Maxeon reduces loss in Q3, sees profitability in 2023

Source: Maxeon Solar Technologies Ltd

Singapore-based solar cell and panel maker Maxeon Solar Technologies Ltd (NASDAQ:MAXN) narrowed its net loss attributable to the stockholders to USD 44.7 million (EUR 43.6m) in its third fiscal quarter thanks to increased shipments and revenues.

The performance of the SunPower spin-off in the three months through October 2, 2022, was in line with its guidance, the company said on Thursday.

CEO Mark Babcock pointed out that the quarter was a record one for Maxeon’s distributed generation (DG) business in Europe, which achieved an all-time-high revenue and shipments. Meanwhile, the company expanded its DG activities in the US and expects they will help it return to the black next year.

Commenting on the North American utility-scale market, Babcock said: "We are confident that the completion of our full capacity ramp in 2023 and the transition to our higher ASP contracted backlog will meaningfully improve the profitability of this business."

In the third quarter, Maxeon booked a gross loss of USD 15.7 million, narrowing its deficit from USD 16.7 million a year back.

Shipments increased to 605 MW from 566 MW in the same quarter of 2021, with revenue growing 25% to USD 275.4 million.

Details on Maxeon’s third-quarter performance and its outlook for the last quarter of 2022 are given in the table.

Amounts in USD million, unless otherwise noted	Q3 2022	Q3 2021	Q4 2022 forecast
Shipments (MW)	605	566	680-720
Revenue	275.4	220.5	290-330
GAAP Gross profit (loss)	(15.7)	(16.7)	(1)-9
Non-GAAP Gross profit (loss)	(15.5)	(16.4)	0-10
GAAP Operating expenses	41.2	32.6	41±2
GAAP Net profit (loss) attributable to shareholders	(44.7)	(65.4)	N/A
Adjusted EBITDA (loss)	(34.5)	(37)	(17)-(27)
Capital expenditures	16.1	54.1	16-20