Maxeon Solar Shipped 379 MW Solar Modules In Q1/2021

• Maxeon Solar's Q1/2021 revenues declined annually and sequentially to a total of $165 million
• IBC solar panel shipments were a total of 241 MW, while Performance panel capacity shipped during the quarter was 138 MW
• For Q2/2021, it expects to ship between 415 MW to 475 MW with revenues within the range of $165 million to $185 million

Singapore headquartered solar module manufacturer Maxeon Solar Technologies, Ltd., has reported $165 million revenues for Q1/2021, having declined both annually ($228 million) and sequentially ($246 million), but within the guided range of approximately 160 million (see Maxeon Solar Shares Plans To Expand Further Into US Market). Management called it an effect of the natural seasonal pattern in the distributed generation (DG) business and the ongoing pause in its large scale business.

The DG business with IBC modules drove the revenues with $100 million coming in from IBC panels, and $38 million from Performance panels, followed by $26 million from IBC panels for power plants and $1 million from Performance panels for power plants.

Overall, 241 MW of IBC solar panels were shipped by Maxeon in the reporting quarter and 138 MW of Performance line.

Geographically, the EMEA region contributed $77 million of its Q1/2021 revenues, followed by the US and Canada with $59 million and APC with $29 million.

Guidance

For Q2/2021, Maxeon has guided for its shipments to fall within 415 MW to 475 MW range bringing in revenues in the range of $165 million to $185 million. It expects to report gross loss of $-5 million to $-15 million, while adjusted EBITDA will be between $-30 million to $-40 million.

The spin-off of SunPower Corporation, Maxeon has guided for the out-of-market polysilicon cost as $16 million to $19 million. In Q2/2021, it expects to incur a capital investment of $50 million to $60 million, directed mainly to upgrading to Maxeon 5 and 6 in Malaysia and pilot line related to Maxeon 7.

Management also offered its vision for the company in mid-2022 when it sees its recently launched commercial rooftop product Maxeon Air shipments growing with Maxeon AC modules on track to exceed 20% of the company's DG revenues outside the US. It launched Maxeon Air solar panels in May 2021 (see 'Disruptive Technology Platform' From Maxeon Solar).

"We are optimistic about our long-term prospects as we continue to make significant progress in key strategic growth areas. Our newly announced initiative to bring Performance line products to North America is progressing rapidly, with an agreement to supply approximately 1 GW for Primergy's Gemini Project," said CEO Jeff Waters. "As well, we continue to optimize our manufacturing footprint and support margins as we ramp Maxeon 6 production and phase out our legacy Maxeon 2 line."

Maxeon will be supplying its 210mm sized bifacial solar modules for the Gemini Solar and Storage Project of Primergy (see Maxeon Lands 1.8 Million Bifacial Module Order For US).