CSLR - Earnings call transcript Q4 2024

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Operator

Good morning, and welcome to Complete Solar's earnings call.

We will be reviewing our preliminary unaudited 4Q 2024 results, which were issued this morning and appear on our website located at www.completesolar.com.

Today's conference call contains projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to known and unknown risks and uncertainties and that may cause actual results to differ from those expressed or implied in such statements.

Also on today's conference call, we may discuss certain non-GAAP financial measures and reconciliation of the differences between those non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the press release issued this morning.

call T.J. the turn now over to I'll Rodgers, Chairman and CEO. Complete Solar's

Thurman Rodgers

My needed. Utah, in of and was but Good Chairman Rodgers. the I'm here -- here middle is the T.J. call Chairman Board I timing to morning. the in Valley. Complete today, in I have name meetings that of this Chief them Silicon I'm Solar. because be want Executive I I Executive X and meeting right

CFO; voice -- our and one Dan say Executive I hello, EVP will for Foley, and I So our division here your in Enovix division so I've I Dan I'm General President, Homes can channel Silicon GM Raven of Steve me. Myers, Manager voice got Blue introduce that's Vice check our only. Valley, got by them. have. of and New the voice. Dan at I've And Erickson,

Daniel Foley

T.J. Hello,

Thurman Rodgers

God. my Oh

a My cell phone. is Good right. All Okay. connection luck.

as will the in sent we behind us. full talk Okay. hampered about month which year a This subject currently to is is parts I QX going that we a 'XX, out. have Unfortunately, SunPower by it. some refer financials merged currently we're certain audit report a have audit, to is And progress. complete financials. for which is recreate and if Today, doesn't to of fact it's part to

waiting talk until So that to may till take mid-March us not XXXX. I'm Hence. about mid-March.

got me that. apologize Board I in So meetings for this I Silicon Valley That call other because I today. here meeting puts here.

going how we quarter I the all you just current to gave, and which what we're now, unaudited it's talk want we're going Because I to quarter, and today. in we we're reasons about report know this do to is and preliminary where think last did the a only that's do here think going what for is

X we to gave accomplishments. successful on assets Complete had for a you that accomplishments third was our new Solar. had XX $XX much XXx quarter $X.X great That has SunPower plan almost required would bigger Corporation, a a company. And about little company predicated you, million unit bigger assumption In a acquisition last One, achieved. First in the was of form quarter. been a that plan to company, around million it. We us. acquire company, plan it's all, the report It a And aggressive. were SunPower from years, big the business that than was one which and for

a an I in taking jump XX/XX. here as from we about $XX million from on a to here which to be quarter, your to was solid And a response up. opposed announced turned you'll until favorable, here here where we jump $XX to was million, plan here. There that's jump XX, our to to ended response your slide QX in equity. our had trouble And is showed quarter $X originally $XXX we to second private be assumption That revenue $XX quarter one in quarter. from million Solaria, our that third I marketed This wrote report, $XX with is million million talked in Complete in the we revenue would quarter and response November I watched your is would 'XX. it investors. take was and the and a all as worried likely about a I million We right that

a accomplishments on talk to I've slides through of the got few series and that to illustrate like our about quarter. I'd it. bullets a

complete. We're substantially the all, of SunPower together. We're organized is together. integration First

going back of to -- a are already work starting We headcount. to beginning October. got down graph by to is we've our This the week

our we there. to quarter first X,XXX agreed first XXX Within we to and merge X org fourth is we're weeks, in chart there a down reporting employees. later, week started later, weeks with X down when the We X,XXX. right So out then to were

this company needed. the what is about So

on went and this when up, employees post-merger I we down let's people very discovering thought that noticed count there. companies the X. started that, X And number say we come were We number worked and got some have on then We that day in you their well. CEO. the is we And We $XX.XX, number here to XX Pakistanis found didn't I'm down. the just think

of the back employees. we down that on the we Then quarter, again. And in. went count working were to end So it X,XXX started of as

to is goal XXX. to get Our

And we're So I'm was goal. going to saying getting to major claiming and the I'm do there, progress actually close to that. I from there

career, GMs we've is -- He supply Raven Blue right, Steve a New over and Salt In came a this advised pointed promotions middle saw when I on. Solar in I he for and figure he XXXX guy like, he Lake, ago. stuff comprehensive month didn't manager very to his Systems let Solar Homes chain week memo I the me a there, from then from division. he XX and is in. hit move took Myers, more a about a Dan a He the back, X supply wrote which in ground Valley, companies got he go first all he was Steve expert, divisional was liked explaining had EVP/GMs. X running, the he recently, announced was -- the Valley. place, we well-known him the got He star new And is and me Erickson. us. fix between -- like that didn't what and XXXX

Okay.

place. in GMs our got we've So

quarter. next are We growth forecasting revenue

finally to industry in quarter, roofs I $XX We're has interested not second together, XX%. And you with covered are the people getting to know, down, orders little quarter. that we're solar ordering winter a we're bit our the prior from go has did a ice. million X% been As have to down. the I'm act and because solar going going buck aren't good the that forecasting research up And dip, has quarter, number when their some all in typically

the employees. company to is The we And later. point little its you through have. a fighting last bit to where I'll we're weight. almost will went from at I you that tell we the need XXX X,XXX comes down number that hit with showing is

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head course, operating our cut expense from We've comes count factor by of X. That, reduction. of a

had for quarter. ago. the that $XX both the minute from was and the combined salesforce.com, in GAAP less I sales we expenses, That's incredible go software, Our cost-reduced people cetera. operating million a $XX call have for administrative most you QX and they commissions, $XX you an and requires general a to of a the I into OpEx in then sales if look and in of companies to QX sales We've million be OpEx at that you expensive the from million companies like million showed for lot curve et gone commissions year to OpEx. third because $X

an care in come I to we've look back expense the because had just the numbers. about $XX million, got expense in the you in case, million. number. really OpEx directly the out commissions were at of we QX, finished, like I'd astronomical at sales, And with fixed we as plant again, in that In commissions without And QX, $XX So and non-GAAP also. subtract

that we're It's and factor planning on So $XX XX% to of showed X I another went down reduction, to That's earlier. million. actually XXX we a from in you QX. $XX X,XXX million dropping the

absolutely $XXX,XXX. that, we're QX forecasting that's also words say, one, is at a we that and our non-GAAP -- presentations all And fragile this carefully can are kind chosen QX to number to predict expenses forecasting and it, We're real given -- but worst sure announcing current in you case, the a I'm operating give tell operating and get case, is income backlog The going In putting income our achieving. know breakeven we're of income close numbers, it sort factory normally line QX like breakeven be to we're plan, you this income margin forecasting positive about, 'XX. in 'XX. going here I you're includes in in break operating the this, to going in breakeven flow. cash we cost-cutting what we're a of drawing cash even to that And I'm the 'XX. to plus sand -- saying -- people of big in in a listening

quarter. million of of raised in build to forward new having up at million the purpose we'll $XX company. bottomed out QX, left operating this million expense the of and and We million for going be cash buying SunPower We $XX going a out $XX $XX for

I'm the are it bullets shareholders, main Now the going -- turn these now over Dan. so to and to the fellow numbers.

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do me non-GAAP, $XX.X million. let Revenue,

been has you Our and down. margin, ugly gross and up notice

notice Our margin thing. GAAP same gross gross our XX% margin the and you is is

So of margin flushed of gross out the chain. ugly the we've kind

non-GAAP. million expenses expenses non-GAAP, million, and our operating were operating $XX.X Our $XX.X GAAP and less commission GAAP

the loss, GAAP So was our excluding for costs, number [ up $XX.XX which ]. blew non-GAAP million extraordinary

then can new say company the then -- see there's and is the company. you So this you small

defined. at company, as acquired that And expect Noah's I've money. bank, gone a I going it. first on quickly that not $XX I'm quarter number the conservative, we've and million This out the we explained are call quarter, we've is in got fact to is that our to I'll and grow now we're model, needs I not to goal. Ark quite That's million our a and our We what It $XXX it's confident grow. it money in already process yet a we next losing to goal. next explain leaning mentioned pretty as SunPower lose we've possible. minute. the We're been in

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number. from move to going that we're forward So

company if we're says, you our at XXX. employees, having model look going to the for have of that instead Now X,XXX

goal we're below we our that's at new goal XXX. of said the and first head the enforcing goal So actually we're was of more aggressive X,XXX, count

To when have will trouble skies. the in slide, a Instead shown Ark Noah's Friday. show I it raise typical in company came is it million. And -- wanting to for illustrate and $XXX raise to start-up interest a theory to in of merger Then it. burdens this trying I again too money, plan Ark The I getting what's much you actually getting it worsen on that forever. answer SunPower was The million. you of Valley on employees, actually course, $XXX Silicon asking big actually is and own

opinion. right my used did And at which at in to so this. acquisitions The asserts it that's the Ark XX theory, way we not do Cypress, I Cypress, back

$XX If Your great to assets. look what was company enough million. It's the old make has at I company I profitable. inherited

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more Okay. of This is detail A report. little daily bit on picture a revenue. revenue my

and dots I the dots is quarter million came are of beginning plan. $XXX We the number you in we created Street XX daily with plan, our which So quarter. showed

holidays example, can see weekends the For and here. in you

beginning We right So we're to and need of we said And BOQ, quarter took make it's plan. then off that a tight, well-conceived here, We on going plan. got plan we behind. not the plan. another the

hence, what target. good decided we more started was We on we an plan. this We my have daily end-of-quarter to and get certainty line And picked to the this We pretty a million we fancy. So took the level backlog quarter. that, call that tracking $XX straight could and we did a No it. the after for next what quarter. quarter

a I because test The was troops great it it. did they the and first job. worried passed was

get instead the matter this worked week, quite up working of That trying here of making hard. goes As fact, you a we like notice hell right there, and it it, to them says flat. middle of in you told not

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Okay. company. This whole for the is

kind New they where they were else of story. aggressive of spiking homes. what did could original the for a to like got of have of the got Great million quarter. component an the end is They Street. plan. And the took needed is plan. Back They behind. new off. they Street had way plan. made probably quarter Different they also, the here. number. get was had But $XX to number they This the everybody They their They the

as of everybody this have the quarter have That expectation. ahead quarter, and Then they think first I it case, the also original Blue of plan. took rest they the off. redefined for And they could second Raven. their was and did, in probably stayed we the and made well, They

quarter. great So

the story, dealers. Here's other

have buys, orders million by The million. a this network dealer modest division their they we plan They $XX $XX had million So amount. from and Half plan. reduced $XXX started big smallest from that for on a slow to missing plan and of from kept slow the was of of and lot. that reduction our dealers, a plan they

up. new sized We're we So a company.

from this defines we And the quarter head and in who QX, are, are. XXX we This we're dealer to division. we who cutting defines our X we count said said quarter,

Blue coming New Homes only New and SunPower, Raven, that's divisions then Homes now dealer, X we the from them And stars and the and having in Blue of company. Raven. had of instead we So some and took merged

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Unknown Executive

Sundaresan.

Thurman Rodgers

ran this asked them. Cypress from Valley Venki write pretty good he And simple names will important an Venki be have transformative usually before where division any but that, I I of IT. I'm is He here. Sundaresan. with in me came me. be but all company. his going for ran for enough, another to dogs to about kind from senior lives And we Enphase who came he is with our Silicon VP, later. today. And Semiconductor,

His he a from new and is have Bedi quality came Surinder We VP. Lucid Motors. name

I automotive in better any at of think companies, as at actually maybe Applied and a up So is Silicon and perhaps early company his as SunPower companies was have He's be might in group control which he of there known Materials, company career. also worked and well. high-quality companies, Valley quality semiconductors group an very a automotive Lucid, other

done We've us head we've some our guys administrative got count bolstering our divisions. anyway, These numbers the that our make XX% are is side. overhead So population. of X for and on measured the is of

Okay.

company. My employees. loss agreed to to bonus rule we Here's is that should loss revenue the That bonus million our #X so less could important is for something. The make is much million never with do that performance was money. a bonus for have me quarter, fourth with that in is, good the loss reward an rare. But we the a our decided bigger point. modest our of you even honored but This the $X.XX X.X% which quarter $X.XX of performance been Board get Board entire losing

all Management, we chose went the hands equally. bonus money

but and employees management $X,XXX restricted owns a for We me, who stock be ahead significant to the I of sit here then team work recognize the ever well Silicon them a lot bunch it's So quarter the says this I that I fraction stock, street Valley, rewarded. hours, in us. The sit rank-and-file want if they out, get that's waiting rank they was it for made quarter. about, a pointed of they'll made file the market -- a of and quarters meet beat a in we're salary. tiny my Management's to gee, for and when got row. restricted of gripe and only lot to and $X,XXX rewarded And

remind to now great got they way So workers this still and for that the to a is something perform. management do

one bam, there When $XXX bam, at bam. kind million. bullet Ali ring, I big never there went corner, guy them X.XX Our drop. got bam, good. he's think punch annualized in corner got fighter are is bam, from all quarter his redefined Brian one him. all face him this the and I touched, to was And a of in guy has name will with were points just he all said, of Kentucky, up was did could when bam, of big And around bar and never they those of could punches and $X.X finesse. the Ali the London went put he'll in was third bam, he couldn't our He bam, guy Ali He $XX.X and fights the floating and the of him million of million kid quarter in fight. Anyway the they touched. ring. bam. bam, was fight. in bam, flat company the mean X Ali, of first It's walked think into guy's Muhammad jawed really in I him bam, Louisville, London. revenue Ali loss looking walk was of the worry went a That revenue and directly a fought a the that XX guys, to upfront, will once last no bam, about "This of the is seconds. square big fell center bam, Guys in worried Ali, and and the standing And and with up And guy keep the bam, got England,

those how I about points. that's bullet felt So

want my not in our employees will loss to Ali want to XXXX, I had thank I and rhyme remind shareholders. I little that So the and $X.XX quarterly there. Also, million a in you survive mind,

us. with stuck You've

us given You've money.

We are important all want to SunPower how I company, a you and classic used going be. to iconic of remind to rebuild

and well -- It see and an you by were the lot. There got in got You it it's founded motors. company. electric was under divisions -- is was wing wasn't airplane. run of the end the I black the unhappy by the Sunnyvale, XX airplane's own is power, than at completely bigger takes company. This They iconic I XXXX. too. have SunPower But between in powered wingspan solar can here California. cells a contention its XXX would SunPower And off squares that been the -- of made They

airplanes All really about that brought me the golf amazes the car. about talks this everybody's which So Elon Musk sun, right. remember out airplane And Tesla electric was of way it when XXXX. What Tesla. court, back in of said the the power

rubber and can X.X seconds. Tesla Plaid Tesla bring So today find does blocks. The lay X the XX for out in to X you out you you

did the that any will a thing, this it muscle and I'll and that it biggest feet. and around, in way XX,XXX to these road. And the stands. older of the climbing out, because And been a that capable which while of the feet, take flew GTO airplanes its still accelerating. X.X the ceiling can is two accelerating of record blow challengers is vertically airplane same record It's Mach of of guys back supercharged XX,XXX to point XXXX You car it's cars, is one a capable we service of plane record F-XX, fighter have one fighter and of the off is

back the people why NEMs talk our that's We to California who already of meaning longer and the power picture money cut in no electricity It's news. good happened. the Well, grid metering iconic giving people is have back, sun. to is about this being net solar. Well, for is anyway that. actually NEM, So

and in the power going than pay not now to they the right Solar produces middle for more need, they're of it. day

make have a is will It's we're Right people We going we money going now, solution today we're Silicon have that. I'm good ones, our now called not and in need. on technical, battery that's that the systems, systems good actually provide company battery. selling and in using make But to well. a to the batteries. work we're for technology Valley, background technology as solar right My components. one

end, loss back company. bring and we're So a to create -- at to great a tech the not will in going we're the survive XXXX, great going technology

create. can but say You bring back

Okay. That's it. questions. We're ready for

Operator

[Operator Instructions].

Derek comes today actually. Soderberg Our from first Cantor from Fitzgerald. questions question Two

the plan first one trending Homes business? that portfolio -- business? is the how churn grow New to in the home The And in is, what's

Thurman Rodgers

First is of more Right revenue are all, that it's business profitable is our now, businesses. most X our looking of -- flat.

new have of getting. We cancellations. a We had we're bunch orders

we're now the went lake the and down, back lake up. putting -- So filling

up the New bankruptcy Homes of We will SunPower of hardest was the by having New the year the bankruptcy hit, Homes. part its during and in survived be end

Operator

you new CSLR Derek's second the how question SunPower was, plans? do leverage effectively have will any brand,

Thurman Rodgers

is want. of corporation. But attacked take want to the court name. part get to we more And in I do. name use of make here teaser the we were are we this the try Right way, now, it. in little to By the going I braggable to

the own name. we So

division, the dealer and the Blue Raven. still were still have division division with home other of are SunPower us people with is some We the us in in

Operator

do you have question in next any pipeline? commercial And that we is, understand The view business? there you. with you contracts deals more Starbucks. the how Is Thank

Thurman Rodgers

-- got Starbucks in a it. here. all I fantastic they've I keep and don't with appendix have Normally, pictures awning. the picture an of picture I There's don't an unfortunately, Okay. my

entire parking high Starbucks looking you're lot, an out it's glass-on-glass at solar. over all and X-storey awning So within that the solar, sticks

the silicon another that, and today and of then panels glass. some layer then with glass are So below made

has them, So Starbucks a see right them. you system. parts can when of look XX,XXX-watt That through at got you

with. We have XX Starbucks we've dealt

right I that think New divisions. there may now, it's division business. doing Homes be that they're homes the place or then acquire is that got business. over throughout and putting capable Raven. America of got New is all we I've X and I And Midwest included, the The great light Homes. may But the a got Blue I've commercial in company

Operator

is The the has through and should initial cost next moved quickly incremental its efforts? you the expect post-acquisition question SunPower discuss Can cost company reduction integration front? assets. more the that of reduction market And on how much

Thurman Rodgers

is that incremental we much should loss of was had reduction know cost actually curve, a expect? game. that What and reason How last we don't $X.X you quarter million we're ahead The had part curve, We're quarter the high part lot of money low. high down. a entering new the the was the And quarter the and the the then coming of part. of low spending average

to still to some We XX%. cost on. So software paying some another we that But rid lifting need and costs the We're is we that paying built large, need cutting Where heavy is done, cutting else? still of. there rent get in. stop have packages already by

Operator

breakeven announced the risks first In you the of you. similar this? Thank XXXX. the to quarter What operating vein, achieving are income in

Thurman Rodgers

we announcement it an is do I'm and making which is The atypical. then don't risk aggressive

I'm are them. here, As not spreadsheets, in if you the but actually going I show said see to earlier, could

s**** It's you we But it's we Our deal, we if don't celebrate. it a profit, will make much. pay it, by to including And make big not be miss, we'll another bonus. if ability something is if a Planned likely that up. like and will It it. think more not than planned be given. will $XXX,XXX. I think I the profit Disappears

Operator

And them, would to seek target offerings? your is or are seeking positions acquisitions. question appetite? to current bolt-on What your additional footprint next be to regards you The is with if and expand

Thurman Rodgers

the he me. gave Give me choice

Operator

[indiscernible].

Thurman Rodgers

he I choices heard the me. are What that. gave X

that last good is go be solar X or Problem you've out business. bad. in you've expanding, years, On Okay. companies the can had of XX had

double pay XX, the has rate order companies, double and solar rate, the on for an people I the payment directly a what interest lot that a can harmed on in inflicted interest high you we've is that's ourselves the Now list. alphabetical that's got of inflation solar, rates. list argue is The SunPower and therefore, unfortunately interest

that, companies point as is not Now companies, the are backlog solid. solar of tightly companies, other having run the not And as as said one. point solar two, orders

would would a take backlog we they not -- in take just After for chips for make and didn't and if bigger some For example, them. we business, custom, another number the somebody, last chip days and that pay point would locked they our therefore, take sacred is in you And companies, backlog in time, chip were pay. most company pretty down payment. in as a the XX to company or

to in you and were informed before the ship, -- going XX like the your So had is solar. to order days you that last that order bail was going is ship, chance to solid out. Backlog isn't

are and bad people on say, people real thing, things some and it's you XX% a of mind. be teams big my have other corporation pounding calling homeowner you I kind know, of how can't have "You And And going, rate poor people. actually like somewhere. of a consumer You changed the

get and smaller bigger factors. solar huge and shrink reason, that for companies by So

So solar price. doing big at a can't and and well company take you a that's buy high it

eaten at at like that potential that worth more of look practices, company, I got look hasn't of and companies So up good and them up, who if people. I something lot has then got customers has ate more you've a acquiring. SunPower a love And you've and solid cash

funded for Farmer, that. I said, year never we the And the run in And a and "I talked I get I company my Street said, the We money. said, acquired don't hell He we can money. money "I'm companies So economy. I name were the guy's to your look that he gripe a our that a Sunday us, And he here He deck. how man. like raised I makes is have from me didn't with acquiring said systems thought for call, about have first he ago, is is look "send said, And you that the and founder. afternoon phone I Cole still real companies and thinking I Wall That and deck." then deck". thinking and a paid to in the we and not exact any funded other thoughts goes and systems. about

that's I'm acquire talked So acquire. we we growth indigenous consumer if new commercial capability. fine. is And like a more some company about extra looking great, that's That's you The for, or through is of growth -- earlier, but kind business. can, the rather high-flying acquisition company not what more will if we stable

of panels on another better a And gives that gives with That at us dealing that control business we're a the follow panel. now be another right by technology X a we panel sun. was systems. be a good that make us about the that found option, is somebody And now not watts if means could option. Technology it, of to companies. a companies roof, with XX I'm million getting on kilowatts in that angle working that's We're else. And something actually bigger talking field other the that your with better You're talking they and or would now.

out. equaled bunch sort they Salt So companies of it agglomerating of were that, a just and big Lake small and companies companies, not one work found we're wheat There long going in wheat company that didn't just a to grow. tried answer. That's

Operator

you create with term. your growth in division It long sounds discuss longer segment? I and shrank to you have like please division. outlook that dealers the the profitable one Can for the the dealers a strategy more respect to

Thurman Rodgers

a deal installs sell amazingly who business works that the And right through. company to at can is deal order tight go stay is the to I a or is complex, of in is of and full-service the was a get a XX% That mind XX% more his even business system. Then then upfront. like of the a sometimes you costs the they they not. It company homeowner real that changes And halfway is value revenue order. the or that and you with worth getting they guy through ours. end enough, contract. your order The have their buy sell process, dealer to the people sign orders. will you dealer way which call

way, an that fashion. we know Solar. into into Solar, oddly the and Complete for that, company of division a it's what and of division, the this mother including money and company the fashion, out our maybe over goes position. merged guidance Therefore, of are of The my the is mother business the business, people company, with and grand the where my the goes this spread -- other experience We're Complete there And total by from funding shifts unstable of own the out I tectonic before enough, X,XXX, the the we're in company all anymore. not company. And and the we're XX

we businesses So in not we're that bring which and at name when thinking we're looking for Buffet's and what grow. but way we here, solid things. look should reasonable use can Warren quite It's to we acquire

large we dealer. right I profit orders, And businesses out and own get look is like one way, Raven our the we get to group now, dealer salespeople, It a up. and of those going by point its has grow. does want own therefore, all not we the of And division our that Blue

We understand not that and it get order it. is That XX% keep it it what much takes how works. understand really costs. phony. the That to money we So is

not want where now, that's right So to be. we

Operator

differentiated in Thank next see you. yourself [Operator in have we how XX Instructions] next do is, your X the peers looks question like months? versus to X queue. the The It you more

Thurman Rodgers

We flow cash will on tough be financially stable basis a in times.

a going can't I'm to then several we going and new difficult that. always. better and We're you acquisitions, going I now. for being one we're They In to in now, working technologies, in again, And ratings. I consumer right come can't out are always great I'm on company consumer be angle on name get have Corps with. are acquisitions, of a Marine -- technology going that the this compete at So we're ready business, to on. is which, looking move acquisition, to and to And

Operator

change can might any to The provide occur? last question SunPower your I name have you when timing here is, on

Thurman Rodgers

in that a it XXXX. I I airplane. was you we've now, for right? that they of surprised of I that, the that it of the was Can't SunPower, I'm remember, world, this airplane, SunPower I my something Chairman it, the the I in, if showed was public I -- company was is went I cause picture the And power wasn't is the got Salt the the problem experienced well, Semiconductor was knew, built think conquered one the Chairman them. when that SunPower, Lake. owned like Cypress the in them. put It major and right would asked with SunPower worked

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Operator

you Thank all Thank joining like much. everyone, the the looks questions today. queue very in call have we today. you, for That

disconnect. You may now

Thurman Rodgers

Thank you.

Complete Solaria (CSLR) 21 Jan 252024 Q4 Earnings call transcript