Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results

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]