2024 Q2 Form 10-Q Financial Statement

#000121390024043520 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q2
Revenue $4.492M $10.04M $0.00
YoY Change
Cost Of Revenue $5.384M $7.757M $13.83M
YoY Change -61.06%
Gross Profit -$892.0K $2.283M $2.850M
YoY Change -131.3%
Gross Profit Margin -19.86% 22.74%
Selling, General & Admin $7.297M $9.827M
YoY Change
% of Gross Profit 430.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $329.0K $357.0K
YoY Change
% of Gross Profit 15.64%
Operating Expenses $8.602M $9.827M $1.510M
YoY Change 469.67% 506.48% 83.23%
Operating Profit -$9.494M -$7.544M -$1.511M
YoY Change 528.21% 365.58% 83.39%
Interest Expense $442.0K $3.568M $1.410M
YoY Change -68.65% 26.65% 204.4%
% of Operating Profit
Other Income/Expense, Net -$4.383M -$2.043M -$1.144M
YoY Change 283.06% -214.1% -140.15%
Pretax Income -$13.88M -$9.587M -$2.660M
YoY Change 421.69% -5734.11% -231.29%
Income Tax $10.00K $1.000K
% Of Pretax Income
Net Earnings -$15.89M -$9.588M -$2.655M
YoY Change 498.53% -5734.86% -231.07%
Net Earnings / Revenue -353.83% -95.5%
Basic Earnings Per Share -$0.26 -$0.20 -$0.93
Diluted Earnings Per Share -$0.26 -$0.20 -$0.13
COMMON SHARES
Basic Shares Outstanding 49.10M shares 49.10M shares 25.20M shares
Diluted Shares Outstanding 61.11M shares 49.08M shares 25.20M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.84M $1.786M $0.00
YoY Change 3656.84% -100.0%
Cash & Equivalents $1.839M $1.786M $3.251K
Short-Term Investments $50.00M
Other Short-Term Assets $7.140M $5.776M $0.00
YoY Change -100.0%
Inventory $2.033M $2.773M
Prepaid Expenses
Receivables $13.00M $20.94M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.02M $31.27M $3.251K
YoY Change 738595.79% 65683.22% -99.66%
LONG-TERM ASSETS
Property, Plant & Equipment $4.456M $4.495M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $118.4M
YoY Change -65.75%
Other Assets $198.0K $198.0K
YoY Change
Total Long-Term Assets $9.377M $9.576M $118.4M
YoY Change -92.08% -91.79% -65.76%
TOTAL ASSETS
Total Short-Term Assets $24.02M $31.27M $3.251K
Total Long-Term Assets $9.377M $9.576M $118.4M
Total Assets $33.39M $40.85M $118.4M
YoY Change -71.79% -64.97% -65.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.00M $10.52M $7.000M
YoY Change 57.07% 80.39% 102.07%
Accrued Expenses $23.23M $22.22M
YoY Change
Deferred Revenue $1.248M
YoY Change
Short-Term Debt $30.38M $35.80M $3.500M
YoY Change 767.91% 1190.49% 636.07%
Long-Term Debt Due $37.15M $35.84M
YoY Change
Total Short-Term Liabilities $113.3M $117.0M $10.49M
YoY Change 979.85% 1259.87% 166.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.416M $3.416M $9.300M
YoY Change -63.27% -49.51% -41.13%
Total Long-Term Liabilities $3.416M $3.416M $9.300M
YoY Change -63.27% -49.51% -41.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $113.3M $117.0M $10.49M
Total Long-Term Liabilities $3.416M $3.416M $9.300M
Total Liabilities $125.4M $125.9M $19.79M
YoY Change 533.41% 719.17% 0.28%
SHAREHOLDERS EQUITY
Retained Earnings -$380.4M -$364.5M -$20.03M
YoY Change 1798.83% 1997.52% 6.66%
Common Stock $288.3M $7.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$91.97M -$85.08M -$19.79M
YoY Change
Total Liabilities & Shareholders Equity $33.39M $40.85M $118.4M
YoY Change -71.79% -64.97% -65.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q2
OPERATING ACTIVITIES
Net Income -$15.89M -$9.588M -$2.655M
YoY Change 498.53% -5734.86% -231.07%
Depreciation, Depletion And Amortization $329.0K $357.0K
YoY Change
Cash From Operating Activities -$2.691M -$4.946M -$340.0K
YoY Change 691.47% 841.41% -47.89%
INVESTING ACTIVITIES
Capital Expenditures $347.0K $30.00K
YoY Change 1056.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$400.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$347.0K -$536.0K -$400.0K
YoY Change -13.25% -100.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.034M $4.726M 700.0K
YoY Change 333.43% -102.01% -30.0%
NET CHANGE
Cash From Operating Activities -2.691M -$4.946M -340.0K
Cash From Investing Activities -347.0K -$536.0K -400.0K
Cash From Financing Activities 3.034M $4.726M 700.0K
Net Change In Cash -4.000K -$801.0K -40.00K
YoY Change -90.0% 3055.78% -111.51%
FREE CASH FLOW
Cash From Operating Activities -$2.691M -$4.946M -$340.0K
Capital Expenditures $347.0K $30.00K
Free Cash Flow -$3.038M -$4.946M -$370.0K
YoY Change 721.08%

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IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1613000 usd
CY2023Q2 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-581000 usd
CY2024Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-413000 usd
CY2023Q2 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-906000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4946000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-16116000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-162000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4946000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16278000 usd
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30000 usd
CY2024Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
536000 usd
CY2023Q2 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
457000 usd
CY2023Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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1000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-536000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-486000 usd
CY2023Q2 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
14102000 usd
CY2024Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
300000 usd
CY2023Q2 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
9603000 usd
CY2023Q2 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
11000000 usd
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000 usd
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
55000 usd
CY2024Q1 cslr Proceeds From Issuance Of Safe Agreements
ProceedsFromIssuanceOfSAFEAgreements
5000000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4726000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15554000 usd
CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-45000 usd
CY2023Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-801000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1209000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6416000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8316000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5615000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7107000 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
1608000 usd
CY2024Q1 cslr Purchase Price Per Share
PurchasePricePerShare
10
CY2024Q1 us-gaap Shares Issued
SharesIssued
193976 shares
CY2023Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
23256504 shares
CY2023Q1 cslr Aggregate Amount
AggregateAmount
82200000 usd
CY2024Q1 us-gaap Debt Current
DebtCurrent
65.2 usd
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1800000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2593000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3829000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3823000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5615000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6416000 usd
CY2024Q1 us-gaap Use Of Estimates
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><b><i>(b)</i></b></td><td><b><i>Use of Estimates</i></b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, as well as related disclosure of contingent assets and liabilities. Significant estimates and assumptions made by management include, but are not limited to, the determination of:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The allocation of the transaction price to identified performance obligations;</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Fair value of warrant liabilities;</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The reserve methodology for inventory obsolescence;</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The reserve methodology for product warranty;</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The reserve methodology for the allowance for credit losses;</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The fair value of the forward purchase agreements; and</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The measurement of stock-based compensation.</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be affected. The Company bases its estimates on past experience and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis. The Company has assessed the impact and management is not aware of any specific events or circumstances that required an update to the Company’s estimates and assumptions or materially affected the carrying value of the Company’s assets or liabilities as of the date of issuance of this report. These estimates may change as new events occur and additional information is obtained.</p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><b><i>(d)</i></b></td><td><b><i>Concentration of Risks </i></b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are on deposit with major financial institutions. Such deposits may be in excess of insured limits from time to time. The Company believes that the financial institutions that hold the Company’s cash are financially sound, and accordingly, minimum credit risk exists with respect to these balances. The Company has not experienced any losses due to institutional failure or bankruptcy. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. The Company reviews accounts receivable balances to determine if any receivables will potentially be uncollectible and includes any amounts that are determined to be uncollectible in the allowance for credit losses. As of March 31, 2024, two customers had an outstanding balance that represented 36% and 19% of the total accounts receivable balance. As of December 31, 2023, two customers had an outstanding balance that represented 38% and 16% of the total accounts receivable balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of customers</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">For the thirteen-weeks ended March 31, 2024, one customer represented 76% of gross revenues. For the thirteen-weeks ended and April 2, 2023, three customers represented 29%, 23% and 12% of gross revenues.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of suppliers</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the thirteen-weeks ended March 31, 2024, and December 31, 2023, one supplier represented 34% and 40% of the Company’s inventory purchases, respectively.</p>
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
3800000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
3800000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1786000 usd
CY2024Q1 us-gaap Revenues
Revenues
10040000 usd
CY2023Q2 us-gaap Revenues
Revenues
16677000 usd
CY2024Q1 us-gaap Amount Of Deferred Costs Related To Long Term Contracts
AmountOfDeferredCostsRelatedToLongTermContracts
1100000 usd
CY2023Q4 us-gaap Amount Of Deferred Costs Related To Long Term Contracts
AmountOfDeferredCostsRelatedToLongTermContracts
1200000 usd
CY2024Q1 cslr Deferred Commission
DeferredCommission
5100000 usd
CY2023Q4 cslr Deferred Commission
DeferredCommission
4200000 usd
CY2024 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
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CY2023 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1900000 usd
CY2023 cslr Direct Offering Costs
DirectOfferingCosts
5700000 usd
CY2024Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
45290553 shares
CY2024Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
18291000 usd
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
14959000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2024Q1 us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
0.59
CY2023 us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
1.66
CY2024Q1 cslr Simulation Period
SimulationPeriod
P1Y3M18D
CY2023 cslr Simulation Period
SimulationPeriod
P1Y6M18D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.049 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0448 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.12 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.95 pure
CY2024Q1 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Planned Sale Investments Not Identified Description
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePlannedSaleInvestmentsNotIdentifiedDescription
The Series D-7 redeemable convertible preferred stock warrants were initially accounted for as liabilities and measured at fair value at the issuance date and as of each subsequent reporting period with changes in the fair value recorded within other income (expense), net in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). As described in Note 12 – Warrants, the redeemable convertible preferred stock warrants were reclassified to additional paid-in capital upon the closing of the Mergers. In October 2023, in connection with the Assignment and Acceptance Agreement as further described in Note 12 – Warrants, these warrants were replaced (“Replacement Warrants”), and the Replacement Warrants are classified as liabilities. Refer to Note 13 – Borrowings and SAFE Agreements.
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
19700000 usd
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
10100000 usd
CY2023Q4 us-gaap Temporary Equity Share Subscriptions
TemporaryEquityShareSubscriptions
31041243 shares
CY2023Q4 cslr Shares From The Mergers And Pipe Financing
SharesFromTheMergersAndPIPEFinancing
19796221 shares
CY2023Q4 cslr Legacy In Shares
LegacyInShares
20034257 shares
CY2023Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
5460075 shares
CY2023Q4 cslr Shares Of Complete Solaria Common Stock Immediately After Mergers
SharesOfCompleteSolariaCommonStockImmediatelyAfterMergers
45290553 shares
CY2024Q1 us-gaap Professional Fees
ProfessionalFees
15800000 usd
CY2024Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
10600000 usd
CY2023Q4 us-gaap Cash
Cash
5400000 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 cslr Purchase Percentage
PurchasePercentage
0.099 pure
CY2024Q1 cslr Price On Floor
PriceOnFloor
5
CY2024Q1 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
100000 usd
CY2024Q1 us-gaap Other General Expense
OtherGeneralExpense
5600000 usd
CY2024Q1 us-gaap Other Liabilities
OtherLiabilities
9400000 usd
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
3800000 usd
CY2023Q4 cslr Reset Floor Price
ResetFloorPrice
3
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
10000000 usd
CY2024Q1 cslr Prepaid Sales Commissions
PrepaidSalesCommissions
5098000 usd
CY2023Q4 cslr Prepaid Sales Commissions
PrepaidSalesCommissions
4185000 usd
CY2023Q4 us-gaap Prepaid Rent
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616000 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
678000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1016000 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5776000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5817000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8464000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7928000 usd
CY2024Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
3969000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
3611000 usd
CY2024Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
4495000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
4317000 usd
CY2024Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
400000 usd
CY2023Q2 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
200000 usd
CY2024Q1 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
3715000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
3969000 usd
CY2024Q1 cslr Accrued Customer Deposits
AccruedCustomerDeposits
296000 usd
CY2023Q4 cslr Accrued Customer Deposits
AccruedCustomerDeposits
544000 usd
CY2024Q1 cslr Accrued Uninvoiced Contract Costs
AccruedUninvoicedContractCosts
80000 usd
CY2023Q4 cslr Accrued Uninvoiced Contract Costs
AccruedUninvoicedContractCosts
671000 usd
CY2024Q1 cslr Accrued Term Loan And Revolving Loan Amendment And Final Payment Fees
AccruedTermLoanAndRevolvingLoanAmendmentAndFinalPaymentFees
2400000 usd
CY2023Q4 cslr Accrued Term Loan And Revolving Loan Amendment And Final Payment Fees
AccruedTermLoanAndRevolvingLoanAmendmentAndFinalPaymentFees
2400000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7700000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7700000 usd
CY2024Q1 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
930000 usd
CY2023Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
931000 usd
CY2024Q1 cslr Accrued Rebate And Credits
AccruedRebateAndCredits
32000 usd
CY2023Q4 cslr Accrued Rebate And Credits
AccruedRebateAndCredits
677000 usd
CY2024Q1 cslr Accured Operating Lease Liabilities Current
AccuredOperatingLeaseLiabilitiesCurrent
548000 usd
CY2023Q4 cslr Accured Operating Lease Liabilities Current
AccuredOperatingLeaseLiabilitiesCurrent
607000 usd
CY2024Q1 cslr Accrued Warranty Current
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1449000 usd
CY2023Q4 cslr Accrued Warranty Current
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1433000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
24893000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
27870000 usd
CY2024Q1 cslr Proceeds From Issuance Of Redeemable Convertible Preferred Stock1
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-1305000 usd
CY2023Q2 cslr Proceeds From Issuance Of Redeemable Convertible Preferred Stock1
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock1
-209000 usd
CY2024Q1 cslr Change In Fair Value Of Carlyle Warrants
ChangeInFairValueOfCarlyleWarrants
6429000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
489000 usd
CY2024Q1 cslr Change In Fair Value Of Forward Purchase Agreement Liabilities
ChangeInFairValueOfForwardPurchaseAgreementLiabilities
5578000 usd
CY2024Q1 us-gaap Other Operating Income Expense Net
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CY2023Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
108000 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1519000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
317000 usd
CY2023Q4 us-gaap Share Price
SharePrice
1.36
CY2023 cslr Aggregate Amount Of Purchase Price
AggregateAmountOfPurchasePrice
4999999.2 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
27637266 shares
CY2024Q1 cslr Stock Issued During Employee Stock Purchase Plan
StockIssuedDuringEmployeeStockPurchasePlan
2628996 shares
CY2024Q1 cslr Stock Options And Restricted Stock Units Issued And Outstanding
StockOptionsAndRestrictedStockUnitsIssuedAndOutstanding
11436369 shares
CY2024Q1 cslr Stock Options And Restricted Stock Units Authorized For Future Issuance
StockOptionsAndRestrictedStockUnitsAuthorizedForFutureIssuance
3850462 shares
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
45553093 shares
CY2024Q1 us-gaap Liabilities Fair Value Disclosure
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3882000 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
11127000 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2190604 shares
CY2024Q1 us-gaap Financial Guarantee Insurance Contracts Claim Liability Weighted Average Risk Free Discount Rate
FinancialGuaranteeInsuranceContractsClaimLiabilityWeightedAverageRiskFreeDiscountRate
0.019 pure
CY2024Q1 cslr Common Stock Issued And Outstanding Percentage
CommonStockIssuedAndOutstandingPercentage
0.02795 pure
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
350000 shares
CY2024Q1 cslr Warrant Vesting Shares
WarrantVestingShares
350000 shares
CY2024Q1 cslr Common Stock Trading Days
CommonStockTradingDays
P10D
CY2024Q1 cslr Warrant Vesting Agreement Exercisable Shares
WarrantVestingAgreementExercisableShares
150000 shares
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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9500000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8625000 shares
CY2024Q1 us-gaap Other Noncash Income Tax Expense
OtherNoncashIncomeTaxExpense
20000.00 usd
CY2024Q1 us-gaap Notes And Loans Payable
NotesAndLoansPayable
29365000 usd
CY2023Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
28657000 usd
CY2024Q1 us-gaap Convertible Debt
ConvertibleDebt
35840000 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
33280000 usd
CY2024Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
65205000 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
61937000 usd
CY2024Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
65205000 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
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CY2024Q1 cslr Investment Description
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The Carlyle Debt Modification Agreement accelerates the redemption date of the investment, which was previously February 14, 2025 and is now March 31, 2024 subsequent to the modification. The acceleration of the redemption date of the investment, resulted in the total redemption amount to be 1.3 times the principal at December 31, 2023. The redemption amount will increase to 1.4 times the original investment at March 31, 2024. Additionally, as part of the amendment, the parties entered into an amended and restated warrant agreement. As part of the Carlyle Warrant Amendment, Complete Solaria issued Carlyle a warrant to purchase up to 2,745,879 shares of Complete Solaria Common Stock at a price per share of $0.01, which is inclusive of the outstanding warrant to purchase 1,995,879 shares at the time of modification. The warrant, which expires on July 18, 2030, provides Carlyle with the right to purchase shares of Complete Solaria Common Stock based on (a) the greater of (i) 1,995,879 shares and (ii) the number of shares equal to 2.795% of Complete Solaria’s issued and outstanding shares of common stock, on a fully-diluted basis; plus (b) on and after the date that is ten (10) days after the date of the agreement, an additional 350,000 shares; plus (c) on and after the date that is thirty (30) days after the date of the agreement, if the original investment amount has not been repaid, an additional 150,000 shares; plus (d) on and after the date that is ninety (90) days after the date of the agreement, if the original investment amount has not been repaid, an additional 250,000 shares, in each case, of Complete Solaria Common Stock at a price of $0.01 per share. The warrants are classified as liabilities under ASC 815 and are recorded within warrant liability on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss.
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0.85 pure
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4849000 usd
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3981000 usd
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265000 usd
CY2023 us-gaap Product Warranty Accrual Warranties Issued
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2100000 usd
CY2024Q1 us-gaap Product Warranty Accrual
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CY2023Q4 us-gaap Product Warranty Accrual
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1448000 usd
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3416000 usd
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CY2024Q1 cslr Attorneys Fees Expenses And Prejudgement Interest
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cslr Fair Value Acquisition
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6700000 usd
us-gaap Related Party Transaction Rate
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CY2023 us-gaap Related Party Tax Expense Effect Of Change In Allocation Methodology
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200000 usd
CY2024Q1 us-gaap Related Party Tax Expense Effect Of Change In Allocation Methodology
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300000 usd
CY2024Q1 us-gaap Proceeds From Interest Received
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5000000 usd
CY2024Q1 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
0.36
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1
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NetAssetValuePerShare
1
CY2024Q2 cslr Purchaser Investing
PurchaserInvesting
50000000 usd
CY2024Q1 cslr Received Amount
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50000000 usd
CY2024Q2 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.62
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3750000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023Q2 cslr Change In Fair Value Of Forward Purchase Agreement Liabilitie
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CY2024Q1 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2024Q1 cslr Increase Decrease In Warranty Provision Noncurrent
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CY2024Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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CY2024Q1 us-gaap Interest Paid Net
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CY2023Q2 cslr Change In Fair Value Of Carlyle Warrants
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CY2023Q2 us-gaap Proceeds From Issuance Of Private Placement
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CY2023Q2 cslr Change In Fair Value Of Forward Purchase Agreement Liabilities
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
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CY2024Q1 us-gaap Convertible Long Term Notes Payable
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CY2023Q4 us-gaap Convertible Long Term Notes Payable
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2024Q1 us-gaap Lease Cost
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q1 us-gaap Dividends Payable Amount Per Share
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CY2023Q2 us-gaap Dividends Payable Amount Per Share
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CY2024Q1 dei Amendment Flag
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false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001838987

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