Slides
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1 First Quarter Update April 30, 2025, Live @ 1:00PM ET
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2 Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “forecast,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” and “pursue” or the negative of these terms or similar expressions. Forward-looking statements in this press release include, without limitation, our Q1’25 revenue projection, our expectations regarding our Q1’25 and fiscal 2025 financial performance, including with respect to our Q1’25 and fiscal 2024 combined revenues and profit before tax loss, expectations and plans relating to further headcount reduction, cost control efforts, and our expectations with respect to when we achieve breakeven operating income and positive operating income, including our forecast to be operating income breakeven in Q1’25. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to implement further headcount reductions and cost controls, our ability to integrate and operate the combined business with the SunPower assets, our ability to achieve the anticipated benefits of the SunPower acquisition, global market conditions, any adjustments, changes or revisions to our financial results arising from our financial closing procedures, the completion of our audit and financial statements for Q1/25 and fiscal 2024, and other risks and uncertainties applicable to our business. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our annual report on Form 10-K filed with the SEC on April 30, 2024, our quarterly reports on Form 10-Q filed with the SEC and other documents that we have filed with, or will file with, the SEC. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SunPower assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Preliminary Unaudited Financial Results The selected unaudited financial results for the Q1’25 and fiscal 2024 in this press release are preliminary and subject to our quarter and year-end accounting procedures and external audit by our independent registered accounting firm. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and financial statements for Q1’25 and fiscal 2024 and may not represent the actual financial results for such quarter and full year. In addition, the information in this press release is not a comprehensive statement of our financial results for Q1’25 or the 2024 fiscal year, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period. Disclaimers
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8 Cole Allen picture here
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9 TJR req auction memo
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10 Lee Ermey: “Full Metal Jacket” by Stanley Kubric
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13 Stanford 1972
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14 Dick Swanson Technology Consultant PhD Electrical Engineering, Stanford University • 2012-present: Served on various boards of directors including: PowerOne, Noon Energy Systems, Bay Area PV Consortium, Worldwatch Institute, and Activate. • 2012-present: Served on various advisory boards including UC Davis Physics Department, SunPreme, NREL, and Foothill College Science Learning Center. • 1991-2012: Co-founder, President, and CTO, SunPower Corporation. • 1975-1991: Assistant and Associate Professor of Electrical Engineering, Stanford University. • Member, National Academy of Engineering 14
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15 Mehran Sedigh EVP Storage Systems Division & Chief Technical Officer (CTO) University of Southern California, Ph.D. Chemical Engineering • Enphase: SVP Sales North America • Enphase: VP & GM Storage Business (6 yrs, built to $500M) • Cypress: SVP, Worldwide Wafer Foundries • Cypress: Sr. Director, Worldwide Wafer Foundries (3 yrs) 15
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16 Of our 11 directors, 8 have CEO experience. Of our 11 directors, 7 are independent.
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18 All Hands Meeting
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19 SunPower Rebranding
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20 Source: Solar Insure Solar Closures & Bankruptcies in 2023 & 2024 OPPORTUNITY: Acquire solar companies to grow rapidly
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21 Dick Swanson CEO SunPower T.J. Rodgers CEO Cypress Saving SunPower S.F . Chronicle Jan. 2012
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22 IPO SPIN OUT $2.6B 18.1x 2010 FRENCH 320
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23 The SunPower name added 20.3% to solar price over the last six months. That could be all of our profit TJR, 11/6/24 “SunPower” Brand = Higher Prices Lowest cost option. Do not go there
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24 SunPower Powered Airplane (Helios, 1999) World Record: 96,863ft (2001)
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25 WSJ Mockup
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26 WSJ Text
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Customer Success Spotlight: Namath Customer Service Award Confidential and Proprietary © 2025 SunPower Inc. Jo Namath – NFL Hall of Famer The Namath Solar Project based in California experienced a three-year delay due to quality issues including a roof leak, communication breakdowns, legal escalations, and unresolved utility barriers. Through coordinated field interventions, negotiations, and technical redesigns, the project was successfully recovered, mitigating customer risk was resolved. Complete Solar: Solar System Installed 5/16/2022 • Roof leak reported by Joe Namath and family.Issue persisted over 2 winters without site inspection or resolution. Reconnection Efforts: 8/15/2024. On-site Inspection, Re-engineered Alternative Solution and Utility Approval. • Utility flagged the PV system for oversizing and required panel removal. Re-engineered alternative solution that eliminated the need for trenching and MPU. Electrical& Completion: 2/18/2025 and Final Inspection passed with 2 weeks of Utility Approval. • Permission to Interconnect was granted, allowing Oliva to sell the home and clear all lien risks. When our Customer Wins, We Win. Olivia ( Customer ) was very satisfied with the outcome. As a token of appreciation, she offered to send a personalized autographed jersey to CEO TJ Rodgers. Resolution Team Todd Abelhouzen Tyson Miller Joel Berberabe Colton Kelsey Dennis Vang 30
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Customer Escalations and Improvements 9 4 2 2 0 1 2 3 4 5 6 7 8 9 10 January February March April Total 9 4 2 2 CEO / Executive Escalation Trend (YTD) Confidential and Proprietary © 2025 SunPower Inc.SOURCE: ESCALATION DATABASE; GOTO PHONE SYSTEM Jeremy Bull (JNB) & Gabriel Salazar (GRS) Reduced Executive Escalations from 9 per month to 2 (RCCA #24) 31
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32 Jerry Sanders (AMD): Customer Champion
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11/27/ 01 33 Customer: Ms. Kira Traore, March 30, 2025. Source: T.J. Rodgers Escalation Customer Feedback: I just wanted to close the loop here! The tech you facilitated that came to our house (17 Springbrook road, Springfield NJ) was able to fix our battery issues! There were a laundry list of errors that he showed us but with the SunStrong engineer that you all lined up, they were able to work through and get the system back running. We really appreciate your help with all of this - I know you didn't have to help. Everyone from your side has been so helpful and kind. Thank you so much for electricity, the support on what has been a very frustrating 4 months! ____________________________________________________________________________________________________________________________ _________ Escalation: Ms. Mahsa Saeidi, CBS News NY, March 24, 2025. (Note: Video Call Set -up for April 4, 10:30AM Pacific) I'm a reporter with CBS News New York. We are working on a story about SunPower Corporation. A family in New Jersey purchased 15 solar panels and 2 batteries in 2021. Kira Traore, who lives at 17 Springbrook Rd, Springfield, NJ 07081). It cost them nearly $55,000, and they financed the system. The panels had a 25-year warranty, and the batteries had a 10- year warranty. Fast forward to late last year. The batteries stopped working. Soon, the net metering system broke as well. Around this time, the family discovered SunPower had declared bankruptcy on August 5, 2024. Here is how they describe their dilemma: "Because of SunPower's bankruptc y, no solar installers or electricians would touch the systems, nor did they have information about them since it's all done through SunPower. The s ystem and the batteries have warranties which are active. The batteries have since de- charged and are completely dead and the net metering system is als o broken. We did pay out of pocket to have a solar tech try to troubleshoot, and he was unable to fix the system. Once the batteries are dead, they c annot be re-start, they are essentially bricks. And since the meter is broken, we are now double paying for electricity, as we pay the electric company f or our consumption even though the panels are still producing electricity, and we are paying for the loan on the panels.“ Can you help them? Can I speak with you? Please let me know, I can send you their contract if that helps too. What’s the plan now for SunPower ? Accountability: Jeremy B, Mike L, SunStrong and Surinder B. Problem resolved. Validated March 30 . Homeowner Escalation to TJR. CBS News Reporter. Confidential and Proprietary © 2025 Complete Solaria Inc. 33
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11/27/ 01 34 Accountability: Tim W, Russell S, Mike L and Surinder B. Problem resolved. Validated January 28 . Customer Feedback: Ms. Susan Tuchler, January 26, 2025. Source: T.J. Rodgers Escalation. Problem reported January 16. Message: Thank you for reading my emails and helping me get the two appointments needed to deal with my broken string inverter. I have never contacted the head of a company or board about a customer service issues but I was extremely frustrated! I had little faith in getting a response from you, but I was out of options. You are the only person that I thought might be able to assist me. Much to my surprise, I couldn’t believe Mr. Bedi contacted me, on the Saturday night of a holiday weekend, to discuss my issue! I was so relieved that he listened and took the steps needed to help. Ms. Maguire was very helpful with follow up on the pre and post appointment details. The technicians Tim Witz and Russell Suyenaga did an incredible job installing the new string inverter. They even helped load the broken inverter into my car so that I could drop it at FEDEX to send it to FIMER. My only disappointment was that I had to pay for a replacement inverter that was under warranty due to the back orders at FIMER. FIMER could not promise a prompt delivery on the model under warranty. My only option was to purchase the next generation model to lower my high monthly electric bills that have incurred since the inverter stopped working on September 21st! Hopefully this new inverter will work for many years. I hope that customer service improves at Complete Solar and that FIMER can work quicker to get the back ordered inverters to the 332 people that are waiting! Please accept by heartfelt thanks. I am truly touched by your generosity in taking the time to help a stranger! ____________________________________________________________________________ TJR, January 27, 2025. To All CSLR Employees: Two lessons from this customer's experience: 1. Always help your customers (thanks Surinder, Tim & Russel). 2. Don't buy or use string inverters. Homeowner Escalation to TJR Confidential and Proprietary © 2025 Complete Solaria Inc. 34
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35 Questions April 30, 2025, Live @ 1:00pm ET
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36 Frankenstein 1931
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37 “Let’s Play Poke The Monster!” Scoring Pts If Monster 1 Frowns 3 Growls 5 Lunges 8 Loses Neck Bolt 10 Head Explodes
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38 Blue Raven Core Values
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