Q2 2024 Complete Solaria Inc Earnings Call

August 14, 2024

T.J. Rodgers: Hi, my name is T.J. Rodgers. I'm the CEO of Complete Solaria, and today we're gonna give you the Q2 report. I'm gonna introduce the gentleman on the far side during my pitch. This is Daniel Foley, who's our new CFO, started today. No, excuse me. This is his first quarterly report. Okay, getting into the quarterly report. This was the document we put out this morning. SunPower seeks court approval for its bankruptcy asset purchase agreement, APA, naming Complete Solaria as stalking horse. I typically try to write things in English and simply so people can understand them, but this was rewritten by lawyers a couple of times, so now I'll translate it into English. SunPower is going through a Chapter 11 bankruptcy process.

Hi, my name is T.J. Rogers. I'm the CEO of Complete Solar. And today we're going to give you the second quarter report. I'm going to introduce the gentleman on the far side during my pitch. This is Dan Foley, who's our new CFO , started today.

Operator: And today we're going to give you the second quarter report. I'm going to introduce the gentleman on the far side. During my pitch, this is Dan Foley, who's our new CFO, started today. Excuse me.

Operator: And today we're going to give you the second quarter report.

Operator: I'm going to introduce the gentleman on the far side during my pitch.

Operator: This is the first quarterly report, okay getting into the quarterly report Um... This was the document we put out this morning. SunPower seeks court approval for its bankruptcy asset purchase agreement, APA naming complete solar as stocking horse.

Operator: This is Dan Foley, whose our new CFO started today. Excuse me. This is first quarterly report. Okay. Getting into the quarterly report. This was the document we put out this morning. Some par seeks court approval for its bankruptcy asset purchase agreement, APA naming complete solar is docking horse. I typically try to write things in English and simply so people can understand them. But this was rewritten by lawyers a couple of times.

Excuse me, this is first quarterly report. Okay, getting into the quarterly report.

Operator: I typically try to write things [inaudible] in English and simply so people can understand them, but this was rewritten by lawyers a couple of times, so now I'll translate it into English. SunPower, He is going through a chapter of bankruptcy process. They are going to court, this is the U.S. bankruptcy court in Delaware, to seek the court's approval for an asset purchase agreement. So this is when companies combine in the sense that one company buys assets of the other company. Naming Complete Solar is a stalking horse.

Speaker Change: This was the document we put out this morning. SunPower seeks court approval for its Bankruptcy Asset Purchase Agreement, APA naming Complete Solar as Stalking Horse. I typically try to write things...

Speaker Change: in English and simply so people can understand them, but this was rewritten by lawyers a couple of times, so now I'll translate it into English. Sun Power is going through a Chapter 11 bankruptcy process.

Operator: So now I'll translate it in English. Sunpower is going through a chapter of bankruptcy process. They are going to court. This is the US bankruptcy court in Delaware to seek the courts approval for an asset purchase agreement. So this is when companies combine in the sense that one company buys assets of the other company naming complete solar is a stocking horse. And what that means is Sunpower shows to have us be the bitter that comes in first, the serve, what we serve as we give a floor bid that they accept.

T.J. Rodgers: They are going to court, this is the US Bankruptcy Court in Delaware, to seek the court's approval for an asset purchase agreement. This is when companies combine in the sense that one company buys assets of the other company, naming Complete Solaria as the stalking horse. What that means is SunPower chose to have us be the bidder that comes in first. We give a floor bid that they accept, and then that bid is later subject to an auction. We have an asset purchase agreement which defines what we want and what we're gonna pay for it, and the rules. That will be given to the court this week. That typically is not a large hurdle.

Speaker Change: They are going to court. This is the U.S. bankruptcy court in Delaware.

Operator: And then that bid is later subject to an auction. So we have an asset purchase agreement which defines what we want, what we want and what we're going to pay for it and the rules. And that will be given to the court this week unless that typically is not a large hurdle. They wouldn't present it and do it unless they wanted to get it done. Okay, so I already said this.

Speaker Change: to seek the court's approval for an asset purchase agreement. So this is when companies combine in the sense that one company buys assets of the other company.

Operator: And what that means is SunPower chose to have us be the bidder that comes in first. What we serve is we give a floor bid that they accept, and then that bid is later subject to an auction. So, we have an asset purchase agreement which defines, what we want, what we want, and what we're going to pay for it and the rules. And that will be given to the court this week unless that typically is not a large hurdle. They wouldn't present it and do it unless they wanted to get it done.

Speaker Change: Naming Complete Solar is a stalking horse. And what that means is SunPower chose to have us be the bidder that comes in first. What we serve is we give a floor bid that they accept, and then that bid is later subject to an auction.

Speaker Change: So we're we have an asset purchase agreement which defines

Speaker Change: what we want, and what we're going to pay for it, and the rules. And that will be given to the court this week. That typically is not a large hurdle. They wouldn't present it and do it unless they wanted to get it done. Okay.

T.J. Rodgers: They wouldn't present it and do it unless they wanted to get it done. Okay, I already said this. Let me talk about the stalking horse. The stalking horse bid is a term from the 1800s. Stalking horse is something you used to hide behind. It's like a dummy or a blind. It is the name of the bid that is allowed to launch the bidding process in a bankruptcy. The stalking horse motion is scheduled for the 29th coming up, and that's in the United States Bankruptcy Court in Delaware. Then the process will. It's a well-defined legal process that will culminate around the end of September 2024. Our bid is $45 million for "certain assets".

Operator: OK. So I already said this. Let me talk about the stalking horse.

Speaker Change: So I already said this.

Operator: So the Stalking Horse bid is a term from the 1800s, it is the stalking horse is something used to hide behind, it's like a dummy or a blind and it is the name of the bid that is allowed to launch the bidding process in a bankruptcy. We, Salkinghorse motion is scheduled for the 29th, coming up, and that's in bankruptcy, U.S. bankruptcy court in Delaware, and then the process is a well-defined legal process that will culminate around the end of September 2024.

Speaker Change: Let me talk about the stalking horse.

Operator: Let me talk about the stocking horse. So the stocking horse bid is a term from the 1800s. It is the stocking horse that something used to hide behind is like a dummy or a blind. And it is the name of the bid that is allowed to launch the bidding process in a bankruptcy. The stocking horse motion is scheduled for the 29th coming up. And that's in bankruptcy, US bankruptcy court in Delaware.

Speaker Change: So the stalking horse bid is a term from the 1800s. The stalking horse is something used to hide behind. It's like a dummy or a blind. And it is the name of the bid that is allowed to launch the bidding process in a bankruptcy.

Speaker Change: umthe

Speaker Change: Salkinghorst motion is scheduled for the 29th coming up and that's in bankruptcy US bankruptcy court in Delaware

Speaker Change: And then the process is a well-defined legal process that will culminate around the end of September 2024.

Operator: And then the process is the well-defined legal process that will culminate around the end of September 2024. And our bid is $45 million for a quote, certain assets on quotes. So this is not about buying the company, buying everything in it, taking over groups of people. It's about certain assets that we want to bring obviously to complete solar because some power is one of the leaders and has been for years. In order to stabilize the some power business, they have some cash issues they are working on with some of their vendors.

Operator: And our bid is $45 million for, quote, certain assets, unquote. So this is not about buying the company, buying everything in it, taking over groups of people. It's about certain assets that we want to bring, obviously, to complete solar because, Sun Power is one of the leaders and has been for years, uh... in order to stabilize the sunflower business there there uh... they have some cash issues they're working on with some of their vendors.

Speaker Change: And our bid is $45 million for, quote, certain assets, unquote. So this is not about buying the company, buying everything in it.

T.J. Rodgers: This is not about buying the company, buying everything in it, taking over groups of people. It's about certain assets that we wanna bring obviously to Complete Solar 'cause SunPower is one of the leaders and has been for years. In order to stabilize the SunPower business, they have some cash issues they're working on with some of their vendors. Complete Solar's bid will also assume certain liabilities up to another $7.2 million. You can look at the sum of those numbers is what we will potentially write checks for.

Speaker Change: taking over groups of people. It's about certain assets that we want to bring, obviously to complete solar, because SunPower is one of the leaders and has been for years.

Speaker Change: In order to stabilize the Sunpar business, they have some...

Operator: A complete Solaris bid will also assume certain liabilities up to another $7.2 million, so you can look at the sum of those numbers, is what we will potentially write checks for. We are currently making, what I use the word, attractive retention offers for SunPower people who will come across to complete Solaria in the event that we are chosen as the acquiring candidate, or not acquiring, but the candidate in the Chapter 11 process.

Speaker Change: cash issues they're working on with some of their vendors. A complete Solaris bid will also assume certain liabilities up to another 7.2 million dollars. So you can look at the sum of those numbers is what we will potentially write checks for.

Operator: Complete solar's bid will also assume certain liabilities up to another $7.2 million. So you can look at the some of those numbers is what we will potentially write checks for. We are currently making what I use the word attractive retention offers for some part of people who will come across to Complete Solaria in the event that we are chosen as the acquiring candidate, or not acquiring, but the candidate in the chapter 11 process.

T.J. Rodgers: We are currently making what I use the word attractive retention offers for SunPower people who will come across to Complete Solaria in the event that we are chosen as the acquiring candidate, not acquiring, but the candidate, in the Chapter 11 process. We've made retention offers to them that includes stock options. My philosophy is where I live, and we're in the middle of Silicon Valley right here, and people get stock, and that's why Silicon Valley is Silicon Valley. We're doing that with SunPower. The stock they're getting in their contingent offers is Complete Solaria stock. It says the offers are contingent on executing the APA. The APA says that we're the stalking horse, and we're gonna merge.

Speaker Change: We are currently making what I use the word attractive retention offers.

Speaker Change: for Sun Power people who will come across to complete Solaria in the event that we are chosen as the acquiring candidate, not acquiring, but the candidate in the Chapter 11 process.

Operator: We've made retention offers to them. That includes stock options. My philosophy is, we're in the middle of Silicon Valley right here, and people get stock and that's why Silicon Valley is Silicon Valley. We're doing that with SunPower. The stock they're getting in their contingent offers is complete Solaria, complete solar stock, says he offers our contingent on executing the APA. The APA says that we're the stalking horse and we're going to merge.

Speaker Change: We've made retention offers to them. That includes stock options. My philosophy is we're in the middle of Silicon Valley right here.

Operator: We've made retention offers to them. That includes stock options. My philosophy is, I live in the middle of Silicon Valley right here and people get stock and that's why Silicon Valley Silicon Valley. We're doing that with sunpower, the stock they're getting in their contingent offers is Complete Solaria, Complete Solar Stock. It says the offers are contingent on executing the APA. The APA says that we're the example because somebody outbids us in the auction, then obviously those offer letters to come to work at our place will not be valid.

Speaker Change: And people get stock, and that's why Silicon Valley is Silicon Valley. We're doing that with SunPower. The stock they're getting in their contingent offers is...

Speaker Change: complete Solaria, complete solar stock.

Speaker Change: It says he offers our contingent on executing the APA.

Operator: If the APA doesn't happen, for example, because somebody outbids us in the auction, then obviously those offer letters that come to work at our place will not be valid, why Sunpower turns out I have a long history of Sunpower. I haven't been working with them, since 2010. So that's 14 years. But I go back a long way with SunPower. This picture is about, 2001. That guy right there is Dick Swanson.

T.J. Rodgers: If the APA doesn't happen, for example, 'cause somebody outbids us in the auction, then obviously those offer letters to come to work at our place will not be valid. Why SunPower? Turns out I have a long history with SunPower. I haven't been working with them since 2010, so that's 14 years absent. I go back a long way with SunPower. This picture is about 2001. That guy right there is Dick Swanson. He's the founder of SunPower with one of his panels. This is the roof of Cypress Semiconductor, my old company that I retired from in 2016. That's Silicon Valley back there. We're promoting SunPower panels, and this was one of the earliest solar installations in Silicon Valley.

Speaker Change: The APA says that we're the stalking horse and we're going to merge. If the APA doesn't happen, for example, because somebody outbids us in the auction, then obviously those offer letters that come to work at our place will not be valid.

Speaker Change: Why SunPower? It turns out I have a long history with SunPower. I have been working with them

Operator: Why sunpower? Turns out I have a long history of sunpower. I haven't been working with them since 2010, so that's 14 years absent, but I go back a long way with sunpower. This picture is about 2001. That guy right there is Dick Swanson. He's the founder of sunpower with one of his panels. This is the roof, the Cypress Semiconductor Mile Company that I retired from in 2016. That's Silicon Valley back there.

Speaker Change: since 2010, so that's 14 years absent, but I go back a long way with sunpower. This picture is about

Operator: He's the founder of SunPower with one of his panels. And this is the roof of Cypress Semiconductor Mile Company that I retired from in 2016, and that's Silicon Valley back there. So we're promoting SunPower panels, and this was one of the earliest solar installations in Silicon Valley. [inaudible] This is a pitch about me, and I took some slides out of it, and I talk about how I invest in entrepreneurs. And in this case, ones who make all-black high power panels.

Speaker Change: 2001.

Speaker Change: That guy right there is <expletive> Swanson. He's the founder of SunPower with one of his panels. And this is the roof of the Cypress Semiconductor Mile Company that I retired from in 2016.

Speaker Change: And that's Silicon Valley back there. So we're promoting SunPower panels, and this was one of the earliest solar installations in Silicon Valley.

Operator: We're promoting sunpower panels and this was one of the earliest solar installations in Silicon Valley. This is a pitch about me and I took some slides out of it and I talk about I invest in entrepreneurs and in this case, ones who make all black high power panels, so the pitch for sunpower at that time and still through their maxi on co-company, their manufacturing is, they make very high water, it's just half size panel, 95 watt panel and the equivalent panel from I think this was British, BP British petroleum.

T.J. Rodgers: This is a pitch about me, and I took some slides out of it, and I talk about I invest in entrepreneurs, and in this case, ones who make all-black high-power panels. The pitch for SunPower at that time, and still, through their Maxeon company, their manufacturing is they make very high wattage, this half-size panel, 95-watt panel, and the equivalent panel from, I think this was, British Petroleum. Okay, that was the pitch. All black, looked good, high power. The company got in trouble. I couldn't get my company to invest in them 'cause we were headed to the 2001 crash, and I wrote a personal check for $750,000 way back when. I also

Speaker Change: We...

Speaker Change: This is a pitch about me, and I took some slides out of it, and I talk about how I invest in entrepreneurs.

Operator: Okay, so that was the pitch. All black looked good high power. The company got in trouble. I couldn't get my company to invest in them because we were headed to the 2001 crash and I wrote a personal check for 750K way back when. I also, another guy working in the Cypress family of companies, guy named Tom Warner and I helped them with a new star CEO. Tom came in and ran the thing for over 20 years.

Operator: So the pitch for SunPower at that time, and still, through their Maxxeon co-company, their manufacturing is, they make very high wattage, this half-size panel, 95-watt panel, and the equivalent panel from, I think this was British. BP, British Patrolling.

Speaker Change: And in this case, ones who make all-black high-power panels. So the pitch for some part at that time, and still...

Speaker Change: through their Maxxeon co-company, their manufacturing is, they make very high wattage, just half-sized panel, 95-watt panel, and the equivalent panel from, I think this was,

Speaker Change: British

Speaker Change: BP, British Petroleum. Okay, so that was the pitch. All black, looked good, high power.

Operator: Um... The company got in trouble. I couldn't get my company to invest in them because we were headed for the 2001 crash and I wrote a personal check for $750K way back when. I also had another guy working in the Cypress family of companies, a guy named Tom Warner, and I helped them get a new star CEO. Tom came in and ran the thing for over 20 years, and Dick became CTO. I also, and by the way I've just made the comment here, Tom has gotten yanked out of retirement to fix Sun Power from the recent financial trouble they got into after he left. This is a slide I used for another purpose, but that's Manny Hernandez.

Speaker Change: The company got in trouble. I couldn't get my company to invest in them because we were headed to the 2001 crash, and I wrote a personal check for $750,000. Way back when.

T.J. Rodgers: Another guy working in the Cypress family of companies, a guy named Tom Werner, and I helped them with a new star CEO. Tom came in and ran the thing for over 20 years. Dick became CTO. I also, by the way, I've just made the comment here. Tom has gotten yanked out of retirement to fix SunPower from the recent financial trouble they got into after he left. This is a slide I used for another purpose, but that's Manny Hernandez. He was my CFO at Cypress. He wanted very badly to get into solar, and we arranged for him to go across as well. These are solar cells. So we SunPower made solar cells.

Speaker Change: I also had another guy working in the Cypress family of companies, a guy named Tom Werner, and I helped them with the New Star CEO . Tom came in and ran the thing for over 20 years. <expletive> became CTO.

Operator: Dick became CTO. I also, and by the way, I've just made the comment here, Tom has gotten the ink out of retirement to fix sunpower from the recent financial trouble. They got into after he left. This is a slide I used for another purpose, but that's many Hernandez. He was my CFO at Cypress. He wanted very badly to get in the solar and we arranged for him to go across as well.

Speaker Change: I also, and by the way I've just made the comment here, Tom has gotten yanked out of retirement to fix SunPower from the recent financial trouble they got into after he left.

Speaker Change: This is a slide I used for another purpose, but that's Manny Hernandez. He was my CFO at Cypress. He wanted very badly to get into solar, and we arranged for him to go across as well.

Operator: He was my CFO at Cypress. He wanted very badly to get into solar, and we arranged for him to go across as well. These are solar cells, so we, SunPower, made solar cells. This is at their plant in the Philippines. And we worked with them both at our plant in Texas and built this plant in the Philippines for them with new automated equipment to make solar cells. Here you see a river of silicon four cells wide going through an automatic machine in the SunPower plant in Manila.

Speaker Change: These are solar cells, so we, SunPower, made solar cells.

Operator: Solacell. These are solar cells, so we sunpower made solar cells. This is at their plant in the Philippines, and we worked with them both at our plant in Texas and built this plant in the Philippines for them with new automated equipment to make solar cells. Here you see a river of silicon for cells wide going through an automatic machine and the sunpower plant in Manila. Sunpower got famous with one of the things that made it famous in this picture.

T.J. Rodgers: This is at their plant in the Philippines, and we worked with them both at our plant in Texas and built this plant in the Philippines for them, with new automated equipment to make solar cells. Here you see a river of silicon 4 cells wide, going through an automatic machine in the SunPower plant, in Manila. SunPower got famous with one of the things that made it famous is this picture. This is an airplane. The curve of the wing has got solar cells on it, ground down to 100 microns so that they can bend over the wing, and they run 14 2-horsepower electric motors. This is a NASA project that SunPower delivered, the solar cells for, and they picked the highest energy they could get at the time, and that was SunPower.

Speaker Change: This is at their plant in the Philippines.

Speaker Change: and we worked with them both at our plant in Texas.

Speaker Change: and built this plant in the Philippines for them with new automated equipment to make solar cells. Here you see a river of silicon, four cells wide, going through an automatic machine in the SunPower plant.

Operator: Sun Par got famous with... One of the things that made it famous is this picture. So this is an airplane. The curve of the wing has got solar cells on it ground down to 100 microns so that they can bend over the wing.

Speaker Change: in Manila.

Speaker Change: Sampar got famous.

Speaker Change: with

Speaker Change: One of the things that made it famous is this picture. So this is an airplane. The curve of the wing has got solar cells on it, ground down to 100 microns so that they can bend over the wing, and they run 14 2-horsepower electric motors.

Operator: So this is an airplane. The curve of the wing has got solar cells on it ground down to 100 microns so that they can bend over the wing and they run 14 to horse power electric motors. This is a NASA project. The sunpower delivered the solar cells for and they picked the highest energy they could get at the time and that was sunpower. Interestingly enough, this airplane set a world record of 96,000 feet which was not broken.

Operator: And they run 14 2-horsepower electric motors. This is a NASA project that SunPower delivered the solar cells for, and they picked the highest energy they could get at the time, and that was SunPower. Interestingly enough, this airplane set a world record of 96,000 feet, which is still not broken. It took off for airplanes that are conventionally powered, not rockets, conventionally powered propellers, and jets, taking off and landing under their own power.

Speaker Change: This is a NASA project that SunPower delivered the solar cells for, and they picked the highest energy they could get at the time, and that was SunPower.

T.J. Rodgers: Interestingly enough, it's this airplane set a world record of 96,000 feet, which still is not broken. It took off and for airplanes that are conventionally powered, not rockets, conventionally powered propellers or jets, taking off and landing under their own power. That includes this airplane. I just wanted to make a point how amazing this thing was. This airplane is, of course, the SR-71 Blackbird, our spy plane, Mach 3.3, and its maximum altitude, its record, if you look it up, is 85,069 feet. They're now, about six weeks ago, in The Wall Street Journal talking about making artificial satellites 100 times cheaper, by using these stations. Now put batteries in them so they can run at night and stay up all the time.

Speaker Change: Interestingly enough, this airplane set a world record of 96,000 feet, which still is not broken. It took off for airplanes that are conventionally powered, not rockets, conventionally powered propellers or jets, taking off and landing under their own power.

Operator: It took off for airplanes that are conventionally powered, not rockets. It's conventionally powered for pellars who jets taking off and landing under their own power. And that includes this airplane. I just wanted to make a point of amazing this thing was. This airplane is of course the SR-71 Blackbird or Spyplane Mach 3.3. And it's maximum altitude. It's record if you look it up is 85,069 feet. So they're now about six weeks going on the Wall Street Journal talking about making artificial satellites 100 times cheaper by using these stations now put batteries in them so they can run at night and stay up all the time. The check was written back just before this period of time. Sunpower was controlled by Cyprus during this time but the employees had stock options in Sunpower.

Operator: And that includes this airplane. I just wanted to make a point how amazing this this thing was. This airplane is of course the SR-71 Blackbird or Spyplane Mach 3.3 And it's maximum altitude.

Speaker Change: And that includes this airplane. I just wanted to make a point how amazing this thing was.

Speaker Change: This airplane is, of course, the SR-71 Blackbird, our spy plane, Mach 3.3.

Operator: Its record, if you look it up, is 85,069 feet. They're now, about six weeks ago, talking about making artificial satellites a hundred times cheaper by using these stations and putting batteries in them so they can run at night and stay up all the time. The check was written back just before this period of time. SunPower was controlled by Cypress during this time, but employees had stock options in SunPower. This is revenue. They grew to $1.43 billion in 2008.

Speaker Change: And it's maximum altitude, it's record, if you look it up, is 85,069 feet.

Speaker Change: So, they're now, about six weeks ago in the Wall Street Journal, talking about making artificial satellites 100 times cheaper by using these stations, now put batteries in them so they can run at night and stay up all the time.

T.J. Rodgers: The check was written back just before this period of time. SunPower was controlled by Cypress during this time, but the employees had stock options in SunPower. This is revenue. They grew to $1.43 billion in 2008. That was the year. Well, we did an IPO for them in 2005. They weren't that big at that time. In 2008, we spun them out. That was. I didn't wanna do that, but my shareholders demanded that they get a SunPower. It was the jewel. They didn't care that much about Cypress, the scroungy little chip company, and they wanted their SunPower. We spun them out.

Speaker Change: The check was written back just before this period of time. SunPower was controlled by Cypress during this time, but the employees had stock options in SunPower. This is revenue.

Operator: This is revenue. They grew to 1.43 billion in 2008. That was the year. Well, we did an IPO for them in 2005. They weren't that big at that time. And then in 2008, we spun them out. I didn't want to do that but my shareholders demanded that they get a sunpower. It was the jewel. They didn't care that much about Cyprus. The scroungy little chip company and they wanted their sunpower. So we spun them out 40% of the shares we owned.

Speaker Change: um

Speaker Change: They grew to 1.43 billion in 2008.

Operator: They were 10 vote shares. And that was worth 2.6 billion. So our shareholders loved us. And Sunpower became public a couple years later. They were bought. They had control taken by purchasing 60% of their shares publicly. And they became a subsidiary or a controlled company by total energies, the French oil company. I left in 2010 as I said earlier.

Speaker Change: We did an IPO for them in 2005. They weren't that big at that time.

Operator: And then, in 2008, we spun them out. I didn't want to do that, but my shareholders demanded that they get a son power. It was a jewel.

Speaker Change: And then in 2008, we spun them out. I didn't want to do that, but my shareholders demanded that they get at SunPower. It was the jewel. They didn't care that much about Cypress.

Operator: They didn't care that much about cypress, scroungy little chip company and they wanted their SunPower. So we spun them out, 40% of the shares we owned, they were 10 vote shares, and that was worth $2.6 billion. So our shareholders loved us and SunPower became public. A couple years later they were bought, they had control taken by purchasing 60% of their shares publicly and they became a subsidiary or a controlled company by Total Energy, the French oil company. I left in 2010, as I said earlier. Anyway, this is why I'm doing this, partly because I have a lot of nostalgia for this.

Speaker Change: scroungy little chip company and they wanted their sun power. So we spun them out.

T.J. Rodgers: 40% of the shares we owned, there were 10-vote shares, and that was worth $2.6 billion. So our shareholders loved us, and SunPower became public. A couple years later, they were bought. They had control taken by purchasing 60% of their shares publicly, and they became a subsidiary or a controlled company by TotalEnergies, the French oil company. I left in 2010, as I said earlier. Anyway, this is why I'm doing this partly, 'cause I have a lot of nostalgia for this. I personally worked on this in my career. When I got the call, "Are you interested?" I said, "Of course, I'm interested," and I've been working on it ever since. Okay, I divided that in half so I could insert those nostalgia slides in there.

Speaker Change: 40% of the shares we owned, there were 10 vote shares.

Speaker Change: and that was worth $2.6 billion. So our shareholders loved us and SunPower became public.

Speaker Change: A couple years later, they were bought. They had control taken by purchasing 60% of their shares publicly.

Speaker Change: and they became a subsidiary or a controlled company by Total Energies, the French oil company. I left in 2010, as I said earlier.

Speaker Change: Anyway, this is why I'm doing this, partly because I have a lot of nostalgia for this. I personally worked on this in my career. And when I got the call, are you interested? I said, of course I'm interested, and I've been working on it ever since.

Operator: Anyway, this is why I'm doing this partly because I have a lot of nostalgia for this. I personally worked on this in my career. And when I got the call, are you interested? I said of course I'm interested and I've been working on it ever since. Okay. I divided that in half so I could insert those in the stale just slides in there.

Operator: I personally worked on this in my career, and when I got the call, "Are you interested?", I said, of course I was interested, and I've been working on it ever since. Okay, I divided that in half so I could insert those nostalgia slides in there, continuing on with the headlines from the quarterly report. We had a terrible revenue quarter. We only did $4.5 million.

Speaker Change: And we

Speaker Change: Okay, I divided that in half so I could insert those nostalgia slides in there. Continuing on with the headlines from the quarterly report.

T.J. Rodgers: Continuing on with the headlines from the quarterly report. We had a terrible revenue quarter. We only did $4.5 million. That was due to a near total lack of working capital. We were shut down. I remember when we passed over the 200 jobs given back line because we couldn't buy panels for it. That drought lasted for the better part of two quarters and obviously clobbered our revenue. I'll talk a little bit about that later. We had to raise money. We had to pay back the people we owed money. We negotiated, got a figure, and we went out and raised $46 million in July 2024 with a convertible debenture 12% convert at a 50% conversion premium, which is $1.68.

Operator: Continuing on with the headlines from the quarterly report. We had a terrible revenue quarter. We only did 4.5 million. That was due to a near total lack of working capital. We were shut down. Our member when we passed over the 200 jobs given back line because we couldn't buy panels for it. That drought lasted for the better part of two quarters and obviously covered our revenue. I'll talk a little bit about that later.

Speaker Change: We had a terrible revenue quarter. We only did 4.5 million. That was due to a near total lack of working capital. We were shut down.

Operator: That was due to a near total lack of working capital. We were shut down. I remember when we passed over the 200 jobs given back. Line because we couldn't buy panels for it.

Speaker Change: I remember when we passed over the 200 jobs given back line because we couldn't buy panels for it. And that drought lasted for the better part of two quarters.

Operator: That drought lasted for the better part of two quarters and obviously clobbered our revenue. I'll talk a little bit about that later.

Speaker Change: and obviously clobbered our revenue. I'll talk a little bit about that later.

Operator: So we had to raise money, we had to pay back, the people we owed money, we negotiated, got a figure, and we went out and raised 46 million in July of 2024 with a convertible to Bencher, 12% convert at a 50% conversion premium which is $1.68, so it's a $1.68 convert pretty much at the strike price as we speak, uh... that pays twelve percent while you're waiting standard five-year convert rule one forty four eight cetera, We took that money and we got our working capital, so we turned the factory back on. We paid off the long-term debt, that was the private equity debt. And we paid off, we had a bunch of overdue accounts, some of them overdue by 180 days, and we paid all that off. We announced the total elimination of private equity debt on July 1st.

Speaker Change: Complete Solaria

Speaker Change: So we had to raise money we had to pay back the people we owed money we negotiated got a figure

Operator: So we had to raise money. We had to pay back the people we owed money. We negotiated got a figure and we went out and raised 46 million in July of 2024 with a convertible to Bencher. 12% convert at a 50% conversion premium which is $1.68. So it's a $1.68 convert pretty much at the strike price as we speak that pays 12% while you're waiting standard five year convert rule 144 etc.

Speaker Change: And...

Speaker Change: We went out and raised $46 million in July of 2024 with a convertible to venture, 12% convert at a 50% conversion premium, which is $1.68, so it's a $1.68 convert pretty much at the strike price as we speak.

T.J. Rodgers: It's a $1.68 convertible pretty much at the strike price as we speak, that pays 12% while you're waiting. Standard 5-year convertible, Rule 144A, et cetera. We took that money, and we got our working capital, so we turned the factory back on. We paid off the long-term debt. That was the private equity debt. We paid off. We had a bunch of overdue accounts, some of them overdue by 180 days, and we paid all that off. We announced the total elimination of private equity debt on 1 July. When we did that, the company stock traded up 32.1% on a record 132.7 million shares. This is a picture, courtesy of Cantor Fitzgerald, of the trading record of Complete Solar.

Speaker Change: that pays 12% while you're waiting, standard 5-year convert, Rural 144A, etc.

Speaker Change: We took that money, and we got our working capital, so we turned the factory back on. We paid off the long-term debt. That was the private equity debt. And we paid off. We had a bunch of overdue accounts, some of them overdue by 180 days, and we paid all that off.

Operator: We took that money and we got our working capital so we turned the factory back on. We paid off the long term debt. That was the private equity debt and we paid off. We had a bunch of overdue accounts. Some of them overdue by 180 days and we paid all that off. We announced the total elimination of private equity debt on July 1st and when we did that the company stock traded up 32.1% on a record 132.7 million shares.

Operator: And when we did that, the company stock traded up 32.1% on a record 132.7 million shares. This is a picture, courtesy of Cantor Fitzgerald, of the trading record of Complete Solar. And you can see this bar, this one bar is so amazing, people came in and these other bars are actual trading and it's not really, zero zero market these these other bars average two point five fifty five million shares a day and so whatever we did that the announcing we got out from under the private equity debt uh... struck a chord with market me they like, Okay, also...

Speaker Change: We announced the total elimination of private equity debt on July 1st, and when we did that, the company stock traded up 32.1% on a record 132.7 million shares.

Speaker Change: This is a picture courtesy of Kenneth Fitzgerald of the trading record of Complete Solar.

Operator: This is a picture courtesy of cannabis Gerald of the trading record of complete solar and you can see this bar this one bar is so amazing. People came in and these all other bars are actual trading and it's not really zero market. These other bars average $2.55 million shares a day. So whatever we did that day announcing we got out from under the private equity debt struck a chord with the market and they liked it.

T.J. Rodgers: You can see this bar, this one bar is so amazing. People came in, and these other bars are actual trading, and it's not really zero-zero market. These other bars average 2.5 to 55 million shares a day. Whatever we did that day announcing we got out from under the private equity debt struck a chord with the market, and they liked it. Okay. Also, in the quarter, our OPEX, which includes commissions the way we report it, but stripping out to classic OPEX, it doesn't include sales commissions paid to third parties. We've got the company to a two-year low of $4.4 million of OPEX in the quarter, and that's still coming down. My plan is to get that down below $3 million in the next two quarters.

Speaker Change: And you can see this bar, this one bar is so amazing. People came in, and these other bars are actual trading. And it's not really...

Speaker Change: zero market. These other bars average 2.55 million shares a day. So whatever we did that day announcing we got out from under the private equity debt struck a chord with the market and they liked it.

Operator: In the quarter, our OPEX, which includes commissions the way we reported, but stripping out to classic OPEX, it doesn't include sales commissions paid to third parties, we've got the company to a two-year low of $4.4 million of OPEX in the quarter, and that's still coming down. My plan is to get that down below $3 million in the next two quarters. And finally, we acquired a company called Core Energy, uh... when we finally uh... brought it in there were thirty seven people and we gave them all stock options brought them into the company we we took everybody that wanted to come in this case it was a, We'll talk about it later when I introduce coal. You'll hear a pretty amazing story about how they work and what I've learned from them, and they've been integrated.

Speaker Change: Okay, also.

Operator: Okay, also in the quarter our not our op-ex which includes commissions the way we reported but stripping out to classic op-ex it doesn't include sales commissions paid to third parties. We've got the company to a two-year low of $4.4 million of op-ex in the quarter and that's still coming down. My plan is to get that down below $3 million in the next two quarters.

Speaker Change: in the quarter.

Speaker Change: Our OPEX, which includes commissions the way we report it, but stripping out to classic OPEX. It doesn't include sales commissions paid to third parties.

Speaker Change: We've got the company to a two-year low of $4.4 million of OPEX in the quarter, and that's still coming down. My plan is to get that down below $3 million in the next two quarters.

T.J. Rodgers: Finally, we acquired a company called CorEnergy. When we finally brought it in, there were 37 people, and we gave them all stock options and brought them into the company. We took everybody that wanted to come. In this case, it was a. We'll talk about it later when I introduce Cole. You'll hear a pretty amazing story about how they worked and what I've learned from them. They've been integrated. They're part of our company now. Okay. Here are the non-GAAP financial indices, revenue, gross margin, operating income, and then some cash funding, cash flow, cash balance figures. Going backwards, here we have the quarter I'm reporting. Going backwards, you see that the period of the impasse in loans. We were technically in default with one of the lenders.

Speaker Change: And finally, we acquired a company called Core Energy.

Operator: And finally we acquired a company called Core Energy. When we came into the company we took everybody that wanted to come in this case it was a we'll talk about it later when I introduced coal. You'll hear a pretty amazing story about how they work and what I've learned from them and they've been integrated they're part of our company now.

Speaker Change: When we finally brought it in, there were 37 people, and we gave them all stock options, brought them into the company. We took everybody that wanted to come. In this case, it was a...

Speaker Change: We'll talk about it later when I introduce Kohl. You'll hear a pretty amazing story about how they work and what I've learned from them. And they've been integrated. They're part of our company now.

Operator: Here are the non-GAAP financial indices, revenue, gross margin, op-ink, and then some cash funding, cash flow, and cash balance figures.

Speaker Change: Okay, so

Operator: Okay, so let's go. Solaria. Here are the non-gap financial indices revenue gross margin up ink and then some cash funding cash flow cash balance figures. Going backwards so here we have the reporter I'm reporting going backwards you see we've been the the period of the impasse in loans we were technically in default with one of the lenders and when you're in the fault no we'll give you money for any reason right because the guy declaring default can call it come in and take the money therefore nobody will give you money and that's what shut us down hard.

Speaker Change: Here are the non-GAAP financial indices, revenue, gross margin, op-inc, and then some cash funding, cash flow, cash balance figures.

Operator: Going backwards, so here we have the reporter I'm reporting. Going backwards, you see we've been, the period of the impasse in loans, we were technically in default with one of the lenders, and when you're in default nobody will give you money for any reason right because the guy declaring default can't call it come in and take the money therefore nobody will give you money and that's what shut us down hard, And that dropped our revenue first in half. We had a little bit of a quarter before this one cut off and then in half again. So this has been a disaster.

Speaker Change: Going backwards, so here we have the reporter I'm reporting. Going backwards, you see the period of the impasse in loans. We were technically in default with one of the lenders.

T.J. Rodgers: When you're in default, nobody will give you money for any reason, right? Because the guy declaring default can call it, come in and take the money. Therefore, nobody will give you money, and that's what shut us down hard. That dropped our revenue first in half. We had a little bit of a quarter before this one cut off, and then in half again. This has been a disaster. If you wanna say there's good news here, which is difficult for me, if you look at our OpEx, we managed to actually reduce our operating losses during this period. We now have plenty of leverage where when we come back to this number, we will be better and more profitable than we were when we hit $20 million the first time. Here, here's funding.

Speaker Change: And when you're in the fault, nobody will give you money for any reason, right? Because the guy declaring the fault can't call it, come in and take the money. Therefore, nobody will give you money, and that's what shut us down hard.

Speaker Change: And that dropped our revenue first in half. We had a little bit of a quarter before this one cut off and then in half again. So this has been a disaster.

Operator: In that drop to revenue first and half we had a little bit of a quarter before this one cut off and then in half again so this has been it is aster. If you want to say there's good news here which is difficult for me if you look at the op ink we manage to actually reduce our operating losses during this period and we now have plenty of leverage where when we come back to this number we will be better and more profitable than we were when we hit 20 million the first time and here here's funding it turns out that the funding we did in the quarter was 3 million bucks and the cash flow was minus 739 so bottom line we were burning a little bit of money.

Operator: If you want to say there's good news here, which is difficult for me, if you look at op-inc, we managed to actually reduce our operating losses during this period, and we now have plenty of leverage where when we come back to this number, we will be.., better and more profitable than we were when we hit 20 million the first time. And here's funding. It turns out that the funding we did in the quarter was $3 million, and the cash flow was minus $739.

Speaker Change: If you want to say there's good news here, which is difficult for me, if you look at op-inc, we managed to actually reduce our operating losses during this period, and we now have plenty of leverage where when we come back to this number, we will be...

Speaker Change: better and more profitable than we were when we hit 20 million the first time.

T.J. Rodgers: It turns out that the funding we did in the quarter was $3 million, and the cash flow was -$739. Bottom line, we were burning a little bit of money. What I just told you, we raised $46 million in July, so that's Q3 beyond the scope of this report. And at the end of it, after we paid off our debt and paid off our accounts, or aged accounts payable to key vendors, we had $26 million left out of the 46. I'll make one comment here. This number, if you're an operating guy like me, you'd tee off on that number and talk about it for the next 2 hours. It's a horrible number. We had some. When you look at gross profit, we have some one-time events.

Speaker Change: And here's funding. It turns out that the funding we did in the quarter was $3 million and the cash flow was minus $739. So, bottom line, we were burning a little bit of money.

Operator: So bottom line, we were burning a little bit of money. What I just told you we raised 46 million in July, so that's Q3 beyond this scope of this report. Um... And at the end of it, after we paid off our debt and paid off our accounts, our aged accounts payable to key vendors, we had $26 million left out of the $46 million. I make one comment here, this number, if you're an operating guy like me, you'd.., tee off in that number and talk about it for the next two hours. It's a horrible number.

Speaker Change: What I just told you, we raised $46 million in July, so that's Q3 beyond the scope of this report.

Operator: What I just told you we raised 46 million in July so that's Q3 beyond this scope of this report and at the end of it after we paid off our debt and paid off our accounts or aged accounts payable to key vendors we had 26 million left out of the 46. I make one comment here this this number if you're an operating guy like me you tee off in that number and talk about it for the next two hours it's a horrible number we had we had some when you look at gross profit we have some one time events we're excited to clean up some get rid of some old lots old jobs in the line and get rid of some old inventory and decided to take the hit that's really the reason we got that bad number we expect that next quarter we'll bounce back to 30% plus gross margin in Q3 24 which is starting to become where we want to operate.

Speaker Change: um

Speaker Change: And at the end of it, after we paid off our debt and paid off our aged accounts payable to key vendors, we had $26 million left out of the $46 million.

Speaker Change: I'll make one comment here, this number, if you're an operating guy like me, you'd

Speaker Change: tee off in that number and talk about it for the next two hours.

Operator: We had some, when you look at gross profit, we had some one-time events. We decided to clean up some, get rid of some old lots, old jobs in the line, and get rid of some old inventory and decided to take the hit. That's really the reason we got that bad number.

Speaker Change: It's a horrible number. We had some, when you look at gross profit, we had some one-time events. We decided to clean up some, get rid of some old lots.

T.J. Rodgers: We decided to clean up some, get rid of some old lots, old jobs in the line and get rid of some old inventory, and decided to take the hit. That's really the reason we got that bad number. We expect that next quarter we'll bounce back to 30% plus gross margin in Q3 2024, which is starting to become where we wanna operate. Organization changes. You've known Brian Wuebbels when he was CFO. He was promoted to COO, and he's been commuting on relatively long flights or feeling guilty for not commuting, for a while. He lives in Illinois. He's got families, grandchildren, daughters there, and he's just decided he doesn't wanna have a remote job. He's taken a CFO role in a local company.

Speaker Change: old jobs in the line and get rid of some old inventory and decided to take the hit, that's really the reason we got that bad number. We expect that next quarter will bounce back to 30 percent plus gross margin in Q3-24 which is

Operator: We expect that next quarter we'll bounce back to 30% plus gross margin in Q3-24, which is starting to become where we want to operate, organization changes. You, we've, you've known Brian Lovells when he was CFO, he was promoted to COO. And he's been commuting on relatively long flights, or feeling guilty for not commuting, for a while. He lives in Illinois.

Speaker Change: starting to become where we want to operate.

Speaker Change: organization changes.

Operator: Organization changes we've you've known Brian Webels when he was CFO he was promoted to COO and he's been commuting on relatively long flights or feeling guilty for not commuting for a while he lives in Illinois he's got families grandchildren daughters there and he's just decided he doesn't want to have a remote job so he's taking a CFO role in a local company and I asked Brian to get on the phone so he can hear me thank him with investors for all that he's done especially sticking around that extra eight months to get us through get our auditors change get the 10K done and the 10Q done for this quarter and so that I asked him that and that was a big ask and he he helped me out Brian thank you Thank you, DJ. I appreciate everything as well.

Speaker Change: You've known Brian Lovells when he was CFO, he was promoted to COO.

Speaker Change: And he's been commuting.

Speaker Change: on relatively long flights or feeling guilty for not commuting for a while. He lives in Illinois. He's got families, grandchildren, daughters there, and he's just decided he doesn't want to have a remote job.

Brian: He's got families, grandchildren, daughters there, and he's just decided he doesn't want to have a remote job. So he's taken a CFO role in a local company. And I asked Brian to get on the phone. So he can hear me thank him with investors for all that he's done, especially sticking around that extra eight months to get us through, get our auditors changed, get the 10K done and the 10Q done for this quarter. And so I asked him that and that was a big ask and he helped me out. Brian, thank you. Yeah, thank you T.J. I appreciate everything as well.

T.J. Rodgers: I asked Brian to get on the phone so he can hear me thank him with investors for all that he's done, especially sticking around that extra 8 months to get us through, get our auditors changed, get the 10-K done, and the 10-Q done for this quarter. I asked him that, and that was a big ask, and he helped me out. Brian, thank you. Yeah. Thank you, T.J. I appreciate everything as well. It's been a pleasure working with you. Okay. The new auditor is BDO. They're the fifth-largest auditing firm in the world, and we've gotten off. They're now in control of auditing, and this was their first audit. To replace Brian, given that we're in a potential acquisition mode, we're not recruiting right now.

Speaker Change: So, he's taken a CFO role in a local company.

Speaker Change: And I asked Brian to get on the phone.

Speaker Change: So he can hear me thank him with investors for all that he's done, especially sticking around that extra eight months.

Speaker Change: to get us through, get our auditors changed, get the 10-K done, and then 10-Q done for this quarter. And so I asked him that, and that was a big ask, and he helped me out. Brian, thank you.

Operator: It's been a pleasure working with you. OK, so the new auditor is BDO. They're the fifth largest auditing firm in the world. And we've gotten off.

Brian Wuebbels: Thank you, T.J. I appreciate everything as well. It's been a pleasure working with you.

T.J. Rodgers: Okay. The new auditor is BDO. They're the fifth-largest auditing firm in the world, and we've gotten off. They're now in control of auditing, and this was their first audit. To replace Brian, given that we're in a potential acquisition mode, we're not recruiting right now.

Brian Lovells: Yeah, thank you, T.J. I appreciate everything as well. It's been a pleasure working with you.

Operator: I'm going to pleasure working with you. Okay, so we do know Auditor's BDO. They're the fifth largest auditing firm in the world, and we've gotten off there now in control of auditing, and this was their first audit. To replace Brian, given that we're in a potential acquisition mode, we're not recruiting right now. We're waiting to see because we want to keep as many jobs as we can.

Speaker Change: Okay, so the new auditor is BDO. They're the fifth largest auditing firm in the world and we've gotten off. They're now in control of auditing and this was their first audit.

Operator: They're now in control of auditing. And this was their first audit, uh... to replace brian given that we're in uh... potential acquisition mode uh... we're not recruiting right now we're we're waiting to see because we want to keep as many jobs as we can uh... i've appointed linda julio our vp of quality uh... to be acting ceo and ranking officer in the company she uh... She's done the work, whenever needed to deserve that promotion. OK, working on cost. This is a graph of head count. That's 450 when I came in June a year ago, so it's been a little bit over a year. That was the head count.

Speaker Change: To replace Brian, given that we're in a potential acquisition mode, we're not recruiting right now, we're waiting to see because we want to keep as many jobs as we can.

T.J. Rodgers: We're waiting to see because we wanna keep as many jobs as we can. I've appointed Linda DeJulio, who's our VP of Quality, to be acting CEO and the ranking officer in the company. She's done the work whenever needed to deserve that promotion. Okay, working on cost. This is a graph of headcount. That's 450, when I came in June a year ago, so it's been a little bit over a year. That was the headcount. That was the meetings that explained that that was about right, but maybe a few more people. Yeah, I said few like minus 200 or minus 300. We went through a series of risks. I actually started slowing down in here because these are traumatic events, and I was worried of overshooting.

Speaker Change: I've appointed Linda Julios, our VP of quality, to be acting CEO and the ranking officer in the company.

Operator: I've appointed Linda Julio, our VP of Quality, to be acting CEO and the ranking officer in the company. She's done the work whenever needed to deserve that promotion. Okay, working on cost.

Speaker Change: she's done the work

Speaker Change: whenever needed to deserve that promotion.

Speaker Change: Okay, working on cost.

Speaker Change: This is a graph of headcount. That's 450 when I came in June a year ago, so it's been a little bit over a year. That was the headcount.

Operator: This is a graph of head count. That's 450. When I came in June a year ago, so it's been a little bit over a year. That was the head count. I was the meeting that explained that that was about right, but maybe few more people. Yeah, I said few like minus 200, minus 300, and we went through a series of risks. I actually started slowing down in here because these are traumatic events, and I was worried of overshooting.

Operator: I was in meetings that explained that that was about right, but maybe a few more people. Yeah, I said few like minus 200 minus 300, And we went through a series of risks. I actually started slowing down in here because these are traumatic events and I was worried of overshooting.

Speaker Change: I was in meetings that explained that that was about right, but maybe a few more people.

Speaker Change: Yeah, I said a few like minus 200, minus 300.

Speaker Change: and we went through a series of risks. I actually started slowing down in here because these are traumatic events, and I was worried of overshooting.

Operator: And we finally got down to Rift Number 7. We got down to 109 people so we started at 428, got down to 109, and we've been holding at 109. There's a process I use that is called the requisition auction, that manages headcount in sort of autopilot in the company. You only replace people that leave. Anybody that leaves doesn't get replaced, and then the slot gets auctioned off in an auction of merit with the executive staff. Who needs this person the most? They argue with each other.

T.J. Rodgers: We finally got down to risk number 7. We got down to 109 people. We started at 428, got down to 109, and we've been holding at 109. There's a process I use that is called the requisition auction that manages headcount in sort of autopilot in the company. You only replace people that leave. Anybody that leaves doesn't get replaced, and then the slot gets auctioned off in an auction of merit with the executive staff. Who needs this person the most? They argue with each other. The winner is picked by the CEO, and everybody kinda likes the process 'cause it's fair. What you end up doing is 80% of the time replacing somebody that you can live without with somebody you really badly need.

Speaker Change: And we finally got down to rift number seven. We got down to 109 people. So we started at 428, got down to 109.

Operator: And we finally got down to riff number seven. We got down to 109 people. So we started at 428, got down to 109, and we've been holding it 109. There's process I use that's called the requisition auction that manages head count in sort of auto pilot in the company. You only replace people at leave. Anybody that leaves doesn't get replaced. And then the slot gets auctioned off in an auction of merit with the executive staff.

Speaker Change: And we've been holding it 109. There's a process I use that is called the requisition auction.

Operator: Who needs this person the most? They argue with each other. The winner is picked by the CEO. And everybody kind of likes the process because it's fair. And what you end up doing is 80% of the time replacing somebody that you can live without with somebody really badly need. And that's that's really worked out for the company. Here I put in the core merger, and I told you earlier we brought in 37 people, but the head count didn't go up. And that's because in the merger of based on merit, we actually brought in those people and all of them and replaced people that were currently in the company. Okay.

Speaker Change: that manages headcount in sort of autopilot in the company. You only replace people that leave. Anybody that leaves doesn't get replaced.

Speaker Change: And then the slot gets auctioned off in an auction of merit with the executive staff. Who needs this person the most? They argue with each other. The winner is picked by the CEO . And everybody kind of likes the process because it's fair. And what you end up doing is...

Operator: The winner is picked by the CEO, and everybody kind of likes the process because it's fair. And what you end up doing is... 80% of the time replacing somebody that you can live without with somebody you really badly need and that's really worked out for the company. Here I put in the core merger and I told you earlier we brought in 37 people but the head count didn't go up and that's because in the merger based on merit we actually brought in those people and all of them and replaced people that were currently in the company. OK, big graph, A lot of data.

Speaker Change: 80% of the time replacing somebody that you can live without with somebody you really badly need and that's really worked out for the company.

T.J. Rodgers: That's really worked out for the company. Here I put in the core merger, and I told you earlier we brought in 37 people, but the headcount didn't go up. That's because in a merger based on merit, we actually brought in those people and all of them and replaced people that were currently in the company. Okay, big graph, lot of data. This is the inventory in jobs, 2,000, 4,000. This is the inventory, the feel of where it is. Pre-construction, essentially an order. Post-construction, glass on the roof, but not turned on. Pre-PTO, waiting, pre-PTO and PTO pending, waiting to take the glass that's been installed, the glass being the panels, and turn them on. Then finally, cash pending.

Speaker Change: Here I put in the core merger, and I told you earlier we brought in 37 people.

Speaker Change: But they had comp didn't go up and that's because in the merger of based on Merit we actually brought in those people and all of them and replace people that were currently in the company.

Speaker Change: Okay.

Operator: This is the inventory and jobs 2000, 4000. This is the inventory, the fillet of where it is, pre-construction, essentially in order. Post-construction, glass on the roof but not turned on, pre-PTO, waiting, pre-PTO and PTO pending, waiting to take the glass that's been installed, the glass being the panels, and turn them on. Finally Cache Pending, So, if you want to look at... How we see it, these are orders, so that is the unfulfilled part of our backlog, uh... this should happen relatively quickly this is not time vertically but uh... this should happen relatively quickly and then from the time you have the installation done you're waiting for the utility to turn you on and for the financing company to pay the cash, And what happened to us when I came in, I came in right about here, is that we had jammed the line up to 3,635 jobs. And that line ran well.

Speaker Change: Big graph, a lot of data.

Operator: Big graph. A lot of data. This is the inventory and jobs. 2,000, 4,000. This is the inventory in the flay of where it is pre-construction, essentially, in order. Post-construction, glass on the roof, but not turned on. Pre-PTO, waiting, pre-PTO and PTO pending, waiting to take the glass has been installed, the glass being the panels and turn them on. And then finally cash pending. So if you want to look at... Solaria. How we see it these are orders so that that is the unfulfilled part of our backlog.

Speaker Change: This is the Inventory and Jobs 2000-4000.

Speaker Change: This is the inventory, the fillet of where it is. Pre-construction, essentially in order.

Speaker Change: post-construction, glass on the roof but not turned on, pre-PTO, pre-PTO and PTO pending, waiting to take the glass that's been installed, the glass being the panels, and turn them on.

T.J. Rodgers: If you wanna look at how we see it, these are our orders. That is the unfulfilled part of our backlog. This should happen relatively quickly. This is not timed vertically, but this should happen relatively quickly. From the time you have the installation done, you're waiting for the utility to turn you on and for the financing company to pay the cash. What happened to us when I came in right about here is that we had jammed a line up to 3,635 jobs. That line ran well. At one time, Complete Solaria was, you know, rolling, and that line ran well at 2,000.

Speaker Change: Finally, cash pending.

Speaker Change: So if you want to look at

Speaker Change: How we see it, these are our orders, so that is the unfulfilled part of our backlog.

Speaker Change: This should happen relatively quickly. This is not timed vertically, but this should happen relatively quickly, and then from the time you have the installation done, you're waiting for the utility to turn you on and for the financing company to pay the cash.

Operator: This should happen relatively quickly this is not time vertically but this should happen relatively quickly and then from the time you have the installation done you're waiting for the utility to turn you on and for the financing company to pay the cash and what happened to us when I came in I came in right about here is that we had jammed a line up to 3635 jobs and that line ran well at one time complete Solaria was you know rolling and that line ran well at 2000 so for a silicon guy like me this looks exactly like a silicon fab where they jammed in too many wafers and found out the more wafers they jammed in the fewer came out and it messed it up and of course I I lived I made those mistakes and lived that life so I shut down shut down the orders here and said ship what you have and that brought us down back to the line where we were at but it wasn't healthy so for here over here you see that the let's say from construction through the waiting period for cash so you get cash up here here you're done with construction so back here the time of the number of jobs rather from finished construction till money was was a small fraction in the inventory when we got back down to the same inventory level here that was not true anymore we had fewer orders and we had a lot of people waiting for their power to get turned on in this blue stripe is a lot of people whose job didn't weren't being paid off yet by the finance so here we had a company whose line wasn't running well we were and by the way that was part of the problem up here but it really shows up down here then we had the trouble with finances and we had a cash problem working cash problem and this is what's happened now one thing is interesting is this little bar here is called a model that model says what you would like your line to be what you want it to look like so we're not this this number of runs in the line is good if I can make a lot of money a small runs meaning I'm turning my inventory fast and make a money but what's not good here is the fact that when you aren't installing panels which we didn't then you aren't buying orders which we weren't and then the people who sell your orders go away and sell their orders to somebody else and get used to it so the problem here I showed this whole graph make that point right there 139 orders in line pre-construction and that that is the current problem we're trying to break out of as we shake off the cash drought blues so that's why we got this guy as coal farmer these are VP of sales and marketing works for me he ran he ran core energy which is core energy your core system Corps energy ran core energy. Yeah, there it is right there core energy and was a founder and CEO.

Speaker Change: And what happened to us when I came in, I came in right about here, is that we had jammed a line up to 3,635 jobs.

Operator: At one time, Complete Solaria was, you know, rolling. And that line ran well at 2000. So, for a silicon guy like me, this looks exactly like a silicon fab where they jammed in too many wafers and found out the more wafers they jammed in, the fewer came out and it messed it up.

Speaker Change: And that line ran well. At one time, complete Solaria was, you know, rolling.

T.J. Rodgers: For a silicon guy like me, this looks exactly like a silicon fab where they jammed in too many wafers and found out the more wafers they jammed in, the fewer came out and it messed it up. Of course, I made those mistakes and lived that life. I shut down the orders here and said, "Ship what you have." That brought us down back to the line where we were at, but it wasn't healthy. For here, over here, you see that let's say from construction through the waiting period for cash. You get cash up here. Here you're done with construction. Back here, the time of the number of jobs rather from finished construction till money was a small fraction of the inventory.

Speaker Change: And that line ran well at 2,000. So for a silicon guy like me, this looks exactly like a silicon fab where they jammed in too many wafers and found out the more wafers they jammed in, the fewer came out, and it messed it up. And, of course, I made those mistakes and lived that life.

Operator: And of course, I made those mistakes and lived, So I shut down, uh, shut down, uh, the.., orders here and said ship what you have and that brought us down back to the line where we were at but, It wasn't health. So over here you see that the, let's say from construction, through the waiting period for cash, so you get cash up here, here you're done with construction. So back here, the time of the number of jobs, rather, from finished construction until money was a small fraction of the inventory. When we got back down to the same inventory level here, that was not true anymore. We had fewer orders.

Speaker Change: So I shut down, shut down the...

Speaker Change: orders here and said, ship what you have. And that brought us down back to the line where we were at.

Speaker Change: It wasn't healthy.

Speaker Change: So, over here you see that the, let's say from construction.

Speaker Change: through the waiting period for cash. So you get cash up here, here you're done with construction.

Speaker Change: So back here, the number of jobs from finished construction until money was a small fraction of the inventory. When we got back down to the same inventory level here, that was not true anymore. We had fewer orders.

T.J. Rodgers: When we got back down to the same inventory level here, that was not true anymore. We had fewer orders, and we had a lot of people waiting for their power to get turned on. This blue stripe is a lot of people whose job didn't warrant being paid off yet by the financer. Here we had a company whose line wasn't running well. By the way, that was part of the problem up here, but it really shows up down here. We had the trouble with finances, and we had a cash problem, working cash problem, and this is what's happened. Now, one thing that's interesting is this little bar here is called the model. That model says what you would like your line to be, what you want it to look like. We're not...

Operator: And we had a lot of people waiting for their power to get turned on in this blue stripe. There's a lot of people whose job didn't warrant being paid off yet by the finance, So here we had a company whose line wasn't running well. And by the way, that was part of the problem up here, but it really shows up down here. Then we had the trouble with finances and we had a cash problem, a working cash problem and this is what's happened.

Speaker Change: And we had a lot of people waiting for their power to get turned on in this blue stripe. It was a lot of people whose jobs weren't being paid off yet by the financer.

Speaker Change: So here we had a company whose line wasn't running well. And by the way, that was part of the problem up here, but it really shows up down here.

Speaker Change: Then we had the trouble with finances and we had a cash problem, working cash problem, and this is what's happened.

Operator: One thing that's interesting is this little bar here is called the model. That model says what you would like your line to be, what you want it to look like. So we're not, this number of runs in the line is good.

Speaker Change: Now...

Speaker Change: One thing that's interesting is this little bar here is called the model. That model says what you would like your line to be, what you want it to look like. So we're not, this number of runs in the line is good. If I can make a lot of money in small runs, meaning I'm turning my inventory fast and making money.

T.J. Rodgers: This number of runs in the line is good. If I can make a lot of money on small runs, meaning I'm turning my inventory fast and making money. What's not good here is the fact that when you aren't installing panels, which we didn't, then you aren't buying orders, which we weren't, and then the people who sell you orders go away and sell their orders to somebody else and get used to it. The problem here, I showed this whole graph to make that point right there, 139 orders in line, pre-construction. That is the current problem we're trying to break out of as we shake off the cash drought blues. That's why we got this guy. That's Cole Farmer. He's our VP of sales and marketing. Works for me.

Operator: If I can make a lot of money on small runs, meaning I'm turning my inventory fast and making money. But what's not good here is the fact that when you, aren't installing panels, which we didn't, then you aren't buying orders, which we weren't, and then the people who sell you orders go away and sell their orders to somebody else and get used to it. So, the problem here...

Speaker Change: um

Speaker Change: But what's not good here is the fact that when you...

Speaker Change: aren't installing panels, which we didn't, then you aren't buying orders, which we weren't, and then the people who sell you orders go away and sell their orders to somebody else and get used to it.

Operator: I showed this whole graph, make that point right there, 139 orders in line, pre-construction. And that is the current problem we're trying to break out of as we shake off the cash drought blues. So that's why we got this guy.

Speaker Change: So, the problem here...

Speaker Change: I showed this whole graph to make that point right there, 139 orders in line, pre-construction.

Speaker Change: And that that is the current problem we're trying to break out of as we shake off the cash drought blues.

Operator: He's a coal farmer, he's our VP of sales and marketing, works for me. He ran Core Energy, which is a core energy or core system, core energy, you ran core energy, yeah, there it is right there, core energy, and was a founder and CEO. He got a business degree from Utah State. He lives in Logan.

Speaker Change: So that's why we got this guy.

Speaker Change: He's a coal farmer. He's our VP of sales and marketing. Works for me. He ran Core Energy, which is Core Energy or Core Systems.

T.J. Rodgers: He ran CorEnergy, which is CorEnergy or Cor Systems?

Cole Farmer: CorEnergy.

Cole Farmer: CorEnergy. He ran CorEnergy. Yeah, there it is right there. CorEnergy. He was the founder and CEO. He's got a business degree out of Utah State. He lives in Logan. He ran sales for a company that got pretty big, $200 million. Then he decided to go out on his own. He started and worked as CEO for CorEnergy. That company, in the good year of 2022, did $150 million. He demonstrated the ability to scale. Cole, introduce yourself first, then I got a couple stories I wanna tell.

T.J. Rodgers: CorEnergy. He ran CorEnergy. Yeah, there it is right there. CorEnergy. He was the founder and CEO. He's got a business degree out of Utah State. He lives in Logan. He ran sales for a company that got pretty big, $200 million. Then he decided to go out on his own. He started and worked as CEO for CorEnergy. That company, in the good year of 2022, did $150 million. He demonstrated the ability to scale. Cole, introduce yourself first, then I got a couple stories I wanna tell.

Speaker Change: Core energy. Core energy. You ran core energy. Yeah, there it is right there. Core energy.

Speaker Change: and was a founder and CEO . He's got a business degree out of Utah State. He lives in Logan.

Cole: He ran sales for a company that got pretty big, a couple hundred million dollars. And then he decided to go out on his own. He started and worked as CEO for Core Energy. And that company, in the good year of 2022, did $150 million. So he demonstrated the ability to scale. Cole, introduce yourself first and I got a couple stories you want to tell. Complete Solaria, VP of Sales, for complete solar. Grew up in Logan, Utah.

Operator: He's got a business degree out of Utah State. He lives in Logan. He ran sales for a company that got pretty big couple hundred million dollars and then he decided to go out in his own. He started his started work to CEO for core energy and that company in the good year of 2022 did a hundred fifty million.

Speaker Change: He ran sales for a company that got pretty big, a couple hundred million dollars.

Speaker Change: And then he decided to go out on his own. He started and worked as CEO for Core Energy. And that company, in the good year of 2022, did $150 million. So he demonstrated the ability to scale.

Operator: So he demonstrated the ability to scale core a coal introduced yourself first and I got a couple stories they want to tell.

Speaker Change: Core Ed

Speaker Change: Cole, introduce yourself first, then I've got a couple of stories I want to tell.

Cole Farmer: Yeah. Cole Farmer, currently acting as the VP of Sales for Complete Solar. Grew up in Logan, Utah. As TJ said, a Utah State Aggie. Have a family and 5 kids. Big-time background in sales. Somehow I got thrown into the construction world of solar and, as some of us will call, the solar coaster, been living that life for 10 years. Big solar fan. I've enjoyed it very much and very excited to be at Complete Solar, building their sales team here.

[Analyst]: Yeah. Cole Farmer, currently acting as the VP of Sales for Complete Solar. Grew up in Logan, Utah. As TJ said, a Utah State Aggie. Have a family and 5 kids. Big-time background in sales. Somehow I got thrown into the construction world of solar and, as some of us will call, the solar coaster, been living that life for 10 years. Big solar fan. I've enjoyed it very much and very excited to be at Complete Solar, building their sales team here.

Speaker Change: I'm Cole Farmer, currently acting as the VP of sales for Complete Solar. Grew up in Logan, Utah. As TJ said, a Utah State Aggie.

Coal Farmer: Coal farmer strutting of the VP of sales for complete solar grew up in Logan Utah as TJ said a Utah state Aggie and have a family and five kids big time background in sales somehow I got thrown into the construction world of solar and as some of us will call the solar coaster been living that life for 10 years. Big solar fan enjoyed it very much and very excited to be a complete solar building their sales sales team here. So calls the new guy and when we gripe about not having enough orders he explains how that's gonna end and I'll show you some data in a minute.

Cole: As TJ said, a Utah State Aggie, and have a family of five kids, big-time background in sales. Somehow I got thrown into the construction world of solar. And as some of us will call the solar coaster, been living that life for 10 years.

Cole Farmer: and have a family and five kids, big time background in sales. Somehow I got thrown into the construction world of solar and as some of us will call the solar coaster, been living that life for ten years.

Cole: Big solar fan, I've enjoyed it very much and very excited to be at Complete Solar, building their sales team here. And when we gripe about not having enough orders, he explains how that's going to end. And I'll show you some data in a minute. He also – one thing I liked when I – two things. One, he played on a Utah State Championship high school team, so that was wonderful.

Cole Farmer: Big solar fan. I've enjoyed it very much and very excited to be at Complete Solar building their sales sales team here

T.J. Rodgers: Cole's the new guy, and when we gripe about not having enough orders, he explains how that's gonna end, and I'll show you some data in a minute. He also two things. One, he played on a Utah State Championship high school team, so that was wonderful. Second thing is, when I called him, I said, "You know, we're looking to try to expand our company, growth and non-organic growth." He said he would be interested in talking to us about acquisition. I called him up. I deliberately called him on a Sunday to see if he would do what he had to do. He said, "Sure." I said, "Send me over your deck." "Deck?

Speaker Change: So calls the new guy and when we gripe about not having enough orders he

Speaker Change: He explains how that's going to end, and I'll show you some data in a minute. He also, one thing I liked when I, two things.

Coal Farmer: He also one thing I liked when I two things one he played Utah high use Utah State Championship high school team so that was wonderful and and second thing is when I called him I said you know we're looking to try to expand our company growth and non-organic growth and he said he would be interested in in talking to us about acquisition so I I call him up I deliberately called him on a Sunday to see if he would you know worked on it would do what he had to do and he said sure and I said send me over your deck deck what deck you know your deck used to raise money and he said we've never raised money we've been in business for years and we never raised any money and I'm going that's the way solar needs to get run so those are my two stories two stories about coal. Here's the first thing he's done this is the number of active sales partners so sales partner is a company that sells you orders and they sell you orders that are signed contracts so they're they're expensive they're like ten thousand bucks and there's an entire industry of competing companies that compete with each other for orders and you know they're they're euphemized various ways dealers sales partners is what we call them and the problem is when we had this this happened to us all of our partners went away these guys were partners pretty much and they'm only and they weren't producing many orders for us they're giving them to other customers and this is coal's first quarter right here we now have 29 of them and the things reinvigorated and then the course of question is reinvigorated enough to cure your finances and the answer is yes this is a graph showing the days from 30 day this is a 30 day rolling sales graph we look at and this looks at the middle of July to the middle of August list.

Speaker Change: One, he played on a Utah State Championship high school team, so that was wonderful.

Operator: And second thing is when I call him. I said, you know, we're looking to try to expand our company growth and non-organic growth. And he said he would be interested in talking to us about acquisition. So bye, bye. I deliberately called him on a Sunday to see if he would.

Speaker Change: And second thing is, when I called him, I said, you know, we're looking to try to expand our company growth and non-organic growth. And he said he would be interested in talking to us about acquisition.

Speaker Change: So I

Speaker Change: I call him up, I deliberately call him on a Sunday to see if he would...

Operator: Worked on it would do what he had to do and he said sure and I said send me over your deck deck what deck? You know your deck used to raise money and he said we've never raised money We've been in business for years and we never raised any money and I'm going that's the way solar needs to get run So those are my two stories two stories about coal, Here's the first thing he's done.

Speaker Change: you know worked on it would would do what he had to do

T.J. Rodgers: What deck?" "You know, your deck you use to raise money." He said, "We've never raised money. We've been in business four years, and we never raised any money." I'm going, "That's the way solar needs to get run." So those are my two stories, two stories about Cole. Here's the first thing he's done. This is the number of active sales partners. So a sales partner is a company that sells you orders, and they sell you orders that are signed contracts, so they're expensive. They're like $10,000. There's an entire industry of competing companies that compete with each other for orders. You know, they're euphemized various ways. Dealers, sales partners is what we call them. The problem is, when we had this happen to us, all of our partners went away.

Speaker Change: And he said sure and I said send me over your deck

Speaker Change: deck. What deck? You know, your deck you used to raise money, and he said, we've never raised money. We've been in business four years and we've never raised any money. And I'm going, that's the way solar needs to get run. So those are my two stories, two stories about coal.

Operator: This is... The number of active sales partners, so a sales partner is a company that sells you orders and they sell you orders that are signed contracts, so they're expensive. They're like $10,000, and there's an entire industry of competing companies that compete with each other for orders. And, you know, they're euphemized various ways.

Speaker Change: Here's the first thing he's done. This is...

Speaker Change: the number of active sales partners. So a sales partner is a company that sells you orders. And they sell you orders that are signed contracts. So they're expensive. They're like $10,000.

Speaker Change: And there's an entire industry of competing companies that compete with each other for orders.

Operator: Dealers, sales partners is what we call them. And the problem is when we had this, this happened to us. All of our partners went away.

Speaker Change: And, you know, they're euphemized various ways, dealers, sales partners is what we call them.

Speaker Change: And the problem is when we had this, this happened to us, all of our partners went away. These guys were partners pretty much, and they, only, and they weren't producing many orders for us. They're giving them to other customers.

T.J. Rodgers: These guys were partners pretty much in name only, and they weren't producing many orders for us. They were giving them to other customers. This is Cole's first quarter right here. We now have 29 of them, and the thing's reinvigorated. Then, of course, the question is, reinvigorated enough to cure your finances? The answer is yes. This is a graph showing a 30-day rolling sales graph we look at. This looks at the middle of July to the middle of August. Then the bars, and you got Saturday and Sunday in there, so they're empty. Then there's the Fourth of July holiday. The bars, the height is how many orders you got on a given day. So here, you know, the record was like 20.

Operator: These guys were partners pretty much in name only and they weren't producing many orders for us. They were giving them to other customers. And this is Cole's first quarter right here.

Operator: We now have 29 of them, and the thing's reinvigorated. And then of course the question is, re-invigorated enough to cure your finances? And the answer is yes. This is a graph showing the days from 30-day, this is a 30-day rolling sales graph we look at, and this looks at the middle of July to the middle of August. And then the bars, and you've got Saturday and Sunday in there, so they're empty.

Speaker Change: And this is Cole's first quarter right here. We now have 29 of them, and the thing's reinvigorated.

Speaker Change: And then, of course, the question is, re-invigorated enough to cure your finances and the answer is yes. This is a graph showing the days from 30 day, this is a 30 day rolling sales graph we look at. And this looks at the middle of July to the middle of August.

Speaker Change: And then the bars, and you've got Saturday and Sunday in there, so they're empty. And there's the Fourth of July holiday. The bars, the height, is how many orders you've got on a given day.

Coal Farmer: And then the bars and God Saturday and Sunday and there so they're empty. And there's the Fourth of July holiday. The bars, the height is how many orders you've got in the given day. So here, you know, the record was like 20. There's some days where you get one or two. And then the question is, is that enough to fix that problem? 139. Well, in the last 30 days since coal arrived, he's done 176.

Operator: There's the Fourth of July holiday. The bars, the height is how many orders you got in a given day. So here, you know, the record was like 20. There are some days where you get one or two.

T.J. Rodgers: There's some days where you get 1 or 2. Then the question is that enough to fix that problem? 139. Well, in the last 30 days since Cole arrived, he's done 176, so that doubled what we had. That's 5.87 orders per day. An order, even a signed contract, has a 30% chance of going away as the person changes their mind, can't, it does get laid off, whatever. You take the orders and you put on a 70% yield factor. That means we're getting 4 orders a day. That's 370 orders a quarter, and they're worth $37,500 each on average. That's $13.86 million a quarter.

Speaker Change: So here, you know, the record was like 20. There's some days where you get one or two. And then the question is, is that enough?

Operator: And then the question is, is that enough? To fix that problem. 139 Well, in the last 30 days since Cole arrived, he's done 176, so that doubled what we had.

Speaker Change: 2 fix

Speaker Change: that problem 139 well

Cole Farmer: In the last 30 days since Cole arrived, he's done 176, so that doubled what we had.

Operator: That's 5.87 orders per day. An order, even an order, even a signed contract has a 30% chance of going away as the person changes their mind, gets laid off, whatever. So you take the orders and you put on a 70% yield factor. That means we're getting four orders a day. That's 370 orders a quarter and they're worth $37,500 each on average.

Coal Farmer: So that doubled what we had. That's 5.87 orders per day. And order, even an order, even a sign contract has a 30% chance of going away as the person changes their mind, can't, can't, it does get laid off, whatever. So you take the orders and you put on a 70% yield factor. That means we're getting four orders a day. That's 370 orders a quarter. And they're worth, they're worth 37,500 bucks each on average. So that's 13.86 million dollars a quarter. So in 30 days, we've gone from worrying about our future to having a third of the backlog we need to have a 40 million dollar quarter.

Cole Farmer: That's 5.87 orders per day.

Speaker Change: an order, even an order, even a signed contract.

Speaker Change: has a 30% chance of going away as the person changes their mind.

Speaker Change: Can't can't it does gets laid off. Whatever. So you take the orders and you put on a 70% yield factor That means we're getting four orders a day That's 370 orders a quarter

Operator: So that's $13.86 million a quarter. So in 30 days, we've gone from worrying about our future to having a third of the backlog we need to have a $40 million quarter. So yeah, he's done.

Speaker Change: And they're worth $37,500 each on average. So that's $13.86 million a quarter.

T.J. Rodgers: In 30 days, we've gone from worrying about our future to having a third of the backlog we need to have a $40 million quarter. Yeah, he's done. By the way, I didn't show it, but his, the motto of his company, which I've appropriated, I declared that, well, we bought that motto since we acquired your company, is, "Start fast, finish strong." That's now the motto of our company, and he's surely demonstrating that here. Okay, to round out before questions. The big news really is the SunPower APA, asset purchase agreement, and that's an opportunity for us to scale the company way faster than building back from the problems we've had. And by fast, I mean, talking about a $100 million quarter kinda numbers.

Speaker Change: So in 30 days, we've gone from worrying about our future to having a third of the backlog we need to have a $40 million quarter. So yeah, he's done.

Operator: By the way, I didn't show it, but, is that the motto of his company, which I've appropriated, I declared that, well, we bought that motto since we acquired your company, is start fast, finish strong. So that's now the motto of our company and he's surely demonstrating that here. Okay, to round up before quest, The big news really is the Sun Power APA asset purchase agreement, and that's an opportunity for us to scale the company way faster than building back from the problems we've had, and by fast I mean talking about a hundred million dollar quarter kind of number. We've got a stalking horse bid in at $45 million, and we have added $7.2 million to that, at least the liability to that, to add to what other people would have to bid against us.

Coal Farmer: So yeah, he's done, by the way, I didn't show it, but the motto of his company, which I've appropriated, I declared that, well, we bought that motto since we acquired your company, is start fast, finish strong. So that's not the motto of our company. And he's certainly demonstrating that here.

Speaker Change: By the way, I didn't show it, but

Speaker Change: The motto of his company, which I've appropriated, I declared that we bought that motto since we acquired your company, is start fast, finish strong. So that's now the motto of our company, and he's surely demonstrating that here. Okay, to round out before questions.

Operator: Okay, to round out before questions, the big news really is the Sun Power APA asset purchase agreement. And that's an opportunity for us to scale the company way faster than building back from the problems we've had. And by fast, I mean, talking about 100 million dollar quarter, kind of numbers. We've got a stocking ours bit in at 45 million. And we're, we're, we have added 7.2 million to that, at least the liability to that, to add to what other people would have to bid against us.

Speaker Change: The big news really is the SunPower APA, Asset Purchase Agreement.

Speaker Change: And that's an opportunity for us to scale the company way faster than building back from the problems we've had.

Speaker Change: And by fast, I mean talking about $100 million quarter kind of numbers.

T.J. Rodgers: We've got a stalking horse bid in at $45 million, and we have added $7.2 million to that, at least the liability, to that to add to what other people would have to bid against us. We're working on a detailed financial plan. Since SunPower was spun out of Cypress, they have a lot of our financial planning tools and a lot of our language that they use.

Speaker Change: We've got a stalking horse bid in at $45 million, and we have added $7.2 million to that, at least the liability to that, to add to what other people would have to bid against us.

Operator: We're working on a detailed financial plan. Since SunPower was spun out of Cypress, they have a lot of our financial planning tools and a lot of our language that they use. So it was really easy to start working with Tom Werner who's running the show on the Sun Power side and we're already up through revision number four on our plan and it's becoming more and more credible. As we go along, the theory is we make a plan and then we hire the people we can afford to hire to meet the plan and have some money left at the end of the day.

Speaker Change: We're working on a detailed financial plan. Since SunPower was spun out of Cyprus, they have a lot of our financial planning tools and a lot of our language that they use.

Operator: We're working on a detailed financial plan. Since Sun Power was spun out of Cyprus, they have a lot of our financial planning tools and their lot of our language that they use. So it was really easy to start working with Tom Werner, who's running the show on the Sun Power side. And we're already up through revision number four on our plan. And it's becoming more and more credible as we go along.

T.J. Rodgers: It was real easy to start working with Tom Werner, who's running the show on the SunPower side, and we're already up through revision number 4 on our plan, and it's becoming more and more credible. As we go along, the theory is we make a plan, and then we hire the people we can afford to hire to meet the plan and have some money left at the end of the day. That's cash flow management. That's what I've learned in my most recent foray into this very tough business. We also started making employment offers. I call them, again, attractive. They include stock options for all retained employees. We plan to make them all employee shareholders and then let them do what employee shareholders do, which is do a better job than non-employee non-shareholder employees.

Speaker Change: So, it was real easy to start working with Tom Werner, who's running the show on the SunPower side, and we're already up through revision number four on our plan, and it's becoming more and more credible.

Speaker Change: As we go along, the theory is we make a plan and then we hire the people we can afford to hire to meet the plan and have some money left at the end of the day. That's cash flow management. That's what I've learned in my most recent foray into this very tough business.

Operator: The theory is we make a plan and then we hire the people we can afford to hire to meet the plan and have some money left at the end of the day. That's cash flow management. That's what I've learned in my recent, most recent foray into this very tough business. We've also started making employment offers. I call them again attractive. And they include stock options for all retained employees. So we plan to make them all employee shareholders and then let them do what employees shareholders do, which is do a better job than non-employees, non-chairholder employees.

Operator: That's cash flow management. That's what I've learned in my most recent foray into this very tough business. We've also started making employment offers, I call them again attractive, and they include stock options for all retained employees. So we plan to make them all employee shareholders. Let them do what employee shareholders do, which is do a better job than non-shareholder employees.

Speaker Change: We also started making employment offers. I call them, again, attractive and they include stock options for all retained employees. So we plan to make them all employee shareholders and then

Speaker Change: Let them do what employee shareholders do, which is do a better job than non-shareholder employees. Okay, that's it.

Operator: Okay, that's it. We're ready for questions. They command and get relayed to us, to everyone joining us today. Questions can be submitted via the text box at the bottom of your screen.

T.J. Rodgers: Okay, that's it. We're ready for questions. They come in and get relayed to us.

Operator: Okay, that's it. We're ready for questions. They command and get relayed to us. As a reminder to everyone joining us today, questions can be submitted via the text box at the bottom of your screens.

Speaker Change: We're ready for questions. They come in and get relayed to us.

Operator: As a reminder to everyone joining us today, questions can be submitted via the text box at the bottom of your screens. The first question we have today, from Achilles Capital. Approximately a year ago, the fab was said to be supply limited. Are you worried about the ramp-up now being demand limited due to the solar slowdown?

Speaker Change: Thank you to everyone joining us today.

Speaker Change: Questions can be submitted via the text box at the bottom of your screen.

Operator: The first question we have today from... Achilles Capital. Approximately a year ago, the FAB was said to be supply limited. Are you worried about the ramp-up now being demand limited due to the solar slowdown? Yes, right now. Up until a month ago, I had 139 orders. The cupboard was getting bare.

Speaker Change: The first question we have today from

Operator: The first question we have today from Achilles Capital. Approximately a year ago, the fab was said to be supply limited. Are you worried about the ramp up now being demand limited due to the solar slowdown? Yes, right now. Up to a month ago, I had 139 orders. The cupboard was getting bare and we are worried about demand. Our demand is not huge, so it's a tractable problem. I'd hate to have a big solar company right now and have to feed it. And Coles came in like I said and turned it around. So right now, I'm not worried about demand other than timing.

Speaker Change: Achilles Capital. Approximately a year ago the fab was said to be supply limited. Are you worried about the ramp up now being demand limited due to the solar slowdown?

T.J. Rodgers: Yes, right now. Up to a month ago, I had 139 orders. The cupboard was getting bare, and we are worried about demand. Our demand is not huge, so it's a tractable problem. I'd hate to have a big solar company right now and have to feed it. Cole's come in, like I said, and turned it around. Right now, I'm not worried about demand other than timing. I have to finish out this quarter and have a good backlog for the beginning of the next quarter.

Speaker Change: Yes, right now. Up to a month ago I had 139 orders. The cupboard was getting bare. And we are worried about demand. Our demand is not huge, so it's a tractable problem. I'd hate to have a big solar company right now and have to feed it.

Operator: And we are worried about demand. Our demand is not huge, so it's a tractable problem. I'd hate to have a big solar company right now and have to feed it, and Kohl's come in like I said and turned it around so right now I'm not worried about demand other than timing I have to finish out this quarter and have a good backlog for the beginning of the next quarter. There are a series of questions regarding the merger and many of them acknowledge that some of the information cannot be answered but will endeavor anyway.

Speaker Change: And Kohl's came in, like I said, and turned it around. So right now I'm not worried about demand other than timing. I have to finish out this quarter and have a good backlog for the beginning of the next quarter.

Operator: I have to finish out this quarter and have a good backlog for the beginning of the next quarter.

Operator: Thank you. There are a series of questions regarding the merger, and many of them acknowledge that some of the information cannot be answered, but we'll endeavor anyway. Can you discuss the rationale behind the acquisitions, and your expectations for revenue and margins post SunPower?

Operator: Thank you. There are a series of questions regarding the merger and many of them acknowledge that some of the information cannot be answered. But we'll end up anyway. Can you discuss the rationale behind the acquisitions and your expectations for revenue and margins post some power? I agree with all the stuff that you can't say. I decided to give one revenue number, which is not out of our plan, which is the magnitude of what the combined company will look like. At 100 million bucks per quarter.

Speaker Change: Thank you.

Speaker Change: There are a series of questions regarding the merger, and many of them acknowledge that some of the information cannot be answered, but we'll endeavor anyway.

Operator: Can you discuss the rationale behind the acquisitions and your expectations for revenue and margins post? sun power. I agree with all this stuff that you can't say.

Speaker Change: Can you discuss the rationale behind the acquisitions and your expectations for revenue and margins post-sun power?

T.J. Rodgers: I agree with all that stuff that you can't say. I decided to give one revenue number, which is not out of our plan, which is the magnitude of what the combined company will look like at $100 million per quarter. And beyond that, I don't have a good enough plan to start making commitments to investors. What do I expect out of it? Well, I've worked with SunPower before. Our fab guys built their first factory in Manila. They did their training for making their cell, the one that turned on in the market in our Austin plant. Actually, the guy who ran that plant is working with us and helping us now. I expect to have a company that integrates very quickly, has shared values, and takes advantage of the tailwind in the solar market.

Operator: I decided to.., give one revenue number, which is not out of our plan, which is the magnitude of what the combined company will look like at $100 million per quarter. And beyond that, I don't have a good enough plan to start making commitments to invest. What do I expect?

Speaker Change: I agree with all this stuff that you can't say. I decided to...

Speaker Change: Give one revenue number, which is not out of our plan, which is the magnitude of what the combined company will look like at $100 million per quarter.

Speaker Change: And beyond that, I don't have a good enough plan to start making commitments to investors.

Operator: And beyond that, I don't have a good enough plan to start making commitments to investors. What do I expect out of it? Well, I've worked with some power before. Our fab guys built their first factory in Manila. They did their training for making their cell, the one that turned on in the market in our Austin plant. Actually, the guy around that plant is working with us and helping us now. So I expect to have a company that integrates very quickly, has shared values and takes advantage of the tailwind in the solar market.

Operator: out of it. Well, I've worked with Sampar before. Our fab guys built their first factory in Manila, they did their training for making their cell, the one that turned on in the market in our Austin plant. Actually, the guy who ran that plant is working with us and helping us now, so I expect to have a company that integrates very quickly, has shared values, and takes advantage of the tailwind in the solar market. We've gone, I think we've gone through the ugliest time.

Speaker Change: What do I expect?

Speaker Change: Out of it.

Speaker Change: Our fab guys built their first factory in Manila. They did their training for making their cell, the one that turned on in the market in our Austin plant.

Speaker Change: Actually, the guy who ran that plant is working with us and helping us now. So I expect to have a company that integrates very quickly.

Speaker Change: has shared values.

T.J. Rodgers: I think we've gone through the ugliest time. I think it's time to turn on. It's like Warren Buffett. I was listening to something he said a couple weeks ago, and he said it's amazing the bargains you get at the bottom of these recessions. That's what we're all hoping for.

Speaker Change: and takes advantage of the tailwind in the solar market.

Operator: I think it's time to turn on. It's been like Warren Buffett. I was listening to something he said a couple weeks ago and he said it's amazing.

Speaker Change: I think we've gone through the ugliest time. I think it's time to turn on. Like Warren Buffett, I was listening to something he said a couple weeks ago, and he said it's amazing the bargains you get at the bottom of these recessions, and that's what we're all hoping for.

Operator: The bargains you get at the bottom of these recessions and that's what we're all hoping for. In the same vein, a question, your next question is. If awarded SunPower, can you discuss your overall growth strategy? in the next few years and do you expect Starbucks to expand their pilot to more than 100 stores? Cross Strategy, That's one big different thing between semiconductors that was my career and solar. And that is, in semiconductors, you invest massively in research and development, 25% of revenue. If you don't stay on the Moore's Law curve, you die.

Operator: I think we've gone through the ugliest time. I think it's time to turn on. It's like Warren Buffett. I was listening to something he said a couple weeks ago and he said, it's amazing the bargains you get at the bottom of these recessions. And that's what we're all hoping for.

Operator: Thank you. In the same vein, your next question is, if awarded SunPower, can you discuss your overall growth strategy in the next few years? Do you expect Starbucks to expand their pilot to more than 100 stores?

Coal Farmer: Thank you. In the same vein, your next question is, if awarded sunpower, can you discuss your overall growth strategy in the next few years? And do you expect Starbucks to expand their pilot to more than 100 stores? Cross strategy. There's one big different thing between semiconductors that was my career and solar. And that is, in semiconductors, you invest massively in research and development 25% of revenue. If you don't stay on the morislaw curve, you die.

Speaker Change: you. In the same vein, your next question is...

Speaker Change: the next few years and do you expect Starbucks to expand their pilot to more than 100 stores?

T.J. Rodgers: Growth strategy. There's one big different thing between semiconductors, where that was my career, and solar. That is, in semiconductors, you invest massively in research and development, 25% of revenue. If you don't stay on the Moore's Law curve, you die. This back in the eighties, nineties, and early 2000s. You kind of will your own growth. In solar, it's a cash flow business. You may or may not be able to get cash. Cash may be cheap or expensive. People may or may not want to. You've really got to turn it the other way around and look at the demand, have the right products, which we're gonna improve products. I'm a technologist, and one thing that SunPower had back in the ancient days when I was there is they had really great technology. We're gonna have really great technology again.

Speaker Change: Growth strategy.

Speaker Change: That's one big different thing between semiconductors, that was my career, and solar.

Speaker Change: And that is, in semiconductors, you invest massively in research and development, 25% of revenue. If you don't stay on the Moore's Law curve, you die. This is back in the 80s, 90s, and early 2000s.

Operator: This back in the 80s, 90s, and early 2000s, and you kind of will your own growth, in solar. It's a cash flow business, you may or may not be able to get cash, cash may be cheap or expensive, people may or may not want to, and you've really got to turn it the other way around and look at the demand, have the right products, which we're going to improve products. I'm a technologist and one thing that SunPower had back in the ancient days when I was there is they had really great technology and we're going to have really great technology again. So you don't force your way in, you in effect size your company to the growth rate that you can accommodate in the marketplace and sometimes it will be flat, sometimes it will be down.

Coal Farmer: This back in the 80s, 90s and early 2000s. And you kind of will your own growth. In solar, it's a cash flow business. You may or may not be able to get cash. Cash may be cheaper expensive. People may or may not want to. And you've really got to turn it the other way around and look at the demand, have the right products, which we're going to improve products. I'm a technologist and one thing that some part had back in the ancient days when I was there is they had really great technology.

Speaker Change: and you kind of will your own growth.

Speaker Change: In solar

Speaker Change: It's a cash flow business. You may or may not be able to get cash. Cash may be cheap or expensive.

Speaker Change: People may or may not want to.

Speaker Change: and you've really got to turn it the other way around and look at the demand have the right products which we're going to improve products. I'm a technologist and one thing that some part had back in the ancient days when I was there is they had really great technology. We're going to have really great technology again.

T.J. Rodgers: You don't force your way in. You, in effect, size your company to the growth rate that you can accommodate in the marketplace. Sometimes it'll be flat, sometimes it'll be down. You know, in California, the government turned on a little animal called NEM 3.0, N-E-M, Net Energy Metering. What they did was they stopped paying full price for solar-generated energy at a home as it went back into the grid to run your meter backwards. They stopped paying for it. They cut it down the price almost to nothing, to a nickel. The same thing's happened in amazingly enough, in the Netherlands, where there's actually a negative tariff, meaning they charge you money to take away your garbage power in the middle of the day. Okay, that's the way the world's going because of success.

Coal Farmer: We're going to have really great technology again. So you don't force your way in, in effect, size your company to the growth rate that you can accommodate in the marketplace. And sometimes it'll be flat, sometimes it'll be down. You know, in California, the government turned on a little animal called NEM3, NET electricity metering. And what they did was they stopped paying full price for solar generated energy at home as it went back into the grid to run your meter backwards.

Speaker Change: So you don't force your way in, you in effect size your company to the growth rate that you can accommodate in the marketplace. And sometimes it will be flat, sometimes it will be down.

Operator: You know in California the government turned on a little animal called NEM3, N-E-M, Net Electricity Metering. And what they did was they, stopped paying full price for solar-generated energy in a home as it went back into the grid to run your meter backwards. They stopped paying for it.

Speaker Change: You know, in California, the government turned on a little animal called NEM3, N-E-M, Net Electricity Metering. And what they did was, they

Coal Farmer: They stopped paying for it. They cut it down the price almost and nothing to the nickel. Same things happened in amazingly enough in Netherlands where there's actually a negative tariff, meaning they charge you money to take away your garbage power in the middle of the day. Okay, that's the way the world's going because of success. The solar industry has managed to produce more power than we need during daylight hours. So all of a sudden that excess power isn't needed.

Speaker Change: stopped paying full price for solar-generated energy at home as it went back into the grid to run your meter backwards. They stopped paying for it. They cut it down the price almost to nothing, to a nickel.

Operator: They cut it down the price almost to nothing, to nickel, same things happened in amazingly enough in netherlands where there's actually a negative tariff meaning they charge you money to take away your garbage power in the middle of the day, Okay, and that's the way the world's going because of success. The solar industry.., has managed to produce more power than we need during daylight hours. So all of a sudden, that excess power isn't needed. They don't want to pay for it.

Speaker Change: The same thing's happened, amazingly enough, in the Netherlands, where there's actually a negative tariff, meaning they charge you money to take away your garbage power in the middle of the day.

T.J. Rodgers: The solar industry has managed to produce more power than we need during daylight hours. All of a sudden, that excess power isn't needed. They don't wanna pay for it. In the case of some grids, it actually can be destabilizing. Now we're into storage, right? That means you store your energy during the day and use it at night when utilities typically, at least in California, screw you for high rates. We will have to live in a world unlike silicon, where you don't just put your head down and say, "We're changing the world.

Speaker Change: Okay, and that's the way the world's going because of success. The solar industry...

Speaker Change: has managed to produce more power than we need during daylight hours.

Speaker Change: So, all of a sudden, that excess power isn't needed, they don't want to pay for it, and in the case of some grids, it actually can be destabilizing. So now we're into storage.

Operator: And in the case of some grids, it actually can be destabilizing. So now we're into storage, right and that means you store your energy during the day and use it at night when utilities typically, at least in California, screw you for high for high rates. We will have to live in a world, unlike silicon, where you don't just put your head down and say, we're changing the world. You know, the next transistor will be 7 nanometers and literally 10 angstroms thick gate oxide.

Coal Farmer: They don't want to pay for it in the case of some grids that actually can be destabilizing. So now we're into storage, right? And that means you store your energy during the day and use it at night when utilities typically, at least in California, screw you for high rates. So we will have to live in a world unlike silicon where you don't just put your head down and say we're changing the world.

Speaker Change: Right? And that means you store your energy during the day and use it at night when utilities typically, at least in California, screw you for high rates.

Speaker Change: So...

Speaker Change: We will have to live in a world, unlike silicon, where you don't just put your head down and say, we're changing the world. The next transistor will be 7 nanometers and literally 10 angstroms thick gate oxide. We have to say, we're going to change the world.

T.J. Rodgers: You know, the next transistor will be 7 nanometers and literally 10 angstroms thick gate oxide. We have to say, "We're going to be a change agent that does what the environment wants," and the environment includes us, our customers, our competitors, and the government, changing needs in the world. Cole, you got anything to add on that one?

Coal Farmer: You know, the next transistor will be 7 nanometers and literally 10 axioms that gate oxide. We have to say we're going to be a change agent that does what the environment wants and the environment includes us, our customers, our competitors and the government. And changing needs in the world. Cole, you got anything to add on that one. There have been certainly a lot of changes in the last year, especially with them 3.0.

Operator: We have to say, we're going to... Be a Change agent that does what, the environment wants, and the environment includes us, our customers, our competitors, and the government, and changing needs in the world. Cole, you got anything to add on that one?

Speaker Change: to be a change agent that does what?

Speaker Change: The environment wants and the environment includes us, our customers, our competitors, and the government.

Speaker Change: and changing needs in the world.

Speaker Change: Cole, you got anything to add on that one?

Cole Farmer: There have been certainly a lot of changes in the last year, especially with NEM 3.0. I think California installers, Complete Solaria in particular, has handled that very well, with batteries. There's exciting opportunity there, additional revenue opportunities for sure, and I would even say, additional profitability areas, with storage capacity. Batteries have been much easier to integrate than I think any of us thought. I know that from experience, and they've been much easier to sell, and there's a high demand for those. The other shift we've seen is, with the higher interest rates, things have moved heavily to leases or power purchase agreements. Those have really kept the industry, you know, optimistic in a place where it can continue to grow and figure out how to finance these solar projects.

Cole: Okay. There have been.., with NEM 3.0. I think California installers, Komplete Solar in particular, has handled that very well with batteries, so there's exciting opportunity there, additional revenue opportunities for sure, and I would even say additional profitability areas with storage capacity. Batteries have been much easier to integrate than I think any of us thought. I know that from experience and they've been much easier to sell and there's a high demand for those.

Speaker Change: There have been certainly a lot of changes in the last year especially with them 3.0.

Speaker Change: I think California installers complete solar in particular.

Coal Farmer: I think California installers complete solar in particular has handled that very well with batteries. So there's exciting opportunity there, additional revenue opportunities for sure. And I would even save additional profitability areas with storage capacity. The batteries have been much easier to integrate than I think any of us thought. I know that from experience and they've been much easier to sell and there's a high demand for those. So the other shift we've seen is with the higher interest rates things have moved heavily to leases or power purchase agreements but those have really kept the industry optimistic in a place where it can continue to grow and figure out how to finance these solar projects.

Speaker Change: Batteries have been much easier to integrate than I think any of us thought. I know that from experience and they've been much easier to sell and there's a high demand for those.

Cole: So, the other shift we've seen is with the higher interest rates, things have moved heavily to leases or power purchase agreements, but those have really kept the industry.., you know optimistic in a place where it can continue to grow and figure out how to finance the solar project. One other comment.

Speaker Change: optimistic in a place where it can continue to grow and figure out how to finance these solar projects.

T.J. Rodgers: One other comment. I've been working on renewables in the second half of my career. One of the companies I work with is Enphase Energy. They make batteries. They're the second largest battery maker in the United States behind Tesla, the leader that started bringing out batteries for home storage. They're focusing on batteries that do exactly what Cole's talking about. Their battery sales have taken off, and we use their batteries, and we expect to work on them with projects to define the kind of batteries you need for homes. Well, let me leave it there because I might stumble on some, you know, feature that doesn't wanna let out.

Operator: I've been working on renewables in the, I guess I'll call it the second half of my career, and one of the companies I work with is Enphase Energy. They make batteries. They're the second largest battery maker in the United States behind the... Tesla, the leader that started bringing out batteries for home storage, and they're focusing on batteries that do exactly what Cole's talking about, and their battery cells have taken off. We use their batteries and we expect to work on them with projects, to define the kind of batteries you need for homes. Well, let me leave it there because I might stumble on some, you know, feature that somebody wants to, doesn't want to let out.

Speaker Change: One other comment.

Coal Farmer: One other comment. I've been working on renewables and the I guess I'll call it the second half of my career and one of the companies that work with this end phase energy. They make batteries through the second largest battery maker in the United States behind the Tesla, the leader that started bringing out batteries for home storage and they're focusing on batteries that do exactly what Cole's talking about and their battery sales have taken off and we use their batteries and we expect to work with them with projects to define the kind of features you need for homes.

Speaker Change: I've been working on renewables in the...

Operator: Let me leave it there because I might stumble on some feature that somebody wants to, that doesn't want to let out.

Speaker Change: I guess I'll call it the second half of my career. And one of the companies I work with is Enphase Energy.

Speaker Change: They make batteries. They're the second largest battery maker in the United States.

Operator: Thank you.

Speaker Change: Tesla, the leader that started bringing out batteries for home storage.

Speaker Change: And they're focusing on batteries that do exactly what Cole's talking about. And their battery sales have taken off.

Speaker Change: We use their batteries and we expect to work on them with projects.

Cole Farmer: to define the kind of batteries you need for homes.

Speaker Change: And, well, let me leave it there because I might stumble on some feature that somebody wants to, doesn't want to let out.

Operator: Thank you. Our next question comes from Phil Shen from Roth. If you were to win the bid to acquire Blue Raven, would you expect to operate Blue Raven as an independent subsidiary, as it largely was maintained by SunPower? Or would you get rid of the Blue Raven name and integrate it fully with Complete Solaria?

Operator: Our next question comes from Phil Shen, from Ross. If you were to win the bid to acquire Blue Raven, would you expect to operate Blue Raven as an independent subsidiary, as it largely was maintained by sunpower, or would you get rid of the Blue Raven name and integrate it fully with Complete Solaria? I'm sitting here thinking about what kind of trouble can I get in by honestly answering that question.

Speaker Change: Thank you. Our next question comes from Phil Shen.

Operator: Our next question comes from Phil Shen from Roth.

Operator: If you were to win the bid to acquire Blue Raven would you expect to operate Blue Raven as an independent subsidiary as it largely was maintained by some power or would you get rid of the Blue Raven name and integrate it fully with complete Celaria? I'm sitting here thinking about what kind of trouble can I get in by honestly answering that question. My personal view which I don't necessarily impose, you've got to, the other thing is you've got a lot of constituents and you have to gain consensus of what to do is that Blue Raven wisely was not missed by, missed with by some power. They run an excellent shop. I was really impressed. I spent a whole day there and talked to all their managers. They run an excellent shop.

T.J. Rodgers: I'm sitting here thinking about what kind of trouble can I get in by honestly answering that question. My personal view, which I don't necessarily impose, you've gotta. The other thing is, you've got a lot of constituents, and you have to gain consensus of what to do, is that Blue Raven wisely was not messed with by SunPower. They run an excellent shop. I was really impressed. I spent a whole day there and talked to all their managers. They run an excellent shop. They have a name that is important to their employees and their customers, and that thing ought to be let alone. By the way, if you look back at my history, I ran a company with seven different product lines.

Operator: My personal view, which I don't necessarily impose, the other thing is you've got a lot of constituents and you have to gain consensus of what to do, is that Blue Raven, wisely was not messed with by sun power. They run an excellent shop. I was really impressed.

Speaker Change: My personal view, which I don't necessarily impose. The other thing is you've got a lot of constituents and you have to gain consensus of what to do.

Phil Shen: is that Blue Raven.

Speaker Change: wisely was not messed with by Sun power.

Operator: I spent a whole day there and talked to all their managers. They run an excellent shop. They have a name, that is important, to their employees and their customers, and that thing ought to be, let alone. And by the way, if you look back at my history...

Speaker Change: They run an excellent shop.

Speaker Change: I was really impressed. I spent a whole day there and talked to all their managers.

Speaker Change: They run an excellent shop.

Speaker Change: they have a name.

Operator: They have a name that is important to their employees and their customers and that thing ought to be let alone.

Speaker Change: That is important.

Speaker Change: to their employees and their customers.

Speaker Change: and that thing ought to be let alone.

Speaker Change: And by the way, if you look back at my history,

Operator: I ran a company with seven different product lines, in making, for example, a programmable logic chip is way different from making a high-performance Internet memory. And I had seven VPs that ran it. Tom Werner was one of them. Bhadrika Thandaraman, who runs Enphase, was another. And those guys ran their own businesses. I did metal with them.

Operator: By the way, if you look back at my history, I ran a company with seven different product lines. Making, for example, a program of a logic chip is way different from making a high-performance internet memory. I had seven VPs at RANET. Tom Werner was one of them. Badrika Thandaraman, who runs N-Face, was another. And those guys ran their own businesses. I did metal with them. That is, you know, I have certain ideas on how companies ought to run and what process is ought to be used. But on the business side, they did their own thing. And I let I let them alone and I'm very happy for that.

T.J. Rodgers: Making, for example, a programmable logic chip is way different from making a high-performance internet memory. I had seven VPs that ran it. Tom Werner was one of them. Badri Kothandaraman, who runs Enphase, was another. Those guys ran their own businesses, and I didn't meddle with them. That is, you know, I had certain ideas how companies ought to run and what processes ought to be used, but on the business side, they did their own thing. I let them alone, and I'm very happy for that. So I'm not gonna dictate the organization. I'm gonna. Right now we're in the mode where our org charts and our planning is, they've got boxes with titles, not titles and functions, but we haven't started sorting that stuff out yet.

Speaker Change: I ran a company with seven different product lines.

Speaker Change: In making, for example, a programmable logic chip is way different from making a high-performance internet memory.

Speaker Change: And I had seven VPs that ran it. Tom Werner was one of them. Bhadrika Thandaraman, who runs Ant Face, was another.

Speaker Change: And those guys ran their own businesses, and I did meddle with them. That is, you know, I had certain ideas how companies ought to run and what processes ought to be used, but on the business side, they did their own thing.

Operator: That is, you know, I have certain ideas how companies ought to run, and what process is ought to be used. But on the business side, they did their own thing, and I let them alone and I'm very happy for that. So I'm not going to dictate the organization, I'm going to... And right now we're in the mode where our org charts and our planning is, they've got boxes with titles and functions, but we haven't started sorting that stuff out yet. So I'll just give you one example. The Cypress Semiconductor, my cost center, typically the president's cost center is massive. You got entertainment, you got this, you got that in it.

Speaker Change: And I let them alone, and I'm very happy for that. So I'm not going to dictate the organization.

Operator: So I'm not going to dictate the organization. I'm going to and right now we're in the mode where our org charts and our planning is they've got boxes with titles titles and functions but we haven't started sorting sorting that stuff out yet.

Speaker Change: And right now we're in the mode where our org charts and our planning is, they've got boxes with titles and functions, but we haven't started sorting that stuff out yet.

T.J. Rodgers: I'll just give you one example. At Cypress Semiconductor, my cost center. Typically, the president's cost center is massive. You got entertainment, you got this, you got that. My cost center had my secretary, who's sitting over there, me, and my Nasdaq dues, and that was it. Nobody argued about the allocation 'cause it was so small. Product lines had to talk about their overhead, their excess people, and the groups in the company had to serve the product lines. For example, we had 20 lawyers.

Operator: My cost center had my secretary, who's sitting over there, me, and my secretary, me, and my NASDAQ dues, and that was it. And nobody argued about the allocation because it was so small, product lines had to talk about their overhead, their excess people, and the groups in the company had to serve the product lines. So for example, we had 20 lawyers, now you say, why do you have lawyers? And the answer was, our lawyers could produce a patent way cheaper and way better, because they were also engineers, than we could get on the outside by renting a law firm or using lawyers outside. So yeah, Blue Raven runs well.

Speaker Change: So, I'll just give you one example, the Cypress Semiconductor, my cost center, typically the president's cost center is massive, you've got entertainment, you've got this, you've got that in it. My cost center.

Operator: So I'll just give you one example the Cypress semiconductor my cost center typically the president's cost center is massive you got entertainment you got this you got that and it my cost center had my secretary who's sitting over there me and my secretary me and my next act is that was that and nobody argued about the allocation because it was so small product lines had to talk about their overhead their excess people and in the groups in the company had to serve the product lines so for example we had 20 lawyers now what you say why do you have lawyers and you answer us we our lawyers could produce a patent way cheaper and way better because they're also engineers then then we could get on the outside by by using a running a law firm or using lawyers outside so yeah Blue Raven runs well why would you take an asset that runs well and screw it up thank you Phil Sean had a follow up to that he said TJ you just mentioned that you have the highly different that you will have highly differentiated technology the module technology is now with Maxion what products or product category specifically do you expect to introduce I have a bunch of startups that are related and they may or may not directly play into the exact market that complete solar area complete solar place plays in and I'll give you one example there's a company in Rochester New York called Sundensity and I've worked with them for two years they they have a technology they have two technologies one of them I'll describe grab sunlight absorbs light 400 nanometers in ultraviolet below high energy light that doesn't do well in silicon anyway charges up sites atoms in in in the coating and then remits two photons instead of one two red photons which have less energy conservation energy than one blue photon or one ultraviolet photon and that literally doubles the current you get out of a panel for that one photon you get two electronic currents for one photon so that company that the promise there is to work on the basic technology and beat the silicon limit the fundamental silicon limits think 29.3% I think it's a shockley quesart limit and and it it's a calculation that shockley did after the solar cells invented the Bell Labs and use the Bell Labs so these guys are doing new things compound semiconductors layered semiconductors photons splitting it quantum splitting of photons to try to beat that limit because it's a different system that can beat that limit so I'm working on that I'm working on batteries, both at Enphase and at Enovix, which is a battery company, which is lending me their studio today, so we don't have to pay for it. In general, I'm going to bring technologies like that, electronic technologies from Enphase, optical technologies from more than one company that I'm working with right now to bear, and when I find one, it's perfect, right, we're your customer, we'll make you famous, we'll take your inverter or your panel or whatever to market and we'll brag about it.

Speaker Change: I had my secretary, who's sitting over there, me, and my secretary, me, and my NASTAC dues, and that was it. And nobody argued about the allocation because it was so small.

Speaker Change: product lines.

Speaker Change: had to talk about their overhead, their excess people, and the groups in the company had to serve the product lines.

T.J. Rodgers: Now, what you say, "Why do you have lawyers?" The answer was, our lawyers could produce a patent way cheaper and way better 'cause they were also engineers than we could get on the outside by renting a law firm or using lawyers outside. Yeah, Blue Raven runs well. Why would you take an asset that runs well and screw it up?

Speaker Change: So, for example, we had 20 lawyers. Now you say, why do you have lawyers? And the answer was our lawyers could produce a patent way cheaper and way better, because they were also engineers, than we could get on the outside by renting a law firm or using lawyers outside.

Operator: Why would you take an asset that runs well and screw it up? Thank you. Phil Shen had a follow-up to that. He said, TJ, you just mentioned that you have the highly different, that you will have highly differentiated technology. The module technology is now with Maxion. What products or product categories specifically do you expect to introduce? I have, bunch of startups that are related and they may or may not directly play into the exact market that complete Solaria, complete solar plays in. And I'll give you one example.

Speaker Change: So, yeah, Blue Raven runs well. Why would you take an asset that runs well and screw it up?

Operator: Thank you. Phil Shen had a follow-up to that. He said: T.J., you just mentioned that you will have highly differentiated technology. The module technology is now with Maxeon. What products or product categories specifically do you expect to introduce?

Speaker Change: Thank you.

T.J. Rodgers: I have a bunch of startups that are related, and they may or may not directly play into the exact market that Complete Solaria, Complete Solar plays in. I'll give you one example. There's a company in Rochester, New York, called SunDensity, and I've worked with them for two years. They have a technology. They have two technologies. One of them I'll describe. Grabs sunlight, absorbs light 400 nanometers and ultraviolet below. High-energy light that doesn't do well in silicon anyway. Charges up sites, atoms in the coating, and then re-emits two photons instead of one. Two red photons, which have less energy, conservation of energy than one blue photon or one ultraviolet photon. That literally doubles the current you get out of a panel for that one photon. You get two electronic currents for one photon.

Speaker Change #100: I have

Speaker Change #101: A bunch of startups that are related, and they may or may not directly play into the exact market that complete Solaria, complete solar plays in.

Operator: There's a company in Rochester, New York called Sun Density, and I've worked with them for two years. I've been working with them for two years. They have a technology. They have two technologies, one of them I'll describe. Grab sunlight, absorbs light 400 nanometers in ultraviolet below, high-energy light that doesn't do well in silicon anyway, uh... charges up sites atoms in the coating, and then re-emits two photons instead of one, two red photons which have less energy, conservation of energy, than one blue photon or one ultraviolet photon. And that literally doubles the current you get out of a panel for that one photon. You get two electronic currents for one photon.

Speaker Change #101: And I'll give you one example. There's a company in Rochester, New York, called Sun Density.

Speaker Change #101: And I've worked with them for two years.

Speaker Change #101: They have a technology

Speaker Change #101: They have two technologies. One of them I'll describe, grab sunlight.

Speaker Change #101: absorbs light 400 nanometers in ultraviolet below high-energy light that doesn't do well in silicon anyway.

Speaker Change #101: charges up

Speaker Change #101: Sites atoms in in in the coding

Speaker Change #101: and then re-emits two photons instead of one two red photons which have less energy conservation of energy than one blue photon or one ultraviolet photon and that literally doubles the current you get out of a panel for that one photon you get two electronic currents for one photon

Operator: So, that company, the promise there is.., to work on the basic technology and beat the silicon limit, the fundamental silicon limit. 29.3% I think, it's the Shockley-Quessar limit, and it's a calculation that Shockley did after the solar cell was invented at Bell Labs and used at Bell Labs. So these guys are doing new things, compound semiconductors, layered semiconductors, photon splitting, quantum splitting of photons, to try to beat that limit, because it's a different system that can beat that limit.

T.J. Rodgers: That company, the promise there is to work on the basic technology and beat the silicon limit, the fundamental silicon limits. I think it's 29.3%, I think it's the Shockley-Queisser limit. It is a calculation that Shockley did after the solar cell was invented at Bell Labs, and he was at Bell Labs. These guys are doing new things, compound semiconductors, layered semiconductors, photon splitting, quantum splitting of photons, to try to beat that limit because it's a different system that can beat that limit. I'm working on that. I'm working on batteries, both at Enphase and at Enovix, which is a battery company, which is lending me their studio today, so we don't have to pay for it.

Speaker Change #102: So that company, the promise there is.

Speaker Change #102: to work on the basic technology and beat the silicon limit, the fundamental silicon limits.

Speaker Change #103: I think it's 29.3%, I think. It's the Shockley-Quessar limit.

Speaker Change #103: And it's a calculation that Shockley did.

Speaker Change #103: after the solar cell was invented at Bell Labs and used at Bell Labs.

Speaker Change #103: So these guys are doing new things.

Speaker Change #103: compound semiconductors, layered semiconductors.

Operator: So I'm working on that. I'm working on batteries, both at Enphase and at Enoics, which is a battery company that is lending me its studio today so we don't have to pay for it. In general, I'm going to bring technologies like that, electronic technologies from Enphase, and optical technologies from more than one company that I'm working with right now to bear. And when I find one... It's perfect, right

Speaker Change #104: I'm working on batteries, both at Enphase and at Inovix, which is a battery company, which is lending me their studio today so we don't have to pay for it.

T.J. Rodgers: In general, I'm going to bring technologies like that, electronic technologies from Enphase, optical technologies from more than one company that I'm working with right now, to bear. When I find one, it's perfect, right? We're your customer. We'll make you famous. We'll take your inverter or your panel or whatever to market, and we'll brag about it. I'm a technologist, right? So I can go and talk their language. That's my hope. I live in Silicon Valley, and I should be able to lever that in the future in the R&D area. Now I've given my theory, and I've been totally vague about exactly what products we're working on.

Speaker Change #104: In general, I'm going to bring technologies like that, electronic technologies from Enphase, optical technologies from more than one company that I'm working with right now, to bear. And when I find one,

Operator: We're your customer. We'll make you famous. We'll take your inverter or your panel or whatever to market and we'll brag about it. So, and I'm a technologist, right? So I can go and talk their language.

Speaker Change #105: It's perfect, right? We're your customer. We'll make you famous. We'll take your inverter or your panel or whatever to market and we'll brag about it.

Operator: So that's my hope. I live in Silicon Valley and I should be able to lever that in the future in the R&D area. Given my theory, I've been totally vague about exactly what products we're working on. Our next questions come from Derek Soderberg from Cantor Fitzgerald. His question is to you Cole, what are the commission rates as a percentage of project revenue you are paying for the signed contract? Under 30 or 25 percent, what is the approach to helping complete Solaria reduce selling costs? Those are in the 25 to 33 percent range.

Speaker Change #105: And I'm a technologist, right? So I can go and talk their language. So that's my hope.

Operator: And I'm a technologist, right, so I can go and talk to their language. So that's my whole living Silicon Valley, and I should be able to lever that in the future, in the R&D area. And I've been giving my theory, and I've been totally vague about exactly what products we're working on.

Operator: Thank you.

Speaker Change #105: I live in Silicon Valley and I should be able to lever that in the future in the R&D area.

Speaker Change #106: I've given my theory and I've been totally vague about exactly what products we're working on.

Operator: Thank you. Our next questions come from Derek Soderberg from Cantor Fitzgerald. His question is to you, Cole. What are the commission rates as a percentage of project revenue you are paying for the signed contracts? Under 30 or 25%? What is the approach to helping Complete Solaria reduce selling costs?

Speaker Change #106: Thank you.

Speaker Change #106: Our next questions come from Derek Sotterberg, from Cantor Fitzgerald.

Derek Sotterberg: Our next questions come from Derek Sotterberg from Cantor Fitzgerald. His question is too cool.

Derek Sotterberg: His question is to you, Cole. What are the commission rates as a percentage of project revenue you are paying for the signed contracts?

Coal Farmer: What are the commission rates of a percentage of project revenue you are paying for the for the fine contracts? Under 30 or 25 percent, what is the approach to helping complete Solaria reduce selling cost? Thank you. Those are in the 25 to 33 percent range. A lot of that depends on the channel that that sale comes from. A lot of the things that we're doing is working with win-win solutions with the different sales partners that we have.

Derek Sotterberg: Under 30 or 25 percent, what is the approach to helping complete solaria reduce selling cost?

Cole Farmer: Thank you. Those are in the 25% to 33% range. A lot of that depends on the channel that that sale comes from. A lot of the things that we're doing is working with win-win solutions with the different sales partners that we have. Those solutions help lower and increase the profit margin on our side. There's other things we're doing, such as, you know, some lead generation programs, some different partnerships there that can help really maximize the potential there. I think most of it comes from a win-win. As someone who comes from a sales background, who knows these salespeople, most of the sales companies we deal with now are looking for stable ground.

Speaker Change #108: Thank you.

Cole: A lot of that depends on.., the channel that that sale comes from. A lot of the things that we're doing is working with Win-Win Solutions with the different sales partners that we have. [inaudible] Those solutions help lower and increase the profit margin on our side. Um...

Coal Farmer: Those solutions help lower and increase the profit margin on our side. There's other things we're doing, such as some lead generation programs, some different partnerships there that can help really maximize the potential there. But I think most of it comes from a win-win, if someone who comes from a sales background who knows these salespeople, most of the sales companies we deal with now are looking for stable ground. They're looking for an EPC or a solar installer that shows financial help and they know they can plant their flag there. That's usually enough to get there and we're not getting as many conversations about beating each other over price and it's more of a hand-in-hand approach moving forward.

Operator: Thank you.

Cole: There's other things we're doing, such as some lead generation programs, some different partnerships there that can help really maximize the potential there. But I think most of it comes from a win-win, someone who comes from a sales background who knows these salespeople. Most of the sales companies we deal with now are looking for stable ground. They're looking for an EPC or a solar installer that shows financial health, and they know they can plant their flag there.

Speaker Change #109: There's other things we're doing such as, you know, some lead generation programs and different partnerships there that can help really maximize the potential there. But I think most of it comes from a win-win.

Operator: We have time for one or two more.

Speaker Change #110: as someone who comes from a sales background, who knows these sales people.

Speaker Change #110: Most of the sales companies we deal with now are looking for stable ground. They're looking for an EPC or a solar installer that shows financial health and they know they can plant their flag there. That's usually enough to get there and we're not getting as many conversations about...

Cole Farmer: They're looking for an EPC or a solar installer that shows financial health, and they know they can plant their flag there. That's usually enough to get there, and we're not getting as many conversations about beating each other over price, and it's more of a hand-in-hand approach moving forward.

Cole: That's usually enough to get there, and we're not getting as many conversations about beating each other over price, and it's more of a hand-in-hand approach moving forward, and... We have time for one or two more. Our next question comes from Joseph Osha from Guggenheim. His question is, what are your plans for working with financing partners, particularly with respect to leasing and FPA customers? It's really cold, though.

Speaker Change #110: Beating each other over price and it's more of a hand-in-hand approach moving forward

Operator: Thank you. We have time for one or two more. Our next question comes from Joseph Osha from Guggenheim. His question is: What are your plans for working with financing partners, particularly with respect to leasing and PPA customers?

Speaker Change #110: Um

Speaker Change #111: We have time for one or two more. Our next question comes from Joseph Osha from Guggenheim.

Coal Farmer: Our next question comes from Joseph Oshaf from Guggenheim. His question is, what are your plans for working with financing partners, particularly with respect to leasing and FPA customers? We're currently working with a few different leasing companies. Everbright, LightReach are two in particular. We're seeing a lot of the traditional loan finance companies getting into that space as well. I think there'll be some additional leasing and PPA offerings that we'll be able to look at and choose from which is great. Having those options really stabilizes the industry and also shows that there's still pretty good capital looking into that space.

Joseph Oshah: His question is, what are your plans for working with financing partners, particularly with respect to leasing and FPA customers?

Coal Farmer: Two main ones will probably use consistently but we're seeing a lot of new ones that have good financial backing, pop.

T.J. Rodgers: That's for Cole.

Cole: We're currently working with a few different leasing companies, Everbright, Lightreach are two in particular. We're seeing a lot of the traditional loan finance companies getting into that space as well. So I think there'll be some additional leasing and PPA offerings that we'll be able to look at and choose from, which is great. Having those options really stabilizes the industry and also shows that there's still pretty good capital looking into that space. So two main ones we'll probably use consistently, but we're seeing a lot of new ones that have good financial backing popping up. Thank you everyone.

Cole Farmer: We're currently working with a few different leasing,

Cole Farmer: Companies, Everbright, LightReach are two in particular. We're seeing a lot of the traditional loan finance companies getting into that space as well. I think there'll be some additional leasing and PPA offerings that we'll be able to look at and choose from, which is great. Having those options really stabilizes the industry and also shows that there's still pretty good capital looking into that space. Two main ones we'll probably use consistently, but we're seeing a lot of new ones that have good financial backing popping up.

Speaker Change #113: We're currently working with a few different leasing companies.

Operator: Thank you, everyone.

Speaker Change #113: Everbright, Light Reach are two in particular. We're seeing a lot of the traditional loan finance companies getting into that space as well.

Speaker Change #113: So, I think there'll be some additional leasing and PPA offerings that we'll be able to look at and choose from, which is great. Having those options really stabilizes the industry and also shows that there's...

Speaker Change #113: Still pretty good capital looking into that space. So two main ones we'll probably use consistently, but we're seeing a lot of new ones that have good financial backing popping up.

Operator: Thank you, everyone. We recognize that there's a bunch of people we have not gotten to their questions in the queue today. We'll be reaching out to you individually in the coming days. TJ, did you have any closing comments?

Operator: We recognize that there are a bunch of people we have not gotten to their questions in the queue today. We will be reaching out to you individually in the coming days. TJ, did you have any closing comments? Do we have a time limit?

Speaker Change #113: i

Speaker Change #113: Thank you everyone. We recognize that there's a bunch of people we have not gotten to their questions in the queue today. We will be reaching out to you individually in the coming days. TJ did you have any closing comments?

Operator: We recognize that there's a bunch of people we have not gotten to their questions in the queue today. We will be reaching out to you individually in the coming days.

T.J. Rodgers: Nope. Do we have a time limit?

Operator: TJ, did you have any closing comments? Nope. Do we have a time limit? We can keep going. We have a few more. Let's go on until three o'clock if they got more questions. Okay, excellent.

Operator: We can keep going if you like.

Speaker Change #113: Nope.

Operator: We have a few more. Let's go on until 3 o'clock if they've got more questions. Okay, excellent, um, We have a couple regarding the APA. Assuming the approval of the APA, what sort of relation... I think you've answered this one already.

T.J. Rodgers: It-

Operator: We have a few more.

T.J. Rodgers: Let's go on till 3:00PM if they got more questions.

Speaker Change #114: Do we have a time limit?

Speaker Change #115: We can keep going if you'd like. We have a few more. Let's go on until 3 o'clock if they've got more questions. Okay, excellent.

Operator: Okay, excellent. We have a couple regarding the APA. Assuming the approval of the APA, I think you've answered this one already. In general, they're asking you about assuming the approval of the APA, plans for relationships with Maxeon and Enphase, which you touched on earlier.

Operator: In general, they're asking about assuming the approval of the APA plans for relationships with Maxian and Enphase, which you touched on earlier. One thing we're going to have to... work with Maxion, because of what Maxian split out of. When Maxam split out of SunPower, they got the rights to put SunPower on their products. Obviously, they had to have that.

Speaker Change #116: We have a couple regarding the API. Assuming the approval of the API, what sort of relation?

Operator: We have a couple of regarding the APA. Assuming the approval of the APA, what sort of relation? I think you've answered this one already. In general, they're asking you about assuming the approval of the APA plans for relationships with maxion and phase, which you touched on earlier. Yeah, there's one thing we're going to have to work with maxion because when maxion split out of sunpower, they got the rights to put sunpower on their products.

Speaker Change #117: I think you've answered this one already.

Speaker Change #117: In general, they're asking about assuming the approval of the APA plans for relationships with Maxion and Enphase, which you touched on earlier.

T.J. Rodgers: Yeah, there's one thing we're gonna have to work with Maxeon, because when Maxeon split out of SunPower, they got the rights to put SunPower on their products. Obviously, they had to have that. They split out, and they had to be able to use their same manufacturing name. There's a cloud over the use of the word or the use of the trade name SunPower. It's contractual, and it's real. We will work with them. Bill Mulligan runs the company, and he was part of that original SunPower team. When I was standing there with Swanson, Bill Mulligan was the VP of R&D of SunPower at that time. We will try to sort that one out with them.

Speaker Change #117: One thing we're going to have to

Speaker Change #117: Work with Maxion.

Speaker Change #117: Now...

Speaker Change #117: because when Maxian split out of

Speaker Change #117: When Maxam split out of SunPower, they got the rights to put SunPower on their products. Obviously, they had to have that. They split out and they had to be able to use their same manufacturing name.

Operator: They split out and they had to be able to use their same manufacturing name. So there's.., cloud over the use of the word or the use of the trade name SunPower, and it's contractual and it's real. So we will work with them. Bill Mulligan runs the company and he was part of that original Sunpart team. When I was standing there with Swanson, Bill Mulligan was the VP of R&D of Sunpart at that time.

Operator: Obviously, they had to have that that they split out and they had to be able to use their same manufacturing name. So there's a cloud over the use of the word or the use of the trade name sunpower and it's contractual and it's real. So we will work with them. Bill Mulligan runs the company and he was part of that original sunpart team. When I was standing there with Swanson, Bill Mulligan was VP of R&D of sunpart at that time. So we will try to sort that one out with them.

Operator: All right.

Speaker Change #117: cloud over the use of the word or the use of the trade name SunPower.

Speaker Change #117: And it's contractual, and it's real.

Speaker Change #118: So we will work with them. Bill Mulligan runs the company, and he was part of that original SunPower team. When I was standing there with Swanson, Bill Mulligan was the VP of R&D at SunPower at that time. So we will try to sort that one out with them.

Operator: So we will try to sort that one out with them. All right, well, thank you very much for everyone's time today. We look forward to speaking with you in the coming quarters. Thank you.

Operator: All right. Well, thank you very much for everyone's time today. We look forward to speaking with you in the coming quarters.

Speaker Change #118: All right, well thank you very much for everyone's time today. We look forward to speaking with you in the coming quarters.

Operator: Well, thank you very much for everyone's time today. We look forward to speaking with you in the coming quarters.

T.J. Rodgers: Thank you.

Operator: Thank you.

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