Maxeon Solar Technologies Announces 4th Quarter and Fiscal Year 2022 Financial Results.

SINGAPORE: Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for its fourth quarter and fiscal year ended January 1, 2023.

Maxeon's Chief Executive Officer Bill Mulligan noted, "After more than two years of investment in significant transformation initiatives, Maxeon's financial performance is improving rapidly. The Company's gross profit increased to $20 million in the fourth quarter due to strong operational performance and prudent supply chain management, a record for Maxeon. Next quarter, Maxeon projects further progress leading to positive adjusted EBITDA for the first time since our spin-out. This continued margin improvement is attributable to strong execution by both our manufacturing and sales teams. In our distributed generation (DG) business, pricing is benefiting from continued strength in our European channel with increasing attach rates for Beyond the Panel products, and also in the United States (US) with strong demand from both SunPower as well as through our new Maxeon installer channel which kicked off in January. Our US DG partners indicate significant year-over-year growth for us in 2023, which we attribute in part to our products' popularity in high-cost-of-power markets and sales professionals skilled at selling long-term value."

Mulligan continued "The US utility-scale business is poised for further growth with cumulative bookings now 4.2 gigawatts extending deep into 2025 plus options with advance deposits for an additional 1.5 gigawatts through 2027. Our first 1.8GW of Performance Line manufacturing capacity is on track to reach full output later this year. With the majority of the ramp already completed, we expect improving COGS to drive positive adjusted EBITDA in the current quarter."

Selected Q4 and Fiscal Year Unaudited Financial Summary

(In thousands, except shipments)

Fiscal Q4 2022

Fiscal Q3 2022

Fiscal Q4 2021

Fiscal Year 2022

Fiscal Year 2021

Shipments, in MW

734

605

577

2,348

1,956

Revenue

$ 323,503

$ 275,449

$ 221,479

$ 1,060,113

$ 783,279

Gross profit (loss)(1)

20,087

(15,747)

(10,545)

(47,948)

(29,014)

GAAP Operating expenses

38,038

41,196

35,518

152,346

143,433

GAAP Net loss attributable to the

stockholders(1)

(75,701)

(44,691)

(73,332)

(267,424)

(254,520)

Capital expenditures

7,314

16,110

37,393

63,337

154,194

Other Financial Data(1), (2)

(In thousands)

Fiscal Q4 2022

Fiscal Q3 2022

Fiscal...