SunPower Reports Q1'25: $80.2M Revenue, $1.3M Profit(1)

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: https://investors.sunpower.com/news-events/events.

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 
 
                             GAAP(2)                   NON-GAAP 
                     -----------------------  -------------------------- 
($1000s, except 
gross margin)         Q1 2025      Q4 2024     Q1 2025(3)     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 Balance(5)      13,995       13,308        13,995      13,308 
 

(_____________________________________)

(1 Operating profit based on the non-GAAP results posted on our website [us.sunpower.com].)

(2 To see our audited 2024 GAAP financial statements, go to the SEC 10K filing on our website [us.sunpower.com].)

3 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 revenue. 
   -- Key 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   Complete Solar, 
                               Georgia Tech             SunEdison, ChipMOS, 
                                                        Cypress* 
Will Anderson            CEO   BS Mgmt Science MIT,     Same Day Solar, 
                               MBA Stanford             Complete Solar 
Adam Gishen       I     VPIR   BS Int'l Studies Univ.   Credit Suisse, Ondra, 
                               of Leeds                 Lehman Bros. 
*Jamie Haenggi    I      CEO   BS Int'l Relations       ADT Solar, Vonage 
                               Univ. of Minnesota 
Chris Lundell            CEO   BS Finance, MBA Finance  Vivint, DOMO, Novell 
                               BYU 
*Lothar Maier     I      CEO   BS Chemical Eng UC       Linear Tech, Cypress 
                               Berkley 
*Dan McCranie     I      CEO   BS EE Virginia Tech      ENVX, Cypress Semi, 
                                                        SEEQ, AMD 
Ron Pasek         I      CFO   BS Finance SJSU, MBA     NetApp, Alterra, Sun 
                               Santa Clara              Micro 
T.J Rodgers              CEO   BA Dartmouth, MA/PhD EE  SunPower, Complete 
                               Stanford                 Solar, Enphase, 
                                                        Cypress 
Tidjane Thiam     I      CEO   BS Ecole Polytechnique,  Credit Suisse, 
                               MBA INSEAD               Prudential, Aviva, 
                                                        McKinsey & Co. 
Devin Whatley     I      VC    BA East Asian Studies    Ecosystem Integrity 
                               UCLA, MBA Penn           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 SunPower

SunPower 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 www.sunpower.com.

Non-GAAP Financial Measures

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April 30, 2025 07:00 ET (11:00 GMT)