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    Maxeon Solar Technologies Announces Second Quarter 2023 Financial Results

    8/10/23 4:06:00 PM ET
    $MAXN
    Semiconductors
    Technology
    Get the next $MAXN alert in real time by email

    --$56 Million GAAP Gross Profit, $30 Million Adjusted EBITDA--

     --New Mexico site selected for US cell and module facility--

    SINGAPORE, Aug. 10, 2023 /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 July 2, 2023.

    Maxeon Solar Technologies Logo (PRNewsfoto/Maxeon Solar Technologies)

    Maxeon's Chief Executive Officer Bill Mulligan noted, "Maxeon delivered another solid quarter, with year-on-year revenue growth of 46 percent and adjusted EBITDA above our guidance mid-point.  We were thrilled to announce the selection of Albuquerque as the site for our planned US solar cell and module factory, and were also pleased to recently celebrate the completion of our 1.8 GW capacity expansion in Mexicali.  These two milestones position the company well for continued expansion in the US utility scale market."

    Continued Mulligan, "The demand environment in the global distributed generation (DG) market weakened significantly in late-Q2 due to the combined effect of higher interest rates, the impact of policy disruption in California, and significant channel inventory industry-wide.   Our DG sales team was able to deliver on-plan ASP and gross profit but came in short of target on volume and revenue.  We expect these challenging market conditions to persist at least through Q3, particularly in residential, and we have increased our sales focus on the commercial and industrial (C&I) segment as a result. We therefore expect a somewhat higher mix of C&I sales over the next few quarters with some push-out of volume from Q3 to Q4 and into 2024 due to the longer sales cycles associated with C&I projects.

    In DG, we believe that we are well positioned to navigate the current market dynamics thanks to our differentiated panel technology, direct-to-installer channel model, and geographic diversification, and that our overall portfolio of US utility scale and global DG exposure is a sound strategic platform that provides long term opportunity for profitable growth while diversifying market risk."

    Selected Q2 Unaudited Financial Summary

    (In thousands, except shipments)

    Fiscal Q2 2023



    Fiscal Q1 2023



    Fiscal Q2 2022

    Shipments, in MW

    807



    774



    521

    Revenue

    $                   348,373



    $                   318,332



    $                   238,080

    Gross profit (loss)(1)

    56,223



    53,625



    (39,324)

    GAAP Operating expenses

    47,830



    41,921



    35,701

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

    (1,509)



    20,271



    (87,920)

    Capital expenditures

    24,169



    16,500



    18,231







    Other Financial Data(1), (2)

    (In thousands)

    Fiscal Q2 2023



    Fiscal Q1 2023



    Fiscal Q2 2022

    Non-GAAP Gross profit (loss)

    $                     56,748



    $                     54,142



    $                   (23,905)

    Non-GAAP Operating expenses

    40,883



    38,056



    30,162

    Adjusted EBITDA(3)

    30,240



    30,984



    (36,833)





    (1)       

    The Company's GAAP and Non-GAAP results were impacted by the effects of certain items. Refer to "Supplementary information affecting GAAP and Non-GAAP results" below.

    (2)       

    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.

     

    Supplementary information affecting GAAP and Non-GAAP results





    Three Months Ended

    (In thousands)

    Financial

    statements item

    affected

    July 2, 2023



    April 2, 2023



    July 3, 2022

    Incremental cost of above market polysilicon(1)

    Cost of revenue

    184



    237



    3,308





    (1)       

    Relates to the difference between our contractual cost for the polysilicon under the long-term fixed supply agreements with our supplier, which ended in the fiscal year 2022, and the price of polysilicon available in the market as derived from publicly available information at the beginning of each quarter, multiplied by the volume of modules sold within the quarter.

     

    Fiscal Year 2023 and Third Quarter 2023 Outlook

    For the third quarter of 2023, the Company anticipates the following results:

    (In millions, except shipments)

     Outlook

    Shipments, in MW

    700 - 740

    Revenue

    $280 - $320

    Gross profit

    $29 - $39

    Non-GAAP gross profit(1)

    $30 - $40

    Operating expenses

    $50 ± $2

    Non-GAAP operating expenses(2)

    $43 ± $2

    Adjusted EBITDA(3)

    $2 - $12

    Capital expenditures(4)

    $29 - $35

    For fiscal year 2023, the Company is revising its annual guidance to reflect the near term softening of residential demand and the challenging market conditions which the Company expects to persist through the fourth quarter:

    – Revenue to be within a range of $1,250 million to 1,350 million.

    – Adjusted EBITDA to be within a range of $80 million to $100 million.

    We reaffirm our annual capital expenditures(4) guidance to be within a range of $150 million to $170 million, which was updated to account for the Maxeon 7 capacity expansion following the successful equity raise last May.  Refer to our prospectus supplement filed with the Securities and Exchange Commission on May 16, 2023.

    (1)  

    The Company's Non-GAAP gross profit is impacted by the effects of adjusting for stock-based compensation expense.

    (2)   

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

    (3)       

    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 and the equity in gain or loss of unconsolidated investees.

    (4)       

    Capital expenditures mainly relates to the preparation for capacity expansion for our Maxeon 7 technology, completion of manufacturing capacity for Performance line panels to be sold in the U.S. market, completion of manufacturing capacity for our Maxeon 6 product platform, further developing Maxeon 7 technology and operating a pilot line, as well as various corporate initiatives. The above excludes capital expenditures in connection to the investment plan to deploy a multi-GW factory in the United States to manufacture solar products for both the DG and utility-scale power plant markets.

    These anticipated results for the third quarter of 2023 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 second quarter 2023 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 August 10, 2023, at 5:00 PM U.S. ET / August 11, 2023, at 5:00 AM 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 here. 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 designs and manufactures Maxeon® and SunPower® brand solar panels, and has sales operations in more than 100 countries, operating under the SunPower brand in certain countries outside the United States. The Company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and distributors. A pioneer in sustainable solar manufacturing, Maxeon leverages a 35-plus-year history in the solar industry and numerous awards for its technology. For more information about how Maxeon is Powering Positive ChangeTM visit us at https://www.maxeon.com/, on LinkedIn and on Twitter @maxeonsolar.

    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 expectations regarding pricing trends, demand and growth projections; (b) 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; (c) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (d) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (e) our ability to meet short term and long term material cash requirements, our ability to complete an equity or debt offering or financing at favorable terms, if at all, and our overall liquidity, substantial indebtedness and ability to obtain additional financing; (f) 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; (g) our strategic goals and plans, including capacity expansion, partnership discussions with respect to the Company's next-generation technology, and our relationship with SunPower Corporation as one of our largest customers and our relationships with our other existing customers, suppliers and partners, and our ability to achieve and maintain them; (h) 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; (i) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets; and (j) our third quarter and annual fiscal year 2023 guidance, including shipments, revenue, gross profit, non-GAAP gross profit, 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; (5) our ability to manage our key customers and suppliers; (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, 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; (15) reaction by investors 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 negatively impact the market price of our ordinary shares and volume of our stock trading and (16) unpredictable outcomes resulting from our litigation activities or other disputes. 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.

    Use of Non-GAAP Financial Measures

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

    We believe that non-GAAP gross profit (loss), 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 profit (loss), 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 benefits (charges and fees). We incur restructuring benefits (charges and fees) related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring benefits (charges and fees) 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 benefits (charges and fees) 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 gain (loss) 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 gain (loss) 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 income (losses) of unconsolidated investees. This relates to the income (loss) on our unconsolidated equity investment Huansheng JV. 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.
    • Loss related to settlement of price escalation dispute. This relates to loss arising from the settlement of price escalation dispute with a polysilicon supplier related to our long-term, firm commitment polysilicon supply agreement which ended in the fiscal year 2022. This is excluded from our Adjusted EBITDA financial measure as it is non-recurring and not reflective of ongoing operating results. As such, management believes that it is appropriate to exclude such charges as the loss does not contribute to a meaningful evaluation of our past and future operating performance.

    Reconciliation of Non-GAAP Financial Measures



    Three Months Ended

    (In thousands)

    July 2, 2023



    April 2, 2023



    July 3, 2022

    Gross profit (loss)

    $                     56,223



    $                     53,625



    $                   (39,324)

    Stock-based compensation

    525



    517



    249

    Loss related to settlement of price escalation dispute

    —



    —



    15,170

    Non-GAAP Gross profit (loss)

    56,748



    54,142



    (23,905)













    GAAP Operating expenses

    47,830



    41,921



    35,701

    Stock-based compensation

    (7,071)



    (4,144)



    (1,896)

    Restructuring benefits (charges and fees)

    124



    279



    (3,643)

    Non-GAAP Operating expenses

    40,883



    38,056



    30,162













    GAAP Net (loss) income attributable to the stockholders

    (1,509)



    20,271



    (87,920)

    Interest expense, net

    8,903



    8,999



    5,685

    Provision for income taxes

    5,893



    5,984



    937

    Depreciation

    14,546



    14,383



    15,305

    Amortization

    45



    68



    75

    EBITDA

    27,878



    49,705



    (65,918)

    Stock-based compensation

    7,596



    4,661



    2,145

    Loss related to settlement of price escalation dispute

    —



    —



    15,170

    Restructuring (benefits) charges and fees

    (124)



    (279)



    3,643

    Remeasurement (gain) loss on prepaid forward

    (4,718)



    (23,849)



    3,986

    Equity in (income) losses of unconsolidated investees

    (392)



    746



    4,141

    Adjusted EBITDA

    30,240



    30,984



    (36,833)

     

    Reconciliation of Non-GAAP Outlook

    (In millions)

    Outlook

    Gross profit

    $29 - $39

    Stock-based compensation

    1

    Non-GAAP gross profit

    $30 - $40





    Operating expenses

    $50 ± $2

    Stock-based compensation

    (7)

    Non-GAAP operating expenses

    $43 ± $2

     

    ©2023 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



    July 2, 2023



    January 1, 2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                375,461



    $                 227,442

    Short-term securities

    60,000



    76,000

    Restricted short-term marketable securities

    991



    968

    Accounts receivable, net

    61,731



    54,301

    Inventories

    349,336



    303,230

    Advances to suppliers, current portion

    1,407



    2,137

    Prepaid expenses and other current assets

    105,300



    126,971

    Total current assets

    $                954,226



    $                 791,049

    Property, plant and equipment, net

    361,311



    380,468

    Operating lease right of use assets

    25,863



    17,844

    Other intangible assets, net

    313



    291

    Deferred tax assets

    10,228



    10,348

    Other long-term assets

    102,373



    60,418

    Total assets

    $             1,454,314



    $              1,260,418

    Liabilities and Equity







    Current liabilities:







    Accounts payable

    $                211,909



    $                 247,870

    Accrued liabilities

    107,648



    135,157

    Contract liabilities, current portion

    177,921



    139,267

    Short-term debt

    35,512



    50,526

    Operating lease liabilities, current portion

    5,331



    3,412

    Total current liabilities

    $                538,321



    $                 576,232

    Long-term debt

    1,424



    1,649

    Contract liabilities, net of current portion

    156,231



    161,678

    Operating lease liabilities, net of current portion

    21,845



    15,603

    Convertible debt

    382,040



    378,610

    Deferred tax liabilities

    14,333



    14,913

    Other long-term liabilities

    67,027



    63,663

    Total liabilities

    $             1,181,221



    $              1,212,348

    Commitments and contingencies







    Equity:







    Common stock, no par value (52,646,297 and 45,033,027 issued and outstanding as of

    July 2, 2023 and January 1, 2023, respectively)

    $                          —



    $                           —

    Additional paid-in capital

    789,312



    584,808

    Accumulated deficit

    (501,501)



    (520,263)

    Accumulated other comprehensive loss

    (20,546)



    (22,108)

    Equity attributable to the Company

    267,265



    42,437

    Noncontrolling interests

    5,828



    5,633

    Total equity

    273,093



    48,070

    Total liabilities and equity

    $             1,454,314



    $              1,260,418

     

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

    (In thousands, except per share data)





    Three Months Ended



    Six Months Ended



    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    Revenue

    $                  348,373



    $                  238,080



    $                  666,705



    $                  461,161

    Cost of revenue

    292,150



    277,404



    556,857



    513,449

    Gross profit (loss)

    56,223



    (39,324)



    109,848



    (52,288)

    Operating expenses:















    Research and development

    13,012



    12,416



    24,088



    26,310

    Sales, general and administrative

    34,492



    21,520



    65,520



    45,271

    Restructuring charges

    326



    1,765



    143



    1,530

    Total operating expenses

    47,830



    35,701



    89,751



    73,111

    Operating income (loss)

    8,393



    (75,025)



    20,097



    (125,399)

    Other (expense) income, net















    Interest expense, net

    (8,903)



    (5,684)



    (17,902)



    (10,470)

    Other, net

    4,550



    (1,978)



    28,993



    (2,130)

    Other (expense) income, net

    (4,353)



    (7,662)



    11,091



    (12,600)

    Income (loss) before income taxes and equity

    in (income) losses of unconsolidated investees

    4,040



    (82,687)



    31,188



    (137,999)

    Provision for income taxes

    (5,893)



    (937)



    (11,877)



    (1,762)

    Equity in income (losses) of unconsolidated investees

    392



    (4,141)



    (354)



    (7,201)

    Net (loss) income

    (1,461)



    (87,765)



    18,957



    (146,962)

    Net income attributable to noncontrolling interests

    (48)



    (155)



    (195)



    (70)

    Net loss (income) attributable to the stockholders

    $                    (1,509)



    $                  (87,920)



    $                    18,762



    $                (147,032)

















    Net (loss) income per share attributable to stockholders:















    Basic and diluted

    $                      (0.03)



    $                      (2.15)



    $                        0.43



    $                      (3.61)

















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















    Basic

    45,158



    40,853



    43,273



    40,751

    Diluted

    45,158



    40,853



    44,110



    40,751

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

    (unaudited)

    (In thousands)





    Shares



    Amount



    Additional

    Paid In

    Capital



    Accumulated

    Deficit



    Accumulated

    Other

    Comprehensive

    Loss



    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 income

    —



    —



    —



    —



    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

    Net loss (income)

    —



    $         —



    $                  —



    $           (1,509)



    $                    —



    $           (1,509)



    $                    48



    $           (1,461)

    Issuance of common stock, net of issuance cost

    7,120



    —



    193,491



    —



    —



    193,491



    —



    193,491

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

    116



    —



    —



    —



    —



    —



    —



    —

    Recognition of stock-based compensation

    —



    —



    6,980



    —



    —



    6,980



    —



    6,980

    Other comprehensive loss

    —



    —



    —



    —



    (65)



    (65)



    —



    (65)

    Balance at July 2, 2023

    52,646



    —



    789,312



    (501,501)



    (20,546)



    267,265



    5,828



    273,093



































































































    Shares



    Amount



    Additional

    Paid In

    Capital



    Accumulated

    Deficit



    Accumulated

    Other

    Comprehensive

    Loss



    Equity

    Attributable

    to the

    Company



    Noncontrolling

    Interests



    Total Equity

    Balance at January 2, 2022

    44,247



    $         —



    $         624,261



    $       (262,961)



    $           (11,844)



    $         349,456



    $               5,419



    $         354,875

    Effect of adoption of ASU 2020-06

    —



    —



    (52,189)



    10,122



    —



    (42,067)



    —



    (42,067)

    Net loss

    —



    —



    —



    (59,112)



    —



    (59,112)



    (85)



    (59,197)

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

    354



    —



    (2)



    —



    —



    (2)



    —



    (2)

    Distribution to noncontrolling interest

    —



    —



    —



    —



    —



    —



    (64)



    (64)

    Recognition of stock-based compensation

    —



    —



    1,466



    —



    —



    1,466



    —



    1,466

    Other comprehensive income

    —



    —



    —



    —



    (803)



    (803)



    —



    (803)

    Balance at April 3, 2022

    44,601



    $         —



    $         573,536



    $       (311,951)



    $           (12,647)



    $         248,938



    $               5,270



    $         254,208

    Net (loss) income

    —



    —



    —



    (87,920)



    —



    (87,920)



    155



    (87,765)

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

    108



    —



    (21)



    —



    —



    (21)



    —



    (21)

    Recognition of stock-based compensation

    —



    —



    2,844



    —



    —



    2,844



    —



    2,844

    Other comprehensive loss

    —



    —



    —



    —



    (755)



    (755)



    —



    (755)

    Balance at July 3, 2022

    44,709



    —



    576,359



    (399,871)



    (13,402)



    163,086



    5,425



    168,511

     

    MAXEON SOLAR TECHNOLOGIES, LTD.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited)

    (In thousands)





    Six Months Ended



    July 2, 2023



    July 3, 2022

    Cash flows from operating activities







    Net profit (loss)

    $                   18,957



    $                (146,962)

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







    Depreciation and amortization

    29,042



    28,368

    Stock-based compensation

    12,257



    4,842

    Non-cash interest expense

    4,657



    2,819

    Equity in losses of unconsolidated investees

    354



    7,201

    Deferred income taxes

    (460)



    475

    Loss on impairment of property, plant and equipment

    442



    —

    Loss on disposal of property, plant and equipment

    9



    191

    Remeasurement (gain) loss on prepaid forward

    (28,567)



    4,383

    (Utilization of) provision for inventory reserves

    (10,377)



    10,126

    Other, net

    20



    558

    Changes in operating assets and liabilities







    Accounts receivable

    (23,850)



    (18,728)

    Inventories

    (65,706)



    (80,028)

    Prepaid expenses and other assets

    654



    (19,800)

    Operating lease right-of-use assets

    2,303



    1,337

    Advances to suppliers

    730



    34,907

    Accounts payable and other accrued liabilities

    (13,507)



    58,134

    Contract liabilities

    48,661



    117,329

    Operating lease liabilities

    (1,928)



    (1,454)

    Net cash (used in) provided by operating activities

    (26,309)



    3,698

    Cash flows from investing activities







    Purchases of property, plant and equipment

    (40,669)



    (39,913)

    Purchases of intangible assets

    (135)



    —

    Proceeds from maturity of short-term securities

    76,000



    —

    Purchase of short-term securities

    (60,000)



    —

    Purchase of restricted short-term marketable securities

    (10)



    —

    Proceeds from disposal of property, plant and equipment

    —



    32

    Net cash used in investing activities

    (24,814)



    (39,881)

    Cash flows from financing activities







    Proceeds from debt

    114,539



    130,010

    Repayment of debt

    (129,526)



    (105,650)

    Repayment of finance lease obligations

    (252)



    (332)

    Payment for tax withholding obligations for issuance of common stock upon vesting of restricted stock units

    —



    (23)

    Net proceeds from issuance of common stock

    194,226



    —

    Distribution to noncontrolling interest

    —



    (64)

    Net cash provided by financing activities

    178,987



    23,941

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

    81



    160

    Net increase (decrease) in cash, cash equivalents and restricted cash

    127,945



    (12,082)

    Cash, cash equivalents and restricted cash, beginning of period

    267,961



    192,232

    Cash, cash equivalents and restricted cash, end of period

    $                395,906



    $                   180,150

    Non-cash transactions







    Property, plant and equipment purchases funded by liabilities

    $                   16,485



    $                     33,800

    Property, plant and equipment obtained through capital lease

    —



    2,127

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

    10,322



    1,257

    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 July 2, 2023 and July 3, 2022:

    (In thousands)

    July 2, 2023



    July 3, 2022

    Cash and cash equivalents

    $                  375,461



    $                    138,347

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

    20,443



    35,396

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

    2



    6,407

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

    $                  395,906



    $                    180,150

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-second-quarter-2023-financial-results-301898313.html

    SOURCE Maxeon Solar Technologies, Ltd.

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