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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities from continuing operations        
Net loss $ (31,199) $ (103,440) $ (56,451) $ (269,555)
Net loss from discontinued operations, net of income taxes (1,100) (2,007) (2,007) (173,358)
Net loss from continuing operations (30,099) (101,433) (54,444) (96,197)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation expense 8,205 4,086 3,067 3,364
Non-cash interest expense 1,938 1,757 [1] 4,882 [1]
Accretion of debt in CS Solis [2]     3,872 6,579
Non-cash lease expense 826 483 816 947
Gain on troubled debt restructuring (19,800)   (22,337) [3] [3],[4]
Loss on CS Solis debt extinguishment     10,338
Depreciation and amortization 4,293 991 2,736 930
Provision for credit losses 4,159 3,065 9,132 4,274
Change in reserve for excess and obsolete inventory 131 6,148
Change in fair value of SAFE Agreement – related party 113 900 (616)
Change in fair value of forward purchase agreement liabilities 807 [5] (4,906) [5] (337) [6] 3,906 [6]
Loss on issuance of common stock in connection with forward purchase agreements [7]     35,490
Change in fair value of derivative liabilities (1,639) [8] 37,875 [8] (33,986) [9] [9]
Change in fair value of warrant liabilities 3,122 2,116 (2,921) (29,310)
Issuance of forward purchase agreements [10]     (76)
Amortization of debt issuance costs 14,259 [11] 1,361 [11] 5,842 [12] [12]
Non-cash income [13] (474)    
Loss on impairments and disposals 140 3,721 3,827
Loss on issuance of common stock bonus shares in connection with the Mergers [14]     2,394
Issuance of restricted stock units in connection with vendor services     52
Accretion of debt in CS Solis – related party 3,872    
Loss on conversion of SAFE Agreements to shares of common stock 1,250 1,250
Loss on sale of equity securities     4,154
Non-cash expense in connection with warrant issued for vendor services 5,410 9,179
Loss on issuance of derivative liability [15] 24,688 [15] 24,688 [16] [16],[17]
Gain on debt extinguishment (19,948)    
Other financing costs 3,812 450
Changes in operating assets and liabilities, net of business acquisitions:        
Accounts receivable, net (32,747) 14,735 3,306 (12,106)
Contract assets, current portion     (21,451)
Inventories 34,098 2,378 8,654 1,544
Prepaid expenses and other current assets (12,462) (3,185) (170) (4,197)
Other noncurrent assets 95 111 1,132
Accounts payable 11,692 (8,496) (10,412) 2,292
Accrued expenses and other liabilities (6,360) (1,646) 14,071 (3,313)
Operating lease liabilities (866) (875) (849) (598)
Warranty provision, noncurrent     21 255
Contract liabilities (10,568) (1,434) 82 (1,685)
Net cash used in operating activities from continuing operations     (54,662) (58,802)
Net cash provided by operating activities from discontinued operations     190
Net cash used in operating activities (13,406) (29,111) (54,662) (58,612)
Cash flows from investing activities from continuing operations        
Cash paid for acquisition, net of cash acquired (20,689) (53,500)
Proceeds from the sale of equity securities     8,145
Purchases of property and equipment     (35)
Capitalization of internal-use software costs (1,044) (1,157) (1,939)
Net cash used in investing activities from continuing operations (20,689) (1,044) (54,657) 6,171
Cash flows from financing activities from continuing operations        
Proceeds from issuance of convertible notes, net of debt discount 20,000 68,725    
Proceeds from issuance of convertible notes due to related parties 5,000 26,000    
Payment of debt issuance costs (200)    
Finance lease payments (1,528) (551)
Proceeds from issuance of notes payable, net of issuance cost       14,102
Principal repayment of note payable (300) (300) (9,803)
Proceeds from issuance of convertible notes, net of issuance cost     81,725 17,750
Proceeds from issuance of convertible notes to related parties     26,000 3,500
Proceeds from issuance of common stock 1,682 6,143 6,694
Proceeds from exercise of common stock options 775 492 532 57
Proceeds from Mergers and PIPE Financing     4,219
Proceeds from Mergers and PIPE Financing from related parties     15,600
Proceeds from common stock     5,000
Proceeds from exercise of warrant for common stock 60    
Proceeds from issuance of SAFE agreements 6,000 6,000
Net cash provided by financing activities from continuing operations 25,789 107,060 120,100 50,425
Effect of exchange rate changes 22 22 116
Net (decrease) increase in cash, cash equivalents and restricted cash (8,306) 76,927 10,803 (1,900)
Cash, cash equivalents, and restricted cash at beginning of period 17,219 6,416 6,416 8,316
Cash, cash equivalents, and restricted cash at end of period 8,913 83,343 17,219 6,416
Supplemental disclosures of cash flow information:        
Cash paid during the period for interest 9,811 77 2,147
Cash paid during the year for income taxes     10
Cash paid for income taxes 10    
Supplemental disclosure of noncash financing and investing activities:        
Issuance of Seller Note as partial purchase consideration in Sunder acquisition 20,000    
Issuance of shares of common stock and deferred consideration as partial purchase consideration in Sunder acquisition [18] 17,100    
Cancellation of existing indebtedness in Exchange Agreement 65,872 65,873 [19] [19]
Issuance of convertible notes in Exchange Agreement 31,452 42,662 [20] [20]
Issuance of common stock in Exchange Agreement 2,220 2,220
Conversion of SAFE Agreements to shares of common stock with related party 5,000 5,000
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities     116
Offering costs     1,396
Warrants issued in debt issuance     860
Carlyle warrant modification 660 7,306 10,862
Conversion of 2022 Convertible notes into common stock     30,625
Operating lease right-of-use assets obtained in exchange for lease obligations 116    
Issuance of common stock warrants 1,400 3,516
Conversion of 2022 Convertible notes into common stock     21,561
Conversion of 2022 Convertible Notes issued to related parties into common stock     19,390
Conversion of preferred stock into common stock     155,630
Issuance of common stock in connection with forward purchase agreements [6]     35,490
Issuance of common stock bonus shares in connection with the Mergers [7]     2,394
Recapitalization of Legacy Complete Solaria Common stock into Complete Solaria Common Stock     1
Reclassification of investor deposit to PIPE funds     3,500
Reclassification of warrants between liabilities and equity     $ 4,329
Measurement period adjustments related to the SunPower acquisition – (Refer to Note 3)    
[1] Non-cash interest expense to related parties of zero and $0.4 million during the fiscal years ended December 29, 2024 and December 31, 2023, respectively.
[2] Identified as a related party transaction in the fiscal year ended December 29, 2024.
[3] Gain includes $12.5 million with a related party in the fiscal year ended December 29, 2024. Refer to Note 15 - Borrowings and Derivative Liabilities for details.
[4] Includes the following related party transactions (in millions):
[5] Includes related party income of $0.1 million and $1.8 million in the thirty-nine week periods ended September 28, 2025, and September 29, 2024, respectively.
[6] Change in fair value of forward purchase agreement liabilities from related parties was income of $0.1 million and ($9.1) million during the fiscal years ended December 29, 2024 and December 31, 2023, respectively.
[7] Issuance of common stock in connection with forward purchase agreements includes other expense from related parties of zero and ($30.7) million during the fiscal years ended December 29, 2024 and December 31, 2023, respectively.
[8] Includes related party remeasurement of gain of $1.8 million and loss of $22.8 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively.
[9] Includes $0.3 million gain in connection with the change in the fair value of derivative liabilities issued to the Massey Trust and Carlyle (as later defined in Note 15 - Borrowings and Derivative Liabilities) with related parties.
[10] Issuance of forward purchase agreements includes other income from related parties of zero and $0.4 million during the fiscal years ended December 29, 2024 and December 31, 2023, respectively.
[11] Includes related party amortization expense of $2.7 million and $0.6 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively.
[12] Includes $1.6 million of amortization of debt issuance costs with related parties.
[13] Includes related party non-cash income of $0.1 million in the thirty-nine week period ended September 28, 2025.
[14] Issuance of common stock bonus shares to related parties in connection with the Mergers includes other expense of $0.7 million during the fiscal year ended December 31, 2023.
[15] Includes $3.0 million of related party expense in each of the thirteen and thirty-nine week periods ended September 29, 2024.
[16] Includes $3.0 million loss on a derivative liability issued to the Massey Trust (as later defined in Note 15 - Borrowings and Derivative Liabilities) a related party.
[17] Includes a loss of $3.0 million on the issuance of a derivative liability with a related party in the fiscal year ended December 29, 2024. Refer to Note 15 - Borrowings and Derivative Liabilities for details.
[18] The deferred consideration paid and payable in connection with the Sunder acquisition was accounted for on the Company’s balance sheet as of September 28, 2025, as (i) $5.7 million within Additional paid-in capital, (ii) $5.7 million within Accrued expenses and other current liabilities, and (iii) $5.7 million within Other long-term liabilities.
[19] Includes related party debt cancellation of $37.2 million.
[20] Includes $23.7 million issuance of convertible notes with related parties.