Maxeon Solar’s Q3 Revenue Falls 17% YoY
The company witnessed a 61% YoY uptick in operating expenses at $66.5 million
Solar module manufacturer Maxeon Solar Technologies recorded a revenue of $227.6 million during the third quarter (Q3) of the financial year (FY) 2023, a decrease of 17% year-over-year (YoY) from $275.4 million.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss stood at $19.9 million, a YoY decrease of 42% compared to an EBITDA loss of $34.5 million.
Maxeon recorded a net loss of $108.3 million during Q2 FY 2023, a 142% YoY increase from a net loss of $44.7 million.
The company witnessed a 61% YoY uptick in operating expenses at $66.5 million.
Maxeon shipped 628 MW of modules compared to 605 MW YoY. However, the company said its shipments were down 37% sequentially due to elevated industry-wide module inventories.
“As indicated in our preliminary results announcement of our third quarter financials, the third quarter was significantly impacted by the absence of shipments to residential solar technology and energy services provider SunPower for a majority of the quarter as well as by the industry-wide supply and demand imbalance in Europe. Maxeon has responded by taking decisive action to adjust its market focus and manufacturing footprint to reposition Maxeon for success,” said Bill Mulligan, Maxeon’s Chief Executive Officer.
Mulligan noted that Maxeon’s business was negatively impacted by SunPower falling behind on payments, which caused Maxeon to suspend shipments to them starting in July. However, the parties have reached a settlement that has allowed Maxeon to resume shipments while mutually releasing all outstanding claims. The settlement calls for SunPower to purchase 85 MW of IBC modules at contracted pricing through February 2024 and to post a $30 million payment security bond.
Maxeon has taken legal action against Shanghai Aiko Solar Energy, its subsidiaries Aiko Energy Germany, Solarlab Aiko Europe, and wholesaler Memodo. The patent infringement lawsuits have been filed in Mannheim District Court, Germany.
The lawsuit claims that Aiko and Memodo have infringed on Maxeon’s European Patent, which covers proprietary and fundamental solar cell architectures, specifically relating to rear or back-contact solar cells.
In early October, Maxeon announced its plan to build a TOPCon pilot line in Malaysia. This is expected to accelerate and reduce risks associated with expanding a solar cell manufacturing facility in New Mexico. The original capacity plan of 3.0 GW is being expanded to 3.5 GW.
Maxeon recorded a net loss of $1.5 million during Q2 FY 2023, an increase of 98% YoY compared to a net loss of $87.9 million.