and ramped it to its current $500 million in revenue. Our headcount and cost reductions led to $1.3 million operating income in Q1'25. Our continuous cost-cutting measures have improved our operating income over the last three quarters from a $39.6 million loss in Q3'24 (unofficial sum of losses for three companies), to a loss of $5.9 million in Q4'24 (audited), to an operating profit of $1.3 million in Q1'25. Our cash balance grew (slightly). We finished Q1'25 with $14.0 million in cash versus $13.3 million in Q4'24. Outlook We forecast steady revenue and positive operating income again next quarter. We will provide a more detailed forecast and growth plan during our May annual meeting. Subsequent Events We are now SunPower (Nasdaq: SPWR). On April 21, the Company announced it has rebranded as SunPower, a tradename we own. The company's ticker symbols have been changed from 'CSLR' and 'CSLRW' to 'SPWR' and 'SPWRW', respectively, effective April 22, 2025. Strategic partnership with Sunder. We have partnered with Sunder, a large, highly regarded Salt-Lake area solar sales firm. They are now supporting our growth, which should start to show up on the top line in Q3'25. We strengthened our board with three pubic-company ex-CEO directors: Lothar Maier, former CEO of Linear Technology, a $1.4 billion Silicon Valley chip company; Dan McCranie, the former chairman of five high-tech companies, including Freescale and On, the two public companies spun out by Motorola Semiconductor; and Jamie Haenggi, the former CEO of ADT Solar. We have a fully independent board. A current independent director, Ron Pasek, now has been named the Lead Director for the corporation and Dan McCranie has been named as the Compensation Committee Chairman serving respectively for T.J. Rodgers (Chairman) and Tony Alvarez (Compensation Committee Chair) who are not independent directors because they worked for the company or a predecessor company in the last five years. SunPower Board (4/30/25) DIRECTOR STATUS PRIOR DEGREE/UNIVERSITY SOLAR VETERAN (Bolded) Tony Alvarez CEO BEE Georgia Tech, MSEE Georgia Tech Complete Solar, SunEdison, ChipMOS, Cypress* Will Anderson CEO BS Mgmt Science MIT, MBA Stanford Same Day Solar, Complete Solar Adam Gishen I VPIR BS Int'l Studies Univ. of Leeds Credit Suisse, Ondra, Lehman Bros. *Jamie Haenggi I CEO BS Int'l Relations Univ. of Minnesota ADT Solar, Vonage Chris Lundell CEO BS Finance, MBA Finance BYU Vivint, DOMO, Novell *Lothar Maier I CEO BS Chemical Eng UC Berkley Linear Tech, Cypress *Dan McCranie I CEO BS EE Virginia Tech ENVX, Cypress Semi, SEEQ, AMD Ron Pasek I CFO BS Finance SJSU, MBA Santa Clara NetApp, Alterra, Sun Micro T.J Rodgers CEO BA Dartmouth, MA/PhD EE Stanford SunPower, Complete Solar, Enphase, Cypress Tidjane Thiam I CEO BS Ecole Polytechnique, MBA INSEAD Credit Suisse, Prudential, Aviva, McKinsey & Co. Devin Whatley I VC BA East Asian Studies UCLA, MBA Penn Ecosystem Integrity Fund, Zep Solar, Pegasus * New (3) Independent (64%) *Cypress Semiconductor Corporation Rodgers concluded, 'Our successive $80 million-plus quarters re-define our Company with an annualized revenue of $300 million-plus, now producing a $1 million-plus quarterly operating profit. The market is beginning to recognize that fact.' About SunPowerSunPower has become a leading residential solar services provider in North America. SunPower'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 Non-GAAP Financial MeasuresIn addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), SunPower provides an additional financial metrics in this press release that are not prepared in accordance with GAAP ("non-GAAP"). Management believes the non-GAAP financial measures, in addition to GAAP financial measures, are useful measures of operating performance because the non-GAAP financial measure does not include the impact of items that management does not consider indicative of SunPower's operating performance, such as amortization of goodwill and expensing employee stock options in addition to accounting for their dilutive effect, which facilitates the analysis of the company's core operating results across reporting periods. The non-GAAP financial measures do not replace the presentation of SunPower's GAAP financial results and should only be used as a supplement to, not as a substitute for, SunPower's financial results presented in accordance with GAAP. Descriptions of and reconciliations of the non-GAAP financial measures used in this press release are included in the financial table above and related footnotes. We encourage investors to carefully consider our preliminary results under GAAP, as well as our preliminary non-GAAP information and the reconciliations between these presentations, to more fully understand our business. Non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. 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. Preliminary Unaudited Financial ResultsThe selected unaudited financial results for the Q1'25 are preliminary and subject to our quarter and year-end accounting procedures and external audit by our independent registered accounting firm. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and financial statements for Q1'25 and fiscal 2025 and may not represent the actual financial results for such quarter and full year. In addition, the information in this press release is not a comprehensive statement of our financial results for Q1'25 or the 2025 fiscal year, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period. Company Contacts: Dan Foley CFO (858) 212-9594 Sioban Hickie VP Investor Relations & MarketingIR@ (801) 477-5847 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (PRELIMINARY) (In Thousands) COMPLETE SOLARIA, INC. - AS REPORTED SPWR - Unaudited 13 weeks ended 13 weeks ended 13 weeks ended *13 weeks ended *13 weeks ended March 31, 2024 June 30, 2024 29-Sep-24 29-Dec-24 30-Mar-24 GAAP operating loss from continuing operations (7,544) (9,494) (29,770) (21,501) (8,876) Note Depreciation and amortization A 357 329 305 1,745 1,146 Stock based compensation B 1,341 1,229 1,516 (1,019) 5,756 Restructuring charges C 406 2,603 21,072 14,835 3,248 Total of Non-GAAP adjustments 2,104 4,161 22,893 15,561 10,150 Non-GAAP net loss (5,440) (5,333) (6,877) (5,940) 1,274 Notes: (A) Depreciation and amortization: Depreciation and amortization related to capital expenditures. (B) Stock-based compensation: Stock-based compensation relates to our equity incentive awards and for services paid in warrants. Stock-based compensation is a non-cash expense. (C) Acquisition Costs: Costs primarily related to acquisition, headcount reductions (i.e. severance), legal, professional services (i.e. historical carveout audits) and due diligence. *Reflects the acquisition of the SunPower Assets which Complete Solaria acquired on 9/30/24. Source: SunPower Photos accompanying this announcement are available at in to access your portfolio
Yahoo
30-04-2025
- Business
- Yahoo
The Kraft Heinz Co (KHC) Q1 2025 Earnings Call Highlights: Strong Cash Flow and Strategic ...
Top Line Results: Delivered in line with expectations. Cash Flow Performance: Strong performance reported. Balance Sheet: Described as healthy. Release Date: April 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The Kraft Heinz Co (NASDAQ:KHC) delivered top-line results in line with expectations, demonstrating strong cash flow performance and maintaining a healthy balance sheet. The company is prioritizing investments in marketing, R&D, and technology to enhance consumer-facing marketing and optimize brand and media allocation for better ROI. KHC is scaling up its brand growth system, which has shown success in previous pilots, to cover 40% of its business by the end of the year. The company is seeing growth in emerging markets and expects improvement in key product categories like cream cheese and Ore-Ida in the upcoming quarters. KHC is actively managing costs and exploring alternative sourcing and reformulation to mitigate the impact of tariffs and inflation on COGS. The revised outlook includes a wider operating income guide due to uncertainties in the policy landscape and macroeconomic conditions. KHC is facing increased COGS inflation, particularly in commodities like coffee and meats, with an expected impact of 150 to 200 bps due to tariffs. The company anticipates gross margin pressure in Q2 due to increased promotional activity, hedge losses, and commodity price peaks. Despite investments, KHC's market share performance has been under pressure, with some categories showing softness. The company does not expect North America volume to inflect positively in the second half, relying instead on international growth to meet guidance. Warning! GuruFocus has detected 3 Warning Sign with KHC. Q: Carlos, you mentioned the revised outlook provides flexibility for investments. Is this approach different from previous ones? A: Carlos Abrams-Rivera, CEO: We are choosing to play offense with discipline, prioritizing investments in marketing, R&D, and technology. We are focusing on consumer-facing marketing and optimizing allocation across brands for better ROI. Our brand growth system, which has been successful in pilots, is being scaled up, giving us confidence in our investment strategy. Q: Can you elaborate on the North America organic sales guidance update for this year, particularly for 2Q? A: Carlos Abrams-Rivera, CEO: We expect 2Q top line to be better than 1Q, with a tailwind from Easter timing. Emerging markets are accelerating, and platforms like cream cheese and Ore-Ida are expected to grow. Lunchables will improve as new innovations hit the market. Q: How are you addressing COGS inflation in the revised outlook? A: Carlos Abrams-Rivera, CEO: We had inflation at 3%, now stepped up to 5% due to commodities like coffee and meats. Tariffs add 150-200 bps to COGS, mostly impacting the second half. We are managing this through inventory builds and alternative sourcing. Q: Can you discuss your promotional strategy and its impact on market share? A: Carlos Abrams-Rivera, CEO: We are investing in promotions strategically to support long-term growth, focusing on key consumer periods like Memorial Day and back-to-school. Our strategy is to drive profitable growth, not just short-term volume. Q: What are the bright spots in your portfolio from a market share perspective? A: Carlos Abrams-Rivera, CEO: We are seeing progress in accelerated businesses like ready-to-eat meals and snacking. Innovations like our Philadelphia Cream Cheese and desserts are driving growth. Our focus on better-for-you products and consumer insights is yielding sustainable growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
11-04-2025
- Politics
- Yahoo
UI graduate student union compiles resources after campus learns of visa cancellations
University of Iowa graduate students are working to compile information and resources for international students worried about their visas. (Photo by Brooklyn Draisey/Iowa Capital Dispatch) After news broke of a visa being revoked from an international graduate student at the University of Iowa, UI Campaign to Organize Graduate Students (COGS) President Cary Stough said people immediately started asking the organization and him what can be done to help. Stough said he wasn't surprised to hear about the incident, the latest in a series of visa cancellations hitting international students across the country. International graduate students have been preparing for something like this to happen, he said — deactivating social media, checking on their visas, making sure their university documents are up to date and connecting with immigration lawyers. 'People are very, very terrified right now,' Stough said. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX COGS is compiling resources and contacts to become a hub of knowledge for international students who need help, Stough said, while urging the UI to take a harder stance against actions that hurt its students. The graduate workers union sent out a news release to students and media with information and relevant services. UI Public Relations Manager Chris Brewer said in an email the university is 'aware of students who have been impacted' by changes to their visa, but no details can be provided due to privacy reasons. He did not respond to questions about university recommendations for affected students or procedures in the situation where Immigration and Customs Enforcement, or ICE, officials come to campus looking to detain a student. UI International Programs Dean and Associate Provost Russell Ganim alerted international students and scholars about the revoked visa Thursday morning through an email, which included contact information for the Iowa State Bar Association, UI Student Legal Services and the Iowa Law law clinic. 'International students and scholars are valued members of the Iowa community,' Ganim said in the email. COGS added to the university's list in its news release, naming the American Immigration Lawyers Association, IC Compassion, Iowa City Catholic Worker, Eschucha Mi Voz Iowa and the Prairielands Freedom Fund as helpful organizations in this matter. Many immigration lawyers who have spoken with COGS are saying if a student hasn't heard anything about changes to their visa then they shouldn't leave the country, Stough said. According to the release, if a student sees their student visa listed as revoked in the Student Exchange and Visitor Information System (SEVIS), they should connect with the UI Immigration Law Clinic to check their student status and discuss next steps. So far, communication has stayed primarily within departments relating to international students, Stough said. He was told by university officials that if ICE agents do attempt to enter classrooms or other private spaces on campus, involved parties should contact the university's Office of the General Counsel. International graduate students should also reach out to COGS members to plan how to keep themselves and others safe, the news release stated. 'If push comes to shove, we will protect our neighbors, our friends and our fellow coworkers here at the university to make sure that this is not only a safe space where they can continue to do research and teaching, but also a space where they're welcome,' Stough said. University administration should make their intention to protect international students public, Stough said, and gave the option of paying impacted students' legal fees as a good first step in offering support. If the UI continues to lose graduate students due to state and federal actions, either being forced to go or choosing to leave, Stough said eventually it won't have enough workers to teach courses. This would lead to lower undergraduate enrollment and the loss of revenue. 'The university should be standing up for its international students,' Stough said. 'Diversity here makes us great. It also connects us with a larger community throughout the world, and any infringement upon that should be against the university's mission.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
07-02-2025
- Business
- Yahoo
UI graduate student union begins bargaining with Iowa Board of Regents team
The University of Iowa graduate students union and Iowa Board of Regents presented initial union contract proposals Thursday. In this photo, Campaign to Organize Graduate Students members protest at an Iowa Board of Regents meeting on Sept. 27, 2023. (Photo by Brooklyn Draisey/Iowa Capital Dispatch) The University of Iowa graduate student union is seeking a 25% increase in wages over the next two years, leaving the union's president and members dissatisfied at the Iowa Board of Regents bargaining team's offer of annual 3% increases. The Campaign to Organize Graduate Students, or COGS, met with the Iowa Board of Regents bargaining team Thursday to start negotiations for its 2025-2027 contract. Both groups brought initial proposals forward, with COGS expected to send a formal response signaling their dissatisfaction with the board team's offering in the near future. Union President Cary Stough said the board bargaining team's suggested annual 3% increase in base salaries for the next two years for graduate students working as teaching and research assistants across campus is nowhere near the COGS request for a 25% increase over two years. 'We were not totally surprised, but we were disappointed,' Stough said. 'The crowd, at least when it was announced to them, were mixed with feelings of shame, anger, indignation, and we laughed because we knew that even after … presenting our months and months of research and data collecting, that they weren't going to listen to it at all.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX According to the union's current contract, the base salary rate for the 2024-2025 fiscal year is $21,969 for a 50% academic year appointment and $26,841 for 50% fiscal year appointment. Comparing the two organizations' initial proposals, Stough said the COGS contract was more than 25 pages compared to the less-than-five page document from the board bargaining team. In addition to the salary increases, which Stough said reflect rising costs of living in Iowa City, the union is seeking to move the first day they receive a paycheck from Sept. 1 to Aug. 1 to help pay for moving costs, university fees and more, and putting language about paid time off back into the contract. Stough said information on paid time off was removed from the union contract in 2017 and put in the university's Student Employment Standards. COGS included these topics in the proposed contract based on data from a bargaining survey the union sent to its members, Stough said. Board of regents spokesperson Josh Lehman said in an email COGS members are valued by both the board and the university, and they recognize that graduate education is a vital part of both the university's work and mission and higher education in general. 'The university recognizes it must maintain the competitiveness of the UI's graduate assistantships, in order to continue to attract and retain excellent graduate students,' Lehman said in his email. 'In addition to the contract proposal, the university covers all or most of the tuition and health benefits for graduate assistant employees with an appointment of 25 percent or greater.' About 100 union members and their supporters showed up for the bargaining session, Stough said, in order to show both the board and the state that they are an 'organizing force' that can coordinate quickly. Even with this showing, Stough said the union doesn't have faith in the board coming back with a proposal that meets all of their wants and needs. Stough said the union will send a formal response to the board bargaining team early next week, and the next closed bargaining session is set for Feb. 20. They will also follow up with questions from union members who couldn't be in the room during bargaining and send them to the bargaining team. 'We will be satisfied when we have our meeting on the 20th and they come back to us with a robust, more than two-page contract with a lot of stuff we asked to put back in,' Stough said. SUPPORT: YOU MAKE OUR WORK POSSIBLE
