Sunpower Inc. · NASDAQ:SPWR

Sunpower — Freedom Acquisition I — SPAC Merger (July 2023)

53 slides from Sunpower's SPAC merger presentation, Jul 3, 2023

  1. Slide 1: Special Presentation to Shareholders

    Exhibit 99.1 Special Presentation to Shareholders June 30, 2023 T.J. Rodgers We put solar on homes in the US (and Europe). We do “EPC”: engineering, procurement & construction — and also take care of insurance, building permits, utility requirements and maintenance problems. Our successful one-stop

  2. Slide 2: Disclaimer

    Disclaimer This presentation may not be retained by you, and neither this presentation nor the information contained herein may be reproduced, redistributed or provided to any other person or published, in whole or in part, for any purpose, without the express and prior written consent of Complete S

  3. Slide 3: Disclaimer

    Disclaimer NEITHER THE SEC NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. This presentation contains information concerning Complete Solaria’s products, services and industry, including mark

  4. Slide 4: Complete Solaria Corporation, Lehi, Utah

    Complete Solaria Corporation 2500 Executive Pkwy, Suite 450 Fab: Lehi, Utah 4 ©2023 Complete Solaria

  5. Slide 5: Utah's Solar Cluster

    Utah’s Solar Cluster Downtown Salt Lake Provo

  6. Slide 6: Agenda

    Agenda • Manufacturing slow down • Impaired April and May revenue — now fixed • Q3 is on track for $50 million • Status of Complete Solaria public company readiness • Funding request to current SPAC and potential PIPE investors 6 ©2023 Complete Solaria

  7. Slide 7: Good News: Monthly Systems Bookings Up 2X

    Good News: Monthly Systems Bookings Up 2X Monthly Systems Bookings $200 million Bookings/Mo ($1,000s) 20,000 per year rate 17,500 15,000 ▪ Our one-stop model works 12,500 ▪ End of NEM 2.0 in CA led to an 10,000 increase in bookings in March 7,500 ▪ Geographic expansion from Solaria merger; e.g., NH

  8. Slide 8: Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate

    Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate Revenue/day ($1,000s) 1,500 1,250 1,000 ▪ Fab now has 2,685 projects (WW25) in WIP (Work In Process) 750 ▪ Fab running at half speed: 286 day $589K/day = Q1 rate cycle time vs. 140 days in 2021. 500 Low speed = low output 390 368 337 314 301 2

  9. Slide 9: T.J. Rodgers Daily Involvement

    T.J. Rodgers Daily Involvement Manufacturing Experience • PhD Integrated Electronics – Stanford (5 yrs) • Fab R&D Engineer -- American Microsystems (5 yrs) • SRAM Product Line -- AMD • Built Fab 1, San Jose, Cypress Semiconductor • Built Fab 2, Austin, Cypress • Built Fab 3, Bloomington, Cypress • B

  10. Slide 10: Silicon Scars

    Silicon Scars 10 ©2023 Complete Solaria

  11. Slide 11: Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate

    Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate Revenue/week ($1,000s) 1,500 1,250 1,000 ▪ Daily work since May 22 ▪ Named Executive Chair 6/27 750 $589K/day = Q1 rate ▪ Launched teams in fab operations, IT, quality and public-company 500 408 390 368 readiness 337 314 301 271 266 250 0 14 1

  12. Slide 12: Internal Correspondence: Do Your Jobs!

    CONFIDENTIAL T.J. RODGERS Internal Correspondence Date: 5/22/2023 Will Anderson : TdRodgers Author File #: TUR#1541 SUBJECT: Do Your Jobs! Brian Wuebbels, Vikas Desai, David Anderson, Mark Swanson Attachments: WJA lan and Colectons, TIR-58,_Looking Good Vs. Dong hats : Right For Cypres: | called COO

  13. Slide 13: Cypress people are only the best

    CV #2: Cypress people are “only the best* @ We are smart, tough, and work hard. — We tell the truth and don’t make excuses. We value knowledge, logic and reason. ——* We admit to and solve problems quickly. We deplore politicians. “Cypressngposopy gvenby TR May, 1983,Daas, Teas CV #3: We “Do what's r

  14. Slide 14: Minh Pham In Utah 24x7

    Minh Pham In Utah 24x7 Manufacturing Experience • Ran Mostek Fab, Texas • Ran Cypress Fab 2, Austin • Ran Cypress Fab 3, Bloomington • Ran Cypress Assy & Test, Philippines • Built original SunPower Fab, Manila • Turned around Cypress Fab 3 • My No. 1 manufacturing exec. — ever 14 ©2023 Complete Sola

  15. Slide 15: Dozens of Small Meetings

    Dozens of Small Meetings 15 ©2023 Complete Solaria

  16. Slide 16: Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate

    Problem: Lehi Utah Fab Overloaded, Running Below Q1 Rate Revenue/day ($1,000s) 1,500 1,250 1,000 Sa, Su, M… F, Sa, Su… 750 $589K/day = Q1 rate 500 408 390 380 368 337 314 301 271 266 250 0 14 15 16 17 18 19 20 21 22 Actual 16 ©2023 Complete Solaria ($000)

  17. Slide 17: Minh Pham's Teachings

    Minh Pham’s Teachings Solutions/Pla Systems Needed to Next Level Date Activities Who n with 3WIs of Performance Track (FPY) Fist Pass Yield at each step, Pareto's by causes, owner, 8-Jun HelioTrack TJ Learning region and RCCA of the top 3 Track rework at each step, Pareto's by causes, owner - Q223 R

  18. Slide 18: 11-Jun Attended Revenue, Cash Flow with TJ and Teams Done Plan for Monday 8:00

    11-Jun Attended Revenue, Cash Flow with TJ and Teams Done Plan for Monday 8:00 AM Kick-Off Meeting with Key Mgrs Minh, Will, Dave, Mark, Andres Done Org Chart discussion Minh, Will, Dave, Mark, Andres Done 1:1 meeting with Will Done Plan for the week installs activities Minh, Will, Dave, Mark, Andre

  19. Slide 19: Attended and provided feed-back 8:00 AM 16-Jun meeting Minh and Team Done Reviewed end

    Attended and provided feed-back 8:00 AM 16-Jun meeting Minh and Team Done Reviewed end of quarter revenue projects Minh, Will, Dave, Mark, Andres Done Attended and provided feed-back 8:00 PM meeting Minh and Team Done Attended and provided feed-back 4:00 PM meeting Minh and Team Done Attended and pr

  20. Slide 20: Good News: The Fab Runs Much Better Now

    Good News: The Fab Runs Much Better Now Revenue/day ($1,000s) 1,500 1,244 1,250 1,072 1,000 ▪ And we know why 788 ▪ And we can maintain it 750 $603K/day rate to make Q2 513 500 408 390 380 368 337 314 301 271 266 250 0 14 15 16 17 18 19 20 21 22 23 24 25 26 Actual Forecast 20 ©2023 Complete Solaria

  21. Slide 21: Complete Solaria Fab Flow

    This “virtual fab” has the Complete Solaria Fab Flow same organization and operating prT. inci Jpl . e R so ad s g a e sirls icon ’s A fan b a inl y th s ei s 1990s 1 WIP Report 2 One Page Spec QA QA 3 Kanban in out Responsible parties 21 ©2023 Complete Solaria

  22. Slide 22: T.J. Rodgers's Analysis: Cycle Time

    Complete Solaria Fab Flow T.J. Rodgers’s Analysis 4. Cycle time Actual cycle time 286 days ~4x x 72 days: ~2x due to overloading ~2x due to quality problems 22 ©2023 Complete Solaria

  23. Slide 23: Arnaud Lepert New COO

    Arnaud Lepert New COO Manufacturing Experience • Ecole Polytechnique • Perovskite solar cells • Applied Materials, BU, Gate module • Fab Section Manager, ST Micro (France) • Process integration, Maxim Semi (SV) • Semiconductor Lasers, Coherent (SV) 23 ©2023 Complete Solaria

  24. Slide 24: Spec Creation — Team Effort

    Spec Creation — Team Effort 24 ©2023 Complete Solaria

  25. Slide 25: Complete Solaria Specified Flow Chart

    Complete Solaria Specified Flow Chart $ Cash $ Revenue Financial Documents Step 1300 Step 1310 Step 1320 Step 1330 Step 1340 Finance NTP Completion Certificate Sent Finance Milestone 1 Finance Milestone 2 Finance Milestone 3 Utility Approval Contract Step 1100 Step 400 Step 410 End Customer END NEM

  26. Slide 26: Alan Hawse IT Systems

    Alan Hawse IT Systems Specs Technical Memos MES — Helio Track Experience • MSEE Georgia Tech • VP IT Cypress, Spec System, MES, CAD • VP IT Enovix, Fab MES System 26 ©2023 Complete Solaria

  27. Slide 27: Task: Equipment Ordered

    Com Solaria A& plete Task: Equipment Ordered QC on QCon Input input Output output Se aa Poets nee ps Requirements 41 Ensure project equipments ready to be ordered “peo a. Ensure ob dat has ben ‘ontdenced” and has active isa ssgned. serrate 2. cxiterotoreb Newt ae ‘Open Customers Beot Matera tom tek

  28. Slide 28: One Page Lesson (OPL)

    One Page Lesson (OPL) 28 ©2023 Complete Solaria

  29. Slide 29: Task: HOA Packet

    Complete Solaria Task: HOA Packet [ Input [-aceninput] { [a onoupat] Steps Requirements 1. Veron conto ee t votvaaiarotsematiemnbstetiecon canes | * Waive dnt tocenaron atone on Son |b, Ifo information about the HOA is found, contact the client by emai, text, oF * etre seuchci bit turin perl acme on

  30. Slide 30: Task: Permit Received

    Complete 7 Solaria Of Task: Permit Received lee ascceal enserdatione oe le rated wk nT aanaeny gee tas Compete etm for accounting payments we ‘Con input Output ‘QCon output Bee Gapemtatien, 2 match nstatation een ~~ = pahal Check for mateh to instaation. ne aa Steps Requirements 1 Wl tows emtfebe CA

  31. Slide 31: Task: Install Complete

    Complete Solwia (O04 Task: Install Complete Output sutaib ck rt ‘Contr tat the customer has agreed oe instance Steps Requirements 1. Review proved pest ins & se suey pis Je Hares T Chek tranytemetetcedd pore be neattomtappenng, (EMMY Rowena cane. rat coo 2. apes conten PT ec > eit Reet aon Saati ond

  32. Slide 32: Specifications for Install Complete

    Complete =v Solaria A© OPS.GNRL_Specifications for Install Complete Document No.: 10105, Revision: A (©2023 Complete Solaria

  33. Slide 33: Specifications for Install Complete: Table of Contents

    OPS.GNRL_ Specifications for instal Compete Document Number 10100 | Rev. | 6:27-2023 Table of Content PURPOSE OF ‘QUALITY CONTROL OF QUALITY CONTROL ON OUTPUTS. 6 (©2023 Complete Solaria

  34. Slide 34: Specifications for Install Complete

    ‘OPS.GNRL_Specticatons for Ista Compete Dosarare Non 0109 | Rh 627203 1. PURPOSE OF THIS DOCUMENT 2, SCOPE ‘No Ada 433. Completion of Permit Received 434 ‘QUALITY CONTROL OF THE INPUTS 5: nda shad ‘The job must be Scheduled in OPF. 4 Sereen Shot 511.1. Check thatthe icon has tured from a tuck to gre

  35. Slide 35: for

    5344 53.12. for ‘OPS.GNRL_Specifications for instal Compete 5334 ‘OPS.GNRL. Speteatons or inal Congita job has arrived. 5.32. Completion of install Update Task: 324 5.4. Completion PTI Received (wen needed): 53.44 inicated by a number in the bar representing the task in the Gantt Char. 5.33. Complet

  36. Slide 36: ‘OPS.GNRL_Specicatons frit Complete for I

    ‘OPS.GNRL_Specicatons frit Complete 8 for I Dacre kas 8 OPS.GNRL. Spectator fr nat Coit 12.362 eet i ot ne 721. Select heb in 7.22. Tap*On our Way’ button (©2023 Complete Solaria

  37. Slide 37: (OP8.GNRL. Speciation or ta Congte ‘OPS.GNRL_Specifications for Install Complete

    (OP8.GNRL. Speciation or ta Congte ‘OPS.GNRL_Specifications for Install Complete met Numbet 10108 | Rav. A 627-2029 Document umber 0108] Rev. 6-27-2023, 7.322 Check the box ‘Requires customer contact” if the customer needs 75. to be notified (Contact Project Coordinator directly if this urgent Wved

  38. Slide 38: ORS GURL Spetetens i mal Conta (OPS. GNRL_Specteton fr ns Compete

    ORS GURL Spetetens i mal Conta (OPS. GNRL_Specteton fr ns Compete ‘onsen br 108| Re A622 Donmertilarer 109 |e 67 208 ving cays wil flow the same steps asthe fst day, 78, 8 jn nt eo instal wit “Take photos inArivy eo “ — 7.821. IM doesnot see the “Complete” status in Avy by 3pm (tobe Covfemed cle ina

  39. Slide 39: ‘OPS.GNRL_Specifcations for install Complete

    ‘OPS.GNRL_Specifcations for install Complete Document ur T0108] Rev. 18272008, “The call wil each the IM or the Scheduling Coordinator or the C Center. 7832 783 Dutra cl te tari ans te aston pleted? ifnot, when 22 it be completed? 783. (tan pole plan? 78323. — Wasthere any problem or obstacle? 78.32

  40. Slide 40: (0P8.GNRL. Speciations for sal Conte ‘OPS.GNRL._ Specifications for instal Complete

    (0P8.GNRL. Speciations for sal Conte ‘OPS.GNRL._ Specifications for instal Complete tea Rev Document roe 0109] Rev &| 627-2025, 821.12 Example ofa bad photo: 821.22 Example ofa bad phot: vile Ao fort example, is unciea h ay has ours orifit extends to be more than four sok 6213. Proton ofthe iver abe

  41. Slide 41: ‘OPS.GNRL._Specifiatons for instal Compete

    ‘OPS.GNRL._Specifiatons for instal Compete Document aoe 1108) Rev A 627-208 821.32. Example of abad photo: Only potion ofthe inverter labels visible. 82. the inverter map 1.4, Photo of 821.41. Example ofa good photo: legible, and has the real b (tnicto) inverters. This example is for an installation

  42. Slide 42: Strong Finish: Q2 Revenue WW24-WW26

    Strong Finish: Q2 Revenue WW24-WW26 Q2 Daily Revenue Revenue/day ($1,000s) 1,500 WW24-26 Daily Avg. Revenue: $1,035K 1,000 ▪ First ~$1 million day, WW24, six since. ▪ Projected avg. daily revenue for last week of the quarter: WW14-23 Daily Avg. Revenue: $355K 500 $1.2 million ▪ $1 million/day x 65 d

  43. Slide 43: Forecasting Q3 at an Achievable Revenue Rate

    Forecasting Q3 at an Achievable Revenue Rate Q2 & Q3 Daily Revenue Revenue/day ($1,000s) 1,500 $53.2M $1,035K/day WW24-WW26 1,000 Forecast: $818K/day WW14-23: $355K/day 500 0 Work Week Actual Forecast Modules 43 ©2023 Complete Solaria Daily Revenue ($000) WW14 WW15 WW16 WW17 WW18 WW19 WW20 WW21 WW22

  44. Slide 44: Average Daily Revenue Per Week Q3 2023

    Average Daily Revenue Per Week Q3 2023 Average Daily Revenue / Week Q3 2023 Revenue/day ($1,000s) 1,500 1,244 1,250 $50 million $1,035K/day 1,072 (with 6.4% upside) WW24-26 Forecast Q3: 964 1,000 910 892 890 $818K/day 860 841 841 775 819 811 805 788 696 750 534 513 WW14-23: $355K/day 500 408 390 380

  45. Slide 45: Nagging Issue: Daily Cash Collections (Quality Issues)

    Nagging Issue: Daily Cash Collections (Quality Issues) Average Daily Collections / Week Q2 2023 Cash/day ($1,000s) 1,500 1,250 1,103 1,000 875 $37.6 million 759 750 643 536 Average Daily Cash Collection: $575K 554 446 500 432 525 400 506 366 335 250 0 14 15 16 17 18 19 20 21 22 23 24 25 26 Actual Fo

  46. Slide 46: Jeff McNeil For Quality

    Jeff McNeil For Quality • Cypress VP WW Mfg. • Enphase COO 2020-22 Fastest Growing on S&P 500 • Enphase Quality 46 ©2023 Complete Solaria

  47. Slide 47: Reward So Far >100:1

    Reward So Far >100:1 TJR on board Jan. 10, 2017 Invest $5 million > $500 million New COO, April 10, 2017 Badri Kothandaraman New CEO, Sept. 3, 2017 Badri Kothandaraman

  48. Slide 48: Fab Work in Process (WIP)

    Fab Work in Process (WIP) Fab Position WW25 Active Tasks* No. Installations 700 • Cypress VP WW Mfg. Install • Enphase COO 2020-22 ($ Revenue) Fastest Growing on S&P 500 600 • Enphase quality 500 $38.4 million revenue $25.5 million AR 2,685 total projects Should be ~1,400 PTO Granted 400 ($ Cash) 30

  49. Slide 49: Conclusion

    Conclusion • 2X orders swamped our Fab for the first two months of Q2 (our fault, no kanban) • Our Q2 revenue has suffered due to a bloated 286-day fab cycle time (our fault) • The line is now running well with upgraded systems installed by managers committed to “making the quarters,” but not yet co

  50. Slide 50: About The SPAC (From SPAC Management)

    About The SPAC (From SPAC Management) • The SEC has just approved (“S4 effective”) our merger with the Freedom SPAC • We do not run the Freedom SPAC • Our post-deSPAC EV will be about $380 million ($225 million pre-money equity value) • Our revenue allows SPAC investments to scale with us, unlike pr

  51. Slide 51: Manny Hernandez To Management & Employees: Public Company Readiness

    Manny Hernandez To Management & Employees Public Company Readiness • The Company’s problems are your problems — DO NOT TOLERATE them • When you commit to do something, DO IT as a matter of personal pride. When “the group” commits, nobody is responsible • I received a Stanford PhD and still knew noth

  52. Slide 52: Enovix TJR talk

    Enovix TJR talk 52 ©2023 Complete Solaria

  53. Slide 53: First AR Quality Report Questions?

    First AR Quality Report Questions? 53 ©2023 Complete Solaria

Freedom Acquisition I — SPAC Merger (July 2023) on 6ix