Maxeon's net loss expands in 2021, revenues decline

Source: Maxeon Solar Technologies Ltd

Maxeon Solar Technologies Ltd (NASDAQ:MAXN) saw its net attributable loss widen to USD 254.5 million (EUR 230.7m) in 2021 from USD 142.6 million a year back as solar module shipments and revenues shrank.

The Singapore-based solar cell and panel maker, a spin-off of SunPower Corp (NASDAQ:SPWR), explained on Thursday that the year was marked by supply chain challenges caused by the COVID-19 pandemic. “We are actively mitigating supply chain cost inflation and renegotiating customer contracts where possible,” said CEO Jeff Waters.

Details about the company’s financial performance and preliminary forecast for the first quarter of 2022 are available in the table.

Amounts in USD millions	Q4 2021	Q4 2020	2021	2020	Q1 2022 forecast
Module shipments (MW)	577	655	1,956	2,145	475-495
Revenues	221.5	245.6	783.3	844.8	210-220
Gross profit (loss)	(10.5)	7.3	(29)	(9.8)	(7)-(13)
Net profit (loss) attributable to shareholders	(73.3)	3.5	(254.5)	(142.6)	--
Adjusted EBITDA (loss)	(39.2)	(17)	(125.3)	(82.3)	(28)-(34)
Capital investments	37.4	13.3	154.2	27.7	22-26

Amounts in USD millions

(29)

In the closing quarter of 2021, Maxeon ramped up the production of the Maxeon 6 panels and started initial shipments.

In spite of the pandemic-related constraints on the market, Maxeon said its up-to-date backlog has exceeded 2 GW, with the US utility-scale market being “a bright spot.” The company’s distributed generation (DG) business is taking un uptake from European clients and is registering new sales records, the manufacturer added.

(USD 1.0 = EUR 0.907)

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