Complete Solaria, Inc. Price & Performance (CSLR)

My name is TJ Rogers. I'm the Chief Executive and Chairman Executive Chairman of Complete Solar I'm here in Silicon Valley I want to be in Utah, but I have 3 Board meetings here today and I call this meeting right in the middle of them because that was the timing I needed. So I will introduce Dan Foley, Our CFO, Dan Myers, Executive Vice President and General Manager of Renew Homes Division Steve Erickson, our EVP GM of the Blue Raven division By voice only, I have I'm here to Noviks in Silicon Valley, and I've got one channel. And that's me, and I've got voice for them. Dan, say hello so I can check your voice. Hello, TJ. Oh, my god. Okay. My my connection is a cell phone. Alright. Okay, this is a report we sent out. I will refer to certain parts of it [indiscernible] Today, we're going to talk about Q4 'twenty 4, which is a month behind us. Unfortunately, is subject to a full year audit. Which is currently in progress. And that audit is currently hampered by the fact we have to recreate as if merged financials for SunPower, and some part doesn't have complete financials.

So that may take us till mid March. Hence, I'm not waiting till I'm mid March to talk about [indiscernible] So I call this meeting today, that puts me here in Silicon Valley I got other board meetings here. I apologize for that. [indiscernible] this is a preliminary report and it's unaudited for the reasons I just gave. We're only going to talk about what I think you want to know now, which is how did we do last quarter. And here where we think we're going in the current quarter That's what all we're going to do today. First of all, accomplishments. We had a great quarter. In our last 3rd quarter report to you, We gave you a plan for Complete solar. And that plan was aggressive. It was predicated on a successful $45,000,000 acquisition of business unit assets from Sunpar to form a new Complete. And the plan had 2 big accomplishments that were required in it. 1 that little company a $5,500,000 company would acquire a much bigger company, the Sunpar Corporation, which is been around for almost 40 years and it's about 10 times bigger than us. That was one assumption achieved and the second assumption in our plan that we wrote in our Q3 report, our revenue would be 80,000,000 dollars in Q4 'twenty four.

That is our revenue would jump from $5,000,000 [indiscernible] $80,000,000 in 1 quarter. This is a slide I showed to investors I talked about all Complete Solaria the trouble we had with private equity, We originally marketed a $100,000,000 quarter as a likely quarter That turned into be an $80,000,000 quarter which we announced on 11thirteen. And I was worried about taking a jump from here to here as opposed to a jump from here to here. I watched your response to it and your response was right here. There's November 12th. [indiscernible] your response was favorable You'll take a solid $80,000,000 and that's where we where we ended up. I'd like to talk about our accomplished I've got a series of bullets on that and a few slides to illustrate it. First of all, the SunPower integration is substantially complete. We're together We're organized together. We are starting to we've already got down to our headcount This is the graph by work week going back to the beginning of October. So there's the Q4 we're reporting right there. We started out when we first agreed to merge with the 30 99 employees. [indiscernible] 3 weeks, we were down to 416 in our 1st org chart and then a week later 2 weeks later down to 1257.

So this is about what the company needed We had some people come in on post merger on day 1. [indiscernible] worked that number down We got the number down to 11.65 and we thought we were there. And then you notice here the number went up. This is when we started discovering employees that let's just say the 2 companies didn't count very well. And I found 35 Pakistanis that I'm their CEO. So that count went back in, then we started working on it again. And as of the end of the quarter, we are down to 1140 employees. Our goal is to get to 980. So I'm claiming major progress from there. To their And I'm saying we're getting close to the goal. And I actually was going to do that I pointed gross GMs in place, EVP GMs. [indiscernible] This guy Alright. Let me go back. I announced about a month ago he was a star manager [indiscernible] the Blue Raven Systems division. He was a supply is a supply chain expert And he took over new homes for us. And then more recently, We got Steve Erickson. Steve is a well known figure in Salt Lake, which is Solar Valley.

The middle of Solar Valley. In his career, he had 12 promotions from 3 companies between 2011 and 2024 when he came in. He hit the ground running wrote me a comprehensive memo the very first week he was there. Explaining what he saw that he liked didn't like and I advised him to fix the stuff he didn't like and move on. Okay. So we've got our We've got our GMs in place. We are forecasting revenue growth next quarter. As you all know, the solar industry has in the winter quarter has a dip orders go down, people aren't interested in ordering solar when the roofs are covered with ice. And I did some research that number has typically been 5 5% to 14%. We're going to buck that because we're finally getting our act together and and we're going to have a good second quarter And I'm forecasting $82,000,000 up a little bit [indiscernible] prior quarter, not down. The last point is the company is almost at its fighting rate. I went through that with you. Showing we're down to 11 40 employees. And we will hit the $980,000,000 we need to have. I'll tell you where that number comes from a little bit later.

So here's the same slide I already showed you, showing the actual against the $80,000,000 forecast Last quarter, in Q4 and the forecast for the quarter ran at 82 And I'll just tell you we're confident of that number. I'll show you why and when I show you the daily revenue charts. We've cut our operating expense by a factor of 2. That of course comes from headcount reduction [indiscernible] OpEx was an incredible $94,000,000 in the 3rd quarter, That's because we had most of the people from both the companies and a lot of expensive software, $5,000,000 a year for salesforce.com, etcetera. We've gone from $94,000,000 in Q3 to $35,000,000 in Q4. For the combined and cost reduced company that I showed you the curve for a minute ago. I like to look at operating expenses, less sales commissions, GAAP requires that you call OpEx to be general sales and administrative. And if you have sales commissions, [indiscernible] They're going into OpEx. I like to look at the OpEx without commissions because commissions come in as directly with sales. And I really care about the fixed expense we've got back in the plant. Also. In that case, you subtract out the numbers and in Q3, we were at $84,000,000 again, an astronomical number And in Q4, just finished, we had non GAAP expense of $920,000,000 So we actually went down from $80,000,000 to 20 to a factor of 4 reduction.

And we're planning on dropping another 30% in Q1. That's the 11:40 to 980 that I showed you earlier. We're also forecasting that our cash we are forecasting this is a big one, income operating income breakeven in Q1 'twenty 5. The words carefully chosen say, given our current backlog and cost cutting plan, we're forecasting non GAAP operating income at breakeven in Q1 'twenty 5. I can tell you that that number is plus $800,000 And it includes all the expenses we know about but that's a kind of a fragile margin. To predict operating income breakeven. And normally in [indiscernible] like this, you give numbers you're absolutely sure of achieving. In this case, we're going to get real close worst case and I'm announcing it sort of putting drawing a line in the sand here people in the factory listening to what I'm saying, we're going to breakeven in Q1 'twenty 5. And we're going to be positive in cash flow. We raised $80,000,000 for the purpose of buying SunPower for $45,000,000 and having operating expense going forward to build a new company We bottomed out at $13,000,000 of cash left out of the $80,000,000 in Q4. And we'll be going up Now the so these are the bullets.

And now fellow shareholders, the the main numbers I'm going to turn it over to Dan nope, I'm not going to turn it over to Dan. She's getting her cell phone so she can set it and she can put it in microphone [indiscernible] And she's got a ring on her phone not going to do that. So I'll give you the numbers. Again, it's my fault I call this meeting out of phase with what we wanted to do because of the long audit Revenue Let me do non GAAP, 81 [indiscernible] Our gross margin, you noticed, has been ugly and up and down. Our gross margin is 37%. And you notice our GAAP gross margin is the same thing. So we're we've kind of flushed the ugly out of the gross margin chain. Our operating expenses were $35,700,000 GAAP and non GAAP. Our operating expense is less commission $19,700,000 GAAP and non GAAP. So for our non GAAP loss, excluding extraordinary costs, which blew up the GAAP number. Was 5940. So you can say then this is you see the small company And then there's the new Complete. This is their Q1. We've now been defined. We're a $324,000,000 Complete that's losing money and needs not to lose money as quickly as possible.

That's our next goal. And we got $13,000,000 in the bank and we expect it to grow. [indiscernible] We acquired Sunpar on what I call a Noah's Ark model, I'll explain that in a minute. I already explained the leaning on process we've gone to and the fact we're not quite yet at our goal. I've mentioned that we are going to grow next quarter. [indiscernible] that number is conservative. Pretty confident in it. Now what happened was we raised money the $80,000,000 with that plan And then after we had a flurry of cancellations on the Sunpar side because of the bankruptcy, We ended up with the Q1 being $80,000,000 I'm pretty happy for that and solid. So we're going to move forward from that number. Now that says, if you look at our model for the company in we're going to have 980. Dollars So that's the goal we're enforcing at 11 40, we're actually below our first goal. And we set a new goal that was more aggressive. Of headcount of 980. To illustrate that to employees, I actually have shown this slide and I will show it again on Friday. [indiscernible] is actually a typical Silicon Valley startup plan in disguise.

Instead of a big company in trouble asking for and getting too much money, Sunpar was trying to raise dollars course, what's worsened wanting to raise $750,000,000 the answer is actually getting it. And you owe interest on it and it burdens you forever. [indiscernible] not the right way to do it in my opinion. The ARC theory which I used once back in Cyprus, we did 20 acquisitions in Cyprus. Assert says, your old company has great assets. I look at what I inherited was $80,000,000 It's enough to make company profitable. Your old company has great assets, get venture funding for those assets. Dollars and build a new organization that can make profit with what you've got. So Noah's Ark, which is [indiscernible] protect us during during floods and we're having a flood of interest rate problems right now in the financial markets. Got smaller. It's now got 980 seats. By the way, believe it or not, this is actually a 4 inch thick [indiscernible] that's built in Williamsburg, Kentucky. To make claim to biblical standards. Okay, A little bit more detail on revenue. This is a picture of my daily revenue report. So the dots are 91 dots a quarter.

We came in with a $100,000,000 Street number I showed you you can see the weekends and holidays in here. So it's a tight well conceived plan. We took off on the plan and then we got behind. And right here, we said that we're not going to make the BOQ beginning of quarter plan. We need another plan. So we did what we call an end of quarter plan. We decided what level we could get to [indiscernible] and have the backlog for the next quarter after that, hence my [indiscernible] on the $82,000,000 this quarter. We picked that target No more fancy, we took a straight line and we started tracking daily to it. [indiscernible] This This was a pretty good quarter. [indiscernible] did a great job. I was worried because it was the first test and they passed it. As a matter of fact, right there you notice it goes flat. That says in the middle of this week, Instead of working like hell trying to get up here and not quite making it, [indiscernible] You'd like to have a 4 day weekend. For the vacation, Have a nice weekend. Bam. We went flat. And of course, the revenue that we could have accrued there became available to us quickly in the Q2.

Okay. This is for the whole company. New homes. Different kind of story. Had an aggressive plan. They got behind. They They had new plan backed this way they were spiking here, they probably could have made the original plan. But what they did was they got to where they needed to get for The Street. This is their component of The Street number. Of the $80,000,000 number And they also like everybody else took the end of the quarter off. Great quarter. Then we have Blue Raven, That was there 1st and second expectation They redefined the quarter as well. Everybody did and they stayed ahead of it for the rest of the quarter and they also took off. And, in this case, I think they probably could have made the original plan [indiscernible] great quarter. Here's the other story, dealers. So we have a dealer network that buys orders from dealers and they had a modest plan of $17,000,000 They started slow and kept on slow. And the they reduced their plan a big amount. Reduction from 100 to 80,000,000 for our plan. Half of that was from the smallest division missing as planned by a lot. So We sized up We're a new company.

This quarter defines who we are. And we said this quarter Q4 to find Sue we are and we said we're cutting our headcount from 140 to 5 in the dealer division. So instead of having 2 divisions coming from SunPower New Homes and Dealer, we had New Homes only and then Blue Raven and that's now the company. And we took we took some of the stars [indiscernible] So here's our org chart. So this half the company right here is 2 divisions now. That are the company They have 921 people. In this although it's got a lot more boxes, it says a lot fewer people. 219% or 19% and I'm in I should have drawn that circle up around me. We're all in that We're support. These guys make the money We do things for them We're CFO Chief Administrative, Legal, HR, Information Technology, [indiscernible] I'd like to introduce Venky say it for me. Send a Visa.

Sundarizan. I'm usually pretty good with any names, but his is kind of simple enough. [indiscernible] he came from Enphase where he ran an important division for them And before that, he came from Cypress Semiconductor, he ran all IT. And this is going to be transformative for our company at Sank to be here. He lives in Silicon Valley with me today. We have another senior VP I will write about later. We have a new quality VP. His name is Surinder Betty. And he came from Lucid Motors. So he actually was at SunPower very early in his career He's also worked [indiscernible] Applied Materials, which is a known high quality Silicon Valley Complete. And in Lucid, an automotive Complete. And automotive companies have as a group of companies better quality control than I think any other group companies perhaps maybe semiconductors might be up there as well. Anyway, we've done some bolstering of our of our administrative side We've got 2 divisions These are the guys that make the numbers for us. And our overhead is measured on headcount. Is 19% of our population. Okay. Here's an important point. The Board honored our 4th quarter performance with a modest $1,400,000 bonus, 1.4 percent of revenue even in the last quarter, which is rare.

My rule number 1 of bonuses, you never get bonus or [indiscernible] our performance was so good that the Board agreed with me that we should do something is $1,400,000,000 for the entire company. That is our loss could have been that much less, but we decided to make the loss bigger to reward [indiscernible] [indiscernible] we chose the bonus money that went to all hands equally. So it's $1,000 ahead to recognize that it was rank and file employees who made the quarter. We set I sit here in Silicon Valley and I work a lot of hours. [indiscernible] the rank and file made this quarter for us. The management team most significant restricted stock, I'd point it out, If they ever want to gripe about tea only $1,000 for me and that's tiny fraction of my salary. Management's got a lot of restricted stock and we're waiting for them to get rewarded when the markets says they meet and beat the street a bunch of quarters in a row. So this is a great way do something for the workers now and remind management that they've still got to perform. Our $81,100,000 revenue last quarter redefined our company with annualized revenue of $324,000,000 and a loss of 5.4 When I did the bullet points upfront, there are 8 of them.

And all I could think was this is really good. It's bam, bam, bam, bam, bam, bam. All I could think of was Mohammed Ali in one of his first fights, he fought a bar fighter in England. The guy's name is Brian London. Guys, one of those big square jawed mean looking guys, And Ali, the kid from Louisville, Kentucky went to London and they're all worried and they said, this guy is no finesse. He will walk directly at Ali put him in a corner and he's got him in a corner, he will punch him once and he'll drop. That was the worry about the fight. Anyway, in the Q3 of that fight, [indiscernible] never got touched. Never got touched. He was floating around. And the big guy kind of couldn't keep up with them and Ali went up and went bam, bam, bam, bam, bam, 12, 12 punches in 2.98 seconds. And the big guy was standing there. Bam, bam, bam, bam, bam, Ali just walked to the center of the ring, the guy fell flat in his face into the ring. So that's how I felt about those bullet points. So I had all in my mind and I want to remind [indiscernible] and the employees that are $5,940,000 quarterly loss will not survive in 2025, little rhyme there.

Also, I want to thank shareholders. You've stuck with us. You've given us money. We are going to rebuild a classic iconic company and I want to remind all of you important Sempar used to be. You got it wasn't run well at the end by a lot. There was contention between the divisions of the Complete. I would have been unhappy too. But Sunpar is an iconic company. They got founded in 1985. You can see here the black the black squares on the wing of the airplane. This airplane's wingspan is bigger than the 747. And it's completely powered by sun power solar cells. That were made in Sunnyvale, California. It takes off under its own power 14 electric motors So it was the Tesla of airplanes way back in 1999. What amazes me about this airplane that really talks about the power of the sun which I remember when Elon Musk brought out to Tesla. And everybody's like golf court, electric car. All right. So you bring out the test and you find out you can lay rubber for 2 blocks. The test are planned today does 0 to 60 in 1.9 seconds. You could take the biggest muscle car GTO supercharged of any of the older cars.

And it'll blow it off the road. And these guys did the same thing. Way back in 1999. Because this airplane flew to a record of 96,863 feet. And that record still stands. I'll point out one of the challengers to that record is the F-fifteen fighter plane been around It's a Mach 2.5 fighter. And it's capable of accelerating. It's one of 2 airplanes we have capable of accelerating while climbing vertically. And its service ceiling is 72,000 feet. [indiscernible] this is iconic picture of the power of the sun It's already happened. We talk about NEM, net electricity metering, and our NEM is being cut back, meaning that the grid is no longer giving money back to people who are in California anyway for people who have solar. Why is that? Well, that's actually good news. Solar right now in the middle of the day produces more power than they need. And they're not going to pay for it. We have a solution for that. It's called the battery. I'm actually in a battery [indiscernible] But we We have systems today that will make money [indiscernible] provide technology people need. Right now, we're selling solar systems. Good ones.

We're using good components My background is technical. And we're going to work on technology as well. So at the end, The loss will not survive in 2025 and we're going to bring back a great we're going to create a great technology Complete. You can say bring back, but create. Okay. That's it. Ready for questions.

Thank you, TJ. As a reminder to our audience, may You may questions to us via the text box box at the bottom of your screen. Our first question today comes from Derek Soderbergh from Cantor Fitzgerald. Two questions actually. The first one is how is the portfolio churn [indiscernible] the New Homes business And what's the plan to grow that business?

First of all, that businesses are most are more profitable of our 2 businesses. Right now, as revenue is looking [indiscernible] We have [indiscernible] orders we're getting we had a bunch of cancellations. So the lake went down and we're now filling the late back up. We will We will be up by the end of the year in new homes. Having survived the bankruptcy in the hardest hit part of SunPower during his bankruptcy was new homes.

Derek's second question was, how will CSLR effectively leverage the SunPower brand do you have any new plans?

I do. [indiscernible] this little teaser here is part of it. Right now, I want to get more braggable in the corporation [indiscernible] We are We are going to make use of the name. By the way, we were attacked in court to try to take the name we want So we own the name We have the division, the home home division of SunPower still with us and some other people were in the dealer division still with us in Blue Raven.

Thank you. The next question is, we understand you have contracts with Starbucks. Is there any more commercial deals in the pipeline? And how do you view that business?

Okay. I don't unfortunately, I don't have the picture here. Normally, I keep an appendix with all my pictures in it. There's a fantastic picture of a Starbucks and they've got an awning. So you're looking at a 2, 3 story high store box with an awning that sticks out over the entire parking lot, all solar and it's it's glass on glass solar. So some panels today are made with glass and then the silicon and then Below that, another layer of glass. So when you look at them, you can see right right through parts of them. That's a Starbucks, it's got a 50,000 watt system. We have 50 7 Starbucks we've dealt with I think is great business. But right now, I got 2 divisions. Got Blue Raven, And their they're putting homes all over America throughout the Midwest included. And then I've got new homes. The New Homes division is capable of doing the light commercial And that may be the place or we may acquire a Complete that is in that business.

Thank you. The next question is the company has moved through its initial integration and cost reduction quickly post acquisition of the SunPower assets. And how much more should the market expect on that front How much incremental cost reduction should we expect what you don't know is we're actually ahead of that game. The reason last quarter had a $5,900,000 loss was at curve. We had the high part of the curve spending a lot of money then coming down. And the average of the quarter was the high part and the low part. We're entering the new quarter low. So that cost cutting is there. Already built in. Where else? Are still paying some rent that we need to get rid of. We still have some software packages we need to stop paying on. [indiscernible] by and large, the heavy lifting stunt cutting costs another 30%.

Thank you. In the similar vein, you announced achieving operating income breakeven in the Q1 of 2025.

The risk is we don't do it. And that I'm making an aggressive announcement which is atypical. As I said earlier, if you could see the spreadsheets actually are in here, but I'm not going to show them. Our planned profit including the ability to pay another bonus. Our planned profit is $800,000 disappears like that if you screw something up. [indiscernible] if we miss, I don't think it'll be by much. And if we If we Make it. And I think it's more likely than not we will make it. It's not a given. It'll be a big deal. We'll celebrate.

Thank you.

The next question is with regards to additional acquisitions. What is your appetite And if you are seeking them with targets be bolt on to current positions or seek to expand your footprint and offerings?

Give me the choice he gave me. I heard that. What are the two choices he gave me? Okay. On expanding, I That can be good or bad. Problem is you've had in the last 2 years, you've had 70 solar companies go out of business. Now you can argue the interest rate is directly what people pay for solar. Double the interest rate, double the payment. And therefore high interest rates, the inflation that we've unfortunately inflicted on our [indiscernible] has harmed a lot of solar Complete. And that's 70, I got a list in alphabetical order and SunPower is on list. Having said that, Solar Complete are not run as tightly. As other companies [indiscernible] and point 2 the backlog of solar Complete, the orders is not as solid. For example, in the chip business, we would take backlog and if some and we would make chips for somebody, not custom, just a bigger number for another [indiscernible] And they didn't take them. After that point in time, they would pay a down payment. And therefore, backlog is pretty sacred in our company as most chip companies you were locked in the last 30 days to take or pay.

So you had you were informed 30 days before the order is going to ship, the order is going to ship and that was your last chance to bail out. Backlog isn't solid like that in solar. You actually have teams of people calling other people And how are things going and you have a real rate like 20% of people say, you know, I kind of changed my mind. It's a consumer thing and you can't be the big bad corporation pounding on some poor homeowner. [indiscernible] So for that reason, solar companies shrink [indiscernible] bigger and smaller by huge factors. So you can't take a solar company to big and doing well. And buy it at a high price. So I I look more at potential of companies than I look more at people. And if you've got a solid Complete, that has good practices that has customers who love them and hasn't eaten up a lot of cash like Sunpar ate up [indiscernible] then you've got something worth acquiring. So I look for companies like that. I look for companies that we acquired a company [indiscernible] And I talked to the founder and I said, we're thinking about acquiring and I said, send me your deck.

The guy's name is Cole Farmer, he's still with us. And he said, I don't have a deck. And I said, I'm thinking how in the hell can you not have a deck? And he said, we never raised any money. We funded our first [indiscernible] systems and then the money from that funded the other systems. And I thought my exact thoughts in that Sunday afternoon phone call where's the real man? He didn't run to Wall Street and get paid gripe about the economy goes and makes money. So that's the kind of company if we acquire and we will acquire if we can. Indigenous growth is great, but extra growth through acquisition is fine. That's more like what I'm looking for. [indiscernible] not some high flying company or a new cop capability. The consumer commercial rather you talked about earlier, That's a more stable business. You're now dealing with other Complete. And that's a business that if we found somebody that was good at it, And that means they make bigger systems. So now talking [indiscernible] 10 kilowatts on your roof, we're talking about 1,000,000 watts in a field with control of the angle of the panels to follow the sun.

That could be another option. Technology is another option. Getting a technology that gives us a better panel. Or gives us the better panel And I'm actually working with companies on that right now. That would be something else. So not just going to grow There were companies in Salt Lake that tried that just sort of agglomerating companies and They found out a bunch of small wheat companies equaled 1 big wheat company and it didn't work out. That's long answer.

Thank you. I have a longer one with respect to the dealers division. It sounds like you shrank the dealers division to create more profitable growth in the long term. Can you please discuss the strategy and your outlook for that segment?

It was a real tight call right at the end stay in the dealer business or not. The way the dealer business works is you have people who sell orders. They go through their process, which is Complete, and they get homeowner to sign a contract. I will I will buy your system. Then they can sell that deal to a company that installs and is a full service company like ours. And amazingly enough, that order. Is worth 30% or even more sometimes of the value of the order. That is getting the order costs you 30% of revenue upfront. Then you deal with the guy who changes his mind halfway through. Therefore, it's an unstable business. And there's there are tectonic shifts in the business. Where that goes into fashion, goes out of fashion. What I know from our own experience with the division, we we merged into the other division and my company before that, Complete Solar, the mother of this company by the way, oddly enough, Complete solar the mother of this company is grand total of maybe 60 people out of 1,000 and we're spread all over the Complete, including my position And we're not the company anymore.

We are the money and the funding and the guidance for the company. So we're looking for Solid things. It's not quite reasonable to use Warren Buffett's name here, but we're thinking that way when we look at what we can acquire and bring in. And which businesses we should grow. And right now, dealer does not look like one of those businesses we grow. And by the way, I want to point out, our Blue Raven division is its own dealer. It has a large group of salespeople and we get our own orders and therefore we get all the profit. Going up. So So we understand how it works. We understand what it costs. That 30% is not phony. That is it really takes that much money to get the order and keep it. So right now, that's not where we want to be.

Thank you. Just a reminder to the audience, if you have any additional questions, you can we'll see them there.

The next question is, how do you see yourself differentiated versus your peers in the next 6 to 12 months?

We will be financially stable on a cash flow basis in tough times. So Marine Corps, We're going to come out of this being a difficult company to compete with. In a consumer business, we are going in are now have great, great consumer ratings. We're going to get better on that. And then the new angle is going to be technology In acquisition, which Again, I can't Right now, I'm working on several technologies and I can't name one for you I'm ready to move on. And in acquisitions, we're always looking at acquisitions always.

Thank you. The last question I have here is can you provide any timing on when your name change to SunPower might occur.

I'm surprised that that is a major Well, I asked for it, right? I showed you a picture of the airplane. Can't right now. Problem we've got is the SunPower I knew I was the Chairman of SunPower when it went public. In [indiscernible] I think it was 2,004, I was Chairman of SunPark, Cypress Semiconductor Mine Company owned them. And the SunPower, I remember conquered the world built and put this power in that airplane wasn't the one that was experienced in Salt Lake. Something that would cost us like if you worked with them. And so I got half the company that doesn't remember SunPower well but I got a name that's worth $500,000,000 and I got to figure out how to make all that work together.

Thank you very much. That looks like the questions we have in the queue today. Thank you, everyone, for joining the call today. May now disconnect. Thank you.