Maxeon Solar's Q3 loss shrinks as revenues grow

Source: Maxeon Solar Technologies Ltd

November 18 (Renewables Now) - Singapore-based solar cell and panel maker Maxeon Solar Technologies Ltd (NASDAQ:MAXN) narrowed its third-quarter attributable net loss to USD 65.4 million (EUR 57.7m) as operating costs declined in quarterly terms and revenues improved.

The SunPower spin-off explained on Wednesday that the period was marked by supply chain constraints caused by the COVID-19 pandemic. “We are weathering these events, and delivered third quarter financial results within our guidance range. We also stayed on schedule for our long term transformation initiatives including the ramps of Maxeon 6 and North America Performance lines,” said CEO Jeff Waters.

Maxeon Solar closed the third quarter with revenues of USD 220.5 million, up from USD 206.6 million a year before and USD 175.9 million in the previous quarter. The increase came on the back of rising shipments, which came at 566 MW.

More details about the company’s financial performance are available in the table, which also contains its preliminary forecast for the closing quarter of 2021.

Amounts in USD millions, unless otherwise noted Q3 2021 Q3 2020 Q4 forecast
Module shipments (MW) 566 531 540 - 570
Revenues 220.5 206.6 215 - 235
Gross profit (loss) (16.7) (12.3) 5 - 15
Operating costs 32.6 26.9 35 +/- 2
Net profit (loss) attributable to shareholders (65.4) (67.8) --
Adjusted EBITDA (loss) (33.1) (33.1) (32) - (42)
Capital investments 54.1 4.9 45 - 50

During the reporting period, Maxeon Solar's distributed generation (DG) business had a strong performance, with record results in Europe and a 50% jump in microinverter sales, while the backlog in the utility-scale segment was expanded with 400 MW of orders in the US and a 200-MW deal in India.

The company restarted operations at its Malaysia manufacturing plant after a 15-day shutdown due to the pandemic.

NEW ORDER IN THE US

Maxeon’s order book was boosted by a deal placed by French energy major TotalEnergies SE (EPA:TTE) that will see the manufacturer supply up to 400 MW of its bifacial Performance 5 UPP solar panels for its Danish Fields solar project in Texas. The specific type of modules, to be available in 2022, will be made with large-format G12 mono-PERC solar cells made in Malaysia. Module assembly will be carried out in Mexico.

The equipment is set to be delivered in late 2022 through the third quarter of 2023.

(USD 1.0 = EUR 0.882)

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