Sunpower Inc. · NASDAQ:SPWR

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

31 slides from Sunpower's SPAC merger presentation, May 24, 2023

1. Slide 1: First Quarter & Business Update

   Filed by: Freedom Acquisition I Corp. This communication is filed pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Freedom Acquisition I Corp. Commission File Number: 001-40117 Date: May 23, 2023

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: Today's Agenda

   Today’s Agenda 1. Announcements Will Anderson, CEO 2. Differentiating Attributes of Complete Solaria Will Anderson, CEO 3. Near-term Profitability Brian Wuebbels, CFO 4. FACT Update Adam Gishen, CEO Freedom Acquisition 1 Corp. 5. Wrap-up and Q&A Will Anderson, CEO 4 ©2023 Complete Solaria 05/23/2023

5. Slide 5: Announcements

   Announcements ● Final steps towards closing deSPAC transaction ● Adjustments to revenue accounting ● New 2023 financial outlook ● Attractive valuation adjustment 5 ©2023 Complete Solaria 05/23/2023

6. Slide 6: Differentiating Attributes of Complete Solaria

   Differentiating Attributes of Complete Solaria A unique offering that is outpacing the industry and overcoming short term macro hurdles ● Unique Offering ○ End to End Solution ○ Hardware, software, and project management ● High Growth in an uncapped Market ○ Projected to nearly double in 2023 vs ind

7. Slide 7: Unique Offering

   Unique Offering Section II.a 7 ©2023 Complete Solaria 05/23/2023 7

8. Slide 8: Our Mission

   Our Mission Provide innovative, end-to-end solar energy solutions and an exceptional customer experience. 8 ©2023 Complete Solaria 05/23/2023

9. Slide 9: Products, software, and model deliver better customer results

   Complete Solaria’s products, software, and model deliver better customer results An end-to-end customer experience Premium Solar Modules Software Solutions Sales Partners Finance Products Customers End-to-End Fulfillment Platform Install Network Long Term Cust. Support 9 ©2023 Complete Solaria 05/23

10. Slide 10: Complete Solaria manages the entire value chain

    Complete Solaria manages the entire value chain Bringing a unique model to the residential solar market Upstream Value Chain Downstream Value Chain Manufacturing Phase Deployment Phase Workflow Project Product Design Manufacturing Distribution Sales Installation Financing Automation &/or Sample Comp

11. Slide 11: Achieving benefits of Complete Solar and Solaria integration

    Achieving benefits of Complete Solar and Solaria integration Sign Si if g ic na ifn ic t a rn ev t e re nv ue en sy uen sy erg nie ers gid ers ive in xg p e ra ct p e id d g to ro d w ritv h e ig n r2 oH w t2 h0 i2 n3 2H23 Complete Solaria Growth Initiatives: Bundle Solaria panels with software, ser

12. Slide 12: High Growth in an Uncapped Market

    High Growth in an Uncapped Market Section II.b 12 ©2023 Complete Solaria 05/23/2023 12

13. Slide 13: Quarterly revenue growth accelerated in Q1

    Quarterly revenue growth accelerated in Q1 Complete Solaria Y/Y Revenue Management Commentary • Revenue ramp is accelerating 45 • 30% increase vs same prior-year period 40 • 30% vs 12% YoY (Q1 vs Q4) 35 $8.9 $3.7 • Q1 QoQ growth overcomes traditional 30 downturn seasonality $38.2 25 20 $34.1 $29.3 1

14. Slide 14: Expanding systems revenue to new geographies

    Expanding systems revenue to new geographies aided by Solaria merger While the rest of the industry flattens, geographic expansion expected to drive Complete Solaria growth ● Launched in NH in Q2 ○ $2M bookings expected in first month ● Expanding small commercial systems partnership with national re

15. Slide 15: Resiliency

    Resiliency Section II.c 15 ©2023 Complete Solaria 05/23/2023 15

16. Slide 16: We are taking market share in California

    We are taking market share in California California new bookings growth trajectory back on track post NEM2 Management Commentary • Spike in CA activity before NEM 2 Series 1 NEM2 Deadline Deadline 4,000,000 • Post-NEM 2 already back on track 3,500,000 3,000,000 • Q1 Originations 40% higher YoY 2,500

17. Slide 17: Finance products provide flexibility in high interest rate environment

    Our finance products provide flexibility in high interest rate environment Shift to PPAs as loans become more expensive Origination Mix: Q1’23 Management Commentary Origination Mix: Q4’22 12% 17% ● Complete Solaria offers wide range of financing options 33% ● PPA popularity increased as 44% interest

18. Slide 18: Buffered by growth in Europe

    … and we’re buffered by growth in Europe Series 1 European Revenue 2022 vs Expected 2023 ▪ Strong demand in Europe is creating orders and significant growth opportunities ▪ Establishing permanent operations center in Germany ▪ 150% revenue growth YoY 40 MW $15 M 12 MW $6 M Revenue MW Revenue MW 2022

19. Slide 19: Healthy backlog of contracted projects supports revenue plan

    Healthy backlog of contracted projects supports revenue plan ▪ $57M of backlog identified in 2023 $215.7M ▪ $38.2M of revenue in Q1 68 Revenue & Backlog ▪ Add $120M revenue from core businesses System Sales New Initiatives 82 28 Revenue & Backlog Module Sales New Initiatives 38 19 ©2023 Complete Sol

20. Slide 20: Domestic panel production taking advantage of IRA incentives

    Domestic panel production taking advantage of IRA incentives Section 45X Advance Production Manufacturing Credit ● 30% investment credit up to $10B ● Complete Solaria in strong position to win an allocation ○ One of a very small set of domestic manufacturers ○ Uniquely focused on the residential mar

21. Slide 21: Near-term Profitability

    Near-term Profitability Section III 21 ©2023 Complete Solaria 05/23/2023 21

22. Slide 22: Q1 Non-GAAP Performance

    Q1 Non-GAAP Performance Complete Solaria Performance vs. Investor Plan Management Commentary Revenue Non-GAAP Gross Margin • Sales of $38.2M 45 40 $2.8 • GM% @ 18% 35 • Low-price liquidation of prior- 30 gen modules • Systems BOM costs remained 25 $41.0 high 20 $38.2 • Labor inefficiencies due to 15

23. Slide 23: Forecasted Path to Profitability

    Forecasted Path to Profitability Q1 to Q4 2023 Non-GAAP Net Income Bridge $0M $3M $3M $4M ($2M) $5M ($12M) Q1'23 Volume Systems Costs Module Costs Opex Interest Expense Q4'23 Projected FY23 Improvements • Sales of $80.0M in Q4, up 100% vs. Q1 • Systems BOM cost reductions from lower module & compone

24. Slide 24: Complete Solaria 2023 Forecast Outlook

    Complete Solaria 2023 Forecast Outlook Revenue • Sales up 90% vs. FY22 • Systems growth fueled by new markets • Modules reflect current market Gross Margin • Q2 return to historic averages in Systems business • Growth in margins driven by cost reductions and scale benefits Net Income • Subsidiary de

25. Slide 25: FACT Update

    FACT Update Section IV 25 ©2023 Complete Solaria 05/23/2023 25

26. Slide 26: Public Comparables Valuation at Announcement vs. Today

    Public Comparables Valuation at Announcement vs. Today Since announcement, peer share prices have decreased ~26% on average 1 Complete Solaria has lowered its pre-money equity value from $450mm to $225mm Downstream Companies Upstream Companies Change in share price since (59.0%) (34.7%) (49.0%) (43.

27. Slide 27: Transaction Overview

    Transaction Overview Sources & Uses Illustrative Pro Forma Capitalization Illustrative Pro Forma Ownership ($in millions) ($ in millions, except share price) Sources: Share Price at Close $10.00 3 Rolled Equity from Existing Investors $225 Pro Forma Shares Outstanding 43.6 1 SPAC Cash 70 Pro Forma E

28. Slide 28: Wrap-Up & Q&A

    Wrap-Up & Q&A Section V 28 ©2023 Complete Solaria 05/23/2023 28

29. Slide 29: Solaria Featured in NAHB New American Home 2023 Q&A

    Solaria Featured in NAHB New American Home 2023 Q&A 29 ©2023 Complete Solaria 05/23/2023

30. Slide 30: Appendix

    Appendix ©2023 Complete Solaria 05/23/2023

31. Slide 31: Complete Solaria GAAP to Non-GAAP Bridge

    Complete Solaria GAAP to Non-GAAP Bridge 31 ©2023 Complete Solaria 05/23/2023 Forward Looking Statements This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced and proposed transactions. These forward-looking

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