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. In the quarter to June 2026, revenue fell 17.0%, EPS grew 117.9%, free cash flow fell 499.7% and total debt fell 16.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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CSLM Acquisition Corp. (SPWR) Piotroski F-score
CSLM Acquisition Corp.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 0.00 |
| FY2024 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (23.52%) | (58.87%) | Fail | 0 |
| Positive operating cash flow | (15.33m) | (54.66m) | Fail | 0 |
| Rising return on assets | (23.52%) | (58.87%) | Pass | 1 |
| Cash flow above net income | 30.03m | 1.79m | Pass | 1 |
| Falling long-term leverage | 0.81 | 1.52 | Pass | 1 |
| Rising current ratio | 0.73 | 1.20 | Fail | 0 |
| No new shares issued | 87,109,000 | 66,656,000 | Fail | 0 |
| Rising gross margin | 43.07% | 36.33% | Pass | 1 |
| Rising asset turnover | 1.56 | 1.13 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TOYO TOYO Co., Ltd. compare | 8 |
| SPRU Spruce Power Holding Corporation compare | 6 |
| SMXT Solarmax Technology, Inc. compare | 6 |
| TYGO Tigo Energy, Inc. compare | 6 |
| SPWR CSLM Acquisition Corp. | 5 |
| SPIEQ SPI Energy Co., Ltd. compare | 5 |
| FTCI FTC Solar, Inc. compare | 3 |
| BEEM Beam Global compare | — |
| PN PN Smart Energy Limited compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover