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Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results

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–Fiscal year 2024 revenue of $509 million

–Amid continued headwinds, committed to business transformation and fiscal discipline–

SINGAPORE, April 30, 2025 /PRNewswire/ — 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 December 31, 2024.

“Maxeon’s fourth quarter and fiscal 2024 results reflect the continued challenge posed by U.S. Customs & Border Protection (CBP)’s barring and exclusion of our Maxeon 3, Maxeon 6, and Performance 6 solar panels from U.S. import since July 2024“, said George Guo, Maxeon’s CEO. “Despite our thorough and transparent supply chain mapping and submission of extensive documentation demonstrating full compliance with the Uyghur Forced Labor Prevention Act (UFLPA), CBP’s determination has not changed. CBP has neither cited any evidence nor alleged any non-compliance with the UFLPA on our part, yet it continues to unjustifiably block our products, causing material disruption to our business, our customers, and the U.S. renewable energy sector. We believe these actions are without merit and have commenced a legal action to contest CBP’s decision at the U.S. Court of International Trade, demonstrating that our legacy supply chains are fully UFLPA-compliant.”

Guo continued, “However, Maxeon is making progress in transforming our business to establish alternative manufacturing and supply chains to strengthen our versatility and resilience. We are restructuring to compete more effectively by focusing exclusively on the U.S. market, and in streamlining our operations, increasing efficiency, and reducing cost. Additionally, in light of new tariffs, we are identifying additional domestic component vendors and facilitating the transition to U.S.-focused operations along with expanding our network of U.S. partners. Providing residential, commercial and utility scale customers with the most efficient and reliable solar energy products is our top priority, and the strategic moves we are implementing today are designed to ensure our ability to achieve this strategic priority for the long term.”

Dmitri Hu, Maxeon’s CFO, added “Despite continued market uncertainties, Maxeon remains committed to fiscal discipline and strengthening our balance sheet. Earlier this year, we concluded divestment of the Company’s assets in Philippines, as well as its businesses outside of the U.S. These divestments contributed liquidity to support our operations and drive our ongoing business transformation. We also restructured the interest payments on our outstanding debt obligations, substantially reducing the resulting cash burden. We continue to contemplate a few other financial restructuring initiatives, all targeted towards ensuring Maxeon remains resilient in the face of near-term headwinds.”

Hu continued, “Considering ongoing restructuring and the volatile policy environment, we are unable to provide financial guidance for the foreseeable future. We will defer holding a conference call to discuss financial results until there is better visibility of the macroeconomic landscape and its impact on our transformation initiatives. Further, the Company will no longer report its earnings on a quarterly basis. As a foreign private issuer, the Company will report its audited financial statements through the filing of the Form 20-F with the Securities and Exchange Commission, and will report its financial results for the six months ended June 30th of each fiscal year, as required by Nasdaq listing rule 5250. Nonetheless, the Company will continue to comply with its continuing disclosure obligations should there be any developments (financial or otherwise) giving rise to such disclosure obligations.”

Selected Q4 and Fiscal Year Unaudited Financial Summary

(In thousands, except shipments)

Fiscal Q4 2024

Fiscal Q3 2024

Fiscal Q4 2023

Fiscal Year 2024

Fiscal Year 2023

Shipments, in MW

211

199

653

1,424

2,963

Revenue

$             48,813

$           227,630

$           228,775

$                509,048

$             1,123,110

Gross (loss) profit

(47,656)

2,728

(34,461)

(249,413)

78,115

GAAP Operating expenses

63,672

153,218

141,007

327,227

297,320

GAAP Net loss attributable to the stockholders

(105,977)

(393,944)

(186,334)

(614,300)

(275,829)

Capital expenditures

11,656

11,129

11,656

52,149

67,452

Other Financial Data(1)

(In thousands)

Fiscal Q4 2024

Fiscal Q3 2024

Fiscal Q4 2023

Fiscal Year 2024

Fiscal Year 2023

Non-GAAP Gross (loss) profit

$            (48,594)

$         (174,742)

$              (9,675)

$              (242,018)

$                103,943

Non-GAAP Operating expenses

41,164

42,861

36,654

162,724

153,128

Adjusted EBITDA

(74,884)

(225,705)

(37,631)

(376,149)

3,670

(1)       

The Company’s use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under “Use of Non-GAAP Financial Measures” below.

For more information

Maxeon’s fiscal year 2024 financial results and management commentary can be found on Form 20-F by accessing the Financials & Filings page of the Investor Relations section of Maxeon’s website at: https://corp.maxeon.com/investor-relations. The Form 20-F and Company’s other filings are also available online from the Securities and Exchange Commission at www.sec.gov.

About Maxeon Solar Technologies

Maxeon Solar Technologies (NASDAQ: MAXN) is Powering Positive Change™. Headquartered in Singapore, Maxeon leverages 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial, and power plant customers. For more information about how Maxeon is Powering Positive Change™ visit us at www.maxeon.com, and on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives, including our attempts to refinance or equitize our debts, and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the denial of entry into the U.S. of our products by the U.S. Customs and Border Protection (“CBP”) for an unforeseeable amount of time, epidemics, natural disasters or military or trade conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine, the Israel-Hamas-Iran conflict and the escalating trade war and rising geopolitical tensions between the United States and China; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our new focus on the U.S. market and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including our collaboration with TZE to develop our Maxeon 8 technology and production timelines for the Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including statements regarding restructuring of our business portfolio and divesting our “rest-of-the-world” distributed generation business and our business in the Philippines, the closure and anticipated closure of certain of the Company’s facilities, the Company’s anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, efforts to develop U.S. vendors and supply chain, improved costs and efficiencies, partnership discussions with respect to the Company’s next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; (j) our majority ownership by a controlling shareholder based in the PRC and the U.S. presidential administration’s aggressive stance toward China, and (k)our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets.

The forward-looking statements can be also identified by terminology such as “may,” “might,” “could,” “will,” “aims,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. 

These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations and to refinance and/or equitize our debts; (3) an adverse final determination of the CBP investigation related to CBP’s examination of Maxeon’s compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from difficulties in hiring or retaining key personnel, epidemics, natural disasters, trade and military conflicts, including impacts of the war in Ukraine, conflicts in the Middle East and the escalating trade war between the U.S. and China; (6) our ability to manage our key customers and suppliers and develop new customers and suppliers in the United States; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships, such as our collaboration with affiliates of TZE to develop our Maxeon 8 technology; (8) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (9) changes in regulation and public policy, including the imposition and applicability of tariffs and retaliatory measures thereto; (10) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (11) fluctuations in our operating results; (12) appropriate sizing, or delays in developing our planned U.S. based manufacturing capacity and responding to development, manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, global trade and military conflicts, economic recession and environmental disasters; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which have caused and may continue to cause, such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; (15) the removal of our Company’s ordinary shares from prominent stock indices including the Russell 2000 and Russell 3000; and (16) unpredictable outcomes resulting from our litigation activities and other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

Some of these factors and other risks that affect our business are included and discussed in more detail in filings we make with the Securities and Exchange Commission (“SEC”) from time to time, including our most recent report on Form 20-F, particularly under the heading “Item 3D. Risk Factors,” “Item 4. Information on the Company,” and “Item 5. Operating and Financial Review and Prospects.” Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Form 20-F as anticipated, believed, estimated or expected. We provide the information in this press release as of the date of its filing. We do not intend, and do not assume any obligation, to update any information or forward-looking statements set out in this press release as a result of new information, future events or otherwise, unless as otherwise required by law.

Presentation  of Non-GAAP Financial Measures

We present certain non-GAAP measures such as non-GAAP gross profit (loss), non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for stock-based compensation, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt, and equity in losses of unconsolidated investees (“Adjusted EBITDA”) to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss) profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation, provision for expected credit losses and restructuring charges and fees.

We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management’s view and assessment of the Company’s ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company’s core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.

As presented in the “Reconciliation of Non-GAAP Financial Measures” section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:

Stock-based compensation expense. Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross profit (loss), non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation.

Provision for expected credit losses. This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated November 8, 2019 (the “SDA”) entered into with SunPower Corporation (“SunPower”) in connection with the Company’s spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower’s business, which Maxeon did not and will not have economic benefits to, as the Company’s involvement is solely through SunPower’s now-terminated indemnification obligations set forth in the SDA. We have recorded the expected credit loss as a result of SunPower’s Chapter 11 bankruptcy filing due to our expectation that SunPower will not meet its prior indemnification obligations to us under the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.

Restructuring charges and fees. We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans and business acquisition aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP gross profit (loss), non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.

Remeasurement loss on prepaid forward and physical delivery forward. This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 6.50% Green Convertible Senior Notes due 2025 for an aggregate principal amount of $200.0 million. The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company’s share price. The physical delivery forward was remeasured to fair value at the end of the Note Valuation Period on September 29, 2020, and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company’s share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance.

Remeasurement loss on warrants. This relates to the mark-to-market fair value remeasurement of exchange warrants and investor warrants. The transactions were entered into in connection with the exchange of 99.25% of the 2025 Notes with aggregate notional amount of $200 million and the 9.00% Convertible First Lien Senior Secured Notes due 2029 of $97.5 million, both entered on June 20, 2024. The investor warrants were remeasured to fair value prior to them being exercised and were reclassified to equity, and will not be subsequently remeasured. The exchange warrants were remeasured to fair value on September 12, 2024, and were reclassified to equity after on such date, and will not be subsequently remeasured. The fair value of the warrants was primarily affected by the Company’s share price. The remeasurement loss on warrants is excluded from Adjusted EBITDA because it is not considered a core operating activity. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance.

Equity in losses of unconsolidated investees and related gain. This relates to the loss on our former unconsolidated equity investment in HSPV and gains on such investment on divestment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance.

Loss (gain) on extinguishment of debt. This relates to the gain that arose from the substantial modification in June 2024 of our Green Convertible Senior Notes due 2025 (the “Green Convertible Notes”) and First Lien Senior Secured Convertible Notes due 2027, offset by the loss as a result of early redemption by the noteholders of the remaining Green Convertible Notes who has not opted for the exchange. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.

 

Reconciliation of Non-GAAP Financial Measures

Three Months Ended

Fiscal Year Ended

(In thousands)

December 31,
2024

September 29,
2024

December 31,
2023

December 31,
2024

December 31,
2023

Gross (loss) profit

$               (47,656)

$             (179,101)

$              (34,461)

$             (249,413)

$                78,115

Stock-based compensation

16

1,596

(53)

2,474

989

Restructuring charges and fees

(954)

2,763

24,839

4,921

24,839

Non-GAAP Gross (loss) profit

(48,594)

(174,742)

(9,675)

(242,018)

103,943

GAAP Operating expenses

63,672

153,218

141,007

327,227

297,320

Stock-based compensation

(10,681)

(4,293)

(1,235)

(26,226)

(17,338)

(Provision for) reversal of expected credit losses

(764)

165

(12,061)

Restructuring charges and fees

(11,063)

(106,229)

(103,118)

(126,216)

(126,854)

Non-GAAP Operating expenses

41,164

42,861

36,654

162,724

153,128

GAAP Net loss attributable to the stockholders

(105,977)

(393,944)

(186,334)

(614,300)

(275,829)

Interest expense, net

8,690

11,784

7,416

43,279

33,051

(Benefit from) provision for income taxes

(5,388)

18,925

(9,949)

17,952

(626)

Depreciation

5,554

15,886

12,261

42,108

55,685

Amortization

50

169

44

658

195

EBITDA

(97,071)

(347,180)

(176,562)

(510,303)

(187,524)

Stock-based compensation

10,697

5,889

1,182

28,700

$                18,327

Provision for (reversal of) expected credit losses

764

(165)

12,061

Restructuring charges and fees

10,109

108,992

127,957

131,137

$              151,693

Remeasurement loss on prepaid forward

35

1,793

9,792

16,117

$                18,363

Remeasurement loss on warrants

4,966

4,966

$                        —

Equity in losses of unconsolidated investees and related gain

(24,083)

$                  2,811

Loss (gain) on extinguishment of debt

582

(34,744)

$                        —

Adjusted EBITDA

(74,884)

(225,705)

(37,631)

(376,149)

$                  3,670

©2024 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information.

MAXEON SOLAR TECHNOLOGIES, LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except for shares data)

 

As of

December 31, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$                       28,895

$                  190,169

Restricted short-term marketable securities

1,403

Accounts receivable, net

4,269

62,687

Inventories

40,220

308,948

Prepaid expenses and other current assets

20,363

55,346

Assets held for sale

172,269

466

Total current assets

$                    266,016

$                  619,019

Property, plant and equipment, net

72,858

280,025

Operating lease right of use assets

27,951

22,824

Intangible assets, net

523

3,352

Goodwill

7,879

Other long-term assets

8,924

68,910

Total assets

$                    376,272

$               1,002,009

Liabilities and Equity

Current liabilities:

Accounts payable

$                       62,544

$                  153,020

Accrued liabilities

86,724

113,456

Contract liabilities, current portion

74,312

134,171

Short-term debt

462

25,432

Operating lease liabilities, current portion

9,098

5,857

Liabilities classified as held for sale

105,368

Total current liabilities

$                    338,508

$                  431,936

Long-term debt

732

1,203

Contract liabilities, net of current portion

3,333

113,564

Operating lease liabilities, net of current portion

27,434

19,611

Convertible debt

273,766

385,558

Deferred tax liabilities

5,313

7,001

Other long-term liabilities

15,551

38,494

Total liabilities

$                    664,637

$                  997,367

Commitments and contingencies

Equity:

Ordinary shares, no par value (16,711,109 and 539,591 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)

$                              —

$                            —

Additional paid-in capital

1,137,042

811,361

Accumulated deficit

(1,410,392)

(796,092)

Accumulated other comprehensive loss

(20,492)

(16,378)

Equity attributable to the Company

(293,842)

(1,109)

Noncontrolling interests

5,477

5,751

Total equity

(288,365)

4,642

Total liabilities and equity

$                    376,272

$               1,002,009

 

MAXEON SOLAR TECHNOLOGIES, LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)

 

Three Months Ended

Fiscal Year Ended

December 31,
2024

December 31,
2023

December 31,
2024

December 31,
2023

Revenue

$                   48,813

$                 228,775

$                 509,048

$              1,123,110

Cost of revenue

96,469

263,236

758,461

1,044,995

Gross (loss) profit

(47,656)

(34,461)

(249,413)

78,115

Operating expenses:

Research and development

9,266

9,988

37,550

45,703

Sales, general and administrative

47,194

28,876

173,523

126,167

Restructuring charges

7,212

102,143

116,154

125,450

Total operating expenses

63,672

141,007

327,227

297,320

Operating loss

(111,328)

(175,468)

(576,640)

(219,205)

Other expense, net

Interest expense

(9,063)

(10,101)

(45,366)

(42,438)

Interest income

373

2,686

2,087

9,387

(Loss) gain on extinguishment of debt

(582)

34,744

Other, net

9,382

(13,359)

(11,447)

(21,270)

Other expense, net

110

(20,774)

(19,982)

(54,321)

Loss before income taxes and equity in losses of unconsolidated investees

(111,218)

(196,242)

(596,622)

(273,526)

Benefit from (provision for) income taxes

5,388

9,949

(17,952)

626

Equity in losses of unconsolidated investees

(2,811)

Net loss

(105,830)

(186,293)

(614,574)

(275,711)

Net (income) loss attributable to noncontrolling interests

(147)

(41)

274

(118)

Net loss attributable to the stockholders

$               (105,977)

$               (186,334)

$               (614,300)

$               (275,829)

Net loss per share attributable to stockholders:

Basic and diluted

$                      (6.60)

$                  (372.09)

$                    (96.00)

$                  (594.62)

Weighted average shares used to compute net loss per share:

Basic and diluted

16,050

501

6,399

464

 

MAXEON SOLAR TECHNOLOGIES, LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

 

Fiscal Year Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities

Net loss

$              (614,574)

$                (275,711)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

43,464

55,880

Stock-based compensation

28,700

18,327

Non-cash interest expense

12,821

9,063

Gain from disposal of asset held for sale

(2,006)

Equity in losses of unconsolidated investees

2,811

Gain on disposal of equity in unconsolidated investees

(24,083)

Loss on retirement of property, plant and equipment

261

196

Loss on impairment of operating lease right of use assets

7,433

708

Loss on impairment of property, plant and equipment

156,598

76,332

Loss on impairment of intangible assets

2,167

Loss on impairment of goodwill

7,879

Write-off of other assets

21,401

Gain on debt extinguishment

(34,744)

Deferred income taxes

(355)

2,436

Remeasurement loss on prepaid forward

16,117

18,363

Remeasurement loss on warrants

4,966

Provision for expected credit losses

12,200

Provision for excess or obsolete inventories

158,726

10,804

Other, net

1,157

135

Changes in operating assets and liabilities

Accounts receivable

42,558

(8,331)

Inventories

50,056

(43,473)

Prepaid expenses and other assets

(919)

29,741

Operating lease right-of-use assets

5,728

5,241

Advances to suppliers

2,137

Accounts payable and other accrued liabilities

7,600

(97,660)

Contract liabilities

(168,082)

(55,109)

Operating lease liabilities

(7,231)

(4,179)

Net cash used in operating activities

(270,156)

(254,295)

Cash flows from investing activities

Purchases of property, plant and equipment

(52,149)

(67,452)

Proceeds from disposal of restricted short-term marketable securities

971

Purchase of restricted short-term marketable securities

(1,408)

Proceeds from maturity of short-term securities

1,329

136,000

Purchase of short-term securities

(60,000)

Proceeds from disposal of asset held for sale

462

5,961

Proceeds from disposal of property, plant and equipment

1,125

Purchases of intangibles

(10)

(146)

Proceeds from disposal of equity in unconsolidated investees

24,000

Net cash (used in) provided by investing activities

(25,243)

13,926

Cash flows from financing activities

Proceeds from debt

51,249

195,639

Repayment of debt

(74,572)

(220,598)

Repayment of convertible debt

(1,500)

Net proceeds from issuance of convertible debt

70,125

Net proceeds from issuance of ordinary shares

96,446

193,491

Distribution to noncontrolling interest

Repayment of finance lease obligations and other debt

(515)

(581)

Net cash provided by financing activities

141,233

167,951

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(94)

(32)

Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

(154,260)

(72,450)

Cash and restricted cash classified to asset held for sale

(10,243)

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

195,511

267,961

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$                    31,008

$                   195,511

Non-cash transactions

Property, plant and equipment purchases funded by liabilities

$                      4,509

$                        5,491

Interest paid in ordinary shares

6,969

Interest paid by issuance of convertible notes

9,158

Right-of-use assets obtained in exchange for lease obligations

20,107

10,929

Cost for acquisition of assets paid in shares

10,989

The following table reconciles our cash and cash equivalents and restricted cash and restricted cash equivalents reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents, restricted cash and restricted cash equivalents reported on our Condensed Consolidated Statements of Cash Flows as of December 31, 2024 and December 31, 2023:

(In thousands)

December 31, 2024

December 31, 2023

Cash and cash equivalents

$                      28,895

$                    190,169

Restricted cash and restricted cash equivalents, current portion, included in prepaid expenses and other current assets

2,018

5,242

Restricted cash and restricted cash equivalents, net of current portion, included in other long-term assets

95

100

Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in Consolidated Statements of Cash Flows

$                      31,008

$                    195,511

 

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SOURCE Maxeon Solar Technologies, Ltd.

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Bloomberg Introduces Spread-to-Benchmark Quoting for EUR and GBP Portfolio Trading Baskets

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LONDON, June 2, 2026 /PRNewswire/ — Bloomberg today announced the launch of Spread-to-Benchmark quoting and trading for Euro (EUR) and Sterling (GBP) denominated portfolio trades through its Portfolio Trading Basket Builder (PTBB). The new functionality expands the range of quoting protocols available for European credit portfolio trading and reflects growing client demand for spread-based execution workflows, alongside increased dealer support for the convention across EUR and GBP markets.

Spread-to-Benchmark quoting is a well-established protocol for USD credit portfolio trades and is used by market participants to evaluate and execute portfolio trades. By extending this workflow to EUR and GBP portfolio trades, Bloomberg enables clients and dealers to transact using a familiar spread-based methodology across additional credit markets. 

The introduction of Spread-to-Benchmark quoting for EUR and GBP baskets reflects increased client interest in evaluating portfolio trades through a spread-based lens and the growing adoption of spread-based execution workflows in European credit markets. The workflow provides market participants with an additional framework for assessing the relationship between credit spread risk and underlying government bond yields when pricing and executing portfolio trades. 

Additional Workflow Flexibility 
The workflow complements Bloomberg’s existing portfolio trading capabilities, which support the full range of market-standard quoting conventions, including Price, Yield, Spread-to-Benchmark and Spread based workflows that reference Bloomberg’s evaluated pricing service (BVAL). This gives clients flexibility to compare and execute portfolio trades using the quoting methodology that best aligns with their investment objectives, execution preferences and internal risk management processes. 

“European credit clients continue to look for execution workflows that reflect how they evaluate risk and monitor portfolio trading outcomes,” said Harry Street, Global Head of Credit and Equities Trading Product at Bloomberg. “By expanding dealer support for Spread-to-Benchmark quoting for EUR and GBP baskets, Bloomberg is broadening the range of workflow options available to clients trading European credit portfolios.” 

“Portfolio trading workflows in fixed income continue to become more sophisticated as institutional investors look for ways to evaluate execution quality in changing market conditions,” said Kevin McPartland, Head of Market Structure & Technology Research at Crisil Coalition Greenwich. “Spread-based quoting helps market participants more clearly distinguish between the impacts of credit spread and underlying rates movements when determining how best to execute a portfolio trade.” 

Bloomberg’s Electronic Markets solutions are used by leading financial institutions to trade efficiently in over 175 markets around the world. More than 9,000 client firms use Bloomberg Electronic Markets to access industry-leading depth and breadth of liquidity across asset classes from over 800 dealers globally. Bloomberg Electronic Markets provides market participants with comprehensive solutions across the trading lifecycle, including robust price transparency, analytics, automation and execution, powered by Bloomberg’s high-quality, multi-asset class data and tools.

About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

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SOURCE Bloomberg L.P.

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Dr. Sunho Kang, a senior battery-technology executive with leadership experience at major global battery and EV manufacturers, joins TeraWatt Technology as Head of Product and Technology

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SAN FRANCISCO, June 2, 2026 /PRNewswire/ — TeraWatt Technology Inc. (Headquartered in California, USA) is pleased to announce that Dr. Sunho Kang has joined the company as Head of Product and Technology.

Dr. Kang is a globally recognized battery-technology executive with more than 25 years of leadership experience spanning the United States, Asia, and Europe, and a distinguished track record of advancing innovations from laboratory research through gigafactory-scale production. He has held senior executive positions at world-leading organizations including Samsung SDI, Apple, and Volkswagen Group of America, and brings deep expertise in lithium-ion battery materials, cell engineering, and product industrialization across a broad range of applications, including electric vehicles and energy storage systems.

At TeraWatt, Dr. Kang will lead global product development and the commercialization of TeraWatt’s battery technology platform, aiming to accelerate the delivery of TeraWatt’s competitive products as well as the technology and commercialization roadmap including manufacturing scale-up.

Dr. Kang commented:

“I am thrilled to join TeraWatt Technology as Head of Product and Technology. TeraWatt’s innovative battery platform presents a tremendous opportunity to push the boundaries of lithium-ion technology, and I look forward to working with the team to accelerate product development and commercialization to deliver meaningful impact.”

TeraWatt Technology founder CEO Ken Ogata, Ph.D. commented:

“We are thrilled to welcome Dr. Kang as our Head of Product and Technology. His deep expertise in battery materials, cell engineering, and productization will be instrumental in accelerating TeraWatt’s product roadmap and technology leadership. Together with Dr. Kang, we will continue to drive our mission forward.”

About TeraWatt Technology Inc.
TeraWatt Technology Inc. is a California-based company that produces lightweight, high-power, and safe next-generation lithium-ion batteries.

Company Overview
Name: TeraWatt Technology Inc.
Representative: Co-founder and CEO Ken Ogata
Headquarters: 28 Geary St, Suite 650, San Francisco, CA 94108, United States
Founded: January 2020
Established: December 2019
URL: https://www.terawatt-technology.com/

 

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SOURCE TeraWatt Technology Inc.

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Tencent Cloud and Soniox Announce Strategic Partnership: Combining Advanced Speech-to-Text (STT) Technology with Global Real-Time Infrastructure

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HONG KONG, June 2, 2026 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, today announced a strategic partnership with Soniox, a San Francisco-based speech AI company that specializes in developing high-accuracy, low-latency speech AI solutions. The collaboration integrates Soniox’s speech-to-text (STT) technology with Tencent Cloud’s Real-Time Communication (TRTC) enterprise-grade global infrastructure, enabling enterprises to build and deploy multilingual voice AI applications across 200+ countries and regions.

Elevating Enterprise Voice AI at a Global Scale

In enterprise voice AI deployments, latency directly affects user experience and application reliability. The integration of Soniox’s high-accuracy, low-latency STT with TRTC’s global transmission infrastructure reduces latency across the entire pipeline, creating a comprehensive end-to-end solution for enterprises deploying conversational AI applications worldwide.    

Soniox is the voice platform for every language. Unlike legacy speech AI, which was built primarily for English-speakers, Soniox delivers native-speaker accuracy across 60+ languages. Its technology can handle mid-sentence language switching — a user can switch between English and Chinese in a single utterance, and Soniox will capture every word with complete accuracy. All of this works through a single API that works for both speech-to-text and text-to-speech.

By integrating TRTC, the partnership leverages an enterprise-grade real-time communication backbone featuring more than 3,200 global nodes, sub-300 ms worldwide latency, and advanced capabilities such as AI noise suppression and weak-network resilience. These capabilities enable conversational AI applications to operate reliably across diverse network environments, including regions such as Southeast Asia and Africa.

With the roll out of this partnership, developers can integrate the Soniox STT API directly within the Tencent Cloud console. Whether targeting English-speaking markets or supporting languages such as Arabic, Hindi, and Malay, enterprises can build global voice applications — including intelligent customer service, voice assistants, real-time translation, and meeting transcription — to address the demands of expansion into emerging markets and multilingual scenarios.

Wison Xie, Head of Product at Tencent RTC, stated: “Tencent RTC has always been committed to providing reliable real-time communication infrastructure for global enterprises. Our partnership with Soniox brings together our strengths in enterprise-grade audio transmission and Soniox’s advanced speech recognition technology. Together, we are making it easier for businesses to deploy accurate, low-latency voice AI applications across any language and any market.”

Klemen Simonic, CEO at Soniox Inc., stated “At Soniox, our mission is to help businesses understand every word, in any language, with native speaker accuracy and exceptional speed. Partnering with Tencent Cloud combines our speech AI with world-class real-time infrastructure, enabling enterprises to build voice AI experiences that scale globally with low latency and reliability.”

About Tencent Cloud:

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.

About Tencent RTC:

Tencent RTC provides real-time communication solutions, including audio/video calling, live streaming, and in-game voice. With enterprise-grade security, AI-powered enhancements, and a global network of over 3,200 nodes, Tencent RTC powers mission-critical communication for customers worldwide.

About Soniox:

Soniox is a next-generation voice AI company bringing about the end of English-first speech AI. Most people on the planet did not grow up speaking English and often mix languages mid-sentence; and yet legacy speech AI was built for just English. Soniox is different: native-speaker accuracy across 60+ languages, true mid-sentence language switching, and flawless alphanumeric recognition that legacy providers still can’t match. For developers building global apps, Soniox is the only option. Try it for yourself at soniox.com.

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SOURCE Tencent Cloud

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