• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Maxeon Solar Technologies Announces First Quarter 2024 Financial Results

    5/30/24 7:30:00 AM ET
    $MAXN
    Semiconductors
    Technology
    Get the next $MAXN alert in real time by email

    --First Quarter Revenue of $187 Million--

    --Financing Commitments Secured from Largest Shareholder--

    SINGAPORE, May 30, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the first quarter ended March 31, 2024.

    Maxeon Solar Technologies Logo (PRNewsfoto/Maxeon Solar Technologies)

    Maxeon's Chief Executive Officer Bill Mulligan noted, "Maxeon has been facing a very difficult market environment since the third quarter of last year, with challenging industry pricing conditions and demand disruptions in our DG business due to higher interest rates and policy changes, as well as project pushouts by two of our large-scale customers in the US. These external factors led to underutilized manufacturing operations, increased product costs, and lower revenue and profit than planned. While the Company is making progress on our announced restructuring initiatives and we are seeing some positive trends in the market, we determined that Maxeon requires additional capital to support its continuing operations. After conducting a thorough analysis with the help of financial advisors, management and the board determined that the most viable financing option to support our immediate liquidity needs was from our largest shareholder, TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TZE)."

    "TZE has agreed to invest $97.5 million via a debt investment and has committed to an additional $100 million equity investment, in each case subject to regulatory approvals. In addition, substantially all of the holders of the $200 million 2025 convertible notes have agreed to exchange their bonds and accrued interest into new bonds due in 2028, which are convertible into equity at the noteholders' option starting July 2nd and $137.2 million of which must be converted into equity upon TZE's equity investment. We believe that these transactions are necessary to provide sufficient liquidity to enable the Company to return to profitability. These transactions, however, will result in substantial dilution to existing public shareholders, with TZE ultimately becoming a controlling shareholder, subject to regulatory approvals."

    "Our distributed generation (DG) business faced ongoing price and demand headwinds in both the U.S. and Europe. Against this challenging industry backdrop we were able to execute on several key strategic initiatives, including completion of all deliveries to SunPower Corporation under the Settlement Agreement. In parallel, our new U.S. Dealer channel added more than 100 new partners with additions from many key installers that have been selling our product effectively for more than a decade. In Europe, the team successfully introduced our 7th generation Performance Series module which is our first product utilizing TOPCon cell technology."

    "We recently sold our stake in the Huansheng Photovoltaic (Jiangsu) Co., Ltd (HSPV) joint venture, along with executing an IP-license for shingling technology for their use in utility-scale markets outside of the United States, for $34 million. In addition, we entered into a new supply agreement with HSPV for continued support of our international DG business. Going forward, our activities in utility-scale will be focused exclusively on the U.S. market, where our longstanding customer relationships, track record of execution, supply chain structure, differentiated products and leading sustainability profile makes us a supplier of choice for many developers. Our operations teams have been working hard to manage the effects of two significant customer project delays which led to reduced near-term manufacturing volumes and impacted our Q1 financial performance. While current pricing and demand conditions remain challenging, we are seeing some positive trade policy trends and we are cautiously optimistic that these could result in stronger pricing power, improved demand and incremental bookings. On the technology front, we're seeing competitors rapidly shift to TOPCon products which we believe infringe on U.S. intellectual property we developed over 15 years ago. We recently initiated patent infringement lawsuits against three competitors and we are in discussions with several other companies relating to potential TOPCon licensing opportunities."

    "For the balance of 2024, the Company will be focused on rebuilding our balance sheet while undergoing further transformation to return the core business to profitability with reduced customer concentration risk." 

    Selected Q1 Unaudited Financial Summary

    (In thousands, except shipments)

    Fiscal Q1 2024



    Fiscal Q4 2023



    Fiscal Q1 2023

    Shipments, in MW

    488



    653



    774

    Revenue

    $                   187,456



    $                   228,775



    $                   318,332

    Gross (loss) profit (1)

    (14,871)



    (34,461)



    53,625

    GAAP Operating expenses

    48,668



    141,007



    41,921

    GAAP Net (loss) income attributable to the stockholders(1)

    (80,148)



    (186,334)



    20,271

    Capital expenditures

    19,216



    11,656



    16,500







    Other Financial Data(1)

    (In thousands)

    Fiscal Q1 2024



    Fiscal Q4 2023



    Fiscal Q1 2023

    Non-GAAP Gross (loss) profit

    $                   (12,888)



    $                     (9,675)



    $                     54,142

    Non-GAAP Operating expenses

    38,520



    36,654



    38,056

    Adjusted EBITDA

    (38,977)



    (37,631)



    30,984





    (1)

    The Company's use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below.

     

    Second Quarter 2024 and Fiscal Year 2024 Outlook



    For the second quarter of 2024, the Company anticipates the following results:



    (In millions, except shipments)

     Outlook

    Shipments, in MW

    520 - 600 MW

    Revenue

    $160 - $200

    Gross loss

    $(20) - $0

    Non-GAAP gross loss(1)

    $(20) - $0

    Operating expenses

    $45 ± $2

    Non-GAAP operating expenses(1)

    $37 ± $2

    Adjusted EBITDA(2)

    $(51) - $(31)

    Capital expenditures(3)

    $15 - $25

    For fiscal year 2024, the Company's annual guidance is below:

    – Revenue to be within a range of $640 million to $800 million.

    – Adjusted EBITDA to be within a range of $(160) million to $(110) million.

    –  Capital expenditures(3) to be within a range of $70 million to $100 million.

    (1)

    The Company's Non-GAAP operating expenses are impacted by the effects of adjusting for stock-based compensation expense and restructuring charges and fees.





    (2)

    The Company cannot provide a reconciliation between its Adjusted EBITDA projection and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of the remeasurement gain or loss of the prepaid forward.





    (3)

    Capital expenditures are directed mainly to conversion of our legacy Maxeon 3 capacity in the Philippines to Maxeon 7 technology and equipment for manufacture of our Performance line products in Malaysia and Mexico. We are also investing in the development of our next generation Maxeon 8 technology, various programs to enhance our IT infrastructure and security, as well as to support our Beyond the Panel offering.

    These anticipated results for the second quarter of 2024 are preliminary, unaudited and represent the most current information available to management. The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity and the global economic environment. Please refer to Forward Looking Statements section below. Management's views and estimates are subject to change without notice.

    For more information

    Maxeon's first quarter 2024 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov.

    Conference Call Details

    The Company will hold a conference call on May 30, 2024, at 8:00 AM U.S. ET / May 30, 2024, at 8:00 PM Singapore Time, to discuss results and to provide an update on the business.

    To join the live conference call, participants must first register here, where a dial-in number will be provided.

    A simultaneous audio-only webcast of the conference call will be available on Maxeon's website at https://corp.maxeon.com/events-and-presentations. A webcast replay will be available on Maxeon's website for one year at https://corp.maxeon.com/events-and-presentations.

    About Maxeon Solar Technologies

    Maxeon Solar Technologies Ltd (NASDAQ:MAXN) is Powering Positive ChangeTM. Headquartered in Singapore, Maxeon leverages over 35 years of solar energy leadership and over 1,900 patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial and power plant customers. Maxeon's integrated home energy management is a flexible ecosystem of products and services, built around the award-winning Maxeon® and SunPower® brand solar panels. With a network of more than 1,700 trusted partners and distributors, and more than one million customers worldwide, the Company is a global leader in solar. For more information, visit us at www.maxeon.com, on LinkedIn and on Twitter.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) complete an equity, debt or other financing at favorable terms, if at all, (iii) refinance our quickly maturing outstanding debt and (iv) continue as a going concern; (b) the success of our ongoing restructuring initiatives; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) potential disruptions to our operations and supply chain that may result from epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine and the Israel-Hamas-Iran conflict; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including anticipated fab capacity expansion and utilization and expected ramp and production timelines for the Company's next-generation Maxeon 7 and Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including capacity expansion, partnership discussions with respect to the Company's next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; (j) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets; and (k) our second quarter and annual fiscal year 2024 guidance, including shipments, revenue, gross loss, non-GAAP gross loss, operating expenses, non-GAAP operating expenses, Adjusted EBITDA, capital expenditures, and related assumptions.

    The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements.

    These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, including regulatory and other challenges that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations; (3) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (4) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the war in Ukraine and the Israel-Hamas conflict; (5) our ability to manage our key customers and suppliers, including the impact of the termination of the supply agreements with one of the Company's biggest customers, SunPower Corporation; (6) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (7) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (8) changes in regulation and public policy, including the imposition and applicability of tariffs; (9) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (10) fluctuations in our operating results and in the foreign currencies in which we operate; (11) appropriately sizing, or delays in expanding our manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (12) unanticipated impact to customer demand and sales schedules due, among other factors, to the war in Ukraine and the Israel-Hamas-Iran conflict, economic recession and environmental disasters; (13) challenges managing our acquisitions, joint ventures and partnerships, including our ability to successfully manage acquired assets and supplier relationships; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which may cause such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; and (15) unpredictable outcomes resulting from our litigation activities, including enforcement of certain intellectual property rights, or other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors". Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

    On April 8, 2024, the Company issued a press release and furnished a Report on Form 6-K announcing its preliminary unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Subsequent to the issuance of such preliminary financial information, the Company revised the presentation of gross loss, GAAP operating expenses, GAAP net loss attributable to the stockholders, non-GAAP gross loss, non-GAAP operating expenses and Adjusted EBITDA as follows:

    • Additional inventory reserve of $2.3 million to write down inventories to market value which affected gross loss, GAAP net loss attributable to the stockholders, non-GAAP gross loss and Adjusted EBITDA
    • Adjustment of estimate on employee compensation based on final payout which resulted in lower gross loss of $0.3 million, lower GAAP operating expenses of $0.5 million, lower GAAP net loss attributable to stockholders of $0.8 million, higher non-GAAP operating expenses and Adjusted EBITDA of $0.4 million
    • Adjustment of uncertain tax position which resulted in higher GAAP net loss attributable to stockholders of $0.5 million

    Use of Non-GAAP Financial Measures

    We present certain non-GAAP measures such as non-GAAP gross (loss) profit, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, restructuring charges and fees, remeasurement loss on prepaid forward and physical delivery forward and equity in losses of unconsolidated investees ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss)  profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation and restructuring charges and fees.

    We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.

    As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:

    • Stock-based compensation expense. Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross (loss) profit, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation.
    • Restructuring charges and fees (benefits). We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans and business acquisition aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees (benefits) are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees (benefits) from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.
    • Remeasurement loss (gain) on prepaid forward and physical delivery forward. This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 6.50% Green Convertible Senior Notes due 2025 for an aggregate principal amount of $200 million. The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the Note Valuation Period on September 29, 2020, and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance.
    • Equity in losses of unconsolidated investees and related gains. This relates to the loss on our unconsolidated equity investment Huansheng JV and gains on such investment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance. As of April 26, 2024, we divested all of our equity interest in Huansheng JV.

     

    Reconciliation of Non-GAAP Financial Measures



    Three Months Ended

    (In thousands)

    March 31, 2024



    December 31, 2023



    April 2, 2023

    Gross (loss) profit

    $                   (14,871)



    $                   (34,461)



    $                     53,625

    Stock-based compensation

    696



    (53)



    517

    Restructuring charges and fees

    1,287



    24,839



    —

    Non-GAAP Gross (loss) profit

    (12,888)



    (9,675)



    54,142













    GAAP Operating expenses

    48,668



    141,007



    41,921

    Stock-based compensation

    (6,182)



    (1,235)



    (4,144)

    Restructuring (charges and fees) benefits

    (3,966)



    (103,118)



    279

    Non-GAAP Operating expenses

    38,520



    36,654



    38,056













    GAAP Net (loss) income attributable to the stockholders

    (80,148)



    (186,334)



    20,271

    Interest expense, net

    8,741



    7,416



    8,999

    Provision for (benefits from) income taxes

    1,203



    (9,949)



    5,984

    Depreciation

    10,330



    12,261



    14,383

    Amortization

    228



    44



    68

    EBITDA

    (59,646)



    (176,562)



    49,705

    Stock-based compensation

    6,878



    1,182



    4,661

    Restructuring charges and fees (benefits)

    5,253



    127,957



    (279)

    Remeasurement loss (gain) on prepaid forward

    8,538



    9,792



    (23,849)

    Equity in losses of unconsolidated investees and related gain

    —



    —



    746

    Adjusted EBITDA

    (38,977)



    (37,631)



    30,984

     

    Reconciliation of Non-GAAP Outlook



    (In millions)

    Outlook

    Gross loss

    $(20) - $0

    Stock-based compensation

    $—

    Non-GAAP gross loss

    $(20) - $0





    Operating expenses

    $45 ± $2

    Stock-based compensation

    $(6)

    Restructuring Charges and Fees

    $(2)

    Non-GAAP operating expenses

    $37 ± $2

    ©2024 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information.

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (unaudited)

    (In thousands, except for shares data)





    As of



    March 31, 2024



    December 31, 2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                98,365



    $                    190,169

    Restricted short-term marketable securities

    1,386



    1,403

    Accounts receivable, net

    38,921



    62,687

    Inventories

    271,695



    308,948

    Prepaid expenses and other current assets

    50,875



    55,812

    Total current assets

    $              461,242



    $                    619,019

    Property, plant and equipment, net

    275,449



    280,025

    Operating lease right of use assets

    24,725



    22,824

    Intangible assets, net

    3,135



    3,352

    Advances to suppliers, net of current portion

    7,879



    7,879

    Other long-term assets

    69,719



    68,910

    Total assets

    $              842,149



    $                 1,002,009

    Liabilities and Equity







    Current liabilities:







    Accounts payable

    $              154,327



    $                    153,020

    Accrued liabilities

    86,278



    113,456

    Contract liabilities, current portion

    66,720



    134,171

    Short-term debt

    25,438



    25,432

    Operating lease liabilities, current portion

    6,578



    5,857

    Total current liabilities

    $              339,341



    $                    431,936

    Long-term debt

    1,089



    1,203

    Contract liabilities, net of current portion

    113,564



    113,564

    Operating lease liabilities, net of current portion

    25,057



    19,611

    Convertible debt

    387,351



    385,558

    Deferred tax liabilities

    7,001



    7,001

    Other long-term liabilities

    36,262



    38,494

    Total liabilities

    $              909,665



    $                    997,367

    Commitments and contingencies







    Equity:







    Common stock, no par value (54,683,822 and 53,959,109 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)

    $                        —



    $                              —

    Additional paid-in capital

    818,388



    811,361

    Accumulated deficit

    (876,240)



    (796,092)

    Accumulated other comprehensive loss

    (15,359)



    (16,378)

    Equity attributable to the Company

    (73,211)



    (1,109)

    Noncontrolling interests

    5,695



    5,751

    Total equity

    (67,516)



    4,642

    Total liabilities and equity

    $              842,149



    $                 1,002,009

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

    (In thousands, except per share data)







    Three Months Ended





    March 31, 2024



    April 2, 2023

    Revenue



    $                  187,456



    $                  318,332

    Cost of revenue



    202,327



    264,707

    Gross (loss) profit



    (14,871)



    53,625

    Operating expenses:









    Research and development



    9,897



    11,076

    Sales, general and administrative



    35,719



    31,028

    Restructuring charges (benefits)



    3,052



    (183)

    Total operating expenses



    48,668



    41,921

    Operating (loss) income



    (63,539)



    11,704

    Other (expense) income, net









    Interest expense



    (9,554)



    (10,803)

    Interest income



    813



    1,804

    Other, net



    (6,721)



    24,443

    Other (expense) income, net



    (15,462)



    15,444

    (Loss) income before income taxes and equity in losses of unconsolidated investees



    (79,001)



    27,148

    Provision for income taxes



    (1,203)



    (5,984)

    Equity in losses of unconsolidated investees



    —



    (746)

    Net (loss) income



    (80,204)



    20,418

    Net loss (income) attributable to noncontrolling interests



    56



    (147)

    Net (loss) income attributable to the stockholders



    $                  (80,148)



    $                    20,271











    Net (loss) income per share attributable to stockholders:









    Basic



    $                      (1.59)



    $                        0.49

    Diluted



    $                      (1.59)



    $                        0.46











    Weighted average shares used to compute net (loss) income per share:









    Basic



    50,504



    41,389

    Diluted



    50,504



    53,070

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

    (unaudited)

    (In thousands)





    Shares



    Amount



    Additional

    Paid In

    Capital



    Accumulated

    Deficit



    Accumulated

    Other

    Comprehensive

    Loss

    (Income)



    Equity

    Attributable

    to the

    Company



    Noncontrolling

    Interests



    Total Equity

    Balance at December 31, 2023

    53,959







    $         811,361



    $       (796,092)



    $           (16,378)



    $           (1,109)



    $               5,751



    $             4,642

    Net (loss) income

    —



    —



    —



    (80,148)



    —



    (80,148)



    (56)



    (80,204)

    Issuance of common stock for stock-based compensation, net of tax withheld

    725



    —



    —



    —



    —



    —



    —



    —

    Recognition of stock-based compensation

    —



    —



    7,027



    —



    —



    7,027



    —



    7,027

    Other comprehensive income

    —



    —



    —



    —



    1,019



    1,019



    —



    1,019

    Balance at March 31, 2024

    54,684



    $         —



    $         818,388



    $       (876,240)



    $           (15,359)



    $         (73,211)



    $               5,695



    $         (67,516)



































    Shares



    Amount



    Additional

    Paid In

    Capital



    Accumulated

    Deficit



    Accumulated

    Other

    Comprehensive

    Loss

    (Income)



    Equity

    Attributable

    to the

    Company



    Noncontrolling

    Interests



    Total Equity

    Balance at January 1, 2023

    45,033



    $         —



    $         584,808



    $       (520,263)



    $           (22,108)



    $           42,437



    $               5,633



    $           48,070

    Net income

    —



    —



    —



    20,271



    —



    20,271



    147



    20,418

    Issuance of common stock for stock-based compensation, net of tax withheld

    377



    —



    —



    —



    —



    —



    —



    —

    Recognition of stock-based compensation

    —



    —



    4,033



    —



    —



    4,033



    —



    4,033

    Other comprehensive loss

    —



    —



    —



    —



    1,627



    1,627



    —



    1,627

    Balance at April 2, 2023

    45,410



    $         —



    $         588,841



    $       (499,992)



    $           (20,481)



    $           68,368



    $               5,780



    $           74,148

































     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited)

    (In thousands)





    Three Months Ended



    March 31, 2024



    April 2, 2023

    Cash flows from operating activities







    Net (loss) income

    $               (80,204)



    $                     20,418

    Adjustments to reconcile net income (loss) to operating cash flows







    Depreciation and amortization

    10,558



    14,451

    Stock-based compensation

    6,878



    4,661

    Non-cash interest expense

    1,813



    2,294

    Equity in losses of unconsolidated investees

    —



    746

    Deferred income taxes

    —



    188

    Loss on disposal of property, plant and equipment

    2



    9

    Loss on impairment of property, plant and equipment

    1,376



    —

    Loss on impairment of operating lease right of use assets

    3,584



    —

    Remeasurement loss (gain) on prepaid forward

    8,538



    (23,849)

    Provision for (utilization of) excess or obsolete inventories

    8,140



    (10,396)

    Other, net

    352



    (160)

    Changes in operating assets and liabilities







    Accounts receivable

    15,497



    (17,890)

    Contract assets

    (3)



    4

    Inventories

    36,151



    (24,465)

    Prepaid expenses and other assets

    4,278



    2,300

    Operating lease right-of-use assets

    1,528



    930

    Accounts payable and other accrued liabilities

    (23,323)



    (19,312)

    Contract liabilities

    (67,278)



    27,136

    Operating lease liabilities

    (793)



    (520)

    Net cash used in operating activities

    (72,906)



    (23,455)

    Cash flows from investing activities







    Purchases of property, plant and equipment

    (19,216)



    (16,500)

    Purchases of intangible assets

    (10)



    (118)

    Proceeds from maturity of short-term market securities

    —



    76,000

    Purchase of restricted short-term marketable securities

    —



    (10)

    Proceeds for disposal of property, plant and equipment

    87



    —

    Proceeds from sale of assets

    462



    —

    Net cash (used in) provided by investing activities

    (18,677)



    59,372

    Cash flows from financing activities







    Proceeds from debt

    40,092



    60,164

    Repayment of debt

    (40,091)



    (60,125)

    Repayment of finance lease obligations

    (129)



    (230)

    Net cash used in financing activities

    (128)



    (191)

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

    (84)



    55

    Net increase in cash, cash equivalents and restricted cash

    (91,795)



    35,781

    Cash, cash equivalents and restricted cash, beginning of period

    195,510



    267,961

    Cash, cash equivalents and restricted cash, end of period

    $                103,715



    $                   303,742

    Non-cash transactions







    Property, plant and equipment purchases funded by liabilities

    $                     2,364



    $                     11,322

    Right-of-use assets obtained in exchange for lease obligations

    7,013



    6,283

    The following table reconciles our cash and cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of March 31, 2024 and April 2, 2023:

    (In thousands)

    March 31, 2024



    April 2, 2023

    Cash and cash equivalents

    $                    98,365



    $                    190,169

    Restricted cash, current portion, included in Prepaid expenses and other current assets

    5,253



    24,891

    Restricted cash, net of current portion, included in Other long-term assets

    98



    2

    Total cash, cash equivalents and restricted cash shown in Condensed Consolidated Statements of Cash Flows

    $                  103,716



    $                    215,062

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-first-quarter-2024-financial-results-302159278.html

    SOURCE Maxeon Solar Technologies, Ltd.

    Get the next $MAXN alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $MAXN

    DatePrice TargetRatingAnalyst
    11/15/2024$4.00Equal-Weight → Underweight
    Morgan Stanley
    6/4/2024$11.00 → $1.00Buy → Sell
    Goldman
    5/31/2024$7.00 → $0.50Market Perform → Under Perform
    Northland Capital
    4/9/2024Outperform → Mkt Perform
    Raymond James
    3/8/2024$7.00 → $3.00Neutral → Sell
    UBS
    11/21/2023$7.00Neutral
    Mizuho
    11/16/2023$25.00 → $7.00Outperform → Market Perform
    Northland Capital
    10/16/2023$31.00 → $12.00Buy → Neutral
    BofA Securities
    More analyst ratings

    $MAXN
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results

      --Fiscal year 2024 revenue of $509 million-- --Amid continued headwinds, committed to business transformation and fiscal discipline-- SINGAPORE, April 30, 2025 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for its fourth quarter and fiscal year ended December 31, 2024. "Maxeon's fourth quarter and fiscal 2024 results reflect the continued challenge posed by U.S. Customs & Border Protection (CBP)'s barring and exclusion of our Maxeon 3, Maxeon 6,

      4/30/25 5:00:00 PM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Provides Strategic Business Update

      SINGAPORE, April 4, 2025 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar innovation and channels, today provided an update on key business issues, recent transactions, and transformation initiatives. "Maxeon continues to transform its business to compete more effectively in a challenging solar market, and delivering top-tier solar panels and renewable energy solutions to our customers for the long-term remains our highest priority," said George Guo, Maxeon CEO. "While the Company still faces near-term headwinds, we are making progress in

      4/4/25 4:15:00 PM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon and Tongwei Solar Announce Settlement Agreement Resolving Patent Infringement Lawsuit

      SINGAPORE, Dec. 30, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) and Tongwei Solar (Hefei) Co., Ltd. today announced they have entered into a Settlement and Cross-Licensing Agreement, effective as of November 30, 2024, regarding shingled solar cell and module technology and the party's related patent disputes.  About Maxeon Solar TechnologiesMaxeon Solar Technologies (NASDAQ:MAXN) is Powering Positive Change™. Headquartered in Singapore, Maxeon leverages nearly 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sus

      12/30/24 8:45:00 AM ET
      $MAXN
      Semiconductors
      Technology

    $MAXN
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by Maxeon Solar Technologies Ltd.

      SC 13D/A - Maxeon Solar Technologies, Ltd. (0001796898) (Subject)

      11/26/24 8:54:35 PM ET
      $MAXN
      Semiconductors
      Technology
    • Amendment: SEC Form SC 13G/A filed by Maxeon Solar Technologies Ltd.

      SC 13G/A - Maxeon Solar Technologies, Ltd. (0001796898) (Subject)

      11/13/24 5:40:19 PM ET
      $MAXN
      Semiconductors
      Technology
    • Amendment: SEC Form SC 13G/A filed by Maxeon Solar Technologies Ltd.

      SC 13G/A - Maxeon Solar Technologies, Ltd. (0001796898) (Subject)

      11/8/24 5:19:58 PM ET
      $MAXN
      Semiconductors
      Technology

    $MAXN
    Leadership Updates

    Live Leadership Updates

    See more

    $MAXN
    SEC Filings

    See more
    • Maxeon Announces CEO Leadership Transition

      Bill Mulligan to retire early next year; Former TCL Communication Technology CEO George Guo named new Maxeon CEO SINGAPORE, Oct. 16, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar innovation and channels, today announced that Bill Mulligan, Chief Executive Officer, will retire at the end of January 2025. George Guo, formerly an advisor to the Chairman of TCL Group and previous CEO of TCL Communication Technology, has assumed the role of Maxeon CEO and joined its Board of Directors effective October 11, 2024. Mulligan will aid the leadership transition through January.

      10/16/24 9:15:00 AM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Solar Technologies, Ltd. Investors: Please contact the Portnoy Law Firm to recover your losses. August 26, 2024 Deadline to file Lead Plaintiff Motion

      Investors can contact the law firm at no cost to learn more about recovering their losses​ LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Maxeon Solar Technologies, Ltd. ("Maxeon" or "the Company") (NASDAQ:MAXN) investors that a lawsuit filed on behalf of investors that purchased Maxeon securities between November 15, 2023 and May 29, 2024. Investors must file a lead plaintiff motion by August 26, 2024. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss i

      8/22/24 7:47:48 PM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Appoints Vikas Desai as Chief Commercial Officer

      SINGAPORE, April 1, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar innovation and channels, today announced the appointment of Vikas Desai as Chief Commercial Officer, effective immediately. Desai joined Maxeon in October last year, as part of the Solaria asset acquisition and will now be responsible for the Company's global go-to-market and customer-facing functions. As a member of the executive leadership team, he will report directly to CEO Bill Mulligan. "Vikas is a respected solar industry veteran with an extensive track recor

      4/1/24 8:35:00 AM ET
      $MAXN
      Semiconductors
      Technology
    • SEC Form 20-F filed by Maxeon Solar Technologies Ltd.

      20-F - Maxeon Solar Technologies, Ltd. (0001796898) (Filer)

      4/30/25 5:20:07 PM ET
      $MAXN
      Semiconductors
      Technology
    • SEC Form 6-K filed by Maxeon Solar Technologies Ltd.

      6-K - Maxeon Solar Technologies, Ltd. (0001796898) (Filer)

      4/30/25 5:20:47 PM ET
      $MAXN
      Semiconductors
      Technology
    • SEC Form 6-K filed by Maxeon Solar Technologies Ltd.

      6-K - Maxeon Solar Technologies, Ltd. (0001796898) (Filer)

      4/4/25 4:18:39 PM ET
      $MAXN
      Semiconductors
      Technology

    $MAXN
    Financials

    Live finance-specific insights

    See more
    • Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results

      --Fiscal year 2024 revenue of $509 million-- --Amid continued headwinds, committed to business transformation and fiscal discipline-- SINGAPORE, April 30, 2025 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for its fourth quarter and fiscal year ended December 31, 2024. "Maxeon's fourth quarter and fiscal 2024 results reflect the continued challenge posed by U.S. Customs & Border Protection (CBP)'s barring and exclusion of our Maxeon 3, Maxeon 6,

      4/30/25 5:00:00 PM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Solar Technologies Announces Third Quarter 2024 Financial Results

      SINGAPORE, Dec. 5, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the third quarter ended September 29, 2024. Maxeon's Chief Executive Officer George Guo stated, "Third quarter results were distorted due to deliveries detained by the United States Customs and Border Protection ("CBP"), fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from our ongoing restructuring. On top of this, we contin

      12/5/24 4:48:00 PM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Solar Technologies Announces Second Quarter 2024 Financial Results

      -- Second Quarter Revenue of $184 Million-- -- TZE makes $100 million equity investment in Maxeon to become controlling shareholder-- SINGAPORE, Sept. 3, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the second quarter ended June 30, 2024. In a letter addressed to the Company's shareholders, Maxeon's Chief Executive Officer Bill Mulligan noted as follows: Maxeon's financial performance was largely consistent with our guidance for the sec

      9/3/24 8:00:00 AM ET
      $MAXN
      Semiconductors
      Technology

    $MAXN
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Maxeon Solar downgraded by Morgan Stanley with a new price target

      Morgan Stanley downgraded Maxeon Solar from Equal-Weight to Underweight and set a new price target of $4.00

      11/15/24 8:14:32 AM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Solar downgraded by Goldman with a new price target

      Goldman downgraded Maxeon Solar from Buy to Sell and set a new price target of $1.00 from $11.00 previously

      6/4/24 7:19:37 AM ET
      $MAXN
      Semiconductors
      Technology
    • Maxeon Solar downgraded by Northland Capital with a new price target

      Northland Capital downgraded Maxeon Solar from Market Perform to Under Perform and set a new price target of $0.50 from $7.00 previously

      5/31/24 9:27:11 AM ET
      $MAXN
      Semiconductors
      Technology