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Item 1. Business

2026-04-14 compared with 2025-04-30 · 282 added, 285 removed, 29 unchanged (95% of the section changed)

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”).

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

and build partners.

Our sales partners generate solar installation contracts with homeowners on our behalf.

To facilitate this process,

we provide the software tools, sales support and brand identity to our sales partners, making them competitive with national providers.

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

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.

SunPower Inc.

or SunPower, 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 equipment.

(the “Company”) is the rebranded name of Complete Solaria, Inc.

The rebranding was effective April 22, 2025 and became

legally effective on October 16, 2025.

We are headquartered in Orem, Utah.

Solaria, Inc.

(“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”).

Complete Solaria created a technology platform to offer clean energy products

to homeowners by enabling a national network of sales partners and build partners.

Our sales partners generate solar installation contracts

with homeowners on our behalf.

To facilitate this process, we provide the software tools, sales support and brand identity to our sales

partners, making them competitive with national providers.

We fulfill our customer contracts by engaging with local construction specialists

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

panel assets of The Solaria Corporation, including intellectual property and customer contracts to Maxeon Solar Technologies, Ltd.

pursuant to the terms of an asset purchase agreement (the “Disposal Agreement”).

Under the terms of the Disposal Agreement,

Maxeon agreed to acquire certain assets and employees of Complete Solaria for an aggregate purchase price of approximately $11.0 million

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

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

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.

October 2023, we sold the solar panel assets of The Solaria Corporation, including intellectual property and customer contracts to Maxeon

Solar Technologies, Ltd.

(“Maxeon”) pursuant to the terms of an asset purchase agreement (the “Disposal Agreement”).

Under the terms of the Disposal Agreement, Maxeon agreed to acquire certain assets and employees of Complete Solaria for an aggregate

purchase price of approximately $11.0 million consisting of 1,100,000 shares of Maxeon ordinary shares.

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

on September 24, 2025, we completed the purchase of all the membership interests of Sunder Energy, LLC (“Sunder”).

provides a third-party solar energy sales force to initiate and execute contracts with customers throughout the United States.

sales force works with solar installation companies in which Sunder acts as the agent for each transaction entered.

Sunder earns revenue

based on residential solar installation contracts for residential homeowners that are sold to installation companies in accordance with

its contracts with those installation companies.

Upon entering into a sales contract, the requisite performance obligation of Sunder

is to assist the installation companies in the progress of the installation and obtain permission to operate.

On November 21, 2025, we

completed the purchase of all the membership interest of Ambia Energy, LLC (“Ambia”).

Ambia is a residential solar energy

system installer which operates in various markets throughout the United States.

Ambia generates revenue from selling and installing

solar energy systems or orchestrating the sale of a solar energy system which will be installed by a third party.

On January 30, 2026,

we completed the purchase of all of the equity interests of Cobalt Power Systems, Inc.

Cobalt is an installer

of residential and commercial solar energy systems in the San Francisco Bay area.

Cobalt generates revenue from the design and installation

of solar power systems.

August 5, 2024, we entered into an Asset Purchase Agreement (the “APA”) among us and SunPower Corporation and its 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 was approved on September 23, 2024, by the United States Bankruptcy

Court for the District of Delaware.

We completed the acquisition of the Acquired SunPower Assets effective September 30, 2024.

and businesses acquired by us under the APA are referred to as the “SunPower Businesses.” 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.

acquisitions of Sunder, Ambia, Cobalt and SunPower Businesses are collectively referred to herein as “Acquisitions”.

offer solar system sales and installation to residential homeowners and the new home builders’ communities.

The Acquisitions 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:

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.

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

a result of our acquisition of Sunder, we operate a solar energy sales force to initiate and execute contracts with customers throughout

the United States.

We manage 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

2 unchanged sentences

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

Since its inception, Complete

Solaria has continued to invest in a platform of services and tools to enable large-scale operations for sales and builder partners.

platform incorporates processes and software solutions that simplify and streamline design, proposals, and project management throughout

and a best-in-class customer experience, we establish valuable customer relationships that can extend beyond the initial solar energy

system purchase and provide us with opportunities to offer additional products and services in the future.

inception, we have continued to invest in a platform of services and tools to enable large-scale operations for sales and builder partners.

The platform incorporates processes and software solutions that simplify and streamline design, proposals, and project management throughout

the lifecycle of a residential solar project.

1 unchanged sentence

capabilities.

The ecosystem Complete Solaria has built provides broad reach, and we believe it positions Complete Solaria for sustained

and rapid growth through a capital-efficient business model.

The ecosystem we have built provides broad reach, and we believe it positions us for sustained and rapid growth through

a capital-efficient business model.

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.

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.

use salesforce.com to manage and fulfill orders which replaced our use of Albatross, the rights to which we acquired in connection with

our acquisition of the SunPower Businesses.

Albatross is a sales order platform which will be sunset later in 2026.

Our acquisition of

Sunder included Merdeka, a software platform which gives access from bookings to energization.

We currently have this platform on view

only and believe it has future potential as a differentiating option compared to our competition.

Differentiation

and Operating Results

a differentiated customer experience is core to our 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.

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 expanded 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.

strategy focuses on providing our sales partners with the software tools, sales support, and ability to compete effectively with national

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

Solar System Sales

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.

System Sales are full systems sold to homeowners, home builders and small to medium-sized commercial businesses through our sales partner

We and our builder partners fulfill and install the systems.

We believe that we can increase revenue by executing the following

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:

Platform of Services and Tools :

expanding installation capacity and developing new geographic markets through our partner programs— Certain of our partners

become builder partners who install systems resulting from sales generated by our sales partners.

By leveraging this network of skilled

builders, in addition to our in-house installation experts, we aim to increase our installation capacity in traditional markets and

expand our 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 —We expect to create a consistent offering with a single execution process

for national-scale sales partners throughout their territories, including in territories where we do not currently operate.

national accounts have unique customer relationships that will facilitate meaningful sales opportunities and low acquisition cost

to increase revenue and improve margin.

Increase revenue and

margin by executing on a battery storage opportunity – We have an opportunity to increase our revenue and margin in the

battery space through our partnership with Enphase.

By providing homeowners with an option to include battery storage as part of

their solar system install, we believe there will be a greater need for battery storage as the demand and costs of energy will increase.

following strengths position us to drive the mass adoption of residential solar in a manner that maximizes the value of our growing customer

base over the long term:

Platform of Services

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 :

This infrastructure underpins the ability to enjoy

broad customer reach with a low system-wide cost structure and positions us for expansion to every market where distributed solar

energy generation can offer homeowners savings versus traditional utility retail power.

Differentiated Customer

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,

customer-friendly solar service features, tailored

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

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.

We provide solutions for sales channels seeking to expand

their geographic reach and strengthen their relationships with their own customers.

Skilled 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.

Service and Operations

have 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,

evaluation that 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.

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

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

This contract then undergoes

a final review 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.

an agreement is fully executed, a site audit is performed at the home to inspect the condition of the roof, electrical equipment, and

Following this audit are 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

that 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.

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, we or a 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 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 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,

main components of a residential solar energy system are the solar modules, inverters, and racking systems.

We also offer battery storage

and car chargers where it can benefit our customers.

We generally purchase 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 we fail 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.

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

We typically enter

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

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 we are 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.

and our 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, we procure these other products related to solar energy systems for our own installation business.

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

main components of a residential solar module are the solar cells.

Our solar modules are generally manufactured by third-party select

manufacturers and are purchased from distributors.

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

We compete 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;

Based on these factors, we compete favorably

with many traditional utilities.

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

are like ours.

Our 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.

We compete 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

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 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

Complete Solaria seeks to

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.

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

and confidentiality agreements with other third parties, in order to limit access to, and disclosure and use of, confidential information

and proprietary technology.

In addition to these contractual arrangements, Complete Solaria also relies on a combination of trademarks,

trade dress, domain names, copyrights, and trade secrets to help protect the brand and other intellectual property.

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

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

described above, there are various incentives for homeowners and businesses to adopt solar power in The Inflation Reduction Act of 2022.

Moreover, in Europe, the European Commission has mandated that its member states adopt integrated national climate and energy plans to

increase their renewable energy targets to be achieved by 2030, which could benefit the deployment of solar.

also face 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.

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

and other countries,

as well as contractual restrictions.

We generally enter into confidentiality and invention assignment agreements with employees and contractors,

and confidentiality agreements with other third parties, to limit access to, and disclosure and use of, confidential information and

proprietary technology.

In addition to these contractual arrangements, we also rely on a combination of trademarks, trade dress, domain

names, copyrights, and trade secrets to help protect the brand and other intellectual property.

Regulations and Incentives

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

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

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.

addition to the mechanisms described above, there are various incentives for homeowners and businesses to adopt solar power in The Inflation

Reduction Act of 2022 (the “IRA”).

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted

and significantly modified this framework by accelerating the phase-out or termination of certain federal tax incentives and introducing

additional eligibility requirements and compliance obligations.

In particular, the OBBBA accelerates the termination of the clean electricity

investment tax credit and production tax credit for applicable solar facilities, generally limiting availability to projects that begin

construction by July 4, 2026 or are placed in service by December 31, 2027, and terminates the residential clean energy credit for property

installed after December 31, 2025.

The OBBBA also introduces additional restrictions relating to certain foreign entities of concern

(“FEOC”) and supply chain sourcing, which may affect project eligibility and increase compliance costs.

in Europe, the European Commission has mandated that its member states adopt integrated national climate and energy plans to increase

their renewable energy targets to be achieved by 2030, which could benefit the deployment of solar.

However, the U.S.

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 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.

and European 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 our solar products.

and Human Capital Resources

of December 28, 2025, we had 785 employees on a full-time basis.

We also engage independent contractors and consultants.

are covered by collective bargaining agreements.

There have not been any work stoppages.

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

The principal purposes of our equity incentive plans are to attract, retain and motivate personnel through the granting of equity-based

awards, increasing stockholder value and the success of our Company by motivating such individuals to perform to the best of their abilities

and achieve SunPower’s objectives.

corporate headquarters and executive offices are located in Orem, Utah.

lease all the facilities and own no real property.

We believe that our 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.

space is required, we believe that we will be able to obtain additional facilities on commercially reasonable terms.

Corporate Information

We were originally known as

Freedom Acquisition I Corp (“FACT”).

were originally known as Freedom Acquisition I Corp (“FACT”).

We are engaged in solar system sales and associated commerce.

On July 18, 2023, Complete

Solaria, FACT, and certain other entities consummated the transactions contemplated under that certain amended and restated Business Combination

Agreement, dated as of May 26, 2023, following the approval at the special meeting of the stockholders of FACT held July 11, 2023.

connection with the closing of the Business Combination, we changed our name from Freedom Acquisition I Corp.

On July 18, 2023, Complete Solaria, FACT, and certain other entities consummated the transactions contemplated under that certain amended

and restated Business Combination Agreement, dated as of May 26, 2023, following the approval at the special meeting of the stockholders

of FACT held July 11, 2023.

In connection with the closing of the Business Combination, we changed our name from Freedom Acquisition

to Complete Solaria, Inc.

Our principal executive offices

are located at 45700 Northport Loop E, Fremont, CA 94538, and our telephone number is (510) 270-2507.

Access to Company Information

We file or furnish periodic

reports and amendments thereto, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and Current Reports on Form

8-K, proxy statements and other information with the Securities and Exchange Commission (“SEC”).

In addition, the SEC maintains

a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically.

Complete Solar’s internet address is https://www.completesolaria.com.

Through our internet website, we make available, free of charge,

our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon

as reasonably practicable after such reports have been filed with or furnished to the SEC.

The information on our website is not

a part of this Annual Report on Form 10-K.

principal executive offices are located at 1403 N.

Research Way, Orem UT 84097, and our telephone number is (877) 299-4943.

to Company Information

file or furnish periodic reports and amendments thereto, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q

and Current Reports on Form 8-K, proxy statements and other information with the Securities and Exchange Commission (“SEC”).

In addition, the SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information

regarding issuers that file electronically.

Our internet address is https://us.sunpower.com.

Through our internet website, we make available,

free of charge, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those

reports as soon as reasonably practicable after such reports have been filed with or furnished to the SEC.

The information on our website is

not a part of this Annual Report on Form 10-K.

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