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Complete Solaria Inc Com (CSLR0.00%) has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing reports revenues of $5.5 million for the thirteen weeks ended September 29, 2024, a decrease from $24.6 million in the same period of the previous year. This decline is attributed to a reduction in the volume of solar energy system installations.
Cost of revenues for the quarter was $8.7 million, down from $18.4 million in the previous year. The decrease in cost is primarily due to the reduction in revenue and efforts to manage costs.
The company reported a gross loss of $3.2 million for the quarter, compared to a gross profit of $6.2 million in the previous year, with the decline attributed to decreased revenues and certain fixed costs.
Sales commissions decreased to $7.3 million from $8.8 million, reflecting the reduced revenue. Sales and marketing expenses were $1.1 million, down from $2.2 million, due to a reduction in workforce.
General and administrative expenses increased to $18.5 million from $6.3 million, primarily due to impairment of proprietary software and increased accounts receivable reserves.
The company recorded a gain on extinguishment of debt of $19.9 million, arising from the exchange of certain debt obligations.
Net loss from continuing operations for the quarter was $78.0 million, compared to a net loss of $51.0 million in the previous year.
Complete Solaria completed the sale of its solar panel business to Maxeon (MAXN-4.80%), resulting in a strategic shift and classification of the business as discontinued operations.
Cash and cash equivalents were reported at $79.5 million as of September 29, 2024, excluding restricted cash of $3.8 million.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing operating losses and negative cash flows.
Complete Solaria continues to focus on expanding its network of installation partners and developing new geographic markets to drive growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Complete Solaria Inc Com quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.