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Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) is a leading global innovator in the solar energy industry. Headquartered in Singapore, Maxeon designs, manufactures, and sells SunPower brand solar panels in over 100 countries, with operations spanning Africa, Asia, Oceania, Europe, and the Americas. The company is recognized for its pioneering solar technology, boasting access to over 1,000 patents.
Maxeon offers two primary product lines: the flagship SunPower Maxeon panels and the cost-effective SunPower Performance panels. Maxeon panels are renowned for their record-setting efficiency and unmatched reliability, often deployed in top-performing solar power plants and installed on residential and commercial rooftops by a global network of more than 1,100 partners and distributors. Meanwhile, the Performance line features shingled solar cells that provide superior reliability and output compared to conventional products.
Maxeon is also the exclusive supplier of solar panels to California-based SunPower Corporation, reinforcing its significant position in the industry. The company’s manufacturing operations are based in Malaysia, Mexico, and the Philippines, producing high-efficiency Interdigitated Back Contact (IBC) and Performance line panels that cater to a diverse range of customers, from residential to small-scale commercial sectors across the globe.
Financially, Maxeon derives revenue from various markets, including the United States, France, and Italy, showcasing a robust international presence. Recent developments include the launch of the SunPower Performance 7 panels, designed for distributed generation projects and equipped with the latest TOPCon cell technology to maximize energy production and reliability. These panels are Cradle to Cradle Certified™, highlighting their sustainability credentials.
Maxeon has also taken legal steps to protect its technological innovations, recently initiating patent infringement lawsuits against REC Solar Holdings AS and Hanwha Q CELLS for violating its TOPCon solar cell technology patents. The company continues to emphasize fair competition and the enforcement of its extensive patent portfolio.
Maxeon faces a challenging market environment, exacerbated by high interest rates and policy changes affecting demand in the U.S. and Europe. Despite these challenges, the company remains focused on strategic initiatives to drive growth and profitability, including a significant investment from TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TZE), aimed at bolstering its financial position.
With a vast network of over 1,700 trusted partners and distributors, Maxeon is committed to Powering Positive Change™ through its innovative, sustainably made solar panels and energy solutions. For more information, visit www.maxeon.com.
Maxeon Solar Technologies (NASDAQ:MAXN) reported Q3 2021 results, with revenue of $220.5 million, up from $175.9 million in Q2. Shipments reached 566 MW, exceeding prior quarters. A gross loss of $16.7 million reflects ongoing supply chain challenges. Despite a COVID-19 shutdown in Malaysia, operations resumed with 99% employee vaccination. The company anticipates Q4 shipments of 540-570 MW and revenue between $215-$235 million, projecting a reduced gross loss of $5-$15 million. Key growth includes a 50% rise in microinverter sales and a new 200 MW project in India.
Maxeon Solar Technologies (NASDAQ:MAXN) announced it will supply up to 400 MW of its bifacial Performance 5 UPP solar panels for the Danish Fields Solar power plant project near Houston, Texas.
Modules are scheduled for delivery between late 2022 and Q3 2023. Maxeon's high-efficiency panels are designed to enhance durability, performance, and energy cost efficiency.
CEO Jeff Waters highlighted opportunities in the U.S. market, expecting the Performance line to contribute significantly to energy production and investment returns.
Maxeon Solar Technologies (NASDAQ:MAXN) announced that it will release its third quarter 2021 financial results on November 17, 2021. The earnings report and supplemental financial information will be accessible on the Investor Relations section of Maxeon's website. A conference call to discuss the results will also take place on the same date at 5:30 PM U.S. ET and 5:30 AM Singapore Time on November 18, 2021. The call will feature a Q&A session, and a replay will be available within 24 hours after the event.
Maxeon Solar Technologies (MAXN) reported its Q2 2021 results, with revenue reaching $175.9 million, up from $165.4 million in Q1 2021. However, the company experienced a net loss of $77 million, worsening from the previous quarter's loss of $38.8 million. Operationally, Maxeon continues to optimize its manufacturing processes, phasing out older products while preparing for the Maxeon 6 ramp-up. Notably, the company secured $170 million from a public offering, improving its liquidity. Looking ahead, for Q3 2021, Maxeon expects shipments between 580-640 MW and revenue between $220-240 million, but anticipates a gross loss between $10-20 million.
Maxeon Solar Technologies (NASDAQ: MAXN) announced the release date for its second quarter 2021 financial results, set for August 12, 2021. The Company will host a conference call on the same day at 5:30 PM U.S. ET to discuss the results and provide a business update. Investors can access earnings info on their website, with a replay available post-call for a limited time. Maxeon continues to lead in solar innovation, with extensive global operations and a strong patent portfolio.
Maxeon Solar Technologies (NASDAQ:MAXN) has launched the new Performance 3 AC panel, expanding its AC Energy Solutions portfolio. Following the successful introduction of the Maxeon 5 AC panel, this new offering aims to cater to varying market segments with a cost-effective solar solution. The Performance 3 panel enhances installation efficiency and provides homeowners a reliable, customizable solar system. Available to international markets through authorized installers, the panel will be showcased at The smarter E Industry Days on July 23, 2021.
Maxeon Solar Technologies (NASDAQ:MAXN) announced its participation in the Nomura International Industrials & New Energy Day on June 29-30, 2021, in Hong Kong (China time). The company’s management will engage in one-on-one meetings with institutional investors during this event. Interested investors can register through their sales representatives. Maxeon, headquartered in Singapore, is a leader in solar innovation, designing and manufacturing Maxeon® and SunPower® solar panels and has over 1,000 patents.
Maxeon Solar Technologies (NASDAQ:MAXN) appointed Steve Leonard as an independent non-executive director effective June 7, 2021. Leonard, with over 30 years in technology, currently leads Singularity University and has directorships with Singapore Post and AsiaSat. His experience in technology-driven transformation aims to enhance Maxeon's global growth strategy. Concurrently, Chee Keong Yap resigned as a director, with no disagreement reported. This leadership change aligns with Maxeon's mission of driving innovation in solar energy.
Maxeon Solar Technologies (NASDAQ:MAXN) announced a significant solar installation at Kering's new logistics hub in Trecate, Northern Italy. Expected to be completed by August 2021, this project is among Europe's largest rooftop PV systems, with a peak output of 12.7 MW. The installation will cover over 55,160 square meters and is predicted to generate over 13.5 GWh of clean electricity annually while reducing CO2 emissions by more than 7,500 tons. The project emphasizes the value of high-quality solar technology, contributing towards achieving LEED Platinum certification.
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