Press Release: Maxeon Solar Technologies And Hardt Electric Enable The American College Of Chest Physicians To Power Hq With Clean Solar Energy

• First half of 2025 revenue of $39 Million--
• Amid continued headwinds, the Company is committed to business transformation and fiscal discipline--

SINGAPORE, Aug. 14, 2025 /PRNewswire/ — Maxeon Solar Technologies, Ltd. ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the six months ended June 30, 2025.

"Maxeon's financial results for the first half of 2025 continued to reflect challenges resulting from U.S. Customs & Border Protection (CBP)'s exclusion of our solar panels from U.S. import since July 2024," said George Guo, Maxeon's CEO. "We continue to contest CBP's unsubstantiated decision and on July 15 filed a complaint with the U.S. Court of International Trade (CIT) challenging CBP's action as an overreach, lack of due process, and misapplication of the UFLPA, which led to the erroneous exclusion of certain Maxeon solar panels from import into the U.S. We remain hopeful that the court will correct this unwarranted action that has severely impacted our business for over a year."

Guo continued, "Recently enacted H.R. 1 (OBBBA) legislation in the U.S. includes provisions regarding the solar industry, and in light of this, the Company is currently evaluating how implementation of this bill will impact Maxeon and is assessing strategic alternatives to adapt our business."

Dmitri Hu, Maxeon's CFO, added, "We have been taking proactive steps to strengthen our financial position through targeted restructuring initiatives. This includes ongoing discussion with our controlling shareholder, TZE, on various opportunities to reduce the Company's outstanding liabilities. These would be geared towards enhancing the Company's liquidity and balance sheet strength, while preserving operational continuity. We are also exploring monetization opportunities for other non-U.S. assets through strategic partnerships and selective divestments."

Hu continued, "As previously communicated, the Company will defer providing financial guidance and holding a conference call for the foreseeable future considering ongoing restructuring and macroeconomic uncertainties."

 
Selected Unaudited Financial Summary 
 
                                       Six Months Ended 
(In thousands, 
except 
shipments)                June 30, 2025                 June 30, 2024 
Shipments, in MW                          153.2                        1,014 
Revenue            $                     39,041     $                371,675 
Gross loss(1)                          (14,809)                     (22,656) 
GAAP Operating 
 expenses                                54,004                      110,338 
Net loss 
 attributable to 
 the 
 stockholders(1)                       (65,458)                     (68,484) 
Capital 
 expenditures                             1,268                       36,923 
 
                                    Other Financial Data(1) 
                                       Six Months Ended 
(In thousands)            June 30, 2025                 June 30, 2024 
Non-GAAP Gross 
 loss               $                  (15,005)  $                  (18,682) 
Non-GAAP 
 Operating 
 expenses                                42,500                       78,700 
Adjusted EBITDA                        (48,562)                     (87,013) 
 
 
 
(1)  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. 
 

For more information

Maxeon's first half of 2025 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov.

About Maxeon Solar Technologies

Maxeon Solar Technologies Ltd is Powering Positive Change(TM). Headquartered in Singapore, Maxeon leverages 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial and power plant customers. For more information about how Maxeon is Powering Positive Change(TM) visit us at https://www.maxeon.com/, or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives, including our attempts to refinance or equitize our debts, and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the denial of entry into the U.S. of our products by the U.S. Customs Border and Protection for an unforeseeable amount of time, epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine, the Israel-Hamas-Iran conflict and the escalating trade war and rising geopolitical tensions between the United States and China; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our new focus on the U.S. market and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including our collaboration with TZE to develop our Maxeon 8 technology and production timelines for the Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including our statements regarding restructuring of our business portfolio and divesting our "rest-of-the-world" distributed generation business and our business in the Philippines, the closure and anticipated closure of certain of the Company's facilities, the Company's anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, efforts to develop U.S. vendors and supply chain, improved costs and efficiencies, partnership discussions with respect to the Company's next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; (j) our majority ownership by a controlling shareholder based in the PRC and the U.S. presidential administration's aggressive stance toward China, and (k) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets.

The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates, " "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements.

These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, transformation initiatives and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations and to refinance and/or equitize our debts; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from difficulties in hiring or retaining key personnel, epidemics, natural disasters, trade and military conflicts, including impacts of the war in Ukraine, conflicts in the Middle East and the escalating trade war between the U.S. and China; (6) our ability to manage our key customers and suppliers and develop new customers and suppliers in the United States; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships, such as our collaboration with affiliates of TZE to develop our Maxeon 8 technology; (8) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (9) changes in regulation and public policy, including the imposition and applicability of tariffs and retaliatory measures thereto; (10) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (11) fluctuations in our operating results; (12) appropriate sizing, or delays in developing our planned U.S. based manufacturing capacity and responding to development, manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, global trade and military conflicts, economic recession and environmental disasters; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which may cause such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; (15) the removal of our Company's ordinary shares from prominent stock indices including the Russell 2000 and Russell 3000; and (16) unpredictable outcomes resulting from our litigation activities and other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors" and Form 6-K filings discussing our quarterly earnings results. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

Use of Non-GAAP Financial Measures

We present certain non-GAAP measures such as non-GAAP gross loss, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, restructuring charges and fees, remeasurement loss on prepaid forward and physical delivery forward, gain on extinguishment of debt, net gain on divestment of subsidiaries and equity in income of unconsolidated investees and associated gains ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross loss is defined as gross loss excluding stock-based compensation and restructuring (credit) charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation and restructuring charges and fees.

We believe that non-GAAP gross loss, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.

As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:

• Stock-based compensation expense. Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross (loss) profit, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation.
• Provision for expected credit losses. This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated November 8, 2019 (the "SDA") entered into with SunPower Corporation ("SunPower") in connection with the Company's spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower's business which Maxeon did not and will not have economic benefits to, as the Company's involvement is solely through SunPower's indemnification obligations set forth in the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.
• Restructuring charges and fees (credit). We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees (credit) are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees (credit) from our non-GAAP financial measures as they are not reflective of ongoing operating results, nor do these charges contribute to a meaningful evaluation of our past operating performance.
• Gain on extinguishment of debt. This relates to the gain that arose from the substantial modification of our Green Convertible Senior Notes due 2025 and 2027 Notes in June 2024. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results, nor do these charges contribute to a meaningful evaluation of our past operating performance.
• Net gain on divestment of subsidiaries. This relates to the gain on divestment in our "rest-of-the-world" distributed generation business and our business in the Philippines, net of the associated cost directly attributable to such transactions. This is excluded from our Adjusted EBITDA financial measure because it is not reflective of core operating results.
• Remeasurement loss on prepaid forward and physical delivery forward. This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 6.50% Green Convertible Senior Notes due 2025 for an aggregate principal amount of $200 million. The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the Note Valuation Period on September 29, 2020, and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results, nor do the loss contribute to a meaningful evaluation of our past operating performance.
• Equity in income of unconsolidated investees and related gains. This relates to the gain on divestment for our investment in our former unconsolidated equity investment Huansheng JV. This is excluded from our Adjusted EBITDA financial measure as it is not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance. Reconciliation of Non-GAAP Financial Measures Six Months Ended

(In thousands)             June 30, 2025                June 30, 2024 
                    ---------------------------  --------------------------- 
Gross loss          $                  (14,809)  $                  (22,656) 
Stock-based 
 compensation                               302                          862 
Restructuring 
 (credit) charges 
 and fees                                 (498)                        3,112 
                    ---------------------------  --------------------------- 
Non-GAAP Gross 
 loss               $                  (15,005)  $                  (18,682) 
                    ---------------------------  --------------------------- 
 
GAAP Operating 
 expenses           $                    54,004   $                  110,338 
Stock-based 
 compensation                           (6,624)                     (11,252) 
Provision for 
 expected credit 
 losses                                   (115)                     (11,462) 
Restructuring 
 charges and fees                       (4,765)                      (8,924) 
                    ---------------------------  --------------------------- 
Non-GAAP Operating 
 expenses           $                    42,500  $                    78,700 
                    ---------------------------  --------------------------- 
 
Net loss 
 attributable to 
 the stockholders   $                  (65,458)  $                  (68,484) 
Interest expense, 
 net                                     17,545                       18,850 
Provision for 
 income taxes                             4,343                        4,415 
Depreciation                              2,383                       20,668 
Amortization                                 82                          448 
                    ---------------------------  --------------------------- 
EBITDA                                 (41,105)                     (24,103) 
Stock-based 
 compensation                             6,926                       12,114 
Provision for 
 expected credit 
 losses                                     115                       11,462 
Gain on 
 extinguishment of 
 debt                                        --                     (77,266) 
Net gain on 
divestment of 
subsidiaries                           (18,872)                           -- 
Restructuring 
 charges and fees                         4,267                       12,036 
Remeasurement loss 
 on prepaid 
 forward                                    107                       14,289 
Equity in income 
 of unconsolidated 
 investees and 
 related gains                               --                     (24,083) 
                    ---------------------------  --------------------------- 
Adjusted EBITDA     $                  (48,562)  $                  (75,551) 
                    ---------------------------  --------------------------- 
 

(c)2025 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information.

 
                       MAXEON SOLAR TECHNOLOGIES, LTD. 
                    CONDENSED CONSOLIDATED BALANCE SHEETS 
                                 (unaudited) 
                    (In thousands, except for shares data) 
 
                                             As of 
                  ----------------------------------------------------------- 
                         June 30, 2025                December 31, 2024 
                  ----------------------------  ----------------------------- 
Assets 
Current assets: 
 Cash and cash 
  equivalents        $                  17,225     $                   28,895 
 Accounts 
  receivable, 
  net                                    8,772                          4,269 
 Inventories                            34,103                         40,220 
 Prepaid 
  expenses and 
  other current 
  assets                                25,513                         20,363 
 Assets held for 
  sale                                  59,445                        172,269 
                  ----------------------------  ----------------------------- 
Total current 
 assets                $               145,058       $                266,016 
Property, plant 
 and equipment, 
 net                                     7,530                         72,858 
Operating lease 
 right of use 
 assets                                 25,513                         27,951 
Other intangible 
 assets, net                               441                            523 
Other long-term 
 assets                                  7,768                          8,924 
                  ----------------------------  ----------------------------- 
Total assets           $               186,310       $                376,272 
                  ============================  ============================= 
Liabilities and 
Equity 
Current 
liabilities: 
 Accounts 
  payable            $                  47,480     $                   62,544 
 Accrued 
  liabilities                           42,573                         86,724 
 Contract 
  liabilities, 
  current 
  portion                               74,500                         74,312 
 Short-term debt                           482                            462 
 Operating lease 
  liabilities, 
  current 
  portion                                7,299                          9,098 
 Liabilities 
  classified as 
  held for sale                             --                        105,368 
                  ----------------------------  ----------------------------- 
Total current 
 liabilities           $               172,334       $                338,508 
Long-term debt                             481                            732 
Contract 
 liabilities, 
 net of current 
 portion                                 2,500                          3,333 
Operating lease 
 liabilities, 
 net of current 
 portion                                23,980                         27,434 
Convertible debt                       287,239                        273,766 
Deferred tax 
 liabilities                             5,313                          5,313 
Other long-term 
 liabilities                            16,109                         15,551 
                  ----------------------------  ----------------------------- 
Total 
 liabilities           $               507,956       $                664,637 
                  ============================  ============================= 
Commitments and 
contingencies 
Net deficit: 
 Common stock, 
 no par value 
 16,932,760 and 
 16,711,109 
 issued and 
 outstanding as 
 of June 30, 
 2025 and 
 December 31, 
 2024, 
 respectively     $                         --  $                          -- 
 Additional 
  paid-in 
  capital                            1,144,689                      1,137,042 
 Accumulated 
  deficit                          (1,471,498)                    (1,410,392) 
 Accumulated 
  other 
  comprehensive 
  loss                                   (647)                       (20,492) 
                  ----------------------------  ----------------------------- 
Net deficit 
 attributable to 
 the Company                         (327,456)                      (293,842) 
 Noncontrolling 
  interests                              5,810                          5,477 
                  ----------------------------  ----------------------------- 
Net deficit                          (321,646)                      (288,365) 
                  ----------------------------  ----------------------------- 
Total 
 liabilities and 
 net deficit           $               186,310       $                376,272 
                  ============================  ============================= 
 
 
                      MAXEON SOLAR TECHNOLOGIES, LTD. 
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                                 (unaudited) 
                    (In thousands, except per share data) 
 
                                        Six Months Ended 
                    -------------------------------------------------------- 
                           June 30, 2025                June 30, 2024 
                    ----------------------------  -------------------------- 
Revenue               $                   39,041   $                 371,675 
Cost of revenue                           53,850                     394,331 
                    ----------------------------  -------------------------- 
Gross loss                              (14,809)                    (22,656) 
                    ----------------------------  -------------------------- 
Operating 
expenses: 
 Research and 
  development                             14,618                      19,322 
 Sales, general 
  and 
  administrative                          34,192                      88,034 
 Restructuring 
  charges                                  5,194                       2,982 
                    ----------------------------  -------------------------- 
   Total operating 
    expenses                              54,004                     110,338 
                    ----------------------------  -------------------------- 
Operating loss                          (68,813)                   (132,994) 
                    ----------------------------  -------------------------- 
Other income, net 
 Interest expense                       (18,024)                    (20,177) 
 Interest income                             479                       1,327 
 Gain on 
  extinguishment 
  of debt                                     --                      77,266 
 Other, net                               25,423                       9,874 
                    ----------------------------  -------------------------- 
   Other income, 
    net                                    7,878                      68,290 
                    ----------------------------  -------------------------- 
Loss before income 
 taxes                                  (60,935)                    (64,704) 
 Provision for 
  income taxes                           (4,343)                     (4,415) 
 Equity in income 
 (losses) of 
 unconsolidated 
 investees                                    --                          -- 
                    ----------------------------  -------------------------- 
Net loss                                (65,278)                    (69,119) 
 Net (income) loss 
  attributable to 
  noncontrolling 
  interests                                (180)                         635 
                    ----------------------------  -------------------------- 
Net loss 
 attributable to 
 the stockholders     $                 (65,458)  $                 (68,484) 
                    ============================  ========================== 
 
Net loss per share 
attributable to 
stockholders: 
 Basic and diluted  $                     (3.89)  $                 (134.55) 
 
Weighted average 
shares used to 
compute net loss 
per share: 
 Basic and diluted                        16,811                         509 
 
 
                       MAXEON SOLAR TECHNOLOGIES, LTD. 
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                                  (unaudited) 
                                (In thousands) 
 
                                         Six Months Ended 
                    ---------------------------------------------------------- 
                           June 30, 2025                 June 30, 2024 
                    ---------------------------  ----------------------------- 
Cash flows from 
operating 
activities 
Net loss                $              (65,278)     $                 (69,119) 
Adjustments to 
reconcile net loss 
to operating cash 
flows 
 Depreciation and 
  amortization                            2,465                         21,116 
 Stock-based 
  compensation                            6,926                         12,114 
 Non-cash interest 
  expense                                 9,078                          4,056 
 Gain on disposal 
  of equity in 
  unconsolidated 
  investees                                  --                       (24,083) 
 Net gain on 
 divestment of 
 interest in 
 subsidiaries                          (18,872)                             -- 
 Remeasurement of 
 lease liability                        (2,070)                             -- 
 Deferred income 
  taxes                                      --                            (7) 
 Loss on 
  impairment of 
  property, plant 
  and equipment                              --                          1,542 
 Loss on 
  impairment of 
  right of use of 
  asset                                      --                          4,525 
 Loss (gain) on 
  disposal of 
  property, plant 
  and equipment                             748                          (837) 
 Gain on debt 
  extinguishment                             --                       (77,266) 
 Remeasurement 
  loss (gain) on 
  prepaid forward                           107                         14,289 
 (Utilization of) 
  provision for 
  inventory 
  reserves                              (7,171)                         15,767 
 Provision for 
  expected credit 
  losses                                    213                         11,655 
 Other, net                               (148)                          1,048 
 Changes in 
 operating assets 
 and liabilities 
   Accounts 
    receivable                          (9,129)                         22,202 
   Inventories                           23,816                         60,427 
   Prepaid 
    expenses and 
    other assets                          1,441                         11,632 
   Operating lease 
    right-of-use 
    assets                                2,469                          3,006 
   Accounts 
    payable and 
    other accrued 
    liabilities                        (36,707)                       (33,018) 
   Contract 
    liabilities                            (98)                      (122,861) 
   Operating lease 
    liabilities                         (3,060)                        (3,364) 
                    ---------------------------  ----------------------------- 
     Net cash used 
      in operating 
      activities                       (95,270)                      (147,176) 
                    ---------------------------  ----------------------------- 
Cash flows from 
investing 
activities 
 Purchases of 
  property, plant 
  and equipment                         (1,268)                       (36,923) 
 Purchases of 
  intangible 
  assets                                     --                           (10) 
 Net proceeds from 
 divestment of 
 subsidiaries                            83,236                             -- 
 Proceeds from 
  disposal of 
  equity in 
  unconsolidated 
  investees                                  --                         24,000 
 Proceeds from 
  disposal of 
  asset held for 
  sale                                       --                            462 
 Proceeds from 
  disposal of 
  property, plant 
  and equipment                           1,109                            824 
                    ---------------------------  ----------------------------- 
     Net cash from 
      (used in) 
      investing 
      activities                         83,077                       (11,647) 
                    ---------------------------  ----------------------------- 
Cash flows from 
financing 
activities 
 Proceeds from 
  debt                                       --                         51,249 
 Repayment of debt                           --                       (74,572) 
 Repayment of 
  finance lease 
  obligations                             (259)                          (258) 
 Payment for 
  transaction 
  costs for 
  ongoing equity 
  issuance                                   --                        (2,424) 
 Net proceeds from 
  issuance and 
  modification of 
  convertible 
  notes and 
  warrants                                   --                         74,364 
     Net cash 
      (used in) 
      provided by 
      financing 
      activities     $                    (259)    $                    48,359 
                    ---------------------------  ----------------------------- 
Effect of exchange 
 rate changes on 
 cash, cash 
 equivalents and 
 restricted cash                           (88)                           (94) 
                    ---------------------------  ----------------------------- 
Net decrease in 
 cash, cash 
 equivalents and 
 restricted cash     $                 (12,540)    $                 (110,558) 
Cash, cash 
 equivalents and 
 restricted cash, 
 beginning of 
 period                                  31,008                        195,511 
                    ---------------------------  ----------------------------- 
Cash, cash 
 equivalents and 
 restricted cash, 
 end of period       $                   18,468   $                     84,953 
                    ===========================  ============================= 
Non-cash 
transactions 
 Property, plant 
  and equipment 
  purchases funded 
  by liabilities    $                       755  $                       1,910 
 Interest paid in 
  shares                                     --                          4,140 
 Interest paid by 
  issuance of 
  convertible 
  notes                                   3,142                          5,519 
 Right-of-use 
  assets obtained 
  in exchange for 
  lease 
  obligations                                --                          7,986 
 

The following table reconciles our cash and cash equivalents, and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of June 30, 2025 and June 30, 2024:

 
(In thousands)            June 30, 2025                June 30, 2024 
                    --------------------------  ---------------------------- 
Cash and cash 
 equivalents        $                   17,225  $                     81,381 
Restricted cash, 
 current portion, 
 included in 
 Prepaid expenses 
 and other current 
 assets                                  1,142                         3,474 
Restricted cash, 
 net of current 
 portion, included 
 in Other 
 long-term assets                          101                            98 
                    --------------------------  ---------------------------- 
Total cash, cash 
 equivalents and 
 restricted cash 
 shown in 
 Condensed 
 Consolidated 
 Statements of 
 Cash Flows         $                   18,468  $                     84,953 
                    ==========================  ============================ 
 

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SOURCE Maxeon Solar Technologies, Ltd.

Revenue fell sharply to $39 million in H1 2025 amid U.S. import bans and global demand slowdown, resulting in a $65.5 million net loss. Ongoing restructuring, asset sales, and cost reductions aim to address liquidity challenges, but substantial doubt remains about the company's ability to continue as a going concern.

Original document: Maxeon Solar Technologies, Ltd. [MAXN] SEC 6-K Current Report — Aug. 13 2025

Maxeon reported a sharp revenue decline and deepened losses in 2024, driven by U.S. import restrictions and restructuring costs. The company is refocusing on the U.S. market, divesting non-core assets, and pursuing legal action to restore market access.

Original document: Maxeon Solar Technologies, Ltd. [MAXN] SEC 6-K Current Report — Apr. 30 2025