Complete Solaria Q2 revenue $32.2M, gross margin 18%; restructures to focus on Systems business

SunPower Inc.

2024-Q2 EPS reported -$1.27 revenue$42,297,000

Revenue $32.2M, down 9% QoQ; Systems record $25.6M (+54% QoQ), Modules $6.6M (-65%).
GAAP operating loss $17.5M, non-GAAP $15.8M; gross margin improved to 18% from 6%.
Strategic pivot: exiting Modules business, signed non-binding term sheet for asset sale to tier-1 manufacturer.
Headcount reduced by 59 (16%) with $7.9M annual savings; now 312 employees.
Q3 guidance: revenue $38-41M, gross margin 29%; expects further improvement.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SunPower Inc. reported the fiscal quarter ended July 2, 2023 results: revenue $32.2 million.

Period: the fiscal quarter ended July 2, 2023
Revenue: $32.2 million
Result: reported results

Exact text from the filing

for investors at 5:00 p.m. EDT today, https://investors.completesolaria.com/. Second quarter summary (financial comments based on non-GAAP results unless noted): • Revenue of $32.2 million, down 9% from previous quarter Systems: $25.6 million, up 54% QoQ, and a record Modules: $6.6 million, down 65% QoQ • 18% gross margin, up 6% QoQ • Strategic Decision: company to

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Source: SEC EDGAR

accession 0001193125-23-222623

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