popular articles

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.

Please 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.

Register free of charge for uninterrupted access.

Publicite

Recently published in

UK-based SSE recorded an adjusted operating profit of £2.42bn for fiscal year 2024/25, supported by record investments in networks and renewable energy.
Iberdrola has signed an agreement to acquire the distribution, supply and energy generation activities of Electra del Maestrazgo, a family-owned company operating in Castellón and Teruel, for an undisclosed amount.
Iberdrola has signed an agreement to acquire the distribution, supply and energy generation activities of Electra del Maestrazgo, a family-owned company operating in Castellón and Teruel, for an undisclosed amount.
John Bryson, a key figure in the American energy sector, has died at the age of 81. The former CEO of Edison International played a decisive role during California’s electricity crisis.
John Bryson, a key figure in the American energy sector, has died at the age of 81. The former CEO of Edison International played a decisive role during California’s electricity crisis.
New York state regulators have approved a $5 billion budget for energy efficiency and electrification programmes, set to launch on January 1, 2026.
New York state regulators have approved a $5 billion budget for energy efficiency and electrification programmes, set to launch on January 1, 2026.
Aircela has introduced a unit capable of producing gasoline directly from air, water, and renewable electricity, without using fossil resources.
Sustainability Partners will now manage the operational oversight of Ecofin’s U.S. portfolio, comprising solar and wind projects under contract with investment-grade electricity providers.
Sustainability Partners will now manage the operational oversight of Ecofin’s U.S. portfolio, comprising solar and wind projects under contract with investment-grade electricity providers.
Strathcona Resources reshapes its portfolio with the $2.84bn sale of Montney gas assets and a $45mn acquisition of the Hardisty Rail Terminal to refocus on heavy oil operations.
Strathcona Resources reshapes its portfolio with the $2.84bn sale of Montney gas assets and a $45mn acquisition of the Hardisty Rail Terminal to refocus on heavy oil operations.
Italian group Eni enters exclusive talks with Ares to sell a minority stake in Plenitude as part of a targeted funding strategy for its low-carbon subsidiaries.
Italian group Eni enters exclusive talks with Ares to sell a minority stake in Plenitude as part of a targeted funding strategy for its low-carbon subsidiaries.
SBM Offshore posted quarterly revenue of $1,103mn, driven by the Turnkey segment, while maintaining full-year targets and advancing the deployment of its floating units scheduled for 2025.
Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.
Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.
CGN Brasil and the government of Piauí have signed an agreement to develop a 1.4 GW energy complex combining solar, wind and storage, with a planned investment of $578mn.
CGN Brasil and the government of Piauí have signed an agreement to develop a 1.4 GW energy complex combining solar, wind and storage, with a planned investment of $578mn.
The iliad Group signs four new renewable electricity purchase agreements in France, Italy and Poland, bringing its total number of European energy projects to eight.
The iliad Group signs four new renewable electricity purchase agreements in France, Italy and Poland, bringing its total number of European energy projects to eight.
Italian industrialist Romano Minozzi now holds over 3% of Eni, valued at €1.2bn ($1.33bn), according to the latest data published by financial regulator Consob.
Enbridge reported a sharp rise in first-quarter 2025 results, driven by its hydrocarbon transport operations and recent acquisitions, while reaffirming its full-year financial outlook.
Enbridge reported a sharp rise in first-quarter 2025 results, driven by its hydrocarbon transport operations and recent acquisitions, while reaffirming its full-year financial outlook.
Axpo will manage balancing and market delivery of solar electricity supplied to Auchan in Poland under a structured agreement with GoldenPeaks Capital.
Axpo will manage balancing and market delivery of solar electricity supplied to Auchan in Poland under a structured agreement with GoldenPeaks Capital.
Energias de Portugal saw its profit rise by 21% in the first quarter, supported by expanded renewable capacity and favourable electricity market prices.
Energias de Portugal saw its profit rise by 21% in the first quarter, supported by expanded renewable capacity and favourable electricity market prices.
Aker ASA merges Aker Horizons and acquires a stake in SLB Capturi, consolidating its portfolio while preparing for a significant dividend distribution.
Coal India will supply 4,500 MW of renewable energy to AM Green under a memorandum of understanding to power its future green ammonia facilities nationwide.
Coal India will supply 4,500 MW of renewable energy to AM Green under a memorandum of understanding to power its future green ammonia facilities nationwide.
Driven by strong operational execution and robust demand across key segments, Siemens Energy reports double-digit revenue growth and upgrades its outlook for fiscal year 2025.
Driven by strong operational execution and robust demand across key segments, Siemens Energy reports double-digit revenue growth and upgrades its outlook for fiscal year 2025.
Italian group Enel exceeded analysts’ forecasts with €22bn ($23.66bn) in revenue in Q1 2025, driven by international operations.
Italian group Enel exceeded analysts’ forecasts with €22bn ($23.66bn) in revenue in Q1 2025, driven by international operations.
Veolia acquires full ownership of Water Technologies and Solutions by purchasing the 30% stake held by CDPQ, further consolidating its growth strategy focused on industrial water technologies.
Legrand reaffirms its annual targets after strong first-quarter growth driven by the expansion of data centres and solid commercial performance in the United States.
Legrand reaffirms its annual targets after strong first-quarter growth driven by the expansion of data centres and solid commercial performance in the United States.
Oil company Aker BP maintained stable production and strengthened its cash position in Q1 2025 while advancing key projects and new discoveries in the Norwegian Sea.
Oil company Aker BP maintained stable production and strengthened its cash position in Q1 2025 while advancing key projects and new discoveries in the Norwegian Sea.
Québec-based Exterra Solutions Carbone closes a CA$20mn Series A round to build the world’s largest asbestos residue treatment plant and expand its technologies internationally.
Québec-based Exterra Solutions Carbone closes a CA$20mn Series A round to build the world’s largest asbestos residue treatment plant and expand its technologies internationally.

Advertising