Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________ FORM 20-F ______________________________ ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUA ...

Core Insights - Maxeon Solar Technologies reported a fiscal year 2024 revenue of $509 million, a decrease from $1,123 million in fiscal year 2023, reflecting ongoing challenges in the market [1][2][17] - The company is facing significant disruptions due to U.S. Customs & Border Protection's barring of its solar panels from U.S. import since July 2024, despite compliance with the Uyghur Forced Labor Prevention Act [2][3] - Maxeon is restructuring its operations to focus on the U.S. market, streamline operations, and enhance efficiency while also identifying domestic component vendors [2][3] Financial Performance - In Q4 2024, Maxeon reported shipments of 211 MW, compared to 199 MW in Q3 2024 and 653 MW in Q4 2023 [2][17] - The gross loss for Q4 2024 was $47.656 million, compared to a gross profit of $2.728 million in Q4 2023 [2][17] - The net loss attributable to stockholders for fiscal year 2024 was $614.3 million, significantly higher than the $275.8 million loss in fiscal year 2023 [2][17] Operational Changes - The company has divested its assets in the Philippines and businesses outside the U.S. to improve liquidity and support ongoing transformation [2][3] - Maxeon is committed to fiscal discipline, having restructured interest payments on outstanding debt to reduce cash burden [2][3] - The company will no longer report earnings quarterly and will instead file audited financial statements through Form 20-F with the SEC [2][3] Future Outlook - Maxeon is unable to provide financial guidance due to ongoing restructuring and market uncertainties [2][3] - The company is focused on establishing alternative manufacturing and supply chains to enhance resilience against market headwinds [2][3] - Strategic initiatives are being implemented to ensure the delivery of efficient and reliable solar energy products to residential, commercial, and utility-scale customers [2][3]

Core Insights - Maxeon Solar Technologies is focusing on transforming its business to better compete in the challenging solar market, prioritizing the delivery of high-quality solar panels and renewable energy solutions [2] - The company has strategically restructured its business to concentrate exclusively on the U.S. market, enhancing its growth potential through planned onshore manufacturing [3][4] Business Restructuring - Maxeon has sold non-U.S. assets, resulting in approximately $94 million in proceeds, which strengthens its focus on the U.S. residential, commercial, and utility power plant markets [4] - The company is establishing alternative manufacturing and supply chains that are not affected by recent tariffs and trade barriers [8] Regulatory Challenges - U.S. Customs & Border Protection (CBP) denied Maxeon's protests regarding detained shipments of its solar panels, citing insufficient documentation despite the company's compliance with the Uyghur Forced Labor Prevention Act [5][6] - Maxeon is considering contesting CBP's decision in the U.S. Court of International Trade to affirm its compliance with UFLPA [5] Manufacturing Initiatives - Maxeon is committed to developing its U.S.-based manufacturing facilities, including an Albuquerque facility that will utilize next-generation technology [10] - The company is actively identifying additional domestic component vendors to support its diversified manufacturing operations [10] Commitment to Compliance and ESG - Maxeon emphasizes its commitment to compliance with UFLPA and maintains high standards of transparency and ethical practices in its supply chain [9]

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 energ ...

The urgent need to combat greenhouse gas emissions has accelerated the shift from fossil fuels to renewable energy, creating significant opportunities for investors. While this transition will require substantial investments and time, the U.S. solar industry is poised for substantial growth, driven by declining costs and supportive policies. This growth opens up promising avenues in areas such as solar panel manufacturing, which benefits from economies of scale, as well as residential and commercial rooftop ...

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

Group 1 - Maxeon Solar Technologies reported a quarterly loss of $0.47 per share, significantly better than the Zacks Consensus Estimate of a loss of $11.50, and a substantial improvement from a loss of $221 per share a year ago, indicating an earnings surprise of 95.91% [1] - The company posted revenues of $88.56 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 25.72%, but down from $227.63 million in the same quarter last year [2] - Over the last four quarters, Maxeon Solar Technologies has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed significantly, losing about 98.9% since the beginning of the year, while the S&P 500 has gained 27.6% [3] - The current consensus EPS estimate for the upcoming quarter is -$3 on revenues of $95 million, and for the current fiscal year, it is -$27 on revenues of $621.11 million [7] - The Zacks Industry Rank for Solar is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - In Q3 2024, Maxeon reported shipments of 199 MW, a decrease of 62.3% from 526 MW in Q2 2024 and a decline of 68.3% from 628 MW in Q3 2023[4] - Revenue for Q3 2024 was $88.56 million, down 52.0% from $184.22 million in Q2 2024 and down 61.1% from $227.63 million in Q3 2023[4] - The gross loss for Q3 2024 was $(179.10) million, compared to a gross loss of $(7.79) million in Q2 2024 and a gross profit of $2.73 million in Q3 2023[4] - Net loss attributable to stockholders in Q3 2024 was $(393.94) million, significantly higher than $(34.23) million in Q2 2024 and $(108.26) million in Q3 2023[4] - Non-GAAP Adjusted EBITDA for Q3 2024 was $(225.71) million, compared to $(36.57) million in Q2 2024 and $(19.92) million in Q3 2023[4] - Total operating expenses for the three months ended September 29, 2024, were $153.22 million, up from $66.56 million in the same period last year, primarily due to restructuring charges of $105.96 million[21] - Net loss for the nine months ended September 29, 2024, was $508.744 million, compared to a loss of $89.418 million for the same period in 2023[28] Market Conditions - Average market prices for high efficiency and mainstream crystalline modules dropped by approximately 43.5% and 28.6%, respectively, since January 2024[2] - The company is unable to provide financial guidance for Q4 2024 due to uncertainties surrounding U.S. Customs and Border Protection detentions[2] Restructuring and Strategic Focus - Maxeon plans to focus exclusively on the U.S. market to drive future growth and profitability[2] - Maxeon is undergoing a restructuring process to optimize its business portfolio and geographic market focus[2] - The company reported a significant increase in restructuring charges and fees, totaling $108,992 thousand in Q3 2024, compared to $6,783 thousand in Q2 2024[16] Cash Flow and Assets - Total current assets decreased to $262,115 thousand as of September 29, 2024, down from $619,019 thousand as of December 31, 2023[19] - Cash and cash equivalents dropped to $51,223 thousand from $190,169 thousand over the same period[19] - The company had a net decrease in cash, cash equivalents, and restricted cash of $141.159 million for the nine months ended September 29, 2024[30] Equity and Liabilities - Total liabilities as of September 29, 2024, were $647,096 thousand, down from $997,367 thousand at the end of 2023[19] - The company’s accumulated deficit increased to $(1,304,415) thousand as of September 29, 2024, from $(796,092) thousand at the end of 2023[19] - The company’s total equity attributable to the Company was $(211,064) thousand as of September 29, 2024, compared to $(1,109) thousand at the end of 2023[19] Stock and Compensation - Stock-based compensation expense for Q3 2024 was $5,889 thousand, up from $5,236 thousand in Q2 2024[16] - The company recognized stock-based compensation of $18.003 million for the nine months ended September 29, 2024, compared to $17.145 million in the same period of 2023[28] Other Financial Metrics - Basic and diluted net loss per share attributable to stockholders was $(0.47) for the three months ended September 29, 2024, compared to $(2.21) for the same period last year[21] - The company recognized a gain on extinguishment of debt of $35.33 million during the nine months ended September 29, 2024[21] - The company reported a loss on impairment of property, plant, and equipment amounting to $157.673 million for the nine months ended September 29, 2024[28] - The company experienced a loss on impairment of intangible assets totaling $2.167 million for the nine months ended September 29, 2024[28]

Core Viewpoint - Maxeon Solar Technologies reported significant financial challenges in Q3 2024, including a net loss of $393.9 million, attributed to customs delays, factory shutdowns, and restructuring costs, alongside a notable decline in average market prices for solar products [1][2][6]. Financial Performance - Shipments decreased to 199 MW in Q3 2024 from 526 MW in Q2 2024 and 628 MW in Q3 2023 [1]. - Revenue for Q3 2024 was $88.56 million, down from $184.22 million in Q3 2023 [1][6]. - Gross loss was reported at $179.1 million, compared to a gross profit of $2.73 million in Q3 2023 [1][6]. - Operating expenses surged to $153.2 million in Q3 2024, up from $66.56 million in Q3 2023 [1][6]. - Non-GAAP gross loss profit was $174.74 million for Q3 2024, compared to a profit of $2.73 million in Q3 2023 [1][6]. Strategic Initiatives - The company plans to focus exclusively on the U.S. market to enhance growth and profitability, leveraging local manufacturing capabilities [1]. - Maxeon is undergoing a restructuring process aimed at optimizing its business portfolio and geographic market focus [1][2]. Market Conditions - The average market price for high-efficiency crystalline modules has dropped by approximately 43.5% since January 2024, while mainstream products saw a decline of about 28.6% [1]. - The company is facing intense competition and global oversupply, contributing to depressed pricing [1]. Liquidity and Future Guidance - The CFO emphasized the importance of maintaining liquidity for daily operations while recapitalizing the company for restructuring and growth [1]. - Due to uncertainties surrounding customs detentions, the company is unable to provide financial guidance for Q4 2024 [1].

Core Viewpoint - Maxeon Solar Technologies is restructuring its business to focus exclusively on the U.S. market, enhancing its growth and profitability potential through local manufacturing and strategic partnerships [1][2][3]. Group 1: Strategic Focus - The company will concentrate on the U.S. market, leveraging its existing market presence and planned manufacturing capabilities [1][2]. - Maxeon has signed a five-year lease for a facility in Albuquerque, New Mexico, with plans to begin solar panel manufacturing at a capacity of 2 GW by early 2026 [1][3]. Group 2: International Operations - Maxeon has reached an agreement-in-principle with TCL Technology Group for the sale of its EMEA, APAC, and LATAM sales and marketing organization, which will be integrated into a new unit, TCL SunPower International [2]. - TCL Group will also acquire Maxeon's manufacturing operations in the Philippines, aiming to create a robust global solar solutions company while allowing Maxeon to focus on its U.S. operations [2]. Group 3: Leadership Statements - CEO George Guo emphasized the importance of expanding the residential and commercial partner network in the U.S. and maintaining strong relationships with utility-scale customers [3]. - Guo highlighted the company's commitment to developing a domestic solar panel supply chain and expressed gratitude for the support received from local government officials in New Mexico [3]. Group 4: Company Background - Maxeon Solar Technologies, headquartered in Singapore, has nearly 40 years of experience in solar energy and holds over 1,900 patents for innovative solar solutions [4]. - The company aims to provide sustainable energy solutions for residential, commercial, and utility-scale customers [4]. Group 5: TCL Technology Group Overview - TCL Technology Group is a global leader in technology, specializing in display and solar-grade materials, and is committed to delivering high-quality products and services across more than 160 markets [5].