What changed in this filing

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Item 1. Business

2025-04-30 compared with 2024-04-01 · 236 added, 279 removed, 78 unchanged (87% of the section changed)

mission is to deliver energy-efficient solutions to homeowners and small to medium-sized businesses that allow them to lower their energy

bills while reducing their carbon footprint.

Complete Solaria , Inc., or

Complete Solaria, has created a unique, end-to-end offering that delivers a best-in-class customer experience with a robust technology

platform, financing solutions, and high-performance solar modules.

Our mission is to deliver

energy-efficient solutions to homeowners and small to medium-sized businesses that allow them to lower their energy bills while reducing

their carbon footprint.

Complete Solaria, Inc., or Complete Solaria, has created a unique, end-to-end offering that delivers a best-in-class

customer experience with a robust technology platform, financing solutions, and high-performance solar modules.

Business Overview

Complete Solaria was formed

in November 2022 through the merger of Complete Solar Holding Corporation, a Delaware corporation (“Complete Solar”),and The

Solaria Corporation, a Delaware corporation (such entity, “Solaria,” and such transaction, the “Business Combination”).

in November 2022 through the merger of Complete Solar Holding Corporation, a Delaware corporation (“Complete Solar”), and

The Solaria Corporation, a Delaware corporation (such entity, “Solaria,” and such transaction, the “Business Combination”).

Complete Solaria created a technology platform to offer clean energy products to homeowners by enabling a national network of sales partners

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We fulfill our customer contracts by engaging with local construction specialists

We manage the customer experience and complete all pre-construction activities prior to delivering build-ready projects including hardware,

engineering plans, and building permits to our builder partners.

We manage and coordinate this process through our proprietary HelioTrackTM

software system.

Complete Solaria provides

residential solar system designs, proposals, and CAD drawing sets to existing sales partners and other residential solar companies, regardless

of whether they participate as or builder partners.

In doing so, Complete Solaria seeks to power the entire solar power industry.

and using our in-house installation experts.

We manage the customer experience and complete all pre-construction activities prior to delivering

build-ready projects including hardware, engineering plans, and building permits to our builder partners and in-house teams.

In October 2023, we sold solar

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consisting of 1,100,000 shares of Maxeon ordinary shares.

We expect to continue making

acquisitions and entering into strategic partnerships as part of our long-term business strategy.

For example, on August 5, 2024, Complete

Solaria entered into an Asset Purchase Agreement (the “APA”) among Complete Solaria, SunPower Corporation (“SunPower”)

and SunPower’s direct and indirect subsidiaries (collectively, the “SunPower Debtors”) providing for the sale and purchase

of certain assets relating to the Blue Raven Solar business, New Homes Business and Non-Installing Dealer network previously operated

by the SunPower Debtors (the “Acquired SunPower Assets”).

The APA was entered into in connection with a voluntary petition

filed by SunPower under Chapter 11 of the United States Code, 11 U.S.C.§§ 101-1532.

The sale by SunPower was approved on September

23, 2024, by the United States Bankruptcy Court for the District of Delaware.

The Company completed the acquisition of the Acquired SunPower

Assets effective September 30, 2024.

The acquisition transactions under the APA are referred to herein as the “Acquisition,”

and the assets and businesses acquired by the Company under the APA are referred to as the “SunPower Businesses.” The acquisition

was closed on September 30, 2024.

As part of the acquisition the Company acquired Albatross, an order-to-management proprietary software

to manage our orders, fulfillment and customer service all in one central location.

Revenue Model

Our current products fall

into two general categories:

Solar System Sales and Software Enhanced Services.

We offer Solar System

Sales and Installation to residential homeowners and the New Home Builders’ community.

The SunPower acquisition will allow us

to accelerate our revenue growth, and expand our footprint to deliver solar system sales into regions where we might have not

previously done business.

Solar System Sales:

Complete Solaria sells solar systems to homeowners and small to medium-sized commercial customers through third-party sales partners.

Complete Solaria manages every aspect of project management for those contracts before ultimately contracting with builder partners to complete the construction of the solar systems.

This residential solar platform provides homeowners with simple pricing for solar energy that provides significant savings to traditional utility energy.

Homeowners can choose from a wide array of system features and financing options that best meet their needs.

By delivering the best-matched products and a best-in-class customer experience, Complete Solaria establishes valuable customer relationships that can extend beyond the initial solar energy system purchase and provides Complete Solaria with opportunities to offer additional products and services in the future.

Enhanced Services:

The HelioQuoteTM software system is provided to existing sales partners and other participants in the solar industry

and powers our sales of residential solar designs, proposals, and engineering services.

Solaria sells solar systems to homeowners, home builders and small to medium-sized commercial customers through third-party sales partners.

Complete Solaria manages every aspect of project management for those contracts before ultimately contracting with builder partners or

using in-house installation experts to complete the construction and installation of the solar systems.

This residential solar platform

provides homeowners with simple pricing for solar energy that provides significant savings compared to traditional utility energy.

can choose from a wide array of system features and financing options that best meet their needs.

By delivering the best-matched products

and a best-in-class customer experience, Complete Solaria establishes valuable customer relationships that can extend beyond the initial

solar energy system purchase and provide Complete Solaria with opportunities to offer additional products and services in the future.

Technology Innovation

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The network of our partners continues to expand today.

With the completion of the

SunPower acquisition we believe that our ability to fuel innovation and gain operational efficiencies through our priority platform, Albatross,

will allow us to service not only our customers more effectively but our sales and installation partners will be able to access real-time

data in order to run their business.

Differentiation and Operating Results

Delivering a differentiated customer experience

is core to Complete Solaria’s strategy.

It emphasizes a customized solution, including a design specific to each customer’s

home and pricing configurations that typically drive both customer savings and value.

Developing a trusted brand and providing a customized

solar service offering resonates with customers accustomed to a traditional residential power market that is often overpriced and lacking

in customer choice.

Financing Solutions

Complete Solaria assists its

end customers with financing solutions through third-party lease providers, power purchase agreement providers and third-party loan

Customers may lease a Complete Solaria solar system.

The lease provider will purchase the solar system and the property owner will rent the solar system in exchange for the electricity the

system produces.

Through a power purchase agreement, a third-party

developer installs, owns, and operates a solar system on a customer’s property.

The customer then purchases the system’s electric

output for a predetermined period.

A power purchase agreement allows the customer to receive stable and often low-cost electricity with

no upfront cost while also enabling the owner of the system to take advantage of tax credits and receive income from the sale of electricity.

Lastly, third-party loan

providers offer Complete Solaria’s end customers a loan to purchase solar systems, and then the customers will pay off the loan

over a period of time.

Complete Solaria’s strategy focuses on providing its sales partners

with the software tools, sales support, and ability to compete effectively with national providers.

This turnkey solution makes it easy

for anyone to sell solar.

Delivering a differentiated

customer experience is core to Complete Solaria’s strategy.

It emphasizes a customized solution, including a design specific to

each customer’s home and pricing configurations that typically drive both customer savings and value.

Developing a trusted brand

and providing a customized solar service offering resonates with customers accustomed to a traditional residential power market that is

often overpriced and lacking in customer choice.

Our overall mission is to

deliver energy-efficient solutions to homeowners, home builders and small to medium-sized businesses that allow them to lower their energy

bills while reducing their carbon footprint.

We want to pass our operational costs savings back to our customers by keeping costs low

in an environment where labor costs are rising and interest rates remain uncertain.

These operational costs savings are attributed to

the workforce that was acquired as part of the SunPower acquisition.

We increased our operations center that supports operations, order

process, customer care and support, credit and collections, procurement, vendor management and accounting related functions, and have

rationalized our headcount.

Complete Solaria’s strategy

focuses on providing its sales partners with the software tools, sales support, and ability to compete effectively with national providers.

This turnkey solution makes it easy for anyone to sell solar.

Solar System Sales

Solar System Sales are full systems sold to homeowners

and small to medium-sized commercial businesses through Complete Solaria’s sales partner channels.

Complete Solaria and its builder

partners fulfill and install the systems.

Increase revenue by expanding installation capacity and developing new geographic markets through Complete Solaria’s partner programs.— Certain Complete Solaria partners become builder partners who install systems resulting from sales generated by Complete Solaria’s sales partners.

By leveraging this network of skilled builders, Complete Solaria aims to increase its installation capacity in traditional markets and expand its offering into new geographies throughout the U.S.

We believe this will enable greater sales growth in existing markets and create new revenue in expansion markets.

● Increase revenue and margin by engaging national-scale

sales partners — Complete Solar operated in 16 states before the formation of Complete Solaria.

By expanding operations nationally,

Complete Solaria will be able to offer a turnkey solar solution to prospective sales partners with a national footprint.

These include

electric vehicle manufacturers, national home security providers, and real estate brokers.

Complete Solaria expects to create a consistent

offering with a single execution process for such sales partners throughout their territories.

These national accounts have unique customer

relationships that will facilitate meaningful sales opportunities and low acquisition cost to increase revenue and improve margin.

Software and Services

Software and services sales include access to Complete

Solaria’s HelioQuoteTM sales proposal and system design software;

proposal writing services that support field sales agents;

design, engineering, and permitting services that improve subscale solar companies’ operational effectiveness and cost efficiency.

“Increase revenue and margin by bundling software enhanced services with solar module sales ” above.

In support of Complete Solaria’s strategy

to increase revenue and expand margin opportunities in its two core products, Complete Solaria also considers the following activities

to be key elements of its strategy:

● Expand Partnerships with Solar Partners, Strategic Partners,

and Attractive New Market Participants.

Complete Solaria’s platform of services and tools allows it to engage with a wide variety

of solar industry partners and new industry participants, such as retailers and service providers who would like to offer solar to new

and existing customers.

Complete Solaria plans to continue to invest in its ability to attract, convert, grow, and retain promising partners

to facilitate capital-efficient growth.

● Continue to Invest in the digital platform .

Solaria plans to continue to invest in and develop complementary software, services, and technologies to enhance the scalability of its

platform and support an automated, highly efficient operational structure that delivers a world-class customer experience.

Complete Solaria

expects to continue to make significant investments in automating the end-to-end solar process through improved workflow management,

electronic site-audit, and electronic permitting capabilities.

Additionally, Complete Solaria plans to continue to develop consumer facing

software to enhance consumers’ ability to manage their solar systems and integrate other energy-efficient products and services

into their homes.

● Continue to Deliver a Differentiated Customer Experience.

Complete Solaria prioritizes the customer experience.

Its systems enable fast project fulfillment, direct customer communication,

and facilitation of third-party sales, installation, and finance partners for a seamless customer experience.

These systems also enable

a broad service offering with customized configurations and pricing.

Further development of these systems will enable future product

offerings and increasingly optimized solar and energy-efficient configurations for Complete Solaria’s customers.

Solar System Sales are full

systems sold to homeowners, home builders and small to medium-sized commercial businesses through Complete Solaria’s sales partner

Complete Solaria and its builder partners fulfill and install the systems.

Increase revenue by

expanding installation capacity and developing new geographic markets through Complete Solaria’s partner programs— Certain

Complete Solaria partners become builder partners who install systems resulting from sales generated by Complete Solaria’s

sales partners.

By leveraging this network of skilled builders, in addition to our in-house installation experts, Complete Solaria

aims to increase its installation capacity in traditional markets and expand its offering into new geographies throughout the

We believe this will enable greater sales growth in existing markets and create new revenue in expansion

revenue and margin by engaging national-scale sales partners —Complete Solaria expects

to create a consistent offering with a single execution process for national-scale sales partners throughout their territories, including

in territories where Complete Solaria does not currently operate.

These national accounts have unique customer relationships that

will facilitate meaningful sales opportunities and low acquisition cost to increase revenue and improve margin.

Our Strengths

The following strengths position Complete Solaria

to drive the mass adoption of residential solar in a manner that maximizes the value of its growing customer base over the long term:

The following strengths position

Complete Solaria to drive the mass adoption of residential solar in a manner that maximizes the value of its growing customer base over

the long term:

Platform of Services and Tools :

A diversified and multi-pronged

customer acquisition approach.

This infrastructure underpins the ability to enjoy broad customer reach with a low system-wide cost structure

and positions Complete Solaria for expansion to every market where distributed solar energy generation can offer homeowners savings versus

traditional utility retail power.

A diversified and multi-pronged customer acquisition approach.

This infrastructure underpins the ability to enjoy broad customer reach with a low system-wide cost structure and positions Complete Solaria for expansion to every market where distributed solar energy generation can offer homeowners savings versus traditional utility retail power.

Differentiated Customer Experience :

We offer a unique

customer experience through various methods:

customer-friendly solar service features, tailored designs and customizable pricing for

each homeowner, a highly consultative sales process, and a focus on customer savings.

● Unique access to customers through third-party sales channels:

The turn-key solar product offering, best-in-class customer service, and national footprint support third-party sales channels and

strategic national partnerships.

Complete Solaria provides solutions for sales channels seeking to expand their geographic reach and

strengthen their relationships with their own customers.

Technology Suite

HelioSuite is an innovative,

end-to-end software platform designed to manage every aspect of a residential solar project.

HelioSuite was originally designed to support

our internal sales and build partners to ensure a seamless customer experience.

In 2021, Complete Solaria commercialized the software

solutions through Helio Proposal Services provide proposal services for residential solar sales companies outside of Complete Solar’s

existing network of sales partners.

Features of the Technology Suite include the following capabilities, some of which are planned for

roll-out in the future:

● HelioQuoteTM :

is an automated solar design tool that

rapidly generates optimized proposals and executable contracts.

Software innovations that automate system design and layout while optimizing

homeowner economics enable proposal generation.

The average turnaround time for a proposal is only five minutes, which we believe is

much faster than our competitors.

● HelioTrackTM :

a project management software that streamlines

the installation process and coordinates interactions between Complete Solaria, homeowners, sales partners and build partners.

a customer relationship management tool that provides payroll, commissions tracking, and project progression to all partners.

The equipment

management module coordinates the bill of materials and ordering process and tracks and manages all inventory for a project.

The construction

module assigns projects, calculates commissions and payments, and control quality.

The Complete Solar Project Management tools automate

task assignments and times and track progress.

● Share The Sun :

is an online customer engagement platform

where customers can make referrals and share information on social networks.

Complete Solaria has considered offering services that allow

customers to view their energy generation, pay their bills, contact the customer service team, and assess their positive environmental

We offer a unique customer experience through various methods:

customer-friendly solar service features, tailored designs and customizable

pricing for each homeowner, a highly consultative sales process, and a focus on customer savings.

to customers through third-party sales channels:

The turn-key solar product offering, best-in-class

customer service, and national footprint support third-party sales channels and strategic national partnerships.

Complete Solaria

provides solutions for sales channels seeking to expand their geographic reach and strengthen their relationships with their own

labor workforce:

We invest in safety first and ensure that our labor workforce is not only proficient in construction and energy

but has strong communication, problem-solving and customer service skills.

This allows them not only to make decisions quickly

onsite but allows them to be empowered to service our customers on the spot and timely.

Customer Service and Operations

Solar System Sales

Complete Solaria has made significant investments

to create a platform of services and tools that addresses customer origination, system design and installation, and general customer support.

Before a sales representative conducts a consultation, homeowners are pre-qualified based on a preliminary evaluation which considers

a homeowner’s credit, home ownership, electricity usage and suitability of the roof based on age, condition, shading and pitch.

Complete Solaria has made

significant investments to create a platform of services and tools that addresses customer origination, system design and installation,

and general customer support.

Before a sales representative conducts a consultation, homeowners are pre-qualified based on a preliminary

evaluation which considers a homeowner’s credit, home ownership, electricity usage and suitability of the roof based on age, condition,

shading and pitch.

Once a homeowner is pre-qualified, all necessary data is collected and a proposal is generated for the homeowner.

If a homeowner is interested

in moving forward, a customer contract is automatically generated for electronic execution.

This contract then undergoes a final review

and verification of credit before it is countersigned.

Once an agreement is fully executed, a service

tech performs a site audit at the home to inspect the roof and measure shading.

This audit follows a final system design plan and an application

for any required building permits.

The plans are reviewed to ensure they conform to the executed contract or to process a change order

A second production estimate is generated at this time and if the expected energy production exceeds or falls below the original

estimate by certain thresholds, the homeowner agreement is modified accordingly.

To reduce installation costs and operational risk, there

are defined design and installation quality standards designed to ensure that homeowners receive a quality product, regardless of who

installs the system.

After the solar panels are installed, the customer care team follows

up with the homeowner with a survey on their experience.

If a system requires maintenance, Complete Solaria or a partner or dedicated

service-only contractor will visit the customer’s home and perform any necessary repairs or maintenance at no additional cost to

the customer.

a homeowner is interested in moving forward, a customer contract is automatically generated for electronic execution.

This contract then

undergoes a final review and before it is countersigned.

Homeowners financing their purchase via a loan, lease or power purchase agreement

submit applications to financial institutions and, upon credit approval, execute financing agreements between the homeowner and the financier.

Once an agreement is fully

executed, a service tech performs a site audit at the home to inspect the roof and measure shading.

This audit follows a final system

design plan and an application for any required building permits.

The plans are reviewed to ensure they conform to the executed contract

or to process a change order if required.

A second production estimate is generated at this time and if the expected energy production

exceeds or falls below the original estimate by certain thresholds, the homeowner agreement is modified accordingly.

To reduce installation

costs and operational risk, there are defined design and installation quality standards designed to ensure that homeowners receive a quality

product, regardless of who installs the system.

After the solar panels are

installed, the customer care team follows up with the homeowner with a survey on their experience.

If a system requires maintenance, Complete

Solaria or a partner or dedicated service-only contractor will visit the customer’s home and perform any necessary repairs or maintenance

at no additional cost to the customer.

Software Enhanced Services

Complete Solaria’s partners are third-party

Sales organizations that use the design and proposal services for their residential solar projects.

Complete Solaria staffs a sales support

desk six days a week to provide live customer support for sales representatives who need a design or proposal for a potential homeowner

Complete Solaria’s partners

are third-party Sales organizations that use the design and proposal services for their residential solar projects.

Complete Solaria staffs

a sales support desk six days a week to provide live customer support for sales representatives who need a design or proposal for a potential

homeowner sale.

These customer support teams rapidly produce proposals, answer questions, and offer other forms of support for sales personnel.

The main components of a residential solar energy

system are the solar modules, inverters, and racking systems.

Complete Solaria generally purchases these components for build partners

from select distributors, which are then shipped to build partners for installation.

There is a running list of approved suppliers in

the event any of the sources for modules, inverters or other components become unavailable.

If Complete Solaria fails to develop, maintain,

and expand relationships with these or other suppliers, the ability to meet anticipated demand for solar energy systems may be adversely

affected, or at higher costs or delayed.

If one or more of the suppliers ceases or reduces production due to its financial condition,

acquisition by a competitor or otherwise, it may be difficult to identify alternate suppliers quickly or to qualify alternative products

on commercially reasonable terms, and the ability to satisfy this demand may be adversely affected.

Complete Solaria screens all suppliers and components

based on expected cost, reliability, warranty coverage, ease of installation, etc.

The declining cost of solar modules and the raw materials

necessary to manufacture them have been a key driver in the prices charged for electricity and homeowner adoption of solar energy.

solar module and raw material prices do not continue to decline at the same rate as they have over the past several years, the resulting

prices could slow growth and cause financial results to suffer.

If Complete Solaria is required to pay higher prices for supplies, accept

less favorable terms, or purchase solar modules or other system components from alternative, higher-priced sources, financial results

may be adversely affected.

Complete Solaria’s build partners are responsible

for and source the other products related to solar energy systems, such as fasteners, wiring and electrical fittings.

From time-to-time,

Complete Solaria procures these other products related to solar energy systems for its own installation business.

Complete Solaria manages

inventory through local warehouses and as segregated inventory at build partners.

The main components of a residential solar module

are the solar cells.

Complete Solaria’s solar modules are generally manufactured by third-party select manufacturers and are purchased

from distributors.

Complete Solaria screens all suppliers and components

based on expected cost, reliability, warranty coverage, ease of installation, and other factors.

It typically enters into master contract

arrangements with major suppliers that define the general terms and conditions of purchases, including warranties, product specifications,

indemnities, delivery and other customary terms.

The main components of a residential

solar energy system are the solar modules, inverters, and racking systems.

Complete Solaria generally purchases these components from

select distributors, which are then shipped to build partners for installation.

There is a running list of approved suppliers in the event

any of the sources for modules, inverters or other components become unavailable.

If Complete Solaria fails to develop, maintain, and

expand relationships with these or other suppliers, the ability to meet anticipated demand for solar energy systems may be adversely affected,

or at higher costs or delayed.

If one or more of the suppliers ceases or reduces production due to its financial condition, acquisition

by a competitor or otherwise, it may be difficult to identify alternate suppliers quickly or to qualify alternative products on commercially

reasonable terms, and the ability to satisfy this demand may be adversely affected.

Complete Solaria screens all

suppliers and components based on expected cost, reliability, warranty coverage, ease of installation, etc.

The declining cost of solar

modules and the raw materials necessary to manufacture them have been a key driver in the prices charged for electricity and homeowner

adoption of solar energy.

If solar module and raw material prices do not continue to decline at the same rate as they have over the past

several years, the resulting prices could slow growth and cause financial results to suffer.

If Complete Solaria is required to pay higher

prices for supplies, accept less favorable terms, or purchase solar modules or other system components from alternative, higher-priced

sources, financial results may be adversely affected.

Complete Solaria and its build

partners are responsible for and source the other products related to solar energy systems, such as fasteners, wiring and electrical fittings.

From time-to-time, Complete Solaria procures these other products related to solar energy systems for its own installation business.

Solaria manages inventory through just-in-time delivery, at local warehouses, and as segregated inventory at build partners.

The main components of a residential

solar module are the solar cells.

Complete Solaria’s solar modules are generally manufactured by third-party select manufacturers

and are purchased from distributors.

Complete Solaria screens all

suppliers and components based on expected cost, reliability, warranty coverage, ease of installation, and other factors.

enters into master contract arrangements with major suppliers that define the general terms and conditions of purchases, including warranties,

product specifications, indemnities, delivery and other customary terms.

Solar System Sales

Complete Solaria’s primary competitors are

the traditional utilities that supply electricity to potential customers.

It competes with these traditional utilities primarily based

on price (cents per kilowatt hour), predictability of future prices (by providing pre-determined annual price escalations) and the ease

by which homeowners can switch to electricity generated by solar energy systems.

Based on these factors, Complete Solaria competes favorably

with traditional utilities.

Complete Solaria competes for homeowner customers

with other solar sales and installation companies and with solar companies with business models that are similar to Complete Solaria’s.

Complete Solaria’s main competitors can be grouped broadly into (a) national, vertically integrated companies with established brands

and proprietary consumer financing products;

(b) small, local solar contractors who operate with relatively low-fixed overhead expenses

but who may lack systems, tools, and sophisticated product offerings;

and (c) sales aggregators who engage with third-party sales companies

to generate installation contracts.

Complete Solaria competes favorably with these companies, with (a) better customer experience and

better Sales Partner experience than the national vertically integrated companies;

(b) better pricing and broader customer offerings than

smaller local solar contractors;

Complete Solaria’s primary

competitors are the traditional utilities that supply electricity to potential customers.

It competes with these traditional utilities

primarily based on price (cents per kilowatt hour), predictability of future prices (by providing pre-determined annual price escalations)

and the ease by which homeowners can switch to electricity generated by solar energy systems.

Based on these factors, Complete Solaria

competes favorably with many traditional utilities.

Complete Solaria competes

for homeowner customers with other solar sales and installation companies and with solar companies with business models that are similar

to Complete Solaria’s.

Complete Solaria’s main competitors can be grouped broadly into (a) national, vertically integrated

companies with established brands and proprietary consumer financing products;

(b) small, local solar contractors who operate with relatively

low fixed overhead expenses but who may lack systems, tools, and sophisticated product offerings;

and (c) sales aggregators who engage

with third-party sales companies to generate installation contracts.

Complete Solaria competes favorably with these companies, with (a)

better customer experience and better Sales Partner experience than the national vertically integrated companies;

(b) better pricing and

broader customer offerings than smaller local solar contractors;

and (c) a better build partner experience than sales aggregators.

Complete Solaria also faces competition from purely

finance-driven organizations that acquire homeowner customers and then subcontract out the installation of solar energy systems, installation

businesses that seek financing from external parties, large construction companies and utilities and sophisticated electrical and roofing

At the same time, the open platform provides opportunities for these competitors to become partners, and the open platform

offers these new market participants a cost-effective way to enter the market and compelling process, technology and supply chain services

over the long term.

Complete Solaria also faces

competition from purely finance-driven organizations that acquire homeowner customers and then subcontract out the installation of solar

energy systems, installation businesses that seek financing from external parties, large construction companies and utilities and sophisticated

electrical and roofing companies.

At the same time, the open platform provides opportunities for these competitors to become partners,

and the open platform offers these new market participants a cost-effective way to enter the market and compelling process, technology

and supply chain services over the long term.

Intellectual Property

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protect its intellectual property rights by relying on federal, state and common law rights in the U.S.

and other countries, as well

as contractual restrictions.

and other countries, as well as

contractual restrictions.

It generally enters into confidentiality and invention assignment agreements with employees and contractors,

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Government Regulations and Incentives

Governments have used different public policy mechanisms

to accelerate the adoption and use of solar power.

Examples of customer-focused financial mechanisms include capital cost rebates, performance-based

incentives, feed-in tariffs, tax credits, renewable portfolio standards, net metering, and carbon regulations.

Some of these government

mandates and economic incentives are scheduled to be reduced or to expire or could be eliminated.

Capital cost rebates provide funds to

customers based on the cost and size of a customer’s solar power system.

Performance-based incentives provide funding to a customer

based on the energy produced by their solar power system.

Feed-in tariffs pay customers for solar power system generation based on energy

produced at a rate generally guaranteed for a period of time.

Tax credits reduce a customer’s taxes at the time the taxes are due.

Renewable portfolio standards mandate that a certain percentage of electricity delivered to customers comes from eligible renewable energy

Net metering allows customers to deliver to the electric grid any excess electricity produced by their on-site solar power

systems and to be credited for that excess electricity at or near the full retail price of electricity.

Carbon regulations, including

cap-and-trade and carbon pricing programs, increase the cost of fossil fuels, which release climate-altering carbon dioxide and other

greenhouse gas emissions during combustion.

Governments have

used different public policy mechanisms to accelerate the adoption and use of solar power.

Examples of customer-focused financial mechanisms

include capital cost rebates, performance-based incentives, feed-in tariffs, tax credits, renewable portfolio standards, net metering,

and carbon regulations.

Some of these government mandates and economic incentives are scheduled to be reduced or to expire or could be

Capital cost rebates provide funds to customers based on the cost and size of a customer’s solar power system.

Performance-based

incentives provide funding to a customer based on the energy produced by their solar power system.

Feed-in tariffs pay customers for

solar power system generation based on energy produced at a rate generally guaranteed for a period of time.

Tax credits reduce a customer’s

taxes at the time the taxes are due.

Renewable portfolio standards mandate that a certain percentage of electricity delivered to customers

comes from eligible renewable energy resources.

Net metering allows customers to deliver to the electric grid any excess electricity

produced by their on-site solar power systems and to be credited for that excess electricity at or near the full retail price of electricity.

Carbon regulations, including cap-and-trade and carbon pricing programs, increase the cost of fossil fuels, which release climate-altering

carbon dioxide and other greenhouse gas emissions during combustion.

In addition to the mechanisms

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However, the U.S.

Union, among others, have imposed tariffs or are evaluating the imposition of tariffs on solar panels, solar cells, polysilicon, and other

These and any other tariffs or similar taxes or duties may offset the incentives described above and increase the price of

Complete Solaria’s solar products.

Union, among others, have imposed tariffs or other import duties on solar products, or are evaluating the imposition of such duties on

solar panels, solar cells, polysilicon, and other components.

These import duties may offset the incentives described above and increase

the price of Complete Solaria’s solar products.

Employees and Human Capital Resources

As of December 31, 2023, Complete Solaria had over

134 employees.

Complete Solaria also engages independent contractors and consultants.

No employees are covered by collective bargaining

There have not been any work stoppages.

Complete Solaria’s human capital resources

objectives include identifying, recruiting, retaining, training, and integrating its existing and new employees.

The principal purposes

of Complete Solaria’s equity incentive plans are to attract, retain and motivate personnel through the granting of equity-based

awards, increasing stockholder value and the success of Complete Solaria by motivating such individuals to perform to the best of their

abilities and achieve Complete Solaria’s objectives.

Complete Solaria’s corporate headquarters

and executive offices are located in Fremont, California and it also maintains an office in Lehi, Utah.

Complete Solaria leases all the facilities and

owns no real property.

As of December 29, 2024, Complete Solaria had over 600 employees on

a full-time basis, of that total approximately 534 joined Complete Solaria as part of the SunPower acquisition.

Complete Solaria also

engages independent contractors and consultants.

No employees are covered by collective bargaining agreements.

There have not been any

work stoppages.

Complete Solaria’s human

capital resources objectives include identifying, recruiting, retaining, training, and integrating its existing and new employees.

principal purposes of Complete Solaria’s equity incentive plans are to attract, retain and motivate personnel through the granting

of equity-based awards, increasing stockholder value and the success of Complete Solaria by motivating such individuals to perform to

the best of their abilities and achieve Complete Solaria’s objectives.

Complete Solaria’s corporate

headquarters and executive offices are located in Fremont, California and it also maintains

offices in Orem, Utah .

Complete Solaria leases all

the facilities and owns no real property.

Complete Solaria believes that current facilities are adequate to meet ongoing needs.

If additional space is required,

Complete Solaria believes that it will be able to obtain additional facilities on commercially reasonable terms.

If additional

space is required, Complete Solaria believes that it will be able to obtain additional facilities on commercially reasonable terms.

Corporate Information

22 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business