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Friday 6 November 2026
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CSLM Acquisition Corp.
SPWR Technology Solar
CSLM Acquisition Corp.’s revenue for fiscal 2025 (year ended December 2025) was $300.0 million, up 175.9% from fiscal 2024.
- Revenue
- −17.0%
- EPS
- +114.7%
- Free cash flow
- −499.7%
- Total debt
- −16.8%
Quarter to June 2026, against a year earlier
0.25
0.00
0.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 66 | 88 | 109 | 300 | 283 | +65.3% | 3 | 3 | — | (89.8%) | |
| Gross margin, % | — | — | — | — | — | — | 29.83 | 20.30 | 36.33 | 43.07 | 52.17 | +13.2 pt | ||||||
| EBT | — | — | — | — | 0 | 5 | (28) | (96) | (54) | (43) | (9) | +499.7% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (42.12) | (109.82) | (50.07) | (14.23) | (3.04) | (14.2) pt | ||||||
| Net income | — | 0 | — | — | 0 | 5 | (29) | (270) | (56) | (45) | (11) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 2.95 | 3.54 | 1.63 | 3.44 | 1.89 | n/m | |||||
| Earnings | — | — | — | — | 0.00 | 0.61 | (1.31) | (4.94) | (0.85) | (0.52) | (0.14) | +275.1% | ||||||
| Cash flow | — | — | — | — | 0.00 | (0.24) | (1.40) | (2.37) | (0.82) | (0.18) | (0.40) | n/m | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | (0.07) | (0.08) | (0.02) | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | 0.00 | (0.24) | (1.47) | (2.45) | (0.84) | (0.18) | (0.40) | n/m | ||||||
| Book value | — | — | — | — | 0.00 | (2.60) | 4.67 | (3.11) | (1.46) | (1.03) | (0.18) | n/m | ||||||
| Shares, m | — | — | — | — | 8 | 8 | 23 | 25 | 67 | 87 | 111 | +63.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 0.43 | 1.10 | 0.46 | 0.13 | 0.5 | ||||||
| P/B | — | — | — | — | — | — | 2.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.5 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 0.92 | 2.33 | 0.95 | 0.55 | 1.0 | ||||||
| EV/FCF | — | — | — | — | — | — | (8.53) | (1.33) | (4.53) | (17.30) | (2.54) | (7.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (2) | (32) | (59) | (55) | (15) | (60) | +65.5% | |||||
| Capex | — | — | — | — | — | — | (2) | (2) | (1) | — | (1) | (12.6%) | ||||||
| Free cash flow | — | — | — | — | — | (2) | (33) | (61) | (56) | (15) | (60) | +65.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (2) | (5) | (71) | 16 | (42) | (25) | n/m | |||||
| Net debt | — | — | — | — | — | 0 | 41 | (3) | 132 | 148 | 119 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 0 | (22) | 105 | (77) | (98) | (90) | (26) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (8.61) | 2.96 | (10.26) | (195.68) | (58.87) | (23.52) | (5.36) | (14.9) pt | |||||
| ROIC | — | — | — | — | (17.63) | 0.00 | (9.07) | 0.00 | (122.64) | (28.86) | (38.19) | (11.2) pt | ||||||
| ROE | — | — | — | — | 0.00 | (46.83) | (70.72) | (1,893.74) | 64.76 | 48.33 | 15.27 | +48.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 1 | 1 | 134 | 600 | 785 | — | +429.3% | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 66.48 | 0.65 | 0.18 | 0.38 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
CSLM Acquisition Corp. vs peers in Solar (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TOYO TOYO Co., Ltd. | $211.9M | 4.3× | 2.4× | — | +666.67% (above 0%: growing) | +139.07% (above 0%: growing) | 31.28% | 19.08% | Compare |
| SPWR CSLM Acquisition Corp. | $78.6M | — (loss-making) | — (loss-making) | −17.03% (below 0%: shrinking) | n/m | −499.66% (below 0%: shrinking) | 45.50% | (42.76%) | |
| TYGO Tigo Energy, Inc. | $55.4M | 4.9× | — (loss-making) | −21.47% (below 0%: shrinking) | n/m | +28.01% (above 0%: growing) | 46.16% | (0.32%) | Compare |
| PN PN Smart Energy Limited | $35.1M | — | — | — | — | — | — | — | Compare |
| SPRU Spruce Power Holding Corporation | $24.5M | — (loss-making) | — (loss-making) | −8.75% (below 0%: shrinking) | n/m | −43.41% (below 0%: shrinking) | 67.84% | 32.21% | Compare |
| FTCI FTC Solar, Inc. | $23.4M | — (loss-making) | — (loss-making) | +26.06% (above 0%: growing) | n/m | +136.87% (above 0%: growing) | 5.79% | (26.03%) | Compare |
| SMXT Solarmax Technology, Inc. | $18.0M | — (loss-making) | — | +48.82% (above 0%: growing) | n/m | −539.19% (below 0%: shrinking) | 23.56% | (43.53%) | Compare |
| BEEM Beam Global | $16.2M | — (loss-making) | — (loss-making) | +21.02% (above 0%: growing) | n/m | −141.34% (below 0%: shrinking) | 17.83% | (34.99%) | Compare |
| ASTI Ascent Solar Technologies Inc. | $14.5M | — (loss-making) | — (loss-making) | +460.00% (above 0%: growing) | n/m | +1.36% (above 0%: growing) | (68.91%) | (2,043.59%) | Compare |
| Median of peers | $23.9M | — | — | +23.54% | — | +1.36% | 23.56% | (26.03%) |
Pay and ownership Proxy statement filed 28 September 2026
Ownership
Directors and executive officers, together
24.50%
Thurman J. (T.J.) Rodgers
19.20%
Foris Ventures, LLC
13.40%
Crosslink Capital, Inc.
6.10%
Chicken Parm Pizza LLC
5.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement