Announcement • May 06
Maxeon Solar Technologies, Ltd.(OTCPK:MAXN.Q) dropped from Russell Microcap Value Index Maxeon Solar Technologies, Ltd.(OTCPK:MAXN.Q) dropped from Russell Microcap Value Index Announcement • May 02
Maxeon Solar Technologies, Ltd.(OTCPK:MAXN.Q) dropped from NASDAQ Composite Index Maxeon Solar Technologies, Ltd. has been removed from NASDAQ Composite Index . New Risk • Apr 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-US$322m). Earnings have declined by 30% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (US$19.0m market cap). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$235m free cash flow). Negative equity (-US$322m). Earnings have declined by 30% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$41.5m market cap). New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$235m free cash flow). Negative equity (-US$322m). Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$58.2m market cap). Announcement • Oct 01
Maxeon Solar Technologies, Ltd. Announces Board and Committee Changes On September 30, 2025, the Board of Directors of Maxeon Solar Technologies, Ltd. appointed Mr. Bin Zhou to serve as a non-executive director of the Company. Mr. Zhou is a designee of Zhonghuan Singapore Investment and Development Pte. Ltd. (‘TZE’), the Company’s controlling shareholder, pursuant to the Shareholders Agreement dated August 26, 2020, as amended and supplemented on June 20, 2024. Mr. Zhou replaces Mr. Wang Yanjun, whose resignation as a director was effective September 30, 2025. Following the resignation of Mr. Wang Yanjun, Mr. Zhou has also been appointed as a member of the Company’s Compensation Committee and Strategy & Transformation Committee. Mr. Zhou is a seasoned financial and management executive with over 17 years of experience leading strategic growth initiatives for multinational corporations. Since June 2023, he has served as Head of Strategy and Investment at TZE, with responsibility for TZE’s overall corporate development, mergers & acquisitions, and market intelligence. Prior to joining TZE, he played a key role in driving expansion into ASEAN countries for leading payment companies such as Tencent, where from October 2021 to May 2023, he was Regional Director, Strategy & Development based in Singapore, and UnionPay International, where between May 2019 and October 2021, he was Regional Business Development Manager based in Singapore. Earlier in his career, Mr. Zhou built a strong track record in capital markets on both the buy-side and sell-side, closing significant transactions as senior investment director for Fosun International (HK listed conglomerates) and J.P. Morgan (Global Investment Bank). His expertise spans financial analysis, strategic planning, M&A execution, and investment strategy. Mr. Zhou holds a Bachelor of Business Administration from the Shanghai University of International Business and Economics and an Executive MBA from the National University of Singapore. Reported Earnings • Aug 15
First half 2025 earnings released: US$3.89 loss per share (vs US$226 loss in 1H 2024) First half 2025 results: US$3.89 loss per share (improved from US$226 loss in 1H 2024). Revenue: US$39.0m (down 90% from 1H 2024). Net loss: US$65.5m (loss narrowed 43% from 1H 2024). Announcement • Aug 08
Maxeon Solar Technologies, Ltd., Annual General Meeting, Aug 29, 2025 Maxeon Solar Technologies, Ltd., Annual General Meeting, Aug 29, 2025. Announcement • Jul 13
Maxeon Solar Technologies, Ltd. Announces Board Changes, Effective July 7, 2025 Maxeon Solar Technologies, Ltd. announced that the Board of Directors of the Company approved the appointment of the existing director of the company Mr. Cheng WANG (“Kevin WANG”) as Chairman of the Board, effective July 7, 2025. Mr. Wang succeeds Mr. Donald Colvin, who will continue to serve as a member of the Board and as Chair of the Audit Committee. Mr. Wang will continue in his role as chairman of the Company’s Strategy & Transformation Committee, Compensation Committee, and Nominating & Corporate Governance Committee. New Risk • Jun 26
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$322m free cash flow). Negative equity (-US$288m). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 29x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (US$50.0m market cap). Announcement • Jun 20
Maxeon Solar Technologies, Ltd. Announces Executive Changes Maxeon Solar Technologies, Ltd. announced that Vikas Desai, its Chief Commercial Officer, will leave the Company at the end of June 2025. George Guo, the Chief Executive Officer of the Company, will assume the responsibilities of Chief Commercial Officer in the interim. New Risk • May 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$322m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-US$288m). Shareholders have been substantially diluted in the past year (over 30x increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$81m net loss in 2 years). Market cap is less than US$100m (US$56.3m market cap). Reported Earnings • May 01
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: US$509.0m (down 55% from FY 2023). Net loss: US$614.3m (loss widened 123% from FY 2023). Revenue missed analyst estimates by 31%. Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in the US. New Risk • Jan 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$206m). Shareholders have been substantially diluted in the past year (over 30x increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$399m). Currently unprofitable and not forecast to become profitable over next 2 years (US$69m net loss in 2 years). Market cap is less than US$100m (US$98.8m market cap). Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 592%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$537.5m to US$546.5m. Forecast EPS reduced from -US$11.00 to -US$76.11 per share. Semiconductor industry in the US expected to see average net income growth of 19% next year. Consensus price target of US$74.67 unchanged from last update. Share price fell 27% to US$5.74 over the past week. Reported Earnings • Dec 06
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: US$0.47 loss per share. Revenue: US$88.6m (down 61% from 3Q 2023). Net loss: US$393.9m (loss widened 264% from 3Q 2023). Revenue exceeded analyst estimates by 35%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Semiconductor industry in the US. Price Target Changed • Oct 16
Price target increased by 153% to US$207 Up from US$81.67, the current price target is an average from 3 analysts. New target price is 3,244% above last closing price of US$6.18. Stock is down 99% over the past year. The company is forecast to post a net loss per share of US$17.50 next year compared to a net loss per share of US$595 last year. Major Estimate Revision • Oct 16
Consensus EPS estimates upgraded to US$17.50 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -US$22.00 per share to -US$17.50 per share. Revenue forecast reaffirmed at US$522.7m. Semiconductor industry in the US expected to see average net income growth of 17% next year. Consensus price target up from US$81.67 to US$207. Share price fell 2.4% to US$6.18 over the past week. Announcement • Oct 04
Maxeon Solar Technologies Appoints New Board Members Maxeon Solar Technologies, Ltd. on October 3, 2024 appointed Wang Yanjun and Wang Cheng to serve as a members of the Board and Wang Cheng as designated chairman of the Company’s Strategy & Transformation Committee. Mr. Wang and Mr. Wang are designees of Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE”), pursuant to the Shareholders Agreement dated August 26, 2020, as amended and supplemented on June 20, 2024, between the Company, TZE and TotalEnergies Solar INTL SAS and TotalEnergies Gaz Electricité Holdings France SAS. Mr. Wang Yanjun is replacing Mr. Shen Haoping and Mr, Wang Cheng is replacing Mr. Li Dongsheng, whose resignations from the Board were effective September 23, 2024. Simultaneously with Mr. Shen and Mr. Li’s resignations and Mr. Wang and Mr. Wang’s appointments, Mr. Wang Cheng has been appointed as replacement for Sean S J Wang as designated Chair of the Company’s Strategy & Transformation Committee. Mr. Wang Yanjun serves as a director designated by TZE on Maxeon’s Board of Directors. He is currently the chief executive officer of TZE, responsible for the overall industrial development and upgrade of the company. He joined TZE in 2006 and has served in several leadership roles including chief engineer and head of the manufacturing department. Mr. Wang was appointed as a vice president of TZE in 2017, and in this role, he was in charge of strategic planning and operational management of the company. Mr. Wang is currently pursuing a Ph.D. degree in electronic information at the Institute of Nanoscience and Nanotechnology, University of Science and Technology of China. Mr. Wang Cheng serves as a director designated by TZE on Maxeon’s Board of Directors. Since 2021, he has been the Chief Operating Officer of TCL Technology Group. He is also the Deputy Chairman of the First High-end Manufacturing Industry Committee of the China Association for Public Companies, Chairperson of the Electronic Information Industry Association of Huizhou, and President of both the Huizhou Enterprises Federation and Entrepreneurs Association. Wang earned a Bachelor's degree in Economics in July 1997. In December 2005, he graduated from the Executive Master of Business Administration (EMBA) program at the University of Texas in Arlington, U.S. After graduating, Wang joined TCL and held various management positions. Announcement • Sep 21
Maxeon Solar Technologies Receives Nasdaq Notification, Proceeds with Approved Reverse Stock Split Maxeon Solar Technologies, Ltd. announced that on September 17, 2024, it received a Staff Determination letter from the staff of the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the Staff's determination to delist the Company's securities from The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii) because, as of September 16, 2024, the Company's securities had a closing bid price of $0.10 or less for ten consecutive trading days. On September 20, the Company submitted a hearing request through the Nasdaq Listing Center, which will automatically stay any delisting action or filing of the Form 25-NSE pending such hearing in accordance with Nasdaq Listing Rule 5815(a)(1). On August 29, 2024, the shareholders of the Company at the Annual General Meeting of Shareholders approved by ordinary resolution the consolidation of every 100 existing issued ordinary shares (including treasury shares) into one ordinary share of the Company. The Company's board of directors is in the process of taking the necessary actions to implement a reverse stock split which the Company believes will bring the bid price for the Company's ordinary shares above the $1.00 per share minimum bid price requirement as set by Nasdaq Listing Rule 5450(a)(1). Major Estimate Revision • Sep 10
Consensus revenue estimates decrease by 27%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$719.9m to US$522.7m. EPS estimate increased from -US$3.07 to -US$0.22 per share. Semiconductor industry in the US expected to see average net income growth of 16% next year. Consensus price target of US$0.74 unchanged from last update. Share price fell 19% to US$0.076 over the past week. Reported Earnings • Sep 03
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.23 (up from US$0.033 loss in 2Q 2023). Revenue: US$184.2m (down 47% from 2Q 2023). Net income: US$11.7m (up US$13.2m from 2Q 2023). Profit margin: 6.3% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Semiconductor industry in the US. Announcement • Sep 03
Maxeon Solar Technologies, Ltd. Announces Board Changes On August 30, 2024, Maxeon Solar Technologies, Ltd. closed its previously announced transaction pursuant to a forward purchase agreement entered into on June 14, 2024 by and between the Company and Zhonghuan Singapore Investment and Development Pte. Ltd. (the Investor), relating to the sale by the Company, and the purchase by the Investor, on the terms and subject to the conditions set forth in the Forward Purchase Agreement, of ordinary shares of the Company. The requirement that a sufficient number of members of the board of directors (the "Board") of the Company shall have resigned from the Board (and each committee of the Board, other than the audit committee), such that following the designation of additional members to the Board pursuant to the shareholders agreement, as amended, the members of the Board designated by TZE will represent a majority of the members of the Board. Pursuant to Section 2(b) of the A&R SHA, the Investor has a right to designate two designees to the Board, in addition to the three existing directors who were previously designated by the Investor. Effective August 30, 2024, Mr. Dongsheng Li and Mdm. Changxu Zhang, director-designees of the Investor, were appointed to the Board, to fill existing vacancies on the Board. Following the appointments of Mr. Li and Mdm. Zhang, the Board consists of ten members and has no vacancies. Mr. Li is the founder of TCL. He currently serves as TCL Technology Group Corp.'s chairman, chief executive officer and executive director and chairman of Zhonghuan Singapore Investment and Development Pte. Ltd. He has also held several prestigious positions: Honorary President of the South China University of Technology Education Development Foundation, Vice President of the Alumni Association South China University of Technology, Member of the Council of South China University of Technology and Visiting Professor at Wuhan University. Ms. Zhang is currently a board member and the chief operations officer and chief financial officer of Zhonghuan Singapore Investment and Development Pte. Ltd. Over the past five years she has served in various leadership roles for Zhonghuan Singapore Investment and Development Pte. Ltd., including board member, deputy general manager and finance director. Ms. Zhang has a master's degree of software engineering from Tongji University and a bachelor's degree in business administration from Shanxi University of Finance and Economics. Announcement • Aug 06
Maxeon Solar Technologies, Ltd., Annual General Meeting, Aug 29, 2024 Maxeon Solar Technologies, Ltd., Annual General Meeting, Aug 29, 2024. Price Target Changed • Jul 30
Price target decreased by 66% to US$0.74 Down from US$2.17, the current price target is an average from 6 analysts. New target price is 280% above last closing price of US$0.20. Stock is down 99% over the past year. The company is forecast to post a net loss per share of US$3.41 next year compared to a net loss per share of US$5.95 last year. Board Change • Jul 30
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director David Li was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 28
The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Maxeon Solar Technologies, Ltd The Law Offices of Frank R. Cruz announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Wayne v. Maxeon Solar Technologies, Ltd., et al., (Case No. 3:24-cv-03869) on behalf of persons and entities that purchased or otherwise acquired Maxeon Solar Technologies, Ltd. (“Maxeon” or the “Company”) securities between November 15, 2023 and May 29, 2024, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Investors are hereby notified that they have until 60 days from this notice to move the Court to serve as lead plaintiff in this action. On May 30, 2024, before the market opened, Maxeon announced financial results for first quarter 2024 in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The Company disclosed that it was “facing a serious cash flow challenge” as the result of, in part, the termination of the SunPower supply agreement. The Company revealed that, as a result, it was forced to “negotiate[] commitments for significant liquidity support” which will result in “substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a controlling shareholder.” The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Maxeon relied on the exclusive sales of certain products to SunPower; (2) that, following the termination of the Master Supply Agreement, the Company was unable to “aggressively ramp sales”; (3) that, as a result, revenue substantially declined; (4) that, as a result, the Company suffered a “serious cash flow” crisis; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Announcement • Jun 18
Maxeon Solar Technologies, Ltd. to Showcase Latest Solar Energy Innovations and New Panel Technologies At Intersolar Europe 2024 Maxeon Solar Technologies, Ltd. announced its presence at Intersolar Europe 2024June 19-21, where it will showcase its latest SunPower branded energy solutions and solar panel technologies at Booth A1.350. Maxeon will be exhibiting its residential home energy system, featuring a suite of products and services that empower consumers to manage and optimise their home energy consumption and the use of self-generated clean energy. Products on display include its new Maxeon 7 solar panels pioneering the future of PV technology, Performance 7 solar panels, SunPower Reserve battery storage and SunPower Drive EV charging. Maxeon 7 panels produce 2X more energy over time than other solar panels,1 with over 24% efficiency and superior shade tolerance, and feature a leading 40-year power, product, and service warranty. The Company will also be discussing its recently published field testing demonstrating that Maxeon 7 IBC cells exhibit 70% lower average temperature rise in partial shading compared to competing technologies, eliminating the risk of hotspots. Alongside the Maxeon line, the company will be exhibiting its Performance 7 product, the newest generation of its Performance line of solar panels, with high efficiency TOPCon cell technology offering solar customers improved aesthetics, increased mono or bifacial energy generation, and a lower temperature coefficient for enhanced output in high-temperature environments. This new line of panels also features a robust 30-year power, product, and service warranty. A strong focus at Intersolar will be on SunPower Reserve home energy storage solution and the advanced SunPower Drive EV charger. These products are integrated through a reimagined consumer experience driven by the SunPower One app for homeowners. The SunPower One app goes beyond just monitoring the output of a homeowner's solar panels. It also proactively offers users energy insights that show in detail the devices that are consuming electricity in the home, highlighting opportunities to better utilise PV production, battery capacity, and EV charging scheduling to enhance financial savings. Further Maxeon innovation at the event will include its Maxeon Air flexible solar panels, based on the company's IBC cells. Maxeon Air is a disruptive solar panel technology expected to enable new markets while reducing logistics and installation costs. A frameless, thin, lightweight solar panel, Maxeon Air is ideal for unique installations requiring reduced roof weight loads. At the booth, visitors also have the opportunity to delve into the company's IBC Cell Lab, where they can experience what exceptional real-world performance looks like at the solar cell level, including custom cells for consumer product applications like solar cars and solar watches. Announcement • Jun 15
Maxeon Innovation in IBC Solar Panels Eliminates Hotspot Risk Maxeon Solar Technologies, Ltd. has extended its technology leadership with published results confirming the resilience of its Maxeon Interdigitated Back Contact (IBC) panels against damaging hotspots. Hotspots are concentrated areas of heat energy that predominantly result from shaded or cracked solar cells. In a white paper released, the Company shared the results of its internal research and development (R&D) study on hotspots, featuring Maxeon IBC panels including its new Maxeon 7 line, alongside a series of competing technologies comprising half-cell ribbon-based back contact, half-cell heterojunction (HJT), and half-cell front contact tunnel oxide passivated contact (TOPCon) panels. Maxeon IBC panels provide solar customers with safer, more reliable energy that mitigates the development of extreme hotspots that can irreparably damage standard panels. Maxeon's resiliency against hotspots builds on its long history of delivering the industry's most advanced solar panels, optimizing the balance between product performance and reliability—a critical factor in being the only manufacturer to offer a comprehensive 40-year warranty on its panels. Maxeon's engineering team carried out the competitive assessment at the company's R&D test lab in California, USA. Panels were tested first under full-sun conditions to determine the speed and severity at which hotspots can form as solar cells then become partially shaded—a state of operation that forces cells to begin converting power from surrounding cells into heat energy. Maxeon 7 IBC panels were found to mitigate the long-term degradation risk of panel materials by better minimizing that heat build-up in shaded cells—staying an average of 67 °C (153 °F) cooler than the ribbon-based back contact, HJT and TOPCon technologies tested. Additionally, when subjected to simulated bypass diode failure—the primary defense mechanism of standard solar panels against hotspots—the patented electrical architecture of the Maxeon IBC cell continued to limit heat build-up in the shaded cells. As a result, Maxeon IBC panels were inherently protected from the severe backsheet discoloration, bubbling, and burning that was witnessed in the standard ribbon-based back contact, HJT, and TOPCon panels under the same test conditions. As competitive technologies rapidly spiraled toward complete panel failure, Maxeon 7 IBC panels maintained a stable temperature in the shaded cell, even without the protection of the bypass diode. Announcement • Jun 08
Maxeon Solar Technologies, Ltd. Announces That Kai Strohbecke to Step Down as Chief Financial Officer, Effective End of August 2024 Maxeon Solar Technologies, Ltd. announced that Kai Strohbecke will step down as Chief Financial Officer at the end of August 2024. The Company plans to undertake a search process for a new chief financial officer. Announcement • May 22
Maxeon Solar Technologies Announces Nasdaq Notification of Non-Compliance Regarding Delayed Form 20-F Filing Maxeon Solar Technologies, Ltd. announced that on May 17, 2024, it received a notice of non-compliance (the "Notice") from the Nasdaq Global Select Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) ("Listing Rule") because the Company did not timely file its annual report for the fiscal year ended December 31, 2023 on Form 20-F (the "Annual Report") with the Securities and Exchange Commission (the "SEC"). The Notice indicated that, consistent with Nasdaq rules for continued listing, the Company has 60 calendar days from the date of the Notice, or until July 16, 2024, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an exception of up to 180 calendar days from the due date of the Annual Report, or November 11, 2024, to regain compliance. If Nasdaq does not accept the plan, the Company will have the opportunity to appeal the decision to a hearings panel under Nasdaq Listing Rule 5815(a). The Notice has no immediate effect on the listing of the Company's ordinary shares on the Nasdaq Capital Market. The Company is working diligently to file the Annual Report before the compliance plan is due on July 16, 2024, or alternatively, will submit to Nasdaq a plan to regain compliance on or before July 16, 2024, as required by the Notice. Announcement • May 02
Maxeon Solar Technologies, Ltd. announced delayed 20-F filing On 04/30/2024, Maxeon Solar Technologies, Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Apr 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$96.1m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$97m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (US$96.1m market cap). New Risk • Apr 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$165m Forecast net loss in 2 years: US$97m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$97m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Major Estimate Revision • Apr 10
Consensus EPS estimates fall by 62% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$3.62 to -US$5.84 per share. Revenue forecast unchanged at US$1.12b. Semiconductor industry in the US expected to see average net income growth of 9.0% next year. Consensus price target down from US$10.58 to US$5.96. Share price fell 17% to US$2.42 over the past week. Price Target Changed • Apr 09
Price target decreased by 41% to US$6.25 Down from US$10.58, the current price target is an average from 6 analysts. New target price is 135% above last closing price of US$2.67. Stock is down 91% over the past year. The company is forecast to post a net loss per share of US$5.84 next year compared to a net loss per share of US$6.54 last year. Announcement • Apr 02
Maxeon Solar Technologies, Ltd. Appoints Vikas Desai as Chief Commercial Officer Maxeon Solar Technologies, Ltd. announced the appointment of Vikas Desai as Chief Commercial Officer, effective immediately. Desai joined Maxeon in October 2023, as part of the Solaria asset acquisition and will now be responsible for the Company's global go-to-market and customer-facing functions. As a member of the executive leadership team, he will report directly to CEO Bill Mulligan. A solar energy and technology executive with over twenty years' experience, Desai has built and scaled multiple global businesses spanning hardware and software for both B2B and B2C. He came to Maxeon with the Company's acquisition of assets from Complete Solaria in October 2023, where he had served as President. Previously, he has held leadership roles at Powerside, Flextronics, SunEdison, SunPower, EchoFirst and other technology companies. Vikas is based at Maxeon's corporate office in San Jose, CA. Recent Insider Transactions Derivative • Feb 07
Chief Executive Officer notifies of intention to sell stock William P. Mulligan intends to sell 17k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of February. If the sale is conducted around the recent share price of US$4.57, it would amount to US$76k. Since March 2023, William P. has owned 3.56k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. New Risk • Jan 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Jan 05
Maxeon Solar Technologies, Ltd. Announces Executive Changes Mark Babcock will step down as Chief Revenue Officer of Maxeon Solar Technologies, Ltd. effective January 10, 2024 and will remain with the Company in a transitional capacity through March 2, 2024. The Company plans to appoint Vikas Desai, Senior Vice President, Sales Americas, as interim Chief Revenue Officer whilst it undertakes a search process for a new executive leader for its commercial function. Breakeven Date Change • Dec 31
Forecast to breakeven in 2026 The 9 analysts covering Maxeon Solar Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 31% per year to 2025. The company is expected to make a profit of US$67.0m in 2026. Average annual earnings growth of 52% is required to achieve expected profit on schedule. Announcement • Dec 06
Maxeon Solar Technologies, Ltd. Announces Philippe Costemale to Step Down as Chief Operations Officer Maxeon Solar Technologies, Ltd. will be transitioning its operations to a more customer-centric, product line focused business unit structure organized around its Maxeon product line and Performance product line. As part of this reorganization,?Philippe Costemale, Chief Operations Officer, will immediately step down from his role and will remain with the Company in a transitional capacity through April 30, 2024. The Company does not intend to hire a new Chief Operations Officer, with existing senior management leading each product line and reporting directly to CEO Bill Mulligan. Announcement • Nov 22
Maxeon Solar Technologies, Ltd. Appoints Alban D’Hautefeuille as Member of the Board and Member of Compensation Committee Maxeon Solar Technologies, Ltd. announced on November 16, 2023, the Board of Directors of the company appointed Alban d’Hautefeuille to serve as a member of the Board and as a member of the Company’s Compensation Committee. Mr. d’Hautefeuille is a designee of TotalEnergies Solar INTL SAS and TotalEnergies Gaz Electricité Holdings France SAS (collectively, “TotalEnergies”), pursuant to the Shareholders Agreement dated August 26, 2020 between the Company, Zhonghuan Singapore Investment and Development Pte. Ltd. and TotalEnergies, and is replacing Gavin Jacques Elie Adda, who resigned from the Board on September 30, 2023. Mr. d’Hautefeuille serves as a director designated by TotalEnergies on Maxeon’s Board of Directors and member of its Compensation Committee. Since 2019, he has been the Director in charge of Asia Pacific within Offshore Line Business Unit of TOTAL Renewables (Singapore). He joined TotalEnergies in 1997 and has since held various finance and business management positions in Africa, Middle East and Asia. Mr. d’Hautefeuille moved in 2013 to the then nascent New Energies unit (which later became REN division within Gas Renewables & Power), successively in charge of solar utility-scale developments in Asia and Middle East until 2017. From 2018 to 2019, he oversaw the launching of distributed solar activities in the Middle East. Mr. d’Hautefeuille received his Bachelor’s Degree from EDHEC Business School (MSc) and Dauphine University of Paris. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 273% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$1.17b to US$1.13b. Losses expected to increase from US$1.05 per share to US$3.90. Semiconductor industry in the US expected to see average net income growth of 2.5% next year. Consensus price target down from US$19.02 to US$13.13. Share price fell 21% to US$4.79 over the past week. Breakeven Date Change • Nov 18
No longer forecast to breakeven The 8 analysts covering Maxeon Solar Technologies no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$15.4m in 2025. New consensus forecast suggests the company will make a loss of US$15.1m in 2025. Reported Earnings • Nov 17
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: US$2.21 loss per share (further deteriorated from US$1.09 loss in 3Q 2022). Revenue: US$227.6m (down 17% from 3Q 2022). Net loss: US$108.3m (loss widened 142% from 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 138%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Nov 17
Maxeon Solar Technologies, Ltd. Provides Revenue Guidance for the Fourth Quarter of 2023 and for Fiscal Year 2023 Maxeon Solar Technologies, Ltd. provided revenue guidance For the fourth quarter of 2023 and For fiscal year 2023. For the period, the Company anticipates the revenue $220 million - $260 million.For fiscal year 2023, the Company is revising its annual guidance to reflect the near term softening of residential demand, the recent SunPower settlement and the challenging market conditions which the Company expects to persist through the fourth quarter. Revenue to be within a range of $1,114 million to $1,154 million. Announcement • Nov 03
Maxeon Solar Technologies, Ltd. to Report Q3, 2023 Results on Nov 15, 2023 Maxeon Solar Technologies, Ltd. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 15, 2023 New Risk • Oct 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$102m Forecast net loss in 2 years: US$3.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$3.3m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Major Estimate Revision • Oct 12
Consensus EPS estimates fall by 265% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$1.32b to US$1.27b. Losses expected to increase from US$0.19 per share to US$0.68. Semiconductor industry in the US expected to see average net income growth of 1.1% next year. Consensus price target of US$24.15 unchanged from last update. Share price fell 11% to US$8.98 over the past week. Announcement • Oct 11
Maxeon Solar Technologies, Ltd. Provides Earnings Guidance for the Third Quarter 2023 Maxeon Solar Technologies, Ltd. provided earnings guidance for the third quarter 2023. For the quarter, the company expects revenues to be in the range of $224 to $229 million, and shipments to be in the range of 622 to 632 megawatts. Announcement • Oct 07
Gavin Jacques Elie Adda Resigns from the Board of Directors of Maxeon Solar Technologies, Ltd On September 30, 2023, Gavin Jacques Elie Adda resigned from the Board of Directors of Maxeon Solar Technologies, Ltd. Mr. Adda had served as the designee of TotalEnergies Solar INTL SAS and TotalEnergies Gaz Electricité Holdings France SAS (collectively, “TotalEnergies”) pursuant to the Shareholders Agreement dated August 26, 2020, and he has resigned from employment at TotalEnergies. The appointment of a replacement director designated by TotalEnergies is in process and the seat is expected to be filled shortly. Price Target Changed • Oct 02
Price target decreased by 9.0% to US$28.90 Down from US$31.74, the current price target is an average from 8 analysts. New target price is 169% above last closing price of US$10.73. Stock is down 57% over the past year. The company is forecast to post a net loss per share of US$0.19 next year compared to a net loss per share of US$6.54 last year. Announcement • Sep 28
Maxeon Solar Technologies, Ltd.'s SunPower One Home Energy Solution Now Available in Europe and Australia Maxeon Solar Technologies, Ltd. announced that its SunPower One ecosystem of products and services is now available through authorized dealers and installers in Belgium, France, Italy, Spain, and Australia. To celebrate this milestone, the Company has organized a European tour where installers can receive training and observe hands-on demonstrations as well as acquire the necessary certifications to install SunPower One products. The roadshow kicks off in Antwerp, Belgium, and will continue for two months across Europe, stopping in 13 cities. Following this phase, the company plans to roll-out the SunPower One ecosystem to other countries across Europe in the final quarter of 2023 and to additional markets in 2024. SunPower One is an ecosystem of products that enable consumers to take control of their domestic energy consumption and optimize the use of the clean energy they produce. The suite of products within the ecosystem includes the company's high-efficiency residential solar panels, the new all-in-one SunPower Reserve storage system, the upcoming SunPower Drive EV charging solution and a range of other energy services and integrations. All of these products and services are tied together by a reimagined consumer experience inside the SunPower One app for homeowners. The SunPower One app goes beyond just monitoring the output of a homeowner's solar panels, and proactively offers users energy insights that show in detail the devices that are consuming electricity in the home, highlighting opportunities to better utilize PV production, battery capacity, and EV charging scheduling to enhance financial savings. In June 2023, Maxeon announced a collaboration with Samsung Electronics Co., Ltd. to integrate the SunPower One app into the SmartThings' connected home platform so that homeowners will be able to automatically manage even more devices around the home to optimize their energy consumption. SunPower One will also provide a modern and efficient experience for SunPower installers with one single app to commission all the products and services within the SunPower One ecosystem. This will streamline commissioning times for SunPower Reserve and Drive to benchmarks or better, allowing installers to finish their jobs faster and increase their business velocity. SunPower One also includes a new digital experience to better support the installer sales cycle, including one consolidated account from which to access marketing collateral, product training, and warranty registration. Recent Insider Transactions Derivative • Sep 03
Chief Strategy Officer notifies of intention to sell stock Peter C. Aschenbrenner intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of September. If the sale is conducted around the recent share price of US$15.81, it would amount to US$158k. Since March 2023, Peter C. has owned 45.59k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Breakeven Date Change • Aug 13
Forecast breakeven date pushed back to 2025 The 7 analysts covering Maxeon Solar Technologies previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 96% to 2024. The company is expected to make a profit of US$68.3m in 2025. Average annual earnings growth of 131% is required to achieve expected profit on schedule. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: US$0.033 loss per share (improved from US$2.15 loss in 2Q 2022). Revenue: US$348.4m (up 46% from 2Q 2022). Net loss: US$1.51m (loss narrowed 98% from 2Q 2022). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) exceeded analyst estimates by 69%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in the US. Price Target Changed • Aug 11
Price target decreased by 12% to US$34.57 Down from US$39.14, the current price target is an average from 7 analysts. New target price is 128% above last closing price of US$15.16. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$0.10 next year compared to a net loss per share of US$6.54 last year. Announcement • Jun 13
Maxeon Solar Technologies to Showcase Solar Energy Innovations at Intersolar Europe 2023 Maxeon Solar Technologies, Ltd. announced that it will be attending Intersolar Europe 2023, where it will showcase its latest solar panel technologies and new energy solutions at Booth A2.430. The company will also launch a new partnership with electric vehicle charging software company, ev.energy, in which the two organizations will collaborate to help consumers unlock more benefits from their SunPower Drive, Maxeon's electric vehicles (EV) mobility solution. The partnership with ev.energy marks another addition to Maxeon's SunPower One open and flexible suite of products and services, which also includes SunPower Reserve, the company's home energy storage system, Insights service, and SunPower One home energy management solutions, allowing customers to be in control of their energy usage and save money. As an exclusive benefit to SunPower One, customers who purchase SunPower Drive will have access to ev.energy mobility & home energy management services, enabling solar surplus charging, smart tariff charging, smart scheduling, and other intelligent use cases that help drive savings and make the most of their solar-produced energy. Maxeon will also be showcasing its Maxeon line of panels, which provide leading energy density, high energy yield, and superior shade tolerance as well as a 40-year power and product warranty. Alongside the Maxeon line, the company will be revealing its newest generation of Performance line solar panels, with high efficiency TOPCon cell technology offering improved aesthetics, increased mono or bifacial power generation, and a lower temperature coefficient for enhanced power density. Additionally, Maxeon will announce that it has become a member of the European Solar PV Industry Alliance (ESIA) to better support the growth of a resilient solar value chain in the EU. The company is currently taking an active role in three working groups of the ESIA; "Non-pricing criteria": to emphasize the importance of ESG and human rights standards across the supply chain, "Supply chain": to ensure that the EU is capable of producing 30GW at each step of the supply chain by 2025; and "Financing": to fill OPEX and CAPEX gaps across the value chain and provide proposals for financing support and mechanisms and bring the European Solar Manufacturing back. Price Target Changed • May 18
Price target increased by 12% to US$34.00 Up from US$30.33, the current price target is an average from 5 analysts. New target price is 18% above last closing price of US$28.71. Stock is up 160% over the past year. The company is forecast to post earnings per share of US$0.24 next year compared to a net loss per share of US$6.54 last year. Breakeven Date Change • May 13
Forecast to breakeven in 2025 The 6 analysts covering Maxeon Solar Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 67% to 2024. The company is expected to make a profit of US$97.4m in 2025. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Announcement • May 12
Maxeon Solar Technologies, Ltd. Announces Changes to its Board Maxeon Solar Technologies, Ltd. (the Company) appointed Shen Haoping to serve as a member of the Board and as a member of the Company’s Coordination Committee. Mr. Shen is a designee of Zhonghuan Singapore Investment and Development Pte. Ltd. (TZE), pursuant to the Shareholders Agreement dated August 26, 2020 between the Company, TZE and TotalEnergies Solar INTL SAS and TotalEnergies Gaz Electricité Holdings France SAS, and is replacing Zhang Changxu, whose resignation from the Board was effective immediately upon Mr. Shen’s appointment. Simultaneously with Ms. Zhang’s resignation and Mr. Shen’s appointment, Mr. Sean Wang has been appointed as a member of the Company’s Compensation Committee and removed as a member of the Company’s Coordination Committee. Mr. Shen serves as a director designated by TZE on Maxeon’s Board of Directors and member of its Coordination Committee. He is the Vice Chairman and CEO of TCL Zhonghuan Renewable Energy Technology Co. Ltd., a public company listed at Shenzhen Stock Exchange. Currently Mr. Shen is also a board member and Senior Vice President of TCL Technology Group Corporation. He was awarded the 2015 National Model Worker by the Chinese government and earned the best CEO award by Forbes China in 2022. Mr. Shen has many years of experience in the design and manufacturing of semiconductor and photovoltaic mono silicon materials. He has presided over several national and provincial R&D projects and led TZE to win the industry and government honors such as municipal science and technology progress award, China patent excellence award, national innovation-oriented enterprise and Forbes China potential enterprise. Under Mr. Shen’s leadership, TZE has built a world leading photovoltaic silicon ingot and wafer R&D, manufacturing and sales organization. Previously he also served as General Manager and other leadership positions of Tianjin HuanOu Semiconductor Materials Technology Co., Ltd. Mr. Shen received his Bachelor’s Degree in semiconductor physics from Lanzhou University.