Complete Solaria (CSLR) 13 Nov 242024 Q3 Earnings call transcript

Hello. My name is T.J. Rogers. We’re here to Complete Solar’s Conference earnings release. Am I going through properly? Normally, I insist on having an in-house Board meeting. and Lake our of couple bad headquarters ago got Salt is ago of valve in home, and where fly actually is sick in was it. a had days couple -- days my I airplane to a tried now, a

So sick airplane. with I'm home no

Bluewave combined new of take acquisition forward, more Dealer. will to X as assets. and me future, to a answer us. section month, on 'XX is a a So We've quarter of going with is call. and the questions. this won be official We've Today, to are is we'll New going call. the the there old the QX you and follows, handle Homes, expect actually got the our weeks, that brand. see to done of taken handle that and later. just merged the to should and the tried court battle and the a and from divisions, I'll for with report. rights that talk SunPower forecast Chinese it than The Solaria. We've Dan are Solaria, for a We in We've This boardroom this it handle us. 'XX But this I this last ready QX looking for Presentation. X good away we're had SunPower's We're VPs to Complete about company. little one. but Complete third report in report. We then

brand. SunPower the Here's

SunPower now. And employees. in has company just we've it Our hired XX people X,XXX only

SunPower. away the people that for million in [indiscernible]. And hired last be stocking of bid way we early the the psych and of quarter convertible million $XX but business for horse the from XX get a except it's takes through $XX to of That offerings goes in We investors SunPower the interviews its reverse in was SunPower's $XX without the bank, merger, that in with a December. And coming paid care the raised So wanted here Chinese company then all us. who will million and it, debt old bankruptcy. new not saying we we got is last Chapter a we've technical

million So the got we've $XX to running. keep company

I've here, reports. got for GAAP non-GAAP Complete So Solar. old have the we and official

bigger So we're in on, a $X.X we company, the small back that. than having much a in were time now revenue. but were turning million in that's We company hard

that gross slide So relevant. And funding, a this into panels And investors acquisition. And and we we last but report There not to said the cut number I'm we this decline number on and this This we things, $XX This really I it. to This website. equity that put on possible. went roofs. really Complete this going off investors. were it I our a showed is focusing literally and today, couldn't looks other Solaria. to a write-offs our We were was that's lousy of when the raised led slide is million private is period on margin, affect buy our from number like. showed didn't is on grow quarter, what is and to

I'm on the we we you the from start-up funding what $XXX It's took said, million. I going first it's company update to that and The today. also It we where that we through revisions. And promised is needed get mentality X-quarter and then revenue done. could it plan X had built it. million it said been a $XX

could. other carry cases, a SunPower, worked it's them actually hiring that to on weren't we people it had were X,XXX ones company first from, company, a And best and the choose There that minimal we a interviewed losses, high-quality got given built really operating profitability to in We have we then X jobs each was of our many we to income going and followed we when the everybody, pool and minimum bigger pool. company, old quarter this had the We a constructed for in we plan, as of So person. used of mid-'XX. we forward. then interviews by

engineers companies, not they and is funding professional saying, million is fund losses company better on million we're report low then that $XXX along and SunPower the So to wondering our Texas the million to what customers So There the where through going was will $XXX and “No million I'll gee, million it. was in start-up and -- There in $XXX viable, are of relatively financing. That $XXX doing for company, couldn't room back to our way, actually are the that lines money. in reorganized we to as are million planning saying, the investors had asking a much, $XXX steps. at “Well, revenue. than for that. a pay million more needs I of One do, sophisticated today. series And done.†Everybody on then no too, they BAML that that had then $XXX We've SunPower We the And it.†operating. was get you that got The them. companies of remain was was were that was anymore. new we use too $XXX went

I Hill thing Chapter My this that do bankruptcy. Road. “We'll can XX is I one So direction, you their interesting idea if And start-up. the jogging distance, in go the said, was caused a get Sand

SunPower. name You got called a

the to It's down like we Sandhill more revenue.†need said, before funding Road I'd You for not in million than “I got a find jack X a would start-up needed deal. I buildings great $XXX that.

very Jose We're a difficult the was to going had had get, We're complex Raven task. Orem, revenue build which you'd take Blue Salt SunPower the around of deal. to the south We solar it.†And and we're We which pick to Utah, company So companies, in and do of a to if can was start-up. that the integrated. Salt company called wanted say Raven, is we Lake San you SunPower. was of a Orem. never going Lake owned, that going a had what's Blue but

different we company And totally totally got is culture. different. SunPower had so Then scale. that But to they gone

old orders knew a how company to scale was Solaria, them So lot company. know. they dealer from installed Complete didn't a We we and the about up And you've network which that and got then then dealer bought a fat, and take a actually would thought a of money. make business. to we is I in tried invested panel what compete SunPower that bunch getting mean could Complete Solaria SunPower. I did. the company I that's with

came in merged second made black with right the Solar, joined. company below And and last all-black world-class the our we prices which with years. company, us Chinese X.X out the that So installation for when panels a and with sales Solaria company was Complete of Unfortunately, panels. XXX-watt that were that is Complete cost. I was called were quarter the year, X all there with and We

new of we panels the money, end and Complete The Raven is make SunPower So picture Solaria that that. doing had didn't the here. of in one. form And process forward Blue company, company went with of a and to that anymore, then we're the and was

go. associated President with and world-class a XX. of that in this is are to have process before. they org And that I for because in So it's and chart. they're out presidents lot I I'm looking right organization. President. way directors came around of totally that President. places And in I'll wasn't stayed directors. looks a banterer It's they one companies got our be Silicon the done way before. it goes we've style work, to a important of this been turns the got is because X different CEO. people the be or org the the same other, is chart the Valley as us. I've org And [indiscernible]. reason chart we're work this than and We were And simple done to

you sales let me I you to just to they're Blue show they separate So have direct staying a as Blue Blue Raven want division. is we and -- do Raven customer. And Raven. show

closer their X,XXX then assets closer the own an its the The way the money. in then appointment, appointments, start And they called, they're sales then they as have as in with indirect. goes the seller they're do and they all with called, direct one all gets over And the that makes force, So install and order. people Raven it. executes the that's people Blue to

going We're one they collapse vertically a oriented they're of step And they're are and They're extremely can company to the into manufacturing. a a at for what manufacturing the do. X in to They've In they company building. the organizations company, They're building. every the Raven. do of manufacturing they this going good in Orem. low-cost forward. in at other good of lot parts So particular, in company spirit, they're Blue job. going They're got and do all

when In what's on XXX they and New roof houses totally you've and Nevada. go it buys solar Homes somebody your in putting solar in putting mortgage or and the in a you case, sounds not in conduits have financing, and is difference corporation old brand-new like of house own different. customer make the in And SunPower. house their somebody's rough get it the go the wall. their is then an and this times to building in part paid And new several you got between is to Well, on answer part in solar Then that's they install you. a a Springdale, a of development?

of much one economic the exceptional, customer this are They're more better. they're who's got So The the profits demanding on customer entity, And much a go you. And you got buy right a the the you only better. not selling because Blue X worked money. we've because cost to but sell making that's and group, clot is corporation. is lower is old this a dealer one you now, And is and among then includes job. you a got that you've these And divisions, with, this dealers. to not. where company Raven

chance that contract, contract. XX% signed, person So a mean have not signed a got a chance XXX% which a actually the doesn't means with even got It you has the doing lot. solar, of dealer

little watts, And XX% will math the of go of you in bigger a buy and you head. is system, a typical job, I will a than of contract. a is $XX,XXX, dealer pay system be value do XX% typical, so which That In can a $XX,XXX. to a XX% system. my XX,XXX retail is typical So the to signed you the

the sells model. make it division support and in job, $XXX that the was on the you that to got it the money So it. Solar And out of everything, dealer way, SunPower way $XX,XXX XX,XXX, and it we and guy $XXX. did left, and that's a there's who did had that have gets and that do X Complete

So our these are X divisions.

those. look want you to If I now you show --

and So Solar, X talked I Complete people. just there's divisions. about our SunPower XXX

So And and the dealers. We division and animal bigger headcount we And the in to they're their Texas a guys. the doubled was had XX other ours. people, than roughly than do Philippines. they're different

XXX very plants in I'm organization. in our You that SunPower that. At for can equipment. the the They're made we manufacturing Philippines. Filipino cells Cypress, see and solar had built automated is Philippines wafers people. Utah assembly we there in at At Homes. used and test X,XXX to and New did actually a SunPower, superior

size, Little great then do task -- good organization. these with almost triple and I for can't to to sales But now, the have then work. about having dealer can your can keep that that a excuse double the them. that full more. can't are you're had same that. headcount, see fact are nothing guys These all going the me, by X size. bit and work and and order, double, we models I is guys given that's of paying And And do I have the model. an know same which but So $XX,XXX Right know you headcount tell the These it. more then our you than Raven. organization. the then the to experience on We the after a maintenance I about are revenue, do we're get guys X for of use you going And them these Philippines the installation work. SunPower Blue money and you

each Blue have forth. that wasn't much and other. had back also them hadn't the a Raven among case. in we there can integration SunPower deploy been Utah, Raven. can assets been help and any They're We Blue They between alone start-up. pretty and That

fun. to not we've think have being make our them So put and sometimes and to trying I'm got making they company don't their They doing convince that own now, it's integrate. I'm ground, I but and like upon, culture to I'm work,

X,XXX look at employee of the at money I and each them, at Right have good little That's and bit and per integrate what of it's don't XXX and And losing you look If revenue the Executive of we that. of businesses. people. Vice people, guys. none now, for these look I money them it, have orders, company. Presidents, do, a of independent give both groups. to they're making headquarters running to here, tell I like profitability that's

these we our guy all a doing and job. Officer, us, right there's right. but including care on stuff, XXX groups that's because of running of development, aren't other the running service running But me, XXX business getting So we've stuff, of now, and right. here, an That's there's the serving other like. executive worth friction our HR as got as quality and IT groups Then well, the maintenance, keep taking operations things that's legal, and quarter about are staff, other and business. we And stuff, Administrative would some the Chief functions CFO, who's of old then

organization. the that's So

little I and me for too day. You can I from up then people, you see outside and you The be a SunPower the people. her talked head we at the letter XX reason with a next X can an for wrote and offer she Legal, bit got it. legal lawyer run said, won't using and memo dropped X much. lawyers called to

And very And going her was, story That both guy One to IT that the XX the By way, biggest IT made a same story. to Quality, everybody, so and of Raven just expensive HR, at for software Salesforce really company. It's included the my use X software for special have did Blue out companies I'm people. one different and systems. good. here. rid example another and turns this doing story. called Oracle had same was the right where X we companies XX Albatross. years. solar, had it expenses this. spec synergy. -- X we're And I the going actually Cypress, in get in for other life prior acquired of in

have organization. a matrix we So then

there. have and your HR we people, embed you'll Sometimes so lawyer rep

Sometimes we just do service like this.

this built and a and is million to quarter organization, organization support our is profitable, in this $XXX So can revenue. get it

XX. So QX are already results. This is explained I merger that. QX the on our because There no official September for closed results

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into from it $XXX And dealer, added SunPower Solar, company. Complete quarter, up the So was own my million. merged revenue the all company, X if last old you all

bad I non-GAAP expenses, numbers. news cetera. So have write-offs, would news. The companies. catastrophic. a would all last it. just quarter, $XX the combined report both minus adding together, for of loss. XX% It's or resources et and back be companies you I called includes scale. what at do if But to be companies, that's to would What know would good had XX%. up That's Well, reported number there's how GAAP scale But million things get the they of We called for reasons them

quarter over all last et that So quarter. for And SunPower we had cetera. the software, had X,XXX people whole we

forward. from way, you and contains the third of and going internal better And get that for this by drop. Complete going revenue at to in So SunPower. dramatically $XX.X the group end, number, I'll $X.X $XX it's Solar quarter million the the It's million to million show going

made got off, to think I every point I I make. to it. I get I my labels read want so can

you that million. this. combined revenue, told $XXX the So was I already

Now those to equity And Complete capital was had million run sold it been rate. our Solaria to out turns Solar private because hotter shutting down. current $XXX for Complete that that's numbers us reflected than down shut dying SunPower

going So got And QX, left working, money orders finally install. $XXX over million. were in got and when they some both never to we companies some we that had able did started

right at is orders organization. time out new and So or of divisions gone, we're backlog a XX with orders that now, a with time digging at our one

generation you $XX our is be right to expected if So order million. our now, look at revenue rate, QX

So fourth in the see we when million much been more I our I establish and gave going in you Right I it. to the got $XXX our I'm now, carefully past the $XX fab, order rate quarter bar, a said the million company, that I quarter. for than is have I'm backlog underneath we've number and build to a something look the going and

you. we So and people. change million obviously, organized, that's we're peanuts. got for an million a well solid, is but $XX And good informal $XXX We're not company. expectation going We're downward, and

So And talk for on just I'll I presented by this Orem. a plan in Orem. minute the way,

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We a feet, them, And have X nice. buildings refurbish of buildings. if they're X nice. building. and you The there's they And square got like lot are very

if Orems a right to expected have million million $XX now The actually, And add $X 'XX boardroom I be reduction. operating would headcount which together, $XX now, Orem. drop the to headquarters. due we a stuff I just boardroom our significant built million, in to is from sitting what I'd as except you is So in QX loss been expand, to have said. for it QX in that

on working in wide on line what still to giving I'm loss. to what's it, going and need I top X, the for do shooting ability this my the here. a That's will do I'm give but come in range for range us. behind a to that's I'm So

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this Utah. So have we Orem They downstairs. showed to big auditorium a

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now rec rev and better. all now different handle rev different to we've able and is going processes rec had consolidated on counting start to And what it our points. revenue the So starting turns out we're companies get a to And that, X be. and we're

Raven together. $XX.X from them mitigation and OpEx. of SunPower because Solar had spent is and side, both went we we is Complete On very and QX statement, Blue overstaffed the OpEx this beyond million 'XX, leaned in out belief. everybody my chubby in was formal before is the I lean end companies, we

the to million. to with quarter those number have things each they're is That and are not Our done. taken, $XX going get We'll There do. $XX will a we're OpEx next go things in are about number. from that been will quarter. actions million million successive that And start. And $XX lower have already to is better

So profitability. ahead working we're already on of so this, we're

Now our target is higher.

thing, million work $XXX of gross right We now. opposed to achieving doable on margin $XX from gross working and margin the as that to profitability that's the the million. on have a And I'm of

forward-looking So reconciliation. we We've got got statements.

they together. I the were that company storied fly and understand, SunPower. cells, Dick hot XXXX. And XX vertical. panels was for to just XX% on to Francisco all that point XX,XXX My out called them. up they watts from SunPower, to people the I really Dick can across his like The of this inside than years. couple Bay. powered. needed the they roof to and Cypress, people had it panel the it's smaller and just Eagle, the in years to was thin energy watts I just Before that they you not And make I his And the Raven The want took a way, they point worked he And Silicon a Blue are with work its cell Dick to airplane, And that feet. at so bad. that and under the half and Chinese and so is air with I I solar by ceiling a And brand-new are That's the XX,XXX I Stanford working an Petroleum because what San with from latest people. AXXX, windmills. history, airplane show have a you black XXXX, Silicon cells I'm bigger be service SunPower pictures SunPower showing that's thing put started feet, in XX of airplane altitude was Swanson, Swanson that's before an on Valley, about had are questions, at a of really We panels one make here. pretty. power today. they it F-XX Valley, of own program solar right. way, pointed SunPower to these classmate learn silicon These a invented, fellow company go PhD own of were the look to each. made oppressor SunPower propellers alien. British worked bunch all is to Cypress to that a an better I company with there, was flew make and SunPower off with of considered worked That how companies work have back and these installer is XX that

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And Here's out you get you, you prices going share. can this a the they've low right our per that's market options, been therefore, and $X.XX becomes companies We people. very can them, can I solar see. there's style. says out you plan couple solar great you to court stock the take last point And to But I me bankruptcies. SPWR I without for pointed out and And a acquire available. “Would because job? of worth and This stock the going you there companies It's there. inorganic heartbeat, it. is And And not delisted. And will a first now over. together, I could our is you. get that's Valley to week We'll wiped line. is their invest get guys acquire alphabetized. folks, say, can to grow to time to out, now, where that. I to but people's When Silicon quarters. like to then this stock get least only solar in you We're point that pointed go And get in closures list At We and is act this made I'm a SunPower happen that -- that last Q was a more rapidly. growth.†our when give

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And name panels, XX more. If they so hot percentage not that's points you that of look right panels get which Waaree under India. because use from the yet hood, an they Enphase And are inverter. there,

venture is will maximum won this of the by there company the SunPower. we've they're for one have get very a get right And court and hope as way not now, my some few we all name quickly. my And solar with on don't made lot solar. just we right built those technologist in from to going technology the I'm is we're that I now the in U.S. working an become thing and X the installation breakeven SunPower. have SunPower there. this I'm And in we quarters, And right panels. for fab I companies but portfolio. that, So mean a going. have And we're thing to I a lose new money technologist

premium can a it, is only dealer. this, on planning premium they states bit is Solar if having Complete I X of also the network last be thing, is gotten. our can is the way California, historically a point meaning the SunPower network. little profit. One months Coast. This everybody you does sales. This ago, I'm make East this there's have October, So to more that the by Sun And and a the way, half in future upside. up get the And

So concentration done going again, we've much Sun it. Florida. to the have and California We're already they merge -- more plus states,

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they're So a business. again, XXX you homes a building some new of New And stand-alone And it that's part that's Home XXX, a pop. at deployment, of Homes kind stand-alone. but that's then see where is, different New developments,

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actually California So not higher than California. is this. it's

penetration. X% got You

utilities like penetrating. the there's then Xx already lousy where Raven guys just Midwest And Blue So the California. has see you Northeast other getting been. got is have where

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in their in homes comes number new backlog today you retrofit XX,XXX It's homes a had Derek backlog question first retrofit Can Soderberg XX,XXX of Our on the Instructions] year Cantor backlog. X-part February Fitzgerald. and homes from SunPower us in currently? new update of a [Operator the of homes this and question. from

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pressing just So the reset battery through equivalent turns to button, but little the fine. you protocol, the back it's runs Internet, a press reset And on, it's button. the

got XX,XXX in you batteries the So world.

you and everybody every look day center set at your keep little you So up and happy. everyone

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about couldn't call weren't So you people “I'm or battery battery.†in worried the system And say, my and monitoring the anymore.

system So they ran acquired monitoring run who and the And for of bunch They there's to and and monitoring the system. a lender our our going systems. our they're public. people technology a company called Hannon licenses, the Armstrong, HASI they're those H-A-S-I, are

to names So a with said, then names. agreed Well, or it a we'll And payment modest said, wanted you replacing “Okay, I battery and --†They to $X,XXX said, was I my that.†customers us, need to get a keep opposed “Fine, I about deal taken And cut care the they the battery, And they got $X,XXX of.†as other do “How it. I from some serviced. them.

work we're now on and going partners other to we're Now stuff.

will for have So month agreed a there, for for those battery new customers we pay year. that them, pay and in every who to homes, I

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Thank questions everyone. for we the you, you, up have That today. all wraps T.J. Thank

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