Latest news with #T.J.Rodgers
Yahoo
30-05-2025
- Business
- Yahoo
CEO Thanks Shareholders for Ongoing Support
All Shareholder Proposals Pass with Wide Margins Business Update Call Scheduled for June 5th 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 29th 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 5th 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: About SunPowerThe 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 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 (858) 212-9594 (801) 477-5847 Source: SunPowerError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
CEO T.J. Rodgers Letter to SPWR Shareholders
OREM, Utah, May 12, 2025 (GLOBE NEWSWIRE) -- T.J. Rodgers, the CEO of SunPower (aka Complete Solaria, Inc.) ('SunPower' or the 'Company') (Nasdaq: SPWR), a solar technology, services, and installation company, today published an open letter to shareholders regarding the Company's 2025 Annual Meeting and proxy vote. The contents of the letter are below: May 12, 2025 45700 Northport Loop EastFremont, California 94538 Dear [Investor], I am writing to you as one of our largest SunPower shareholders [Nasdaq: SPWR] to ask for your proxy vote in our 'virtual' annual meeting of stockholders at 11:00 a.m. Pacific Time on Thursday, May 29, 2025. While annual meetings have shrunk in size, this particular virtual meeting is critical to the new SunPower and its shareholders. We need shareholder approval for three proposals. The first two proposals are both non-controversial: to re-elect the board and to re-appoint our auditors. The third proposal is critical: to approve an amendment to our 2023 Equity Incentive Plan to reserve an additional 21.6 million shares of Common Stock for issuance to new employees under the plan. That's a big number, about 27% of the total outstanding 80.2 million share count reported in our recent audited 10K report. This vote is critical to our Company because we have hired and offered board-approved sign-on options to 841 old-SunPower employees that have not yet been formally granted (because any change in the Equity Plan itself requires not just board approval, but also shareholder approval). Our SunPower asset acquisition raised the headcount of tiny Complete Solar (CSLR), very quickly from just 65 employees to 906 in a minnow-swallows-whale reverse acquisition, triggering the Equity Plan update. That transaction greatly benefited shareholders by driving old-CSLR quarterly revenue from 1) just $4.5 million in Q2'24, to 2) $81.1 million in Q4'24 purchase, and to 3) $80.2 million in Q1'25 with SunPower's first profit in four-plus years. The deal to shareholders is compelling: if you give us 1.27x more stock we will give you 17x revenue growth and turn profitable. The 21.6 million share request not only covers the employment offers for old-SunPower employees, but also includes shares for our sales force, shares for our directors, who have agreed to be paid in stock for 2024 and 2025, shares for hiring future employees, and a block of shares to issue new-hire equity awards in connection with a potential acquisition to grow SunPower inorganically. Finally, the 'new-hire stock' for the SunPower employees is not a one-time grant. It is in the form of restricted stock units (RSUs) that will vest over five years to ensure continuity and commitment from each of our employees, Silicon Valley style. I believe in the Silicon Valley model that makes all employees shareholders and incentivizes them to drive shareholder returns, and I am thus seeking your support for that principle. You should have already received your proxy voting materials. If you have not or are having issues voting your shares, you may reach out to our CFO, Daniel Foley via cell at (858)-212-9594 or via email at and he will assist you. We appreciate your continued support for SunPower and would appreciate your support at our May 29th annual meeting as we work to grow the new SunPower rapidly to the benefit of all shareholders. Sincerely,T.J. RodgersCEO About the CompanyThe Company has become a leading residential solar services provider in North America. 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 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. Company Contact:Dan (858) 212-9594 Sioban Hickie VP Investor Relations & MarketingIR@ 477-5847 A photo accompanying this announcement is available at Source: SunPower
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
Associated Press
18-04-2025
- Business
- Associated Press
Complete Solar to Report 2024 and Q1'25 on April 30
OREM, Utah, April 18, 2025 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. d/b/a Complete Solar (Nasdaq: CSLR), a solar technology, services, and installation company, today announced that it revised the date for its upcoming earnings call, and Complete Solar will present its audited 2024 financial results and unaudited Q1'25 results in a quarterly investor report on April 30, 2025 at 1:00pm ET. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: Complete Solar chairman and CEO T.J. Rodgers stated, 'We look forward to presenting our audited 2024 financial results and our unaudited Q1'25 financials on April 30, when we will present the results of the first two quarters of the combined company which will be consistent with our prior public guidance of positive operating income and cash flow in Q1'25. Rodgers continued, 'This press release has been issued because we have pushed out our prior announced April 23 report date due to a one-week delay on our SEC 10K filing, in turn due to the complexity-induced delay of our first audit, which required the financial combination of three previously independent companies: Complete Solar, old SunPower and Blue Raven (an unintegrated SunPower acquisition) – each with different accounting systems. So, our audit will be finished on April 25, not April 14, as we expected. Rodgers concluded, 'I accepted one week of delay in our investor webcast to April 30, so I have an air-tight, fully audited set of numbers. In addition, we are vigorously pursuing our SOX program right now to tighten the controls of our financial processes, so I expect our next audit to be on or ahead of schedule, and come in and at a much lower cost to shareholders.' About Complete Solar With its recent acquisition of SunPower assets, Complete Solar has become a leading residential solar services provider in North America. Complete Solar'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 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, the establishment of Complete Solar as a $300-million solar installer, our ranking by annualized revenue in the solar installer industry, our expectations regarding profitability and cashflow positive operations, deepening our relationship with Sunder Energy, and the benefits of our use of the SunPower name. 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 Q4/24 and fiscal 2024, 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 1, 2024, our quarterly reports on Form 10-Q filed with the Securities and Exchange Commission and other documents that we have filed with, or will file with, the Securities Exchange Commission, including our annual report on Form 10-K with respect to fiscal 2024 that will be filed with the Securities and Exchange Commission. 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 Complete Solar 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 Contact: Sioban Hickie VP Investor Relations [email protected] (801) 477-5847 Source: Complete Solar, Inc.
