Complete Solaria (SPWR) AI Stock Analysis

• Market Cap: $142.12M
• Dividend Yield: N/A
• Average Volume (3M): 630.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.27
• Revenue Growth: 308.47%
• EPS Growth: 76.84%
• Country: US
• Employees: 600
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -0.21
• Shares Outstanding: 83,108,710
• 10 Day Avg. Volume: 688,967
• 30 Day Avg. Volume: 630,700
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.02
• Enterprise Value/Revenue: 2.64
• Enterprise Value/Gross Profit: 7.27
• Enterprise Value/Ebitda: -8.09
• 1Y Price Target: $2.50
• Price Target Upside: 53.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 50 Neutral
• Price Target: $2.00 ▲(22.70% Upside)

The overall stock score is primarily influenced by the company's strong revenue growth but is significantly hampered by its financial instability and high leverage. Technical analysis provides some positive momentum, but the negative valuation metrics due to unprofitability weigh heavily on the score.

Complete Solaria Business Overview & Revenue Model

Company Description

Complete Solaria, Inc. engages in the provision of solar system sales and installation in the United States. It operates through Residential Solar Installation and New Homes Business segments. The company also installs storage and batteries. In addition, it offers a technology platform, financing solutions, and solar modules. The company sells its products to homeowners, home builders, and small to medium-sized commercial customers through third-party sales partners. Complete Solaria, Inc. is headquartered in Fremont, California.

How the Company Makes Money

Complete Solaria generates revenue primarily through the sale of solar panels and related installation services. The company's revenue model is based on direct sales to consumers and businesses, as well as partnerships with energy service providers and distributors. Key revenue streams include the sale of solar energy systems, maintenance services, and potential long-term power purchase agreements (PPAs) with clients. Additionally, Complete Solaria benefits from governmental incentives and subsidies for renewable energy adoption, which further supports its earnings. Strategic partnerships with technology firms and suppliers also enhance its market presence and contribute to revenue growth.

Complete Solaria Financial Statement Overview

Summary

Complete Solaria shows strong revenue growth but struggles with profitability and liquidity. The company is heavily leveraged with negative equity and consistent losses, posing significant financial risks.

Income Statement

Complete Solaria shows significant revenue growth over the years, with a notable increase from $29.38M in 2020 to $108.74M in 2024. However, profitability metrics are concerning; the company has consistently reported net losses, with a net profit margin of -51.93% in 2024. Gross profit margin improved slightly over the years, reaching 36.32% in 2024. The EBIT and EBITDA margins remain negative, indicating operational challenges.

Balance Sheet

The balance sheet reveals high leverage, with total debt exceeding total assets in recent years. In 2024, the debt-to-equity ratio is negative due to negative equity, which poses a risk to financial stability. The equity ratio is also negative, indicating that liabilities exceed assets, a major concern for long-term solvency.

Cash Flow

Cash flow statements reflect a consistent negative free cash flow, indicating cash outflows exceeding inflows from operations. Although financing activities have provided cash inflows, primarily from debt, operating cash flow remains negative, raising concerns about sustainability. The free cash flow to net income ratio is negative, further highlighting cash constraints.

Breakdown	Dec 2024	Dec 2023
Income Statement
Total Revenue	108.74M	87.62M
Gross Profit	39.50M	17.79M
EBITDA	-35.48M	-81.25M
Net Income	-56.45M	-269.56M
Balance Sheet
Total Assets	144.47M	47.32M
Cash, Cash Equivalents and Short-Term Investments	13.38M	2.59M
Total Debt	153.06M	63.21M
Total Liabilities	242.00M	124.14M
Stockholders Equity	-97.54M	-76.81M
Cash Flow
Free Cash Flow	-55.82M	-60.59M
Operating Cash Flow	-54.66M	-58.61M
Investing Cash Flow	-54.66M	6.17M
Financing Cash Flow	120.10M	50.42M

Complete Solaria Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.63
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWR, the sentiment is Neutral. The current price of 1.63 is above the 20-day moving average (MA) of 1.57, above the 50-day MA of 1.61, and below the 200-day MA of 1.67, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.03 is Neutral, neither overbought nor oversold. The STOCH value of 45.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPWR.

Complete Solaria Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTCI	55 Neutral	109.63M	-2.07	-255.34%	―	-17.53%	8.53%
SOL	53 Neutral	97.00M	-24.42	-4.15%	―	-33.25%	81.55%
SPWR	50 Neutral	$142.12M	―	―	―	308.47%	76.84%
TYGO	47 Neutral	151.20M	-2.90	-3034.87%	―	52.31%	-2421.56%
ZEO	42 Neutral	78.78M	-1.88	16.21%	―	86.59%	55.95%
SMXT	41 Neutral	57.02M	-2.73	110.69%	―	-27.65%	16.39%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Complete Solaria Corporate Events

Complete Solaria Amends Forward Purchase Agreement

Complete Solaria, Inc. announced a significant amendment to its Forward Purchase Agreement with Polar Multi-Strategy Master Fund, initially established in July 2023. The Fifth Amendment, dated August 1, 2025, extends the valuation date and modifies key financial terms, impacting the company’s financial obligations and strategic flexibility.

Complete Solaria Joins Russell Indices Amid Q2 Results

On July 22, 2025, SunPower reported its preliminary Q2 2025 financial results, revealing a revenue decline to $67.5 million, yet maintaining a $2.42 million operating profit due to significant cost-cutting measures. Despite the revenue drop, the company improved its gross margin from 39% to 43% by focusing on profitable market segments, and it anticipates modest revenue and operating profit increases in Q3 2025. The company also announced changes in its executive team and strategic initiatives, including joining the Russell 3000 and Russell Microcap Indices and establishing a low-cost finance center in India.

Complete Solaria Amends Forward Purchase Agreements

Complete Solaria, Inc. announced amendments to its Forward Purchase Agreements with Meteora, Sandia, and Polar, which were initially entered into in July 2023. These amendments, made in July 2025, extend the valuation dates and adjust settlement terms, impacting the company’s financial obligations and strategic positioning in the market.

Complete Solaria Issues $5M Convertible Promissory Note

On July 10, 2025, Complete Solaria, Inc. issued a $5 million convertible promissory note to a trust controlled by its CEO, Thurman J. Rodgers. The note, which bears a 12% interest rate and matures in 2029, is convertible into common stock and includes provisions for redemption and events of default, potentially impacting the company’s financial strategy and stakeholder interests.