LEHI, Utah, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. (now renamed "Complete Solar" or the "Company," for more information please click here) (NASDAQ:CSLR) published its Q2'24 results to be presented via webcast today, August 14, 2024 at 5:00 p.m. EDT. Interested parties may access the webcast by registering here or by visiting: https://investors.completesolaria.com/news-events/events. Q2'24 actuals and Q3'24 forecasts (based on non-GAAP results unless noted) are as follows: SunPower is seeking to have Complete Solar designated as the stalking horse in its Chapter 11 bankruptcy APA with a $45 million bid for certain assets. The hearing to approve the stalking horse motion is scheduled for August 29, before the U.S. Bankruptcy Court in Delaware, with the likely closing of the sale by the end of Sept. 2024 In order to stabilize the SunPower business, Complete Solar's bid also will assume certain liabilities, including up to $7.2 million for the SunPower New Homes business Retention employment offers (contingent on executing the APA) were made to a group of SunPower New Homes employees As previously discussed, the Company's Q2'24 revenue was low, only $4.5 million, due to a near-total lack of working capital which limited operations for most of Q2 In response, the Company raised $46 million in a July 2024 convertible debenture offering that provided working capital and paid off all long-term debt and critical overdue accounts When the total elimination of the private equity debt was announced on July 1, the Company's stock (NASDAQ:CSLR) traded up 32.1% on a record 132.6 million shares Q2'24 non-commission opex reached a two-year low of $4.4M (peak Q2'23, $12.9M) 37 Core Energy employees have been integrated into the Company Fellow Shareholders:Our revenue, earnings and cashflow for Q2'24 are given below, compared with the Q1'24 & Q4'23 prior quarter actual results. See our 10Q filing (here) for the Q1'24 report. Complete Solar's revenue was nearly cut off in Q1'24 due to a six-month impasse with our private equity lenders. We expect revenue to recover to $20 million in Q4'24. Meanwhile, the Company received $3.0 million in equity funding in Q2'24 which kept our ending cash balance flat. Our gross profit was reduced by three one-time events relating to inventory and project clean-up during the quarter. That combined with the anomalously low revenue produced low gross margin. We expect to exceed 30% gross margin in Q3'24. The financial data circled above show the benefits of our vigorous cost reduction program. Despite the working capital crunch that cut revenue in half twice, from ...