The meeting platform is now open, and the meeting is ready to proceed. I will now turn the controls over to T.J. Rodgers.
Thank you. For those who've joined, on behalf of the platform operator, the meeting platform is now open, and the meeting is ready to proceed. I will now turn the controls—I'm reading the script here—and I'll turn over the controls to T.J. Rodgers himself, who's me. Welcome to the 2025 Annual Meeting of Stockholders for Complete Solaria Inc, which is now operating under the name SunPower. I am T.J. Rodgers, the Chief Executive Officer and Executive Chairman of SunPower. I will act as the chair of this meeting. Thank you for taking the time to participate in today's meeting. This meeting is officially called to order. I would like to thank the other board members who are in attendance. Dan Foley, our Chief Financial Officer, and Jason Kudo, VDO, are also in attendance. Dan will serve as the secretary of this meeting.
Also present is Jonathan Holland, a representative from Mediant, who will be acting as the inspector of elections for the meeting. The stockholders at today's meeting are being asked to vote on the following proposals described in the proxy statement: to elect the 11 director nominees to serve until the 2026 Annual Meeting, two, to ratify the selection of BDO as our accounting firm, and three, to approve an amendment of our 2023 Equity Incentive Plan to reserve an additional 21,555,584 shares of common stock for issuance under such plan. Dan has a certified list of eligible stockholders entitled to vote at this meeting, and he has advised us that a quorum is present at the meeting. I will now ask him to make his report and discuss the procedures for transacting business at this meeting.
Thank you, T.J. Meeting delivered an affidavit for the distribution of the proxy materials, which states that the proxy materials were mailed on May 2nd 2025. This affidavit is available if any stockholder wishes to examine it and will be filed within minutes of this meeting. There were 65,781,061 shares of common stock outstanding on the record date. The list of registered stockholders on the record date is available on the virtual Annual Meeting webpage. We will accept general questions from stockholders or proxy holders, which may be submitted during the meeting by following the instructions on the virtual Annual Meeting page. You must be logged into the meeting webpage to submit questions. If you ask a question, we will follow up with you directly after the meeting. I will now turn it back over to T.J. to discuss formal business.
For business, and to consider and vote on the proposals described in the proxy statement and summarized by Dan. As set forth in the proxy statement, the board of directors unanimously recommends the stockholders vote for each of the proposals. The meeting is now open for discussion of proposals. Questions are limited to the proposals presented. Questions must be submitted through the meeting webpage, and you must be logged into the meeting webpage to ask questions. As a reminder, we will address other questions submitted after the meeting. I declare the polls to be open. If you have already voted by proxy and do not wish to change your vote, you need not vote at this meeting. If you wish to revoke your proxy and change your vote, you may do so now by following the instructions on the virtual Annual Meeting webpage.
If you need to vote or change your vote, please do so now. We will proceed. I declare the polls to be closed. I understand that the votes have been counted, and the preliminary report of the inspector of elections has been delivered to the company. Dan, will you please announce the results of the stockholders' vote?
Thank you, T.J. The preliminary report of the inspector of elections indicates that: one, each nominee for director has been elected to serve until the 2026 Annual Meeting of Stockholders. These candidates received the highest number of votes, constituting a plurality of the votes cast. Two, BDO has been approved as the company's independent registered firm 2025 by affirmative vote of the majority of the votes cast. Three, the proposal to amend our 2023 Equity Incentive Plan to reserve an additional 21,555,584 shares for issuance under the plan has been approved by stockholders by the affirmative vote of a majority of the total votes cast. I will now turn it back over to T.J. for final comments.
Thank you, Dan. Please file the final report with the minutes of the meeting. This completes the business to be conducted at this meeting. Before I join the meeting, I'd like to provide our shareholders with a few comments. First of all, thank you very much for approving proposal three. This gives us the stock we need to grow by acquisition and to pay for the tremendous growth we've had from SunPower's acquisition by approving the stock we gave to SunPower employees. Secondly, I'd like to make some brief comments on the ITC issues surrounding the industry right now. I will give a more complete analysis of them next week, but I can say some things that I know now. This is based on models, which I have worked on in detail for the last four days, that are accurate models of the company.
Even if the ITC market problems cause our revenue this quarter to wobble a little bit, our forecast, official forecast, is $80 million. That wobbling is unlikely to go below $75 million, worst case. That is our revenue stable. Even if the ITC decisions that have yet to be made, there's something talked about, at the end of the year are harmful, I look carefully at 2026 and see a company where our revenue could fall from $80 million to $71 million and not lose any money. That is, I see a company with profit for the next year. While I'm getting ready to give you the details of those conclusions, I simply said I've modeled the result of bad outcomes of the ITC issue right now, and we will make it through fine. We won't even lose any money in the next four quarters.
I thought you all know that before another week goes by and I can prepare a longer presentation. I declare that the 2025 Annual Meeting of Stockholders of SunPower is hereby adjourned. Thank you for your participation and interest.