Company Overview - Complete Solaria, Inc.

Business Focus

Complete Solaria is a developer and provider of energy-efficient solar solutions aimed at homeowners and small to medium-sized businesses. The company's mission is to enable customers to lower their energy bills while reducing their carbon footprint through the adoption of solar power.

Core Operations

• Designs, sells, and installs solar energy systems with a focus on a seamless customer experience.
• Offers end-to-end solutions, including software platforms, financing options, and high-performance solar modules.
• Manages customer engagement from pre-qualification, proposal generation, and contract signing to site assessment, system design, permitting, installation, and post-installation support.
• Utilizes a network of third-party sales partners, local construction specialists, and in-house installation teams to fulfill customer contracts.
• Provides software tools and branding support to sales and build partners, facilitating a nationwide sales channel.

Strategic Transactions

• Formed in November 2022 via a merger between Complete Solar Holding Corporation and The Solaria Corporation.
• In October 2023, sold solar panel assets, intellectual property, and customer contracts to Maxeon Solar Technologies for approximately $11.0 million (1.1 million Maxeon shares).
• In September 2024, acquired assets related to SunPower's Blue Raven Solar business, New Homes Business, and Dealer network through an Asset Purchase Agreement with SunPower, completing the acquisition on September 30, 2024.

Revenue Model

• Provides solar system sales and installation services primarily targeted at residential homeowners and homebuilders.
• Sells solar systems through a network of third-party dealers, resellers, and its own sales team.
• Develops revenue from system design, hardware delivery, installation, and connection services.
• Also involved in financing facilitation, including loans, leases, and power purchase agreements (PPAs).

Financial Highlights

• As of April 2025, the company has 80,165,123 shares outstanding.
• The company's market capitalization was approximately $36.1 million as of June 28, 2024, based on a closing stock price of $1.12.
• For fiscal year ending December 29, 2024:
  • Total revenue: $108.74 million (up 24% from 2023).
  • Net loss from continuing operations: $54.44 million (improved from a loss of $96.2 million in 2023).
  • Gross margin: Increased to 36% from 20% in 2023.
  • Total operating expenses: $108.01 million.
  • Cash and cash equivalents: $13.4 million.
  • Accumulated deficit: $411.4 million.
  • Employees: Over 600 full-time employees, with approximately 534 joining from the SunPower acquisition.

Key Business Activities

• Expansion of installation capacity and geographic reach through a network of partners.
• Strengthening sales channels via national and regional partnerships.
• Focus on improving operational efficiencies and customer experience.
• Continued investment in platform of services, software, and product innovation.

Additional Details

• The company faces significant risks including ongoing losses, substantial debt, and the need for additional external funding.
• It operates in a heavily regulated environment with dependencies on government incentives, tariffs, trade policies, and net metering policies.
• It actively manages a portfolio of warrants and convertible debt securities, including a recent issuance of $46 million in senior unsecured convertible notes in 2024.
• The company remains classified as an emerging growth company and a smaller reporting company under SEC rules, with reduced reporting obligations.

In summary, Complete Solaria is a solar energy system provider specializing in residential and small commercial markets, leveraging a broad network of sales and installation partners, software platforms, and a diversified revenue stream to promote widespread adoption of solar power. The company has recently expanded through acquisitions, has over 600 employees, generates over $108 million in annual revenue, but reports net losses and a significant accumulated deficit.