Exhibit 99.1 Investor Contact: Vedant Mour, investor@maxeon.com, +65 8242 4617 Media Contact: Forrest Monroy, forrest.monroy@maxeon.com, +1 (626) 884-4756 Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results --Fiscal year 2024 revenue of $509 million-- --Amid continued headwinds, committed to business transformation and fiscal discipline-- Singapore, May 1, 2025 – Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and cha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________ FORM 20-F ______________________________ ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUA ...

Core Insights - Maxeon Solar Technologies reported a fiscal year 2024 revenue of $509 million, a decrease from $1,123 million in fiscal year 2023, reflecting ongoing challenges in the market [1][2][17] - The company is facing significant disruptions due to U.S. Customs & Border Protection's barring of its solar panels from U.S. import since July 2024, despite compliance with the Uyghur Forced Labor Prevention Act [2][3] - Maxeon is restructuring its operations to focus on the U.S. market, streamline operations, and enhance efficiency while also identifying domestic component vendors [2][3] Financial Performance - In Q4 2024, Maxeon reported shipments of 211 MW, compared to 199 MW in Q3 2024 and 653 MW in Q4 2023 [2][17] - The gross loss for Q4 2024 was $47.656 million, compared to a gross profit of $2.728 million in Q4 2023 [2][17] - The net loss attributable to stockholders for fiscal year 2024 was $614.3 million, significantly higher than the $275.8 million loss in fiscal year 2023 [2][17] Operational Changes - The company has divested its assets in the Philippines and businesses outside the U.S. to improve liquidity and support ongoing transformation [2][3] - Maxeon is committed to fiscal discipline, having restructured interest payments on outstanding debt to reduce cash burden [2][3] - The company will no longer report earnings quarterly and will instead file audited financial statements through Form 20-F with the SEC [2][3] Future Outlook - Maxeon is unable to provide financial guidance due to ongoing restructuring and market uncertainties [2][3] - The company is focused on establishing alternative manufacturing and supply chains to enhance resilience against market headwinds [2][3] - Strategic initiatives are being implemented to ensure the delivery of efficient and reliable solar energy products to residential, commercial, and utility-scale customers [2][3]

Core Insights - Maxeon Solar Technologies is focusing on transforming its business to better compete in the challenging solar market, prioritizing the delivery of high-quality solar panels and renewable energy solutions [2] - The company has strategically restructured its business to concentrate exclusively on the U.S. market, enhancing its growth potential through planned onshore manufacturing [3][4] Business Restructuring - Maxeon has sold non-U.S. assets, resulting in approximately $94 million in proceeds, which strengthens its focus on the U.S. residential, commercial, and utility power plant markets [4] - The company is establishing alternative manufacturing and supply chains that are not affected by recent tariffs and trade barriers [8] Regulatory Challenges - U.S. Customs & Border Protection (CBP) denied Maxeon's protests regarding detained shipments of its solar panels, citing insufficient documentation despite the company's compliance with the Uyghur Forced Labor Prevention Act [5][6] - Maxeon is considering contesting CBP's decision in the U.S. Court of International Trade to affirm its compliance with UFLPA [5] Manufacturing Initiatives - Maxeon is committed to developing its U.S.-based manufacturing facilities, including an Albuquerque facility that will utilize next-generation technology [10] - The company is actively identifying additional domestic component vendors to support its diversified manufacturing operations [10] Commitment to Compliance and ESG - Maxeon emphasizes its commitment to compliance with UFLPA and maintains high standards of transparency and ethical practices in its supply chain [9]

Company Overview - Maxeon Solar Technologies is headquartered in Singapore and has nearly 40 years of experience in solar energy, holding over 2,000 granted patents for innovative solar panels and energy solutions [1] - Tongwei Solar (Hefei) Co., Ltd., controlled by Tongwei Co., Ltd., has developed a high-efficiency module R&D team and established a competitive module business system, serving major power generation companies in China and over 40 countries [3] Recent Developments - Maxeon Solar Technologies and Tongwei Solar announced a Settlement and Cross-Licensing Agreement effective November 30, 2024, concerning shingled solar cell and module technology and related patent disputes [5]

Industry Overview - The urgent need to combat greenhouse gas emissions is accelerating the shift from fossil fuels to renewable energy, creating significant investment opportunities [1] - The U.S. solar industry is expected to experience substantial growth due to declining costs and supportive policies, particularly in solar panel manufacturing and rooftop installations [1] Market Projections - According to the U.S. Energy Information Administration (EIA), renewables are projected to account for 25% of U.S. electricity generation in 2025, up from an estimated 23% in 2024 [3] - Coal's share of electricity generation is expected to remain unchanged, while coal-fired power plant retirements are projected to rise to 11 GW in 2025 [4] Company Highlights Maxeon Solar Technologies Ltd. (MAXN) - Maxeon Solar focuses on advanced solar panels and energy solutions, aiming to combat global warming and enhance solar energy accessibility [5] - The company anticipates an 87% growth in its bottom line by 2025, supported by local manufacturing to strengthen market presence and supply chain reliability [5] Nextracker (NXT) - Nextracker specializes in solar trackers that optimize electricity generation by allowing solar panels to follow the sun [6] - The company is involved in major projects and has secured partnerships with key players, positioning it for growth in 2025 [6] First Solar (FSLR) - First Solar provides eco-efficient solar modules and has a strong market position with a contracted backlog of 73.3 GW and an opportunity pipeline of 81.4 GW [7] - The company is expected to see earnings growth of over 50% in 2025, driven by robust demand for its advanced thin-film photovoltaic technology [7]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

Group 1 - Maxeon Solar Technologies reported a quarterly loss of $0.47 per share, significantly better than the Zacks Consensus Estimate of a loss of $11.50, and a substantial improvement from a loss of $221 per share a year ago, indicating an earnings surprise of 95.91% [1] - The company posted revenues of $88.56 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 25.72%, but down from $227.63 million in the same quarter last year [2] - Over the last four quarters, Maxeon Solar Technologies has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed significantly, losing about 98.9% since the beginning of the year, while the S&P 500 has gained 27.6% [3] - The current consensus EPS estimate for the upcoming quarter is -$3 on revenues of $95 million, and for the current fiscal year, it is -$27 on revenues of $621.11 million [7] - The Zacks Industry Rank for Solar is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - In Q3 2024, Maxeon reported shipments of 199 MW, a decrease of 62.3% from 526 MW in Q2 2024 and a decline of 68.3% from 628 MW in Q3 2023[4] - Revenue for Q3 2024 was $88.56 million, down 52.0% from $184.22 million in Q2 2024 and down 61.1% from $227.63 million in Q3 2023[4] - The gross loss for Q3 2024 was $(179.10) million, compared to a gross loss of $(7.79) million in Q2 2024 and a gross profit of $2.73 million in Q3 2023[4] - Net loss attributable to stockholders in Q3 2024 was $(393.94) million, significantly higher than $(34.23) million in Q2 2024 and $(108.26) million in Q3 2023[4] - Non-GAAP Adjusted EBITDA for Q3 2024 was $(225.71) million, compared to $(36.57) million in Q2 2024 and $(19.92) million in Q3 2023[4] - Total operating expenses for the three months ended September 29, 2024, were $153.22 million, up from $66.56 million in the same period last year, primarily due to restructuring charges of $105.96 million[21] - Net loss for the nine months ended September 29, 2024, was $508.744 million, compared to a loss of $89.418 million for the same period in 2023[28] Market Conditions - Average market prices for high efficiency and mainstream crystalline modules dropped by approximately 43.5% and 28.6%, respectively, since January 2024[2] - The company is unable to provide financial guidance for Q4 2024 due to uncertainties surrounding U.S. Customs and Border Protection detentions[2] Restructuring and Strategic Focus - Maxeon plans to focus exclusively on the U.S. market to drive future growth and profitability[2] - Maxeon is undergoing a restructuring process to optimize its business portfolio and geographic market focus[2] - The company reported a significant increase in restructuring charges and fees, totaling $108,992 thousand in Q3 2024, compared to $6,783 thousand in Q2 2024[16] Cash Flow and Assets - Total current assets decreased to $262,115 thousand as of September 29, 2024, down from $619,019 thousand as of December 31, 2023[19] - Cash and cash equivalents dropped to $51,223 thousand from $190,169 thousand over the same period[19] - The company had a net decrease in cash, cash equivalents, and restricted cash of $141.159 million for the nine months ended September 29, 2024[30] Equity and Liabilities - Total liabilities as of September 29, 2024, were $647,096 thousand, down from $997,367 thousand at the end of 2023[19] - The company’s accumulated deficit increased to $(1,304,415) thousand as of September 29, 2024, from $(796,092) thousand at the end of 2023[19] - The company’s total equity attributable to the Company was $(211,064) thousand as of September 29, 2024, compared to $(1,109) thousand at the end of 2023[19] Stock and Compensation - Stock-based compensation expense for Q3 2024 was $5,889 thousand, up from $5,236 thousand in Q2 2024[16] - The company recognized stock-based compensation of $18.003 million for the nine months ended September 29, 2024, compared to $17.145 million in the same period of 2023[28] Other Financial Metrics - Basic and diluted net loss per share attributable to stockholders was $(0.47) for the three months ended September 29, 2024, compared to $(2.21) for the same period last year[21] - The company recognized a gain on extinguishment of debt of $35.33 million during the nine months ended September 29, 2024[21] - The company reported a loss on impairment of property, plant, and equipment amounting to $157.673 million for the nine months ended September 29, 2024[28] - The company experienced a loss on impairment of intangible assets totaling $2.167 million for the nine months ended September 29, 2024[28]

Core Viewpoint - Maxeon Solar Technologies reported significant financial challenges in Q3 2024, including a net loss of $393.9 million, attributed to customs delays, factory shutdowns, and restructuring costs, alongside a notable decline in average market prices for solar products [1][2][6]. Financial Performance - Shipments decreased to 199 MW in Q3 2024 from 526 MW in Q2 2024 and 628 MW in Q3 2023 [1]. - Revenue for Q3 2024 was $88.56 million, down from $184.22 million in Q3 2023 [1][6]. - Gross loss was reported at $179.1 million, compared to a gross profit of $2.73 million in Q3 2023 [1][6]. - Operating expenses surged to $153.2 million in Q3 2024, up from $66.56 million in Q3 2023 [1][6]. - Non-GAAP gross loss profit was $174.74 million for Q3 2024, compared to a profit of $2.73 million in Q3 2023 [1][6]. Strategic Initiatives - The company plans to focus exclusively on the U.S. market to enhance growth and profitability, leveraging local manufacturing capabilities [1]. - Maxeon is undergoing a restructuring process aimed at optimizing its business portfolio and geographic market focus [1][2]. Market Conditions - The average market price for high-efficiency crystalline modules has dropped by approximately 43.5% since January 2024, while mainstream products saw a decline of about 28.6% [1]. - The company is facing intense competition and global oversupply, contributing to depressed pricing [1]. Liquidity and Future Guidance - The CFO emphasized the importance of maintaining liquidity for daily operations while recapitalizing the company for restructuring and growth [1]. - Due to uncertainties surrounding customs detentions, the company is unable to provide financial guidance for Q4 2024 [1].