Maxeon Solar Drops After Withdrawing Profit Forecast, Flagging Revenue-Hit In Q3

Reuters

** Shares of solar module maker Maxeon Solar Technologies MAXN.O dip 17.8% to $0.0895

** Company expects Q3 revenue to decline significantly from Q2, largely due to first-ever detentions of modules being imported into the U.S. from factories in Mexico to assess compliance with the Uyghur Forced Labor Prevention Act (UFLPA)

** Says that while "it is our understanding that these detentions are routine," U.S. market accounted for over 60% of its Q2 revenue

** MAXN thereby "unable to provide financial guidance for the Q3 and are therefore withdrawing full year 2024 revenue and adjusted EBITDA guidance"

** Including session's losses, stock is down 98.8% YTD

(Reporting by Seher Dareen in Bengaluru)

(( Seher.Dareen@thomsonreuters.com ))

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Maxeon Solar Shares Down 17.1% After Co Withdraws Fy 2024 Revenue And Adjusted Ebitda Guidance

Reuters

Maxeon Solar Technologies

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Maxeon Solar Technologies Announces Second Quarter 2024 Financial Results

Reuters

Maxeon Solar Technologies

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Maxeon Solar Technologies Ltd MAXN.O:

MAXEON SOLAR TECHNOLOGIES ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS
MAXEON SOLAR TECHNOLOGIES LTD- QTRLY EPS $0.03
MAXEON SOLAR TECHNOLOGIES- TAKING CRITICAL ACTIONS TO FUND IMMEDIATE CASH NEEDS AND REDUCE PRESSURES FROM DEBT MATURITIES
MAXEON SOLAR TECHNOLOGIES- WITHDRAWING FULL YEAR 2024 REVENUE AND ADJUSTED EBITDA GUIDANCE
MAXEON SOLAR TECHNOLOGIES- TZE MAKES $100 MILLION EQUITY INVESTMENT IN MAXEON TO BECOME CONTROLLING SHAREHOLDER
MAXEON SOLAR TECHNOLOGIES- EXPECTS THIRD QUARTER REVENUE TO DECLINE SIGNIFICANTLY FROM SECOND QUARTER

Source text for Eikon: (Full Story)

Further company coverage: MAXN.O

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Maxeon Solar Technologies Q2 Capex Usd 17.707 Million

Reuters

Maxeon Solar Technologies

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Sep 03 (Reuters) - Maxeon Solar Technologies Q2 net income USD 11.664 million.

Q2 capex USD 17.707 million
Q2 operating expenses USD 61.67 million
Q2 revenue USD 184.219 million vs. IBES estimate USD 177 million

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MAXN: Maxeon faces halted U.S. shipments, steep dilution, and major uncertainty despite new TZE funding

Quartr

Maxeon Solar Technologies

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Q2 2024 revenue fell to $184M amid halted U.S. shipments and market headwinds. TZE's $100M investment made it the controlling shareholder, while Maxeon withdrew guidance due to ongoing uncertainty and expects a significant Q3 revenue decline.

Original document: Maxeon Solar Technologies, Ltd. [MAXN] SEC 6-K Current Report — Sep. 2 2024

Disclaimer

This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original source.

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Maxeon Says Will Seek To Block Sunpower Asset Sale

Reuters

Maxeon Solar Technologies

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Aug 30 (Reuters) - Solar panel maker Maxeon MAXN.O said on Friday it plans to object to a bankruptcy court sale of SunPower's assets because it says it owns the right to use the company's brand name outside of the United States.

WHY IT MATTERS

SunPower, a pioneer in the residential solar market that filed for Chapter 11 bankruptcy protection this month, is seeking to sell many of its assets to rival Complete Solaria for $45 million. That sale could be blocked if the court finds SunPower does not have the right to sell the assets.

Maxeon was spun off from SunPower in 2020. At the time, the companies struck a deal specifying that Maxeon can use the SunPower name globally. The agreement prohibits the sale of SunPower trademarks without Maxeon's consent, Maxeon said.

Maxeon plans to file its objection formally by a Sept. 20 deadline, a spokesperson said.

KEY QUOTE

"The court is aware of our concerns and has made it clear - on the record - that our ability to object to any proposed sale is fully reserved," a Maxeon spokesperson said in an emailed statement.

(Reporting by Nichola Groom; Editing by Rod Nickel)

(( nichola.groom@thomsonreuters.com ;))

Keywords: MAXEON-SUNPOWER/BANKRUPTCY

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Why MongoDB Shares Are Trading Higher By Around 15%; Here Are 20 Stocks Moving Premarket

Benzinga

Emergent BioSolutions

-2.65%

Maxeon Solar Technologies

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Shares of MongoDB, Inc. rose sharply in today's pre-market trading after the company reported better-than-expected second-quarter financial results and issued strong guidance.

MongoDB reported quarterly earnings of 70 cents per share, which beat the analyst consensus estimate of 49 cents by 42.86%. Quarterly sales came in at $478.1 million, which beat the consensus estimate by 3.03% and represents growth of 12.82% from the same period last year.

MongoDB shares jumped 15.2% to $283.07 in the pre-market trading.

Here are some other stocks moving in pre-market trading.

Gainers

Brenmiller Energy Ltd gained 96.2% to $1.32 in pre-market trading after the company reported a year-over-year increase in H1 EPS results. Also, the company announced a projected pipeline valued up to $500 million.
Focus Universal Inc. rose 52.2% to $0.2894 in today's pre-market trading after the company in a Form4 filing disclosed that CEO Desheng Wang bought 302,100 shares of stock at an average price of $0.18 per share.
Emergent BioSolutions Inc. gained 29.4% to $11.54 in pre-market trading. Emergent BioSolutions’ ACAM2000 vaccine gained the FDA nod for Mpox indication amidst rising public health crisis.
Maxeon Solar Technologies, Ltd. gained 23% to $0.1283 in pre-market trading after dipping over 30% on Thursday.
Intuitive Machines, Inc. gained 16.8% to $5.63 in pre-market trading after the company was awarded a $116.9 million NASA contract to deliver six science and technology payloads to the Moon.
LogicMark, Inc. gained 13.8% to $0.1855 in pre-market trading after declining 9% on Thursday.
Marvell Technology, Inc. gained 8.8% to $76.00 in the pre-market trading session after the company reported its second-quarter financial results.
ADS-TEC Energy PLC gained 6.5% to $14.00 in pre-market trading.
Dell Technologies Inc. rose 6.5% to $117.90 in pre-market trading after the company reported stronger-than-expected results for its second quarter.

Losers

Catheter Precision, Inc. shares declined 35.3% to $0.88 in pre-market trading after dipping 23% on Thursday.
Elastic N.V. shares fell 27.1% to $75.60 in pre-market trading after the company reported first-quarter financial results and issued second-quarter revenue guidance below estimates.
BioCardia, Inc. fell 20.3% to $3.20 in pre-market trading. BioCardia shares jumped 83% on Wednesday after FDA cleared the company to market its Morph DNA Steerable Introducer product family.
XORTX Therapeutics Inc. fell 13.3% to $2.34 in pre-market trading after surging over 130% on Thursday.
Ekso Bionics Holdings Inc shares fell 10.7% to $1.00 in pre-market trading. Ekso Bionics priced its $6 million underwritten public offering of 6m units with dual warrants.
Paltalk, Inc. fell 10.4% to $4.89 in today's pre-market trading after gaining 14% on Thursday.
Innovative Eyewear, Inc. L shares declined 8.8% to $4.64 in pre-market trading. Innovative Eyewear shares jumped 54% on Thursday after the company announced that its Lucyd Lyte frames are now being sold on Target.com.
Duluth Holdings Inc shares fell 8.6% to $3.51 in pre-market trading. Duluth Holdings shares jumped around 19% on Thursday after the company reported better-than-expected second-quarter sales results.
Autozi Internet Technology (Global) Ltd. A shares dipped 6.9% to $2.70 in pre-market trading after gaining over 10% on Thursday. Autozi Internet Technology (Global) announced the closing of initial public offering.
Ulta Beauty, Inc. declined 6.4% to $344.03 in pre-market trading after the company reported weaker-than-expected results for its second quarter and cut its FY24 guidance.