Higher Module Shipments Drive Maxeon Solar’s Q4 Revenue Up by 46% YoY

Revenue from the rooftop business stood at $244 million, up by 7% YoY


Singapore-headquartered solar module maker Maxeon Solar Technologies posted $324 million in revenue for the fourth quarter (Q4)of the financial year (FY) 2022, a year-over-year (YoY) increase of 46%.

The company said revenue growth was due to increased module shipments to the United States, Canada, Latin American countries, Europe, the Middle East, and Africa.

The company shipped 734 MW of solar modules during the quarter, up 27% YoY from 577 MW.

Maxeon’s revenue from distributed generation (DG) business across the U.S., Canada, Latin America, Europe, the Middle East, and Africa totaled $244 million, up by 7% YoY while the company’s revenue from large-scale projects increased by 114% YoY to $79 million.

The company’s net loss rose to $76 million from $73.3 million in the same quarter last year due to the expansion of Maxeon’s DG business in Europe and the U.S.

The cost of revenue fell by 100% YoY to $30,000, owing to the difference in contractual costs for polysilicon and the market price.

Maxeon’s CEO Bill Mulligan said, “Our U.S. DG partners indicate significant year-over-year growth for us in 2023, which we attribute in part to our products’ popularity in high-cost-of-power markets and sales professionals skilled at selling long-term value. Our DG business pricing is benefiting from continued strength in our European channel with increasing attach rates for Beyond the Panel products, and also in the U.S. with strong demand from both SunPower as well as through our new Maxeon installer channel which kicked off in January.”

He said the company’s first 1.8 GW of Performance Line manufacturing capacity would reach full output later this year.

Total revenue

Maxeon booked its first orders for storage products in Australia during Q4, while the company booked its first orders of Maxeon-branded residential panels from the new U.S. channel. The company’s cumulative U.S. bookings for utility-scale solar increased to 4.2 GW by the end of Q4.

Maxeon’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss narrowed to $3.7 million compared to the EBITDA loss of $33 million in Q4 2021.

Full Year 2022

Maxeon’s revenue for FY 2022 totaled $1 billion, up by 35% compared to $783 million in the previous year due to increased shipments.

In 2022, the company shipped 2.3 GW of solar modules against 1.9 GW shipped in 2021.

The company’s net loss increased to $267 million in 2022 from $255 million in 2021.

Maxeon’s net loss narrowed to $44.7 million in the third quarter of 2022, compared to $65.4 million in Q3 2021, due to an increase in DG business, which accounted for 83% of the total revenue.

The company posted revenue of $223 million in the first quarter, a YoY growth of 35%.