Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2022 Financial Results
Maxeon Solar Technologies (NASDAQ:MAXN) reported a record gross profit of $20 million in Q4 2022, driven by improved operational performance and supply chain management. The company anticipates achieving positive adjusted EBITDA for the first time in Q1 2023, with shipments projected between 730-770 MW and revenue between $305-345 million. Annual revenue guidance for 2023 is set between $1.35 billion and $1.55 billion. CEO Bill Mulligan highlighted strong performance in the US and European markets, backed by significant bookings in the utility-scale segment totaling 4.2 GW through 2025.
- Record gross profit of $20 million in Q4 2022.
- Guidance for positive adjusted EBITDA in Q1 2023.
- Annual revenue guidance between $1.35 billion and $1.55 billion for 2023.
- Cumulative bookings of 4.2 GW in the US utility-scale business extending through 2025.
- GAAP net loss attributable to stockholders was $75.7 million in Q4 2022.
--Record Gross Profit of
--Guiding Positive Adj. EBITDA in first quarter of 2023--
Maxeon's Chief Executive Officer
Mulligan continued "The US utility-scale business is poised for further growth with cumulative bookings now 4.2 gigawatts extending deep into 2025 plus options with advance deposits for an additional 1.5 gigawatts through 2027. Our first 1.8GW of Performance Line manufacturing capacity is on track to reach full output later this year. With the majority of the ramp already completed, we expect improving COGS to drive positive adjusted EBITDA in the current quarter."
Selected Q4 and Fiscal Year Unaudited Financial Summary | |||||||||
(In thousands, except shipments) | Fiscal Q4 2022 | Fiscal Q3 2022 | Fiscal Q4 2021 | Fiscal Year 2022 | Fiscal Year 2021 | ||||
Shipments, in MW | 734 | 605 | 577 | 2,348 | 1,956 | ||||
Revenue | $ 323,503 | $ 275,449 | $ 221,479 | $ 1,060,113 | $ 783,279 | ||||
Gross profit (loss)(1) | 20,087 | (15,747) | (10,545) | (47,948) | (29,014) | ||||
GAAP Operating expenses | 38,038 | 41,196 | 35,518 | 152,346 | 143,433 | ||||
GAAP Net loss attributable to the | (75,701) | (44,691) | (73,332) | (267,424) | (254,520) | ||||
Capital expenditures | 7,314 | 16,110 | 37,393 | 63,337 | 154,194 | ||||
Other Financial Data(1), (2) | |||||||||
(In thousands) | Fiscal Q4 2022 | Fiscal Q3 2022 | Fiscal Q4 2021 | Fiscal Year 2022 | Fiscal Year 2021 | ||||
Non-GAAP Gross profit (loss)(1) | $ 20,696 | $ (15,492) | $ (10,056) | $ (31,243) | $ (27,764) | ||||
Non-GAAP Operating expenses | 34,488 | 34,651 | 33,423 | 133,669 | 129,368 | ||||
Adjusted EBITDA(1) | (3,712) | (34,501) | (32,777) | (108,636) | (116,824) | ||||
(1) | The Company's GAAP and Non-GAAP results were impacted by the effects of certain items. Refer to "Supplementary information affecting GAAP and Non-GAAP results" below. |
(2) | The Company's use of Non-GAAP financial information, including a reconciliation to |
Supplementary information affecting GAAP and Non-GAAP results | ||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||
(In thousands) | Financial |
|
| |||||||
Incremental cost | Cost of revenue | 30 | 603 | 11,542 | 11,329 | 47,188 | ||||
Loss on ancillary | Cost of revenue | — | — | 2,621 | 8,328 | 14,264 | ||||
(1) | Relates to the difference between our contractual cost for the polysilicon under the long-term fixed supply agreements with our supplier and the price of polysilicon available in the market as derived from publicly available information at the beginning of each quarter, multiplied by the volume of modules sold within the quarter. |
(2) | In order to reduce inventory and improve working capital, we had periodically elected to sell polysilicon inventory procured under the long-term fixed supply agreements in the market at prices below our purchase price, thereby incurring a loss. |
Fiscal Year 2023 and First Quarter 2023 Outlook
For the first quarter of 2023, the Company anticipates the following results:
(In millions, except shipments) | Outlook |
Shipments, in MW | 730 - 770 MW |
Revenue | |
Gross profit | |
Non-GAAP gross profit(1) | |
Operating expenses | |
Non-GAAP operating expenses(2) | |
Adjusted EBITDA(3) | |
Capital expenditures(4) |
For fiscal year 2023, the Company anticipates the following results:
- Revenue to be within a range of
$1,350 million $1,550 million - Adjusted EBITDA(3) to be within a range of
$80 million $100 million - Capital expenditures(4) to be within a range of
$100 million $120 million
(1) | The Company's Non-GAAP gross profit is impacted by the effects of adjusting for stock-based compensation expense. |
(2) | The Company's Non-GAAP operating expenses are impacted by the effects of adjusting for stock-based compensation expense and restructuring charges and fees. |
(3) | The Company cannot provide a reconciliation between its Adjusted EBITDA projection and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of the remeasurement gain or loss of the prepaid forward and the equity in income or losses of our unconsolidated investee. |
(4) | The capital expenditures mainly relate to preparation for capacity expansion for our Maxeon 7 technology, completion of manufacturing capacity for Performance line panels to be sold in the U.S. market, completion of manufacturing capacity for our Maxeon 6 product platform, further developing Maxeon 7 technology and operating a pilot line, as well as various corporate initiatives. The above excludes capital expenditures in connection to the investment plan to deploy a multi-GW factory in |
These anticipated results for fiscal year 2023 and the first quarter of 2023 are preliminary, unaudited and represent the most current information available to management. The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the uncertainty of the continuing COVID-19 pandemic, and the global economic environment. Please refer to Forward Looking Statements section below. Management's views and estimates are subject to change without notice.
For more information
Maxeon's fiscal year 2022 financial results and management commentary can be found on Form 20-F by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 20-
Conference Call Details
The Company will hold a conference call on
To join the live conference call, participants must first register here, where a dial-in number will be provided.
A simultaneous audio-only webcast of the conference call will also be available on Maxeon's website at https://edge.media-server.com/mmc/p/npaoiv87. A webcast replay will be available on Maxeon's website for one year at https://corp.maxeon.com/events-and-presentations.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our expectations regarding pricing trends, demand and growth projections; (b) potential disruptions to our operations and supply chain that may result from epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in
The forward-looking statements can be also identified by terminology such as "may," "projects,""indicate," "expect," "anticipates," "future," "plans," "believes," "estimates," "outlook" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements.
These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, including regulatory and other challenges that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations; (3) our ability to manage supply chain shortages and cost increases and operating expenses; (4) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the COVID-19 pandemic, or the war in
Use of Non-GAAP Financial Measures
We present certain non-GAAP measures such as non-GAAP gross profit (loss), non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, restructuring charges and fees, remeasurement loss (gain) on prepaid forward and physical delivery forward, loss on extinguishment of debt, impairment, equity in losses of unconsolidated investees and related gains and loss related to settlement of price escalation dispute ("Adjusted EBITDA") to supplement our consolidated and combined financial results presented in accordance with GAAP. Non-GAAP gross profit (loss) is defined as gross profit (loss) excluding stock-based compensation and loss related to settlement of price escalation dispute. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation and restructuring charges and fees.
We believe that non-GAAP gross profit (loss), non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.
As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:
- Stock-based compensation expense. Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross loss, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation.
- Restructuring charges and fees. We incur restructuring charges and fees related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.
- Remeasurement loss (gain) on prepaid forward and physical delivery forward. This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on
July 17, 2020 of the6.50% Green Convertible Senior Notes due 2025 for an aggregate principal amount of$200.0 million September 29, 2020 , and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude these mark-to-market adjustments from our Adjusted EBITDA as they are not reflective of ongoing operating results nor do the loss (gain) contribute to a meaningful evaluation of our past operating performance. - Loss on extinguishment of debt. This relates to the loss that arose from the termination of our
$50.0 million September 2021 and the expiration of the availability period for draw down of our$75.0 million August 2021 . Loss on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the loss on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. - Impairment. This relates to the impairment of assets recorded by our equity method investee, Huansheng JV. Asset impairment is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of ongoing operating results. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our past operating performance.
- Equity in losses of unconsolidated investees and related gains. This relates to the loss on our unconsolidated equity investment Huansheng JV and gains on such investment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance.
- Loss related to settlement of price escalation dispute. This relates to loss arising from the settlement of price escalation dispute with a polysilicon supplier related to our long-term, firm commitment polysilicon supply agreement. This is excluded from our Adjusted EBITDA financial measure as it is non-recurring and not reflective of ongoing operating results. As such, management believes that it is appropriate to exclude such charges as the loss does not contribute to a meaningful evaluation of our past operating performance.
Reconciliation of Non-GAAP Financial Measures | |||||||||
Three Months Ended | Fiscal Year Ended | ||||||||
(In thousands) |
|
|
|
| |||||
Gross profit (loss) | $ 20,087 | $ (15,747) | $ (10,545) | $ (47,948) | $ (29,014) | ||||
Stock-based compensation | 609 | 255 | 489 | 1,535 | 1,250 | ||||
Loss related to settlement of price | — | — | — | 15,170 | — | ||||
Non-GAAP Gross profit (loss) | 20,696 | (15,492) | (10,056) | (31,243) | (27,764) | ||||
GAAP Operating expenses | 38,038 | 41,196 | 35,518 | 152,346 | 143,433 | ||||
Stock-based compensation | (2,956) | (5,918) | (1,545) | (13,045) | (5,981) | ||||
Restructuring charges and fees | (594) | (627) | (550) | (5,632) | (8,084) | ||||
Non-GAAP Operating expenses | 34,488 | 34,651 | 33,423 | 133,669 | 129,368 | ||||
GAAP Net loss attributable to the | (75,701) | (44,691) | (73,332) | (267,424) | (254,520) | ||||
Interest expense, net | 9,307 | 8,035 | 6,511 | 27,812 | 27,848 | ||||
Provision for (benefit from) income | 28,030 | 2,399 | (1,016) | 32,191 | 203 | ||||
Depreciation | 14,422 | 13,845 | 11,930 | 56,470 | 41,827 | ||||
Amortization | 57 | 50 | 185 | 272 | 383 | ||||
EBITDA | (23,885) | (20,362) | (55,722) | (150,679) | (184,259) | ||||
Impairment | — | — | 5,058 | — | $ 5,058 | ||||
Stock-based compensation | 3,565 | 6,173 | 2,034 | 14,580 | $ 7,231 | ||||
Loss related to settlement of price | — | — | — | 15,170 | $ — | ||||
Restructuring charges (credits) and | 594 | 627 | (378) | 5,632 | $ 7,156 | ||||
Remeasurement loss (gain) on | 17,726 | (24,521) | 9,827 | (2,411) | $ 34,468 | ||||
Equity in (income) losses of | (1,712) | 3,582 | 6,404 | 9,072 | $ 8,447 | ||||
Loss on extinguishment of debt | — | — | — | — | $ 5,075 | ||||
Adjusted EBITDA(2) | (3,712) | (34,501) | (32,777) | (108,636) | $ (116,824) | ||||
(1) | Amount represents restructuring charges and fees related to reorganization plans, excluding accelerated depreciation amounting to |
(2) | The Adjusted EBITDA for three months ended |
Reconciliation of Non-GAAP Outlook | |
(In millions) | Outlook |
Gross profit | |
Stock-based compensation | 1 |
Non-GAAP gross profit | |
Operating expenses | |
Stock-based compensation | (4) |
Non-GAAP operating expenses | |
©2023
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for shares data) | |||
As of | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 227,442 | $ 166,542 | |
Short-term securities | 76,000 | — | |
Restricted short-term marketable securities | 968 | 1,079 | |
Accounts receivable, net | 54,301 | 39,730 | |
Inventories | 303,230 | 212,820 | |
Advances to suppliers, current portion | 2,137 | 51,045 | |
Prepaid expenses and other current assets | 126,971 | 61,904 | |
Total current assets | $ 791,049 | $ 533,120 | |
Property, plant and equipment, net | 380,468 | 386,630 | |
Operating lease right of use assets | 17,844 | 15,397 | |
Intangible assets, net | 291 | 420 | |
Advances to suppliers, net of current portion | — | 716 | |
Deferred tax assets | 10,348 | 5,183 | |
Other long-term assets | 60,418 | 115,077 | |
Total assets | $ 1,260,418 | $ 1,056,543 | |
Liabilities and Equity | |||
Current liabilities: | |||
Accounts payable | $ 247,870 | $ 270,475 | |
Accrued liabilities | 135,157 | 78,680 | |
Contract liabilities, current portion | 139,267 | 44,059 | |
Short-term debt | 50,526 | 25,355 | |
Operating lease liabilities, current portion | 3,412 | 2,467 | |
Total current liabilities | $ 576,232 | $ 421,036 | |
Long-term debt | 1,649 | 213 | |
Contract liabilities, net of current portion | 161,678 | 58,994 | |
Operating lease liabilities, net of current portion | 15,603 | 13,464 | |
Convertible debt | 378,610 | 145,772 | |
Deferred tax liabilities | 14,913 | 1,150 | |
Other long-term liabilities | 63,663 | 61,039 | |
Total liabilities | $ 1,212,348 | $ 701,668 | |
Commitments and contingencies | |||
Equity: | |||
Common stock, no par value (45,033,027 and 44,246,603 issued and outstanding as of | $ — | $ — | |
Additional paid-in capital | 584,808 | 624,261 | |
Accumulated deficit | (520,263) | (262,961) | |
Accumulated other comprehensive loss | (22,108) | (11,844) | |
Equity attributable to the Company | 42,437 | 349,456 | |
Noncontrolling interests | 5,633 | 5,419 | |
Total equity | 48,070 | 354,875 | |
Total liabilities and equity | $ 1,260,418 | $ 1,056,543 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) | |||||||
Three Months Ended | Fiscal Year Ended | ||||||
Revenue | $ 323,503 | $ 221,479 | $ 1,060,113 | $ 783,279 | |||
Cost of revenue | 303,416 | 232,024 | 1,108,061 | 812,293 | |||
Gross profit (loss) | 20,087 | (10,545) | (47,948) | (29,014) | |||
Operating expenses: | |||||||
Research and development | 11,403 | 10,700 | 49,682 | 46,527 | |||
Sales, general and administrative | 26,132 | 24,268 | 100,546 | 88,822 | |||
Restructuring charges | 503 | 550 | 2,118 | 8,084 | |||
Total operating expenses | 38,038 | 35,518 | 152,346 | 143,433 | |||
Operating loss | (17,951) | (46,063) | (200,294) | (172,447) | |||
Other expense, net | |||||||
Interest expense, net | (9,307) | (6,511) | (27,812) | (27,848) | |||
Loss on extinguishment of debt | — | — | — | (5,075) | |||
Other, net | (22,129) | (10,574) | 2,223 | (33,693) | |||
Other expense, net | (31,436) | (17,085) | (25,589) | (66,616) | |||
Loss before income taxes and equity in losses | (49,387) | (63,148) | (225,883) | (239,063) | |||
(Provision for) benefit from income taxes | (28,030) | 1,016 | (32,191) | (203) | |||
Equity in income (losses) of unconsolidated | 1,712 | (11,462) | (9,072) | (16,480) | |||
Net loss | (75,705) | (73,594) | (267,146) | (255,746) | |||
Net loss (income) attributable to | 4 | 262 | (278) | 1,226 | |||
Net loss attributable to the stockholders | $ (75,701) | $ (73,332) | $ (267,424) | $ (254,520) | |||
Net loss per share attributable to stockholders: | |||||||
Basic and diluted | $ (1.84) | $ (1.81) | $ (6.54) | $ (6.79) | |||
Weighted average shares used to compute net | |||||||
Basic and diluted | 41,227 | 40,444 | 40,920 | 37,457 | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) | |||
Fiscal Year Ended | |||
Cash flows from operating activities | |||
Net loss | $ (267,146) | $ (255,746) | |
Adjustments to reconcile net loss to net cash used in operating | |||
Depreciation and amortization | 56,219 | 42,210 | |
Stock-based compensation | 14,580 | 7,231 | |
Non-cash interest expense | 7,078 | 13,361 | |
Equity in losses of unconsolidated investees | 9,072 | 16,480 | |
Gain from dilution of interest in joint venture | — | (2,975) | |
Loss on retirement of property, plant and equipment | 243 | 2,442 | |
Loss on impairment of property, plant and equipment | 417 | — | |
Loss on debt extinguishment | — | 5,075 | |
Deferred income taxes | 8,598 | 5,587 | |
Remeasurement (gain) loss on prepaid forward | (2,411) | 34,468 | |
Reserves (utilization) for excess or obsolete inventories | 16,342 | (319) | |
Other, net | 1,607 | (1,765) | |
Changes in operating assets and liabilities | |||
Accounts receivable | (15,332) | 38,268 | |
Inventories | (106,622) | (43,174) | |
Prepaid expenses and other assets | (35,685) | (20,529) | |
Operating lease right-of-use assets | 3,192 | 2,449 | |
Advances to suppliers | 49,624 | 41,147 | |
Accounts payable and other accrued liabilities | 70,567 | 41,098 | |
Contract liabilities | 195,650 | 72,488 | |
Operating lease liabilities | (2,556) | (2,662) | |
Net cash provided by (used in) operating activities | 3,437 | (4,866) | |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (63,337) | (154,194) | |
Proceeds from disposal of restricted short-term marketable | 958 | 1,318 | |
Purchase of restricted short-term marketable securities | (968) | (1,094) | |
Purchase of short-term securities | (76,000) | — | |
Proceeds from (cash paid for) disposal of property, plant and | 189 | (417) | |
Purchases of intangibles | (143) | (61) | |
Net cash used in investing activities | (139,301) | (154,448) | |
Cash flows from financing activities | |||
Proceeds from debt | 258,426 | 170,311 | |
Repayment of debt | (233,138) | (193,237) | |
Payment for tax withholding obligations for issuance of common | (257) | (4,245) | |
Net proceeds from issuance of convertible debt | 187,232 | — | |
Net proceeds from issuance of common stock | — | 169,684 | |
Distribution to noncontrolling interest | (64) | — | |
Repayment of finance lease obligations and other debt | (725) | (705) | |
Net cash provided by financing activities | 211,474 | 141,808 | |
Effect of exchange rate changes on cash, cash equivalents, restricted | 119 | 166 | |
Net increase (decrease) in cash, cash equivalents, restricted cash and | 75,729 | (17,340) | |
Cash, cash equivalents, restricted cash and restricted cash equivalents, | 192,232 | 209,572 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents, | $ 267,961 | $ 192,232 | |
Non-cash transactions | |||
Property, plant and equipment purchases funded by liabilities | $ 35,264 | $ 58,562 | |
Right-of-use assets obtained in exchange for lease obligations | 5,639 | 5,029 | |
Cost from issuance of common stock paid in shares | — | 1,078 | |
Property, plant and equipment obtained through capital lease | 2,127 | — | |
The following table reconciles our cash and cash equivalents and restricted cash and restricted cash equivalents reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents, restricted cash and restricted cash equivalents reported on our Condensed Consolidated Statements of Cash Flows as of
(In thousands) | |||
Cash and cash equivalents | $ 227,442 | $ 166,542 | |
Restricted cash and restricted cash equivalents, current portion, | 37,974 | 1,661 | |
Restricted cash and restricted cash equivalents, net of current portion, | 2,545 | 24,029 | |
Total cash, cash equivalents, restricted cash and restricted cash | $ 267,961 | $ 192,232 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-fourth-quarter-and-fiscal-year-2022-financial-results-301765050.html
SOURCE
FAQ
What were Maxeon Solar Technologies' Q4 2022 results?
What is Maxeon's earnings guidance for Q1 2023?
What is the projected revenue for Maxeon in fiscal year 2023?
How much shipped volume does Maxeon expect in Q1 2023?
