Maxeon widens loss in Q3 2020

Maxeon Solar Technologies, Ltd. announced its financial results for the third quarter ended September 27, 2020. Module shipments were 531 MW compared to 631 MW in Q3 2019. Revenues were shrinking from $309 million in Q3 2019 to $206 million in the reporting quarter, but increased from $165 million in Q2 2020. Net loss was $67 million (Q3 2019: $35 million; Q2 2020: 46 million).
Maxeon was part of Sunpower Inc. Spin-off has been completed in August 2020. For the fourth quarter of 2020, the company anticipates module shipments to be in a range of 550 MW to 690 MW, driven by strong rooftop demand in core markets including US and Europe. Revenue is expected within a range of $210 million to $260 million and gross profit to be within a range of $1 million to $7 million. The company aims capital investments of $20 million to $35 million, directed mainly to upgrading Maxeon's manufacturing facilities.

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