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Divestiture

3 Months Ended

Mar. 31, 2024

(7)

Divestiture

Discontinued operations

As previously described in Note 1 – Organization, on August 18, 2023, the Company entered into a Non-Binding Letter of Intent to sell certain of Complete Solaria’s North American solar panel assets, inclusive of intellectual property and customer contracts, to Maxeon. Under the terms of the Disposal Agreement, Maxeon agreed to acquire certain assets and employees of Complete Solaria. The Company determined that this divestiture represented a strategic shift in the Company’s business and qualified as a discontinued operation. In October 2023, the Company completed the sale of its solar panel business to Maxeon, pursuant to the terms of the Asset Purchase Agreement Disposal Agreement.

The components of amounts reflected in the unaudited condensed consolidated statements of operations and comprehensive loss related to discontinued operations are presented in the table, as follows (in thousands):

	Thirteen-Weeks
	Ended April 2, 2023
Revenues	$	18,721
Cost of revenues		19,479
Gross loss		(758	)
Operating expenses:
Sales and marketing		2,866
General and administrative		4,185
Total operating expenses		7,051
Loss from discontinued operations		(7,809	)
Other income (expense), net		—
Loss from discontinued operations before income taxes		(7,809	)
Income tax benefit		4
Net loss from discontinued operations	$	(7,805	)