Maxeon increases revenue by 20 percent and approaches profitability

Module manufacturer Maxeon Solar Technologies, Ltd. reported 2022 revenue of $ 2.35 billion, up 20 percent from $ 1.96 billion a year earlier. In addition, the Singapore-based company posted a gross profit of $ 20.1 million in the fourth quarter of 2022, up from a Q3 loss of $ 15.7 million. For the current first quarter of 2023, Maxeon expects »further progress« and positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first time since its 2020 spin-off from U.S. solar company Sunpower. For the full year 2022, however, the EBITDA was still minus $ 108.6 million (2021: minus $ 116.8 million), although there was only minus $ 3.7 million in the fourth quarter – significant progress compared to minus $ 34.5 million in Q3.
According to Maxeon, important factors in the progress made include the »continued strength of our European channel« in modules for small and medium-sized installations (»distributed generation«) and, likewise, strong demand in this segment in the U.S. market for both Sunpower-branded modules and Maxeon’s distribution to solar installers, which was established in January. In the utility-scale module business in the U.S., Maxeon currently has bookings for 4.2 gigawatts through 2025 and »options with advance deposits« for an additional 1.5 gigawatts through 2027. New production capacities for modules of the »Performance Line« are »on track«, with 1.8 gigawatts expected to be available this year.
© PHOTON