Complete Solaria Cuts 25 Employees from Modules Business
By Denny Jacob
Complete Solaria has made the decision to cut 25 employees from its Modules business as part of a planned wind-down. The solar company has cited an oversupply in solar modules from manufacturers in China as the reason for this move, which has resulted in a decline in market prices. To adapt to these market conditions, Complete Solaria will no longer offer solar modules separately and will instead focus solely on its Systems business.
As part of its strategy, Complete Solaria intends to sell certain assets from its Modules business to a global solar panel manufacturer. This agreement would not only provide the company with cash but also allow it to prioritize its Systems business. While a non-binding term sheet has been signed, there are no guarantees that the deal will be finalized within the third quarter.
In total, Complete Solaria has reduced its workforce by 59 employees company-wide, which is expected to result in approximately $7.9 million in annual savings. After these cuts, the company will have a remaining staff of 312 employees and contractors.
Looking ahead, Complete Solaria has forecasted revenue between $38 million and $41 million for the third quarter. As of now, the company's performance during the first seven weeks of the quarter is on track to meet this target.
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