Complete Solaria names Taner Ozcelik CEO; Q3 revenue $24.6M, GM improves to 25%

SunPower Inc.

2023-Q3 EPS reported -$14.25 revenue$66,887,000

Q3 systems revenue $24.6M (-4% QoQ); non-GAAP operating loss $9.2M vs. $15.8M in Q2.
Gross margin rose to 25% from 18% in Q2; record bookings of $56.4M in new contracts.
Sold module business to Maxeon for $10.2M; headcount reduced 33% to 285.
Taner Ozcelik named CEO effective Nov 20; replaces co-founder Will Anderson who stays as employee.
Q4 2023 guidance: revenue ~$22M, GM 32-40%, operating loss ~$5.7M, positive cash flow.

item 2.02 item 5.02 item 9.01

Executive movements

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Appointed

Taner Ozcelik

Chief Executive Officer

SPWR · SunPower Inc.

Effective: 2023-11-20
Filed: November 16, 2023, 6:59 PM ET

On November 12, 2023, the board of directors of the Company (the “Board”) appointed Taner Ozecelik as Chief Executive Officer, effective as of November 20, 2023 (the “Effective Date”).

Departed

William J. Anderson

Chief Executive Officer

SPWR · SunPower Inc.

Effective: 2023-11-20
Successor: Taner Ozcelik
Filed: November 16, 2023, 6:59 PM ET

William J. Anderson, the Company’s co-founder, Chief Executive Officer and member of the Board will step down as Chief Executive Officer as of the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SunPower Inc. reported Q3 2023 results: revenue $24.6 million.

Period: Q3 2023
Revenue: $24.6 million
Result: reported results

Exact text from the filing

at 5:00 p.m. EST today at https://investors.completesolaria.com/. Third quarter summary (financial comments based on non-GAAP results unless noted): ● Revenue (systems only) of $24.6 million, down 4% from previous quarter ● Modules sales, $3.8 million, reported as “discontinued operations,” not revenue ● 25% gross margin, up from 18% in the prior quarter ● Sale of

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Executive change SEC 8-K Item 5.02 confidence 0.95

Taner Ozcelik was appointed as Chief Executive Officer at SunPower Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On November 12, 2023, the board of directors of the Company (the “Board”) appointed Taner Ozecelik as Chief Executive Officer, effective as of November 20, 2023 (the “Effective Date”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

William J. Anderson departed as Chief Executive Officer at SunPower Inc..

Action: stepped down
Role: Chief Executive Officer

Exact text from the filing

William J. Anderson, the Company’s co-founder, Chief Executive Officer and member of the Board will step down as Chief Executive Officer as of the Effective Date.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-087977

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