Maxeon restructures operations after 55% annual revenue drop

Facing a U.S. import ban and a sharp sales decline, Maxeon Solar Technologies is now focusing its efforts on the American market.

Share:

Photovoltaic panel manufacturer Maxeon Solar Technologies Ltd. reported annual revenue of $509mn for 2024, down from $1.12bn in 2023—a 55% decrease—according to a statement released on April 30. This decline is primarily linked to the exclusion of several of the company’s products from the U.S. market by customs authorities, which also led to a 52% drop in global shipment volumes.

Customs ban and legal proceedings

Since July 2024, Maxeon 3, Maxeon 6, and Performance 6 models have been barred from entering the U.S. by U.S. Customs and Border Protection (CBP), in connection with the Uyghur Forced Labor Prevention Act (UFLPA). Chief Executive Officer George Guo stated that the company submitted complete supply chain documentation, yet CBP provided no justification for the continued ban. Maxeon has filed a legal action with the U.S. Court of International Trade to challenge the decision.

Simultaneously, the company has launched a reorganisation of its operations, aimed at building new supply chains and prioritising U.S.-based component suppliers. This strategic shift is intended to strengthen the company’s industrial resilience and improve its competitiveness in the American market.

International divestments and financial adjustment

In the first quarter of 2024, Maxeon finalised the divestment of its assets in the Philippines and of its non-U.S. operations. Chief Financial Officer Dmitri Hu noted that these divestments provided liquidity and reduced interest burdens through renegotiated debt schedules. These steps are part of a broader financial transformation strategy.

The company has also suspended the issuance of financial guidance, citing a volatile macroeconomic environment. Maxeon will no longer report quarterly earnings and will instead adopt a semi-annual reporting format in line with its status as a foreign private issuer. Financial results will be disclosed via the Form 20-F in compliance with Nasdaq listing requirements.

Deterioration of financial performance

Net loss attributable to shareholders reached $614.3mn in 2024, compared to $275.8mn in 2023. Gross profit was negative $249.4mn, down from a gross profit of $78.1mn the previous year. Operating expenses rose to $327.2mn, representing a 10% year-over-year increase.

In the fourth quarter, revenue dropped 79% year-on-year to $48.8mn, with shipments falling to 211 MW from 653 MW in the same period last year. Adjusted EBITDA for the quarter stood at -$74.9mn. Management stated that ongoing cost-cutting and streamlining efforts are underway to return the company to a sustainable profitability path over the medium term.

Eni announces a sharp decline in quarterly net profit, the result of lower oil prices and a weaker dollar, while maintaining a strengthened dividend policy and a development trajectory in renewables.
EDF is reassessing its industrial priorities and streamlining investments, as net profit falls to €5.47bn ($5.94bn) in the first half of 2025 due to a weakening electricity market.
Energy group Edison posts increased sales and investments despite a less favourable market environment, advancing its renewables development and strengthening its positions in Italy.
SEGULA Technologies opens an office in Cape Town, strengthening its presence in the African market and targeting expansion in energy, rail, and automotive sectors, in partnership with South African industrial firm AllWeld.
GE Vernova's revenue rose by 11% in the second quarter, driven by momentum in its Power activities, as the US group raised its financial targets for 2025.
The Allrig group is expanding its operations in Saudi Arabia, supported by AstroLabs, to boost energy efficiency and address the growing needs of the local oil sector.
Saipem and Subsea7 formalise their merger agreement, resulting in the creation of Saipem7, an international energy services player with consolidated revenue of €21bn and an order backlog of €43bn.
TotalEnergies reports a significant decrease in net profit and revenue for the second quarter, while relying on growth in its hydrocarbon and electricity production to sustain profitability and global ambitions.
Exus Renewables North America finalizes $308.2 million financing for two major solar portfolios in New Mexico and wind projects in Pennsylvania, showcasing the expansion of large-scale renewable assets across multiple U.S. markets.
Baker Hughes posted attributable net income of $701 mn in the second quarter, while executing several strategic transactions and strengthening its position in industrial technologies and oilfield services markets.
Equinor announces a 13% decline in adjusted profit for Q2 2025, driven by falling oil prices, despite rising gas prices and production.
Iberdrola launches a EUR5 billion (USD5.87 billion) capital increase to fund the expansion and modernization of its power grids in the UK and the US, while announcing a decline in its half-year profit.
Halliburton reports a 50% drop in net income and nearly a 6% reduction in revenue for Q2, with demand in North America remaining particularly weak.
The growth of data centres and artificial intelligence is putting unprecedented pressure on global electricity grids, prompting major tech companies to rethink their energy supply to address capacity and competitiveness challenges.
BP announces the appointment of Albert Manifold as chairman, succeeding Helge Lund. Manifold, former CEO of CRH, will join the board on September 1, before officially taking over the role on October 1.
Romanian company Electrica raised €500 million through the country's first green bond issuance, with participation from the European Investment Bank (EIB), to finance its renewable energy and storage projects.
Kem One and EDF signed a protocol agreement for a 10-year electricity supply contract, covering seven French industrial sites. The contract is expected to be finalised by the end of September 2025.
The Canadian energy solutions provider has received approval from the Toronto Stock Exchange to repurchase up to 10% of its float by July 2026.
The Marseille Commercial Court has validated Bourbon Group’s accelerated safeguard plans, paving the way for a debt reduction and shareholder transition by the end of 2025.
Energie Baden-Württemberg AG announces the completion of a €3.1bn capital increase to support its investment plan, with strong shareholder participation, marking a major milestone for the group’s financial strategy.