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Maxeon Solar Technologies Announces Third Quarter 2024 Financial Results
MAXNMaxeon Solar Technologies(MAXN) Prnewswire·2024-12-05 21:48

Core Viewpoint - Maxeon Solar Technologies reported significant financial challenges in Q3 2024, including a net loss of 393.9million,attributedtocustomsdelays,factoryshutdowns,andrestructuringcosts,alongsideanotabledeclineinaveragemarketpricesforsolarproducts[1][2][6].FinancialPerformance−Shipmentsdecreasedto199MWinQ32024from526MWinQ22024and628MWinQ32023[1].−RevenueforQ32024was393.9 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 184.22millioninQ32023[1][6].−Grosslosswasreportedat184.22 million in Q3 2023 [1][6]. - Gross loss was reported at 179.1 million, compared to a gross profit of 2.73millioninQ32023[1][6].−Operatingexpensessurgedto2.73 million in Q3 2023 [1][6]. - Operating expenses surged to 153.2 million in Q3 2024, up from 66.56millioninQ32023[1][6].−Non−GAAPgrosslossprofitwas66.56 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].