Maxeon Meets Shipment & Revenue Guidance

• Maxeon says it met revenue guidance for Q1/2023 while also exceeding that for adjusted EBITDA
• It claims to be booked out through 2025, and parts of 2026 & 2027 while negotiating supply for 2026 to 2030 now
• Plans to expand US manufacturing and is progressing DOE loan application for cell and module fab
• Revises FY 2023 revenue guidance to now aim for $1.4 billion to $1.6 billion, against previous forecast of $1.35 billion to $1.55 billion

Maxeon Solar Technologies delivered on its revenue and shipment guidance for Q1/2023 while exceeding that provided for adjusted EBITDA, gives it the confidence to increase full year 2023 revenue and adjusted EBITDA forecast as it also explores expanding its North American supply chain.

The Singapore headquartered solar panel manufacturer cited strong customer demand to say that the management is progressing its application with the US Department of Energy (DOE) Loan Program Office for a domestic cell and module facility.

Earlier Maxeon had said it is on track to achieve 1.8 GW P-series module plant in the US and plans to add an. Incremental 3 GW cell and module fab in the country to come online in 2025 (see Maxeon's Q3/2022 Revenues Went Up 25% Annually).

CEO Bill Mulligan said the company is now booked out through 2025 for North American utility scale business and production is allocated for parts of 2026 and 2027. Supply negotiations are going on for 2026 to 2030 period.

During the reporting quarter, Maxeon shipped 774 MW solar modules, up from 734 MW in Q4/2022 and 488 MW in Q1/2022. Shipments were led by Performance Line modules (576 MW) and followed by IBC (198 MW), going mainly to the Americas, EMEA and APAC markets, in that order.

It distributed generation (DG) business benefited from prudent supply chain management and solid ASP execution in Europe and expanded profitability in the US.

Revenues of $318.3 million in Q1/2023 declined by over 1% QoQ but increased by more than 42% YoY. Gross profit was reported as $53.6 million, and adjusted EBITDA exceeded guidance of $10 million to $20 million to a total of $30.98 million (see Maxeon Reports $20 Million Gross Profit For Q4/2022).

Guidance

Management guides for its Q2/2023 shipments to range between 860 MW to 900 MW and bring in revenues of $360 million to $400 million. Gross profit for the quarter is forecast between $49 million to $59 million while adjusted EBITDA should be within $24 million to $34 million range.

Maxeon also expects to incur $20 million to $26 million capex for manufacturing and corporate initiatives.

For full year 2023, revenue guidance is between $1.4 billion to $1.6 billion and adjusted EBITDA within a range of $95 million to $120 million.