Complete Solaria to be Self-Funded in Q2 2024
Complete Solaria, Inc. (CSLR)
Company Research
Source: GlobeNewswire
FREMONT, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. (“Complete Solaria” or the “Company”) (Nasdaq: CSLR) today published its Q1’24 results, to be presented via webcast today, May 2, 2024 at 5:00 p.m. EDT. Interested parties may access the webcast by registering here, or by visiting: https://investors.completesolaria.com/news-events/events. Q1’24 and Q2’24 forecast summary (based on non-GAAP results unless noted): Q1’24 revenue was $10.0 million, half of Q4’23, despite our $17.8 million backlogThe revenue drop is due to a shortage of working capital to buy panelsThe working capital crunch is due to the unresolved loan situation with CarlyleQ2’24 revenue will also be limited by working capital to the $8-11 million rangeGross margin was 24% – despite 2x reduced revenue – with Q2’24 forecast at 30%Headcount is now sustainable at 109 employees, down from 428 in June ‘23All remaining employees have now been awarded retention stock optionsQ1’24 opex is $5.5 milli
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