Maxeon Solar's Q4 Losses Soar Amid Rising Costs
- Maxeon Solar Technologies Ltd faces a larger net loss in Q4 2023 due to increased operating expenses. CEO Bill Mulligan remains optimistic about the company's financial results.
Maxeon Solar Technologies Ltd is expecting a significantly larger attributable net loss for the fourth quarter of 2023 compared to the previous year due to a nearly fourfold increase in operating expenses. The company reported a preliminary GAAP net loss of USD 184 million, up from USD 76 million in the same period in 2022, with operating expenses jumping to USD 142 million from USD 38 million. CEO Bill Mulligan stated that these financial results are in line with the company's expectations.
The Singapore-based solar cell and panel maker attributed the higher costs to a transformation of its IBC capacity, which was timed to coincide with a slowdown in the DG market. As part of this initiative, Maxeon decided to ramp down all of its Maxeon 6 capacity faster than originally planned, resulting in higher restructuring costs in the fourth quarter.
Why is Maxeon Solar Technologies expecting a larger net loss in Q4 2023?
- Maxeon Solar Technologies is expecting a larger net loss in Q4 2023 due to a nearly fourfold increase in operating expenses.
- The company reported a preliminary GAAP net loss of USD 184 million, up from USD 76 million in the same period in 2022.
- Operating expenses jumped to USD 142 million from USD 38 million, leading to the larger net loss.
- CEO Bill Mulligan stated that these financial results are in line with the company's expectations.
- The higher costs were attributed to a transformation of its IBC capacity, timed to coincide with a slowdown in the DG market.
- Maxeon decided to ramp down all of its Maxeon 6 capacity faster than originally planned, resulting in higher restructuring costs in the fourth quarter.
