{"id":472208,"date":"2021-04-06T16:23:32","date_gmt":"2021-04-06T20:23:32","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472208"},"modified":"2021-04-06T16:23:32","modified_gmt":"2021-04-06T20:23:32","slug":"maxeon-solar-technologies-announces-fourth-quarter-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/maxeon-solar-technologies-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/","title":{"rendered":"Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2020 Financial Results"},"content":{"rendered":"
\n

–Fourth Quarter Shipments of 655 MW; Revenue $245.6 million–<\/h2>\n

–Plan to Broaden Engagement in U.S. Market–<\/h2>\n

–Cost Structure Improvement Plan with Optimized Factory Footprint–<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SINGAPORE<\/span>, April 6, 2021<\/span> \/PRNewswire\/ —\u00a0<\/b>Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) (“Maxeon” or “the Company”), a global leader in solar innovation and channels, today announced its financial results for its fourth quarter and fiscal year ended January\u00a03, 2021.<\/p>\n

\n

\n
\n \"Maxeon
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Maxeon Chief Executive Officer Jeff Waters<\/span> commented, “In our first full quarter as an independent public company we delivered financial results consistent with our guidance while making progress on each of the three pillars of our strategy: our differentiated global brand and channel, our panel technology, and our focused approach to the large-scale market. In the fourth quarter we saw strong growth in both distributed generation and our large-scale businesses, with sequential revenue increases of 12% and 35%, respectively. Gross profit in Q4 was slightly higher than anticipated due primarily to higher than planned ASPs and improved product mix.”<\/p>\n

Discussing brand and channel, Waters noted: “Leveraging our industry-leading brand, channel, and solar panel technology, we took the first steps in our ‘Beyond the Panel’\u00a0strategy by introducing AC Modules with factory integrated micro-inverters. These Maxeon AC modules are currently shipping into seventeen European countries and Australia<\/span>. We expect this initiative to drive significant margin uplift in the quarters ahead. To further drive our distributed generation effort, we announced that Ralf Elias<\/span> will join our executive team to lead our distributed generation product initiatives. Ralf will solidify our strategy to build incremental revenue from integrated energy products and services on top of our current business.”<\/p>\n

Turning to technology, Waters elaborated: “We met key objectives on our next generation Maxeon 7 technology roadmap, achieving meaningful progress in efficiency and product safety attributes. These R&D successes further solidify our confidence that we can commercialize and ramp Maxeon 7 starting in late 2022.”<\/p>\n

Regarding the Company’s large-scale focus, Waters remarked: “We are launching a strategic initiative to broaden our engagement in the U.S. market with our Performance line. We plan to leverage our large and growing sales pipeline and North American manufacturing assets to drive significant incremental sales in the region beyond our current rooftop distributed generation sales through SunPower.”<\/p>\n

\n Selected Q4 and Fiscal Year Financial Summary<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n ($ Thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Fiscal Q4
2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Fiscal Q3
2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Fiscal Q4
2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Fiscal Year
2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Fiscal Year
2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Module shipments, in MW<\/span>\n <\/p>\n<\/td>\n

\n

\n 655<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 740<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,145<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,430<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 245,564<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 206,620<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 368,128<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 844,836<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,198,301<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Gross profit (loss)1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 7,313<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (12,302)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 27,606<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (9,781)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,309)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss)
attributable to stockholders1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 3,458<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (67,755)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (32,039)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (142,631)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (183,059)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA1,2,3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 26,943<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (38,808)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,529)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (44,067)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (83,138)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Capital investment<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,301<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,889<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,382<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 27,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 41,905<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n

\n\n\n\n\n
\n

\n
\n 1 <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n The Company’s GAAP and Non-GAAP results were impacted by the effects of certain items. For the fourth quarter 2020 results, these items include a $44 million gain on its stock borrowing facilities, and a $21 million loss on its long-term polysilicon contract. Refer to “Use of Non-GAAP Financial Measures” below.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 2 <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 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.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 3 <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In addition to the reconciliation provided here, please also refer to “Reconciliation of Non-GAAP Financial Measures” in Maxeon’s Form 6-K furnished on November 19, 2020 for the reconciliation of Adjusted EBITDA for fiscal Q3 2020.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Information presented is for continuing operations only and excludes results of lines of business retained by SunPower after the spin-off for all periods presented.<\/p>\n

\n First Quarter 2021 <\/b>\n <\/p>\n

The solar industry faces pervasive upstream supply chain cost challenges, which did not improve in the first quarter of 2021.\u00a0 The Company expects that elevated costs for glass, solar cells, freight, and other items may persist well into the second half of 2021.\u00a0 In addition, the distributed generation business is traditionally very seasonal with the first half volumes typically delivering only 40% of the annual total, and the first quarter being the lowest. For the first quarter of fiscal year 2021, the Company anticipates the following results:<\/p>\n