Maxeon’s Q3 Net Loss Shrinks to $44.7 Million on Higher Shipments for Rooftop Solar Market
Q3 revenue grows by a quarter on 7% more module shipments
Solar module manufacturer Maxeon Solar Technologies‘ net loss narrowed to $44.7 million in the third quarter (Q3) of 2022, compared to $65.4 million year-over-year (YoY).
The company said that the lower quarterly loss was primarily due to a record increase in distributed generation (DG) business, which accounted for 83% of the total revenue.
Source: Maxeon Technologies
The revenue from DG business in Q3 grew by 24.6% YoY to $228 million.
The total solar equipment shipments for the quarter were 605 MW, a YoY increase of 7%. On a quarter-over-quarter basis, the shipments rose by 16%.
Maxeon’s Interim CEO Mark Babcock said, “In Europe, distributed generation posted another record quarter for volume, revenue, and beyond the panel product contributions. These factors drove improved financial results for the company overall, and the business trajectory is expected to facilitate overall break-even gross margins in the fourth quarter.”
The company posted revenue of $275.45 million in Q3 2022, a 25% surge YoY.
Maxeon’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to a loss of $34.5 million, compared with $36.9 million YoY.
Maxeon said it expects to ship its first storage units next quarter. In utility-scale business, the company is approaching key site selection and DOE Loan Guarantee Program Office milestones for its proposed 3 GW cell and module facility in the U.S.
The North American utility-scale business continues to expand shipment volume with multiple daily deliveries from Mexico to Maxeon’s customers in the U.S. The company’s Malaysian PERC cell fab has ramped to over 1 GW capacity.
The company recently unveiled the SunPower One integrated home energy solution based on a flexible ecosystem of solar modules, battery storage, and actionable household energy insights. Designed to be intuitive and engaging, the technology would proactively advise homeowners on optimizing their energy usage.
Maxeon had announced that it would supply approximately 400 MW of its high-efficiency shingled bifacial performance line solar modules to Origis Energy. The modules will be used in Origis’ U.S. utility-scale projects. Module deliveries will commence in June of 2023 and conclude at the end of 2023.