Maxeon reported increasing revenue and loss in Q2 2021
Post date: 16/08/2021 - 10:58
Singapore-based module manufacturer Maxeon Solar Technologies, Ltd. announced shipments of 434 MW in the second quarter of 2021, compared to 428 MW in Q2 2020 and 379 MW in Q1 2021. In Q4 2020 the company sold 655 MW.
Revenue increased from $165 million in Q2 2020 to $175 million in the reporting period. Net loss increased to $77 million (Q2 2020: $-46 million; Q1 2021: $-38 million).
For the third quarter, the company expects shipments in the range of 580 to 640 MW, and revenue to be at $220 to $240 million.
»Strong execution in the distributed generation market not only produced results consistent with our outlook, but also put the company in a position to achieve even stronger sequential growth in future quarters,« noted Maxeon's Chief Executive Officer Jeff Waters. »The European DG channel posted a record revenue quarter.« The liquidity »improved during the quarter with $170 million of net proceeds from our public offering and an additional $33 million in positive operating cash flows in fiscal Q2 2021.« Maxeon is recently submitted to the United States Department of Energy's Loan Programs Office an application to support the deployment of a 3 GW solar cell and module factory. »We intend to move forward with this project with the goal of starting solar panel production in the U.S. as early as 2023,« says Waters.