Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results
PR Newswire
SINGAPORE, April 30, 2025
--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, and Performance 6 solar panels from U.S. import since July 2024", said George Guo, Maxeon's CEO. "Despite our thorough and transparent supply chain mapping and submission of extensive documentation demonstrating full compliance with the Uyghur Forced Labor Prevention Act (UFLPA), CBP's determination has not changed. CBP has neither cited any evidence nor alleged any non-compliance with the UFLPA on our part, yet it continues to unjustifiably block our products, causing material disruption to our business, our customers, and the U.S. renewable energy sector. We believe these actions are without merit and have commenced a legal action to contest CBP's decision at the U.S. Court of International Trade, demonstrating that our legacy supply chains are fully UFLPA-compliant."
Guo continued, "However, Maxeon is making progress in transforming our business to establish alternative manufacturing and supply chains to strengthen our versatility and resilience. We are restructuring to compete more effectively by focusing exclusively on the U.S. market, and in streamlining our operations, increasing efficiency, and reducing cost. Additionally, in light of new tariffs, we are identifying additional domestic component vendors and facilitating the transition to U.S.-focused operations along with expanding our network of U.S. partners. Providing residential, commercial and utility scale customers with the most efficient and reliable solar energy products is our top priority, and the strategic moves we are implementing today are designed to ensure our ability to achieve this strategic priority for the long term."
Dmitri Hu, Maxeon's CFO, added "Despite continued market uncertainties, Maxeon remains committed to fiscal discipline and strengthening our balance sheet. Earlier this year, we concluded divestment of the Company's assets in Philippines, as well as its businesses outside of the U.S. These divestments contributed liquidity to support our operations and drive our ongoing business transformation. We also restructured the interest payments on our outstanding debt obligations, substantially reducing the resulting cash burden. We continue to contemplate a few other financial restructuring initiatives, all targeted towards ensuring Maxeon remains resilient in the face of near-term headwinds."
Hu continued, "Considering ongoing restructuring and the volatile policy environment, we are unable to provide financial guidance for the foreseeable future. We will defer holding a conference call to discuss financial results until there is better visibility of the macroeconomic landscape and its impact on our transformation initiatives. Further, the Company will no longer report its earnings on a quarterly basis. As a foreign private issuer, the Company will report its audited financial statements through the filing of the Form 20-F with the Securities and Exchange Commission, and will report its financial results for the six months ended June 30th of each fiscal year, as required by Nasdaq listing rule 5250. Nonetheless, the Company will continue to comply with its continuing disclosure obligations should there be any developments (financial or otherwise) giving rise to such disclosure obligations."
Selected Q4 and Fiscal Year Unaudited Financial Summary
(In thousands,
except
shipments) Fiscal Q4 2024 Fiscal Q3 2024 Fiscal Q4 2023 Fiscal Year 2024 Fiscal Year 2023
-------------------- ------------------ --------------------- ----------------------- -----------------------
Shipments, in
MW 211 199 653 1,424 2,963
Revenue $ 48,813 $ 227,630 $ 228,775 $ 509,048 $ 1,123,110
Gross (loss)
profit (47,656) 2,728 (34,461) (249,413) 78,115
GAAP Operating
expenses 63,672 153,218 141,007 327,227 297,320
GAAP Net loss
attributable
to the
stockholders (105,977) (393,944) (186,334) (614,300) (275,829)
Capital
expenditures 11,656 11,129 11,656 52,149 67,452
Other Financial Data(1)
(In thousands) Fiscal Q4 2024 Fiscal Q3 2024 Fiscal Q4 2023 Fiscal Year 2024 Fiscal Year 2023
-------------------- ------------------ --------------------- ----------------------- -----------------------
Non-GAAP Gross
(loss) profit $ (48,594) $ (174,742) $ (9,675) $ (242,018) $ 103,943
Non-GAAP
Operating
expenses 41,164 42,861 36,654 162,724 153,128
Adjusted EBITDA (74,884) (225,705) (37,631) (376,149) 3,670
(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.
For more information
Maxeon's fiscal year 2024 financial results and management commentary can be found on Form 20-F by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 20-F and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov.
About Maxeon Solar Technologies
Maxeon Solar Technologies $(MAXN)$ is Powering Positive Change$(TM)$. Headquartered in Singapore, Maxeon leverages 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial, and power plant customers. For more information about how Maxeon is Powering Positive Change(TM) visit us at www.maxeon.com, and on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the 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) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives, including our attempts to refinance or equitize our debts, and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the denial of entry into the U.S. of our products by the U.S. Customs and Border Protection ("CBP") for an unforeseeable amount of time, epidemics, natural disasters or military or trade conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine, the Israel-Hamas-Iran conflict and the escalating trade war and rising geopolitical tensions between the United States and China; (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 new focus on the U.S. market and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including our collaboration with TZE to develop our Maxeon 8 technology and production timelines for the Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including statements regarding restructuring of our business portfolio and divesting our "rest-of-the-world" distributed generation business and our business in the Philippines, the closure and anticipated closure of certain of the Company's facilities, the Company's anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, efforts to develop U.S. vendors and supply chain, improved costs and efficiencies, 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 majority ownership by a controlling shareholder based in the PRC and the U.S. presidential administration's aggressive stance toward China, and (k)our projected effective tax rate and changes to the
valuation allowance related to our deferred tax assets.
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.
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, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles 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 and to refinance and/or equitize our debts; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from difficulties in hiring or retaining key personnel, epidemics, natural disasters, trade and military conflicts, including impacts of the war in Ukraine, conflicts in the Middle East and the escalating trade war between the U.S. and China; (6) our ability to manage our key customers and suppliers and develop new customers and suppliers in the United States; (7) 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, such as our collaboration with affiliates of TZE to develop our Maxeon 8 technology; (8) 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; (9) changes in regulation and public policy, including the imposition and applicability of tariffs and retaliatory measures thereto; (10) 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; (11) fluctuations in our operating results; (12) appropriate sizing, or delays in developing our planned U.S. based manufacturing capacity and responding to development, manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, global trade and military conflicts, economic recession and environmental disasters; (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 have caused and may continue to 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) the removal of our Company's ordinary shares from prominent stock indices including the Russell 2000 and Russell 3000; and (16) unpredictable outcomes resulting from our litigation activities and 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.
Some of these factors and other risks that affect our business are included and discussed in more detail 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 "Item 3D. Risk Factors," "Item 4. Information on the Company," and "Item 5. Operating and Financial Review and Prospects." 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Form 20-F as anticipated, believed, estimated or expected. We provide the information in this press release as of the date of its filing. We do not intend, and do not assume any obligation, to update any information or forward-looking statements set out in this press release as a result of new information, future events or otherwise, unless as otherwise required by law.
Presentation 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, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt, 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, provision for expected credit losses 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 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.
-- Provision for expected credit losses. This relates to the expected credit
loss in relation to the financial assets under the Separation and
Distribution Agreement dated November 8, 2019 (the "SDA") entered into
with SunPower Corporation ("SunPower") in connection with the Company's
spin-off from SunPower. Such loss is excluded from non-GAAP operating
expense and Adjusted EBITDA as this relates to SunPower's business, which
Maxeon did not and will not have economic benefits to, as the Company's
involvement is solely through SunPower's now-terminated indemnification
obligations set forth in the SDA. We have recorded the expected credit
loss as a result of SunPower's Chapter 11 bankruptcy filing due to our
expectation that SunPower will not meet its prior indemnification
obligations to us under the SDA. As such, management believes that this
is not part of core operating activity and it is appropriate to exclude
the provision for expected credit losses from our non-GAAP financial
measures as it is not reflective of ongoing operating results nor do
these charges contribute to a meaningful evaluation of our past operating
performance.
-- Restructuring charges and fees. 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 are
excluded from non-GAAP gross profit (loss), 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 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 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 $200.0 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.
-- Remeasurement loss on warrants. This relates to the mark-to-market fair
value remeasurement of exchange warrants and investor warrants. The
transactions were entered into in connection with the exchange of 99.25%
of the 2025 Notes with aggregate notional amount of $200 million and the
9.00% Convertible First Lien Senior Secured Notes due 2029 of $97.5
million, both entered on June 20, 2024. The investor warrants were
remeasured to fair value prior to them being exercised and were
reclassified to equity, and will not be subsequently remeasured. The
exchange warrants were remeasured to fair value on September 12, 2024,
and were reclassified to equity after on such date, and will not be
subsequently remeasured. The fair value of the warrants was primarily
affected by the Company's share price. The remeasurement loss on warrants
is excluded from Adjusted EBITDA because it is not considered a core
operating activity. 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 gain. This
relates to the loss on our former unconsolidated equity investment in
HSPV and gains on such investment on divestment. 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 (gain) on extinguishment of debt. This relates to the gain that
arose from the substantial modification in June 2024 of our Green
Convertible Senior Notes due 2025 (the "Green Convertible Notes") and
First Lien Senior Secured Convertible Notes due 2027, offset by the loss
as a result of early redemption by the noteholders of the remaining Green
Convertible Notes who has not opted for the exchange. Gain on debt
extinguishment is excluded from Adjusted EBITDA because it is not
considered part of core operating activities. Such activities are
discrete events based on unique sets of business objectives. As such,
management believes that it is appropriate to exclude the gain on
extinguishment of debt from our non-GAAP financial measures as it is not
reflective of ongoing operating results nor do these charges contribute
to a meaningful evaluation of our past operating performance.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended Fiscal Year Ended
----------------------------------------------------------------------- --------------------------------------------------
December 31, September 29, December 31, December 31, December 31,
(In thousands) 2024 2024 2023 2024 2023
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
Gross (loss)
profit $ (47,656) $ (179,101) $ (34,461) $ (249,413) $ 78,115
Stock-based
compensation 16 1,596 (53) 2,474 989
Restructuring
charges and
fees (954) 2,763 24,839 4,921 24,839
Non-GAAP Gross
(loss) profit (48,594) (174,742) (9,675) (242,018) 103,943
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
GAAP Operating
expenses 63,672 153,218 141,007 327,227 297,320
Stock-based
compensation (10,681) (4,293) (1,235) (26,226) (17,338)
(Provision for)
reversal of
expected credit
losses (764) 165 -- (12,061) --
Restructuring
charges and
fees (11,063) (106,229) (103,118) (126,216) (126,854)
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
Non-GAAP
Operating
expenses 41,164 42,861 36,654 162,724 153,128
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
GAAP Net loss
attributable to
the
stockholders (105,977) (393,944) (186,334) (614,300) (275,829)
Interest
expense, net 8,690 11,784 7,416 43,279 33,051
(Benefit from)
provision for
income taxes (5,388) 18,925 (9,949) 17,952 (626)
Depreciation 5,554 15,886 12,261 42,108 55,685
Amortization 50 169 44 658 195
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
EBITDA (97,071) (347,180) (176,562) (510,303) (187,524)
Stock-based
compensation 10,697 5,889 1,182 28,700 $ 18,327
Provision for
(reversal of)
expected credit
losses 764 (165) -- 12,061 --
Restructuring
charges and
fees 10,109 108,992 127,957 131,137 $ 151,693
Remeasurement
loss on prepaid
forward 35 1,793 9,792 16,117 $ 18,363
Remeasurement
loss on
warrants -- 4,966 -- 4,966 $ --
Equity in losses
of
unconsolidated
investees and
related gain -- -- -- (24,083) $ 2,811
Loss (gain) on
extinguishment
of debt 582 -- -- (34,744) $ --
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
Adjusted EBITDA (74,884) (225,705) (37,631) (376,149) $ 3,670
----------------------- ---------------------- ---------------------- ---------------------- --------------------------
(c)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
----------------------------------------------------------------
December 31, 2024 December 31, 2023
-------------------------------- ------------------------------
Assets
Current assets:
Cash and cash
equivalents $ 28,895 $ 190,169
Restricted
short-term
marketable
securities -- 1,403
Accounts
receivable,
net 4,269 62,687
Inventories 40,220 308,948
Prepaid expenses
and other
current assets 20,363 55,346
Assets held for
sale 172,269 466
-------------------------------- ------------------------------
Total current
assets $ 266,016 $ 619,019
Property, plant
and equipment,
net 72,858 280,025
Operating lease
right of use
assets 27,951 22,824
Intangible
assets, net 523 3,352
Goodwill -- 7,879
Other long-term
assets 8,924 68,910
-------------------------------- ------------------------------
Total assets $ 376,272 $ 1,002,009
================================ ==============================
Liabilities and
Equity
Current
liabilities:
Accounts payable $ 62,544 $ 153,020
Accrued
liabilities 86,724 113,456
Contract
liabilities,
current
portion 74,312 134,171
Short-term debt 462 25,432
Operating lease
liabilities,
current
portion 9,098 5,857
Liabilities
classified as
held for sale 105,368 --
-------------------------------- ------------------------------
Total current
liabilities $ 338,508 $ 431,936
Long-term debt 732 1,203
Contract
liabilities, net
of current
portion 3,333 113,564
Operating lease
liabilities, net
of current
portion 27,434 19,611
Convertible debt 273,766 385,558
Deferred tax
liabilities 5,313 7,001
Other long-term
liabilities 15,551 38,494
-------------------------------- ------------------------------
Total liabilities $ 664,637 $ 997,367
================================ ==============================
Commitments and
contingencies
Equity:
Ordinary shares,
no par value
(16,711,109 and
539,591 issued
and outstanding
as of December
31, 2024 and
December 31,
2023,
respectively) $ -- $ --
Additional
paid-in
capital 1,137,042 811,361
Accumulated
deficit (1,410,392) (796,092)
Accumulated
other
comprehensive
loss (20,492) (16,378)
-------------------------------- ------------------------------
Equity
attributable to
the Company (293,842) (1,109)
Noncontrolling
interests 5,477 5,751
-------------------------------- ------------------------------
Total equity (288,365) 4,642
-------------------------------- ------------------------------
Total liabilities
and equity $ 376,272 $ 1,002,009
================================ ==============================
MAXEON SOLAR TECHNOLOGIES, LTD
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended Fiscal Year Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
---------------------------- -------------------------- --------------------------- --------------------------
Revenue $ 48,813 $ 228,775 $ 509,048 $ 1,123,110
Cost of revenue 96,469 263,236 758,461 1,044,995
---------------------------- -------------------------- --------------------------- --------------------------
Gross (loss)
profit (47,656) (34,461) (249,413) 78,115
---------------------------- -------------------------- --------------------------- --------------------------
Operating
expenses:
Research and
development 9,266 9,988 37,550 45,703
Sales, general
and
administrative 47,194 28,876 173,523 126,167
Restructuring
charges 7,212 102,143 116,154 125,450
---------------------------- -------------------------- --------------------------- --------------------------
Total
operating
expenses 63,672 141,007 327,227 297,320
---------------------------- -------------------------- --------------------------- --------------------------
Operating loss (111,328) (175,468) (576,640) (219,205)
---------------------------- -------------------------- --------------------------- --------------------------
Other expense,
net
Interest expense (9,063) (10,101) (45,366) (42,438)
Interest income 373 2,686 2,087 9,387
(Loss) gain on
extinguishment
of debt (582) -- 34,744 --
Other, net 9,382 (13,359) (11,447) (21,270)
---------------------------- -------------------------- --------------------------- --------------------------
Other expense,
net 110 (20,774) (19,982) (54,321)
---------------------------- -------------------------- --------------------------- --------------------------
Loss before
income taxes and
equity in losses
of
unconsolidated
investees (111,218) (196,242) (596,622) (273,526)
Benefit from
(provision for)
income taxes 5,388 9,949 (17,952) 626
Equity in losses
of
unconsolidated
investees -- -- -- (2,811)
---------------------------- -------------------------- --------------------------- --------------------------
Net loss (105,830) (186,293) (614,574) (275,711)
Net (income)
loss
attributable to
noncontrolling
interests (147) (41) 274 (118)
---------------------------- -------------------------- --------------------------- --------------------------
Net loss
attributable to
the
stockholders $ (105,977) $ (186,334) $ (614,300) $ (275,829)
============================ ========================== =========================== ==========================
Net loss per
share
attributable to
stockholders:
Basic and
diluted $ (6.60) $ (372.09) $ (96.00) $ (594.62)
Weighted average
shares used to
compute net loss
per share:
Basic and
diluted 16,050 501 6,399 464
MAXEON SOLAR TECHNOLOGIES, LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Fiscal Year Ended
----------------------------------------------------------
December 31, 2024 December 31, 2023
--------------------------- -----------------------------
Cash flows from
operating
activities
Net loss $ (614,574) $ (275,711)
Adjustments to
reconcile net
loss to net cash
used in
operating
activities
Depreciation
and
amortization 43,464 55,880
Stock-based
compensation 28,700 18,327
Non-cash
interest
expense 12,821 9,063
Gain from
disposal of
asset held for
sale -- (2,006)
Equity in
losses of
unconsolidated
investees -- 2,811
Gain on
disposal of
equity in
unconsolidated
investees (24,083) --
Loss on
retirement of
property,
plant and
equipment 261 196
Loss on
impairment of
operating
lease right of
use assets 7,433 708
Loss on
impairment of
property,
plant and
equipment 156,598 76,332
Loss on
impairment of
intangible
assets 2,167 --
Loss on
impairment of
goodwill 7,879 --
Write-off of
other assets 21,401 --
Gain on debt
extinguishment (34,744) --
Deferred income
taxes (355) 2,436
Remeasurement
loss on
prepaid
forward 16,117 18,363
Remeasurement
loss on
warrants 4,966 --
Provision for
expected credit
losses 12,200 --
Provision for
excess or
obsolete
inventories 158,726 10,804
Other, net 1,157 135
Changes in
operating
assets and
liabilities
Accounts
receivable 42,558 (8,331)
Inventories 50,056 (43,473)
Prepaid
expenses and
other
assets (919) 29,741
Operating
lease
right-of-use
assets 5,728 5,241
Advances to
suppliers -- 2,137
Accounts
payable and
other
accrued
liabilities 7,600 (97,660)
Contract
liabilities (168,082) (55,109)
Operating
lease
liabilities (7,231) (4,179)
--------------------------- -----------------------------
Net cash
used in
operating
activities (270,156) (254,295)
--------------------------- -----------------------------
Cash flows from
investing
activities
Purchases of
property,
plant and
equipment (52,149) (67,452)
Proceeds from
disposal of
restricted
short-term
marketable
securities -- 971
Purchase of
restricted
short-term
marketable
securities -- (1,408)
Proceeds from
maturity of
short-term
securities 1,329 136,000
Purchase of
short-term
securities -- (60,000)
Proceeds from
disposal of
asset held for
sale 462 5,961
Proceeds from
disposal of
property, plant
and equipment 1,125 --
Purchases of
intangibles (10) (146)
Proceeds from
disposal of
equity in
unconsolidated
investees 24,000 --
--------------------------- -----------------------------
Net cash
(used in)
provided
by
investing
activities (25,243) 13,926
--------------------------- -----------------------------
Cash flows from
financing
activities
Proceeds from
debt 51,249 195,639
Repayment of
debt (74,572) (220,598)
Repayment of
convertible
debt (1,500) --
Net proceeds
from issuance
of convertible
debt 70,125 --
Net proceeds
from issuance
of ordinary
shares 96,446 193,491
Distribution to
noncontrolling
interest -- --
Repayment of
finance lease
obligations
and other
debt (515) $(581.SI)$
--------------------------- -----------------------------
Net cash
provided
by
financing
activities 141,233 167,951
--------------------------- -----------------------------
Effect of
exchange rate
changes on
cash, cash
equivalents,
restricted cash
and restricted
cash
equivalents (94) (32)
--------------------------- -----------------------------
Net decrease in
cash, cash
equivalents,
restricted cash
and restricted
cash
equivalents (154,260) (72,450)
Cash and
restricted cash
classified to
asset held for
sale (10,243) --
Cash, cash
equivalents,
restricted cash
and restricted
cash
equivalents,
beginning of
period 195,511 267,961
--------------------------- -----------------------------
Cash, cash
equivalents,
restricted cash
and restricted
cash
equivalents,
end of period $ 31,008 $ 195,511
Non-cash
transactions
Property, plant
and equipment
purchases
funded by
liabilities $ 4,509 $ 5,491
Interest paid
in ordinary
shares 6,969 --
Interest paid
by issuance of
convertible
notes 9,158 --
Right-of-use
assets
obtained in
exchange for
lease
obligations 20,107 10,929
Cost for
acquisition of
assets paid in
shares -- 10,989
The following table reconciles our cash and cash equivalents and restricted cash and restricted cash equivalents reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents, restricted cash and restricted cash equivalents reported on our Condensed Consolidated Statements of Cash Flows as of December 31, 2024 and December 31, 2023:
(In thousands) December 31, 2024 December 31, 2023
---------------------------- ---------------------------
Cash and cash
equivalents $ 28,895 $ 190,169
Restricted cash
and restricted
cash
equivalents,
current portion,
included in
prepaid expenses
and other
current assets 2,018 5,242
Restricted cash
and restricted
cash
equivalents, net
of current
portion,
included in
other long-term
assets 95 100
---------------------------- ---------------------------
Total cash, cash
equivalents,
restricted cash
and restricted
cash equivalents
shown in
Consolidated
Statements of
Cash Flows $ 31,008 $ 195,511
============================ ===========================
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SOURCE Maxeon Solar Technologies, Ltd.
(END) Dow Jones Newswires
April 30, 2025 17:00 ET (21:00 GMT)
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