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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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Black Lake Technologies Shortlisted as SAIL Award TOP30 Finalist and Selected as Global Industrial AI Flagship Case, Showcasing Latest Industrial Agent at WAIC 2026

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SHANGHAI, July 18, 2026 /PRNewswire/ — The 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 17. Shanghai Blacklake Technologies Co., Ltd. (“Black Lake”), an industrial AI company, is showcasing a portfolio of industrial AI agents at the conference. The company has also been named to the Top 30 shortlist for the 2026 WAIC Super AI Leader (SAIL) Award and selected as a Trusted Partner under the Global Call for Trusted Partners for Industrial AI in the Global South.

The accreditations highlight Black Lake’s latest progress in bringing AI into critical manufacturing decision-making workflows and deploying industrial AI capabilities on the shop floor around the world.

This year’s conference attracted over 1,100 exhibiting companies and showcased more than 3,000 exhibits, setting a new record for exhibition scale. The conference delivered a clear signal: as artificial intelligence becomes a common priority across global industries, attention is moving beyond model capabilities toward practical applications in real-world operating environments.

Manufacturing provides a particularly demanding test for this transition. Factory operations are governed by multiple constraints, including process specifications, equipment capabilities, material availability, production capacity, delivery schedules and quality requirements. Therefore, AI has to do so much more than simply comprehend information input. It must make reliable judgments within clearly defined business rules and operational constraints.

Black Lake has focused on industrial digitalization and industrial AI for years, developing and deploying AI applications in a range of factory environments.

At WAIC 2026, the company is presenting industrial AI agents covering order splitting and process planning, quotation and pricing, procurement, production scheduling, quality inspection, and order tracking. These applications are designed to move AI beyond an auxiliary role and into critical manufacturing decision-making workflows.

Traditional industrial software is primarily responsible for data recording, digital workflows, and worker coordination. However, critical decisions such as how to split an order, determine pricing, schedule production, and assess quality risks still depend heavily on the experience of engineers and frontline workers.

Industrial AI agents are intended to convert fragmented industrial knowledge and production experience into decision-making capabilities that can be invoked, reused and continuously refined by software systems.

Order decomposition and process planning are representative examples. After receiving an engineering drawing, a factory typically relies on experienced engineers to identify components, materials and dimensions, define the required manufacturing processes and technical specifications, and establish a basis for subsequent quotation and quality inspection.

The process is highly dependent on individual expertise and represents one of the first critical decision points after an order is received.

Black Lake Technologies’ CAD-to-Process Agent can understand product drawings and, taking into account the factory’s equipment capabilities, process requirements, and production practices, rapidly generate process steps along with the corresponding technical requirements. Drawing analysis that once took hours can now be completed in approximately one minute, achieving an accuracy rate of over 95% in real deployment and providing engineers with stable, efficient decision support. Currently, the industrial agents developed by the company cover core processes including design, scheduling, production, and quality inspection, and have entered the stage of large-scale deployment.

Founded in 2016, Black Lake serves nearly 40,000 factories worldwide. Its customers span more than 30 industries, including food and beverage, automotive components and equipment manufacturing.

By working across factory order management, production and fulfillment workflows, Black Lake has accumulated the technical capabilities and industry knowledge required to support decision-making in complex industrial environments.

In April 2026, Black Lake completed a Series D funding round of nearly RMB 1 billion. The company said the proceeds would primarily be used to accelerate the deployment of its industrial AI products and support its international expansion.

AI-related products are becoming a new source of growth for the company. In a recent interview, Black Lake founder and CEO Zhou Yuxiang said that the company had recorded significant growth in AI-related revenue since the beginning of 2026. He also said that manufacturing customers were taking less time to make purchasing decisions for industrial AI agents.

Zhou expects AI adoption among Chinese factories to increase substantially over the next three to four years.

Unlike consumer-facing AI, which is primarily associated with content generation and personal productivity, industrial AI agents can directly affect production costs, capacity utilization, delivery performance, and product quality. Their commercial value therefore depends largely on whether they can perform specific tasks reliably in complex production environments.

During WAIC 2026, Black Lake was named to the Top 30 shortlist for the 2026 Super AI Leader (SAIL) Award. The SAIL Award is one of WAIC’s major awards and recognizes achievements in technological breakthroughs, application innovation, and industrial value.

Black Lake was also selected as a Trusted Partner under UNIDO’s Global Call for Trusted Partners for Industrial AI in the Global South.

The Global Call was launched under the guidance of the United Nations Industrial Development Organization (UNIDO), in partnership with the Shanghai Artificial Intelligence Research Institute, and in connection with the work of UNIDO AIM Global and its Shanghai-based Centre of Excellence.

The initiative aims to build a curated pool of leading partners to co-develop scalable industrial AI solutions and public goods for the Global South.

For Black Lake, the two accreditations underscore the growing importance of reliability, explainability, and scalability in the evaluation of industrial AI, in addition to the capabilities of AI models.

Global expansion will be a major priority in the company’s next phase of development. Black Lake is currently focusing on Southeast Asia, Latin America and Eastern Europe, adapting its industrial AI agents to the industrial structures, production processes and management requirements of different markets.

Although manufacturing operations vary across countries and regions, manufacturers share similar concerns about efficiency, quality, delivery reliability and production flexibility.

Black Lake is transforming industrial AI capabilities that have been validated in complex factory environments into configurable and deployable products. Through these products, the company aims to work with manufacturers worldwide to explore more efficient, flexible and intelligent approaches to production.

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SOURCE Black Lake

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76% of Coupon Codes Work at Checkout, but Most Failures Trace Back to Terms Shoppers Never Read, CouponDopa Study Finds

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Study Finds 76% of Coupon Codes Work at Checkout

NEW YORK, July 18, 2026 /PRNewswire-PRWeb/ — Multi-country research across 11 regions finds that most coupon code failures were not due to expired codes, but to terms and conditions shoppers did not check before checkout.

Our research shows that most coupon code failures are caused by overlooked terms and conditions not expired codes. Understanding the offer requirements can significantly improve checkout success.” — Anderson Joe, CMO, CouponDopa

A new study testing 1,000 coupon codes across 11 countries found that three in four online discount codes applied successfully at checkout, while the remaining failures were tied more often to unmet terms than to expired or invalid codes.

The research was conducted by CouponDopa, a multi-regional coupon platform operating in 11 countries. Codes were tested across multiple retail categories in July 2026 to measure real checkout success rates.

KEY FINDINGS

Overall success rate: 76%. Overall failure rate: 24%. Highest-performing country: Netherlands, 81%. Lowest-performing countries: Poland and Italy, tied at 70%. Highest-performing category: Electronics. Lowest-performing category: Travel. Desktop success rate: 78%. Mobile success rate: 74%.

The study’s most significant finding was not the failure rate itself, but the reasons behind it.

“The assumption most shoppers make is that a coupon code doesn’t work because it’s expired,” said Anderson Joe, CMO at CouponDopa. “Our testing found that expiry was rarely the primary issue. In most failed attempts, the code was still active, but the shopper’s cart did not meet a listed condition, such as a minimum spend or a region restriction.”

WHY COUPON CODES ACTUALLY FAIL

Minimum spend not met: the most common reason for failure across all 11 regions, since many codes require a basket value above a set threshold.Region-specific restrictions: codes valid in one country frequently failed in another.Unread terms and conditions: codes were applied to excluded categories, sale items, or specific product ranges without checking eligibility first.Delivery and shipping thresholds: free shipping codes requiring a minimum order value were sometimes mistaken for blanket offers.

No exact percentage breakdown of failure causes is available. Minimum spend is confirmed as the single most common cause; the other three were not ranked against each other.

“In our view, a code that fails because of an unmet minimum spend is not necessarily a broken code,” said Anderson. “It may simply be a condition the shopper did not see before checkout.”

REGIONAL FINDINGS — NETHERLANDS LEADS

Country Success Rate

Netherlands 81%

Germany 79%

United States 77%

Canada 77%

United Kingdom 76%

Australia 75%

New Zealand 74%

France 73%

Spain 72%

Poland 70%

Italy 70%

Netherlands recorded the highest success rate of the 11 regions tested. Germany followed closely. The United Kingdom matched the overall study average, and Canada and the United States recorded the same rate. Poland and Italy recorded the lowest rates in the study, tied at 70%.

ELECTRONICS OUTPERFORMS TRAVEL

Electronics recorded the highest coupon code success rate of any category tested, at 80%, while travel recorded the lowest, at 69%.

“Electronics codes in our sample tended to carry fewer conditions,” noted Anderson Joe. “Travel codes more often included conditions tied to dates, destinations, or booking windows, which may explain the difference.”

MOBILE SHOPPERS RECORD LOWER SUCCESS RATES

Desktop checkouts recorded a 78% success rate compared with 74% for mobile, a 4-point gap. Researchers said the difference may relate to how terms are displayed on smaller screens, though this was not directly tested.

“We saw a consistent gap between desktop and mobile across our markets,” said Anderson Joe. “We can’t say precisely why from this data alone, but it’s a pattern worth further study.”

ABOUT THE STUDY

CouponDopa tested 1,000 coupon codes across 11 countries during July 2026, across electronics, fashion, food delivery, travel, beauty, and home categories. Codes were manually tested at real checkouts on desktop and mobile. A code counted as successful only when the discount appeared in the checkout total. Failed codes were categorized by reason. Read the complete methodology available at CouponDopa tested 1000 coupon codes in 11 regions.

ABOUT COUPONDOPA

CouponDopa is a multi-regional coupon and discount platform operating across 11 countries. CouponDopa verifies coupon codes across hundreds of brands before publishing, providing shoppers with discount information across major retail categories, including verified codes available on CouponDopa’s store pages.

MEDIA CONTACT

Organization: Coupondopa

Contact Person Name: Anderson Joe

Website: https://www.coupondopa.com/

Email: info@coupondopa.com

Contact Number: +1 (530) 269-6377

Address: 165 ithaca Bayshore NY, 11706 USA

City: Bay Shore

State: NY

Country: United States

Media Contact

Anderson Joe, Coupondopa, 1 631 404-9968, coupondopa@gmail.com, https://www.coupondopa.com/

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SOURCE CouponDopa

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Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus

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BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.

Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.

Strategic guidance

According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.

Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.

He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.

During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.

Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.

WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”

Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.

The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.

The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”

Firm support for UN

In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.

Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.

Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.

Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.

Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.

Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.

At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.

He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.

Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.

According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.

President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.

However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.

In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.

Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.

This article first appeared on Global Times

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SOURCE Global Times

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