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

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