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Complete Solaria, Inc.(CSLR), a leading solar solutions pr ovider, has released its financial results for the second quarter of 2023. The company's performance is highlighted by a net loss of $11.5 million and total revenue of $32.17 million. The financial data, reported on both GAAP and non-GAAP bases, reflects the company's ongoing efforts to establish itself in the competitive renewable energy sector.
Net Loss of $11.5 Million
In the second quarter of 2023, Complete Solaria, Inc. faced a net loss of $11.5 million according to the company's GAAP financial statement. This loss follows a loss of $23.5 million in the previous quarter, indicating a reduction in losses from the first to the second quarter. The loss from operations for Q2 2023 was reported at $17.5 million, compared to a loss of $20.2 million in Q1 2023.
The company's revenue for the second quarter of 2023 reached $32.17 million, as reported on a GAAP basis. This revenue was generated from both product and service offerings. Product revenue accounted for $6.55 million, while service revenue contributed significantly with $25.62 million. Despite the net loss, the company managed to generate substantial revenue, showcasing its ability to attract customers to its solar solutions.
Gross Profit and Operating Expenses
Complete Solaria, Inc. reported a gross profit of $5.54 million for the second quarter, indicating the difference between total revenue and the cost of revenue. The cost of product revenue stood at $7.05 million, while the cost of service revenue was $19.59 million.
Operating expenses for the second quarter of 2023 totaled $23.09 million. These expenses included sales commissions of $8.79 million, sales and marketing expenses of $3.88 million, and general and administrative expenses of $10.41 million. The company's efforts to manage and reduce operating expenses are evident in the decrease from the previous quarter's operating expenses of $22.32 million.
Complete Solaria, Inc. continues to navigate the challenges of the renewable energy sector, as evidenced by its financial performance in the second quarter of 2023. While the company reported a net loss of $11.5 million, its revenue of $32.17 million demonstrates its ability to attract customers seeking solar solutions. As the company refines its operations and manages expenses, it remains focused on its mission to contribute to a sustainable and cleaner future through solar energy solutions.