Core Viewpoint - Aishuo Co., Ltd. has signed a patent licensing agreement with Maxeon on February 5, 2026, acquiring all BC battery and component patents outside the United States for the past and the next five years, with a total licensing fee of 1.65 billion yuan [1] Group 1 - The total patent licensing fee is 1.65 billion yuan, to be paid in installments over five years, with the first year's payment set at 250 million yuan [1] - The agreement has been approved by the board of directors and does not constitute a related party transaction or a major asset restructuring [1] - The agreement does not involve reverse licensing [1] Group 2 - There are risks associated with the execution of the agreement, revenue generation, exclusivity of the license, and renewal aspects [1]

Core Viewpoint - The company has signed a patent licensing agreement with Maxeon, acquiring rights to all BC battery and component patents outside the United States for past and future innovations over the next five years [1] Group 1 - The total patent licensing fee amounts to RMB 1.65 billion, to be paid in installments over the next five years [1] - The first-year licensing fee is set at RMB 250 million [1]

Core Insights - Maxeon Solar Technologies and Shanghai Aiko Solar Energy have reached a licensing agreement for Maxeon's Back Contact solar cell and module patents outside the United States [1][2] - The agreement includes licensing existing patents and any new patents developed over the next five years, while both companies will withdraw any pending patent enforcement and invalidation actions against each other [2][3] Company Overview - Maxeon Solar Technologies is headquartered in Singapore and has over 2,000 granted patents, focusing on innovative solar panels and energy solutions for various customer segments [4] - Aiko is a global leader in new energy technology, specializing in high-efficiency solar cells and modules, with a cumulative shipment of over 180GW across 120 countries [5]

Core Viewpoint - The company plans to acquire 100% equity of SunPower Malaysia Manufacturing Sdn. Bhd. through its wholly-owned subsidiary MFS Technology (S) PTE Ltd for a total consideration of up to $51 million [1] Group 1 - The acquisition target, SunPower Malaysia Manufacturing Sdn. Bhd., is indirectly wholly owned by Maxeon Solar Technologies, Ltd., a subsidiary of TCL Zhonghuan Renewable Energy Technology Co., Ltd. [1] - Upon completion of the transaction, the acquired company will be included in the company's consolidated financial statements [1]

Core Viewpoint - Maxeon Solar Technologies has filed a new patent infringement lawsuit against Aiko Solar in Munich, Germany, claiming infringement of its back contact solar technology patent EP2297789B1, specifically targeting Aiko's second and third-generation BC solar modules sold in Europe [1][2]. Summary by Sections Lawsuit Details - The lawsuit follows previous actions by Maxeon against Aiko, including a 2023 complaint in Mannheim regarding patent EP2297788 and a 2024 complaint in Düsseldorf concerning patent EP3065184, all related to the same BC solar technology family [2]. - Maxeon is seeking a permanent injunction against Aiko and its distributors, disclosure of sales data for the accused products, compensation for damages, and destruction of infringing inventory in Germany [3]. Defendants and Legal Strategy - In addition to Aiko, Maxeon has named four major German solar product distributors—Wattkraft GmbH & Co. KG, DWH Solutions GmbH, Memodo GmbH, and Tepto GmbH—as co-defendants in the lawsuit [3]. - The company emphasizes that distributors selling infringing products can also be liable for injunctions and damages, highlighting the risks associated with patent infringement for both manufacturers and distributors [4]. Company Background - Maxeon Solar Technologies, headquartered in Singapore, has over 40 years of experience in solar energy and holds more than 2,000 granted patents, focusing on innovative and sustainable solar solutions for various customer segments [5].

Core Insights - Maxeon Solar Technologies, in partnership with Hardt Electric, has successfully installed a solar energy system at the American College of Chest Physicians (CHEST) headquarters, enhancing their commitment to sustainability and lung health [1][3]. Solar Installation Details - The solar system at CHEST is expected to generate approximately 341,000 kWh annually, which will offset nearly 30% of the facility's electricity usage [2]. - This installation will help avoid about 242 metric tons of CO2 emissions each year, equivalent to removing 54 cars from the road or eliminating the burning of 27,000 gallons of gasoline [2]. Technological Advancements - Maxeon's solar technology, developed over four decades, offers industry-leading efficiency and durability, capturing more sunlight in low light conditions and maintaining a low degradation rate [4]. - The company provides a 40-year warranty on its panels, ensuring long-term reliability for installations like CHEST [4]. Commitment to Health and Environment - CHEST's initiative reflects its mission to advance lung health and improve air quality, addressing air pollution linked to respiratory diseases [3]. - Hardt Electric emphasizes the project's alignment with both organizations' values of sustainability and health, contributing to a cleaner future for the Chicago community [5]. Company Profiles - Maxeon Solar Technologies is a leader in solar innovation, leveraging over 2,000 patents to design sustainable solar solutions for various markets [5]. - Hardt Electric, with over 50 years of experience, specializes in delivering innovative electrical and energy infrastructure solutions across multiple sectors [6][7].

Financial Performance - Maxeon reported revenue of $39 million for the first half of 2025, a significant decrease from $371.7 million in the same period of 2024, representing a decline of approximately 89.5%[3] - Shipments for the first half of 2025 were 153.2 MW, down from 1,014 MW in the first half of 2024, indicating a decline of about 85%[3] - The gross loss for the first half of 2025 was $14.8 million, an improvement from a gross loss of $22.7 million in the same period of 2024[3] - Net loss attributable to stockholders for the first half of 2025 was $65.5 million, slightly improved from a net loss of $68.5 million in the first half of 2024[3] - Non-GAAP gross loss for the first half of 2025 was $15 million, compared to a non-GAAP gross loss of $18.7 million in the first half of 2024[4] - Adjusted EBITDA for the first half of 2025 was a loss of $48.6 million, an improvement from a loss of $87 million in the same period of 2024[4] - Revenue for the six months ended June 30, 2025, was $39,041,000, a significant decrease of 89.5% compared to $371,675,000 for the same period in 2024[20] - Gross loss improved to $(14,809,000) for the six months ended June 30, 2025, compared to $(22,656,000) in the prior year, reflecting a reduction of 34.5%[20] - Net loss attributable to stockholders was $(65,458,000) for the six months ended June 30, 2025, compared to $(68,484,000) in 2024, indicating a 4.4% improvement[20] - Adjusted EBITDA for the six months ended June 30, 2025, was $(48,562,000), an improvement from $(75,551,000) in the same period of 2024[20] Cash Flow and Assets - Cash and cash equivalents decreased to $17,225,000 as of June 30, 2025, from $28,895,000 at the end of 2024, representing a decline of 40.1%[18] - Total current assets dropped to $145,058,000 as of June 30, 2025, down 45.5% from $266,016,000 at the end of 2024[18] - Total liabilities decreased to $507,956,000 as of June 30, 2025, compared to $664,637,000 at the end of 2024, a reduction of 23.5%[18] - The company reported a net cash used in operating activities of $(95,270,000) for the six months ended June 30, 2025, compared to $(147,176,000) in the same period of 2024, indicating a 35.3% improvement[22] - Net cash from investing activities was $83,077,000 for the six months ended June 30, 2025, compared to $(11,647,000) in the same period of 2024, showing a significant turnaround[22] Strategic Initiatives - The company is currently contesting the U.S. Customs & Border Protection's exclusion of its solar panels from U.S. imports, which has impacted business for over a year[2] - Maxeon is evaluating the impact of recently enacted U.S. legislation on the solar industry and assessing strategic alternatives to adapt its business[2] - The company is exploring monetization opportunities for non-U.S. assets through strategic partnerships and selective divestments[2] - Maxeon has deferred providing financial guidance and holding a conference call due to ongoing restructuring and macroeconomic uncertainties[2] Operating Expenses - Total operating expenses decreased to $54,004,000, down 51.0% from $110,338,000 in the same period last year[20]

Core Insights - Maxeon Solar Technologies reported a revenue of $39 million for the first half of 2025, a significant decline from $371.7 million in the same period of 2024 [3][18] - The company is facing ongoing challenges due to the exclusion of its solar panels from U.S. imports since July 2024, which has severely impacted its business [2][3] - Maxeon is committed to business transformation and fiscal discipline, exploring strategic alternatives to enhance liquidity and balance sheet strength [2][3] Financial Performance - Shipments decreased to 153.2 MW in the first half of 2025 from 1,014 MW in the same period of 2024 [3] - Gross loss for the first half of 2025 was $14.8 million, an improvement from a gross loss of $22.7 million in the first half of 2024 [3][18] - Operating expenses were $54 million, down from $110.3 million in the previous year [3][18] - Net loss attributable to stockholders was $65.5 million, slightly better than the net loss of $68.5 million in the first half of 2024 [3][19] Strategic Initiatives - The company is actively contesting the U.S. Customs & Border Protection's decision and has filed a complaint with the U.S. Court of International Trade [2] - Maxeon is evaluating the impact of recently enacted U.S. legislation on the solar industry and assessing strategic alternatives [2] - Ongoing discussions with the controlling shareholder, TZE, aim to reduce outstanding liabilities and enhance liquidity [2] Cash Flow and Assets - Cash and cash equivalents decreased to $17.2 million as of June 30, 2025, from $28.9 million at the end of 2024 [15][21] - Total current assets dropped to $145.1 million from $266 million at the end of 2024 [15][21] - The company reported a net cash used in operating activities of $95.3 million for the first half of 2025, compared to $147.2 million in the same period of 2024 [20]

Company Overview - Maxeon Solar Technologies reported revenue of $1.1 billion in 2023[8] - The company has a manufacturing capacity and offtake agreement of 3.5+ GW[10] - Maxeon's panels have a module efficiency of approximately 24%[22, 30] Financial Performance - Q1 2024 revenue was $187 million[60] - Q4 2022 revenue was $324 million[60] - Q1 2023 revenue was $318 million[60] - Q2 2023 revenue was $348 million[60] - Q3 2023 revenue was $228 million[60] - Q4 2023 revenue was $229 million[60] - Adjusted EBITDA for Q1 2024 was -$39 million[64, 65, 70] Geographical Revenue - In Q1 2024, the U S accounted for $133 million of the total revenue[67] - In Q4 2022, the U S accounted for $28 million of the total revenue[67] - In Q1 2023, the U S accounted for $131 million of the total revenue[67] - In Q2 2023, the U S accounted for $161 million of the total revenue[67] - In Q3 2023, the U S accounted for $194 million of the total revenue[67] - In Q4 2023, the U S accounted for $145 million of the total revenue[67] - The percentage of revenue from the U S increased from 50% in Q4 2022 to 62% in Q4 2023[69] - The percentage of revenue from the U S increased from 51% in Q1 2023 to 71% in Q1 2024[69]

[Maxeon Solar Technologies Fourth Quarter and Fiscal Year 2024 Results](index=1&type=section&id=Maxeon%20Solar%20Technologies%20Fourth%20Quarter%20and%20Fiscal%20Year%202024%20Results) [Management Commentary & Business Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Business%20Outlook) The company attributes poor performance to a U.S. import ban and is restructuring to focus solely on the U.S. market - The U.S. Customs & Border Protection (CBP) has blocked imports of Maxeon 3, 6, and Performance 6 panels since July 2024, citing UFLPA concerns, a decision the company is legally contesting[2](index=2&type=chunk) - Maxeon is restructuring to **focus exclusively on the U.S. market**, which includes streamlining operations, reducing costs, and identifying additional domestic component vendors[2](index=2&type=chunk) - The company has **divested assets in the Philippines and other non-U.S. businesses** to improve liquidity and has restructured debt interest payments to reduce its cash burden[2](index=2&type=chunk) - Due to ongoing restructuring and a volatile policy environment, the company has **suspended financial guidance**, will not hold a conference call, and will switch to semi-annual reporting[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Selected%20Q4%20and%20Fiscal%20Year%20Unaudited%20Financial%20Summary) Fiscal year 2024 saw a sharp revenue decline to $509.0 million, a significant net loss of $614.3 million, and negative Adjusted EBITDA Fiscal Year 2024 vs. 2023 Financial Performance | Metric | Fiscal Year 2024 | Fiscal Year 2023 | Change | | :--- | :--- | :--- | :--- | | Shipments (MW) | 1,424 | 2,963 | -51.9% | | Revenue | $509.0M | $1,123.1M | -54.7% | | GAAP Gross (Loss) Profit | ($249.4M) | $78.1M | Negative Turnaround | | GAAP Net Loss | ($614.3M) | ($275.8M) | +122.7% Increase in Loss | | Adjusted EBITDA | ($376.1M) | $3.7M | Negative Turnaround | Q4 2024 vs. Q4 2023 Financial Performance | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Shipments (MW) | 211 | 653 | -67.7% | | Revenue | $48.8M | $228.8M | -78.7% | | GAAP Gross Loss | ($47.7M) | ($34.5M) | +38.3% Increase in Loss | | GAAP Net Loss | ($106.0M) | ($186.3M) | -43.1% Decrease in Loss | | Adjusted EBITDA | ($74.9M) | ($37.6M) | +99.2% Increase in Loss | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) The statements show a deteriorating financial position, with total assets falling to $376.3 million, equity turning negative, and a significant net loss [Condensed Consolidated Statements of Operations](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) FY 2024 revenue halved to $509.0 million, leading to a gross loss of $249.4 million and a widened net loss of $614.3 million Fiscal Year Statement of Operations (in thousands) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Revenue | $509,048 | $1,123,110 | | Gross (Loss) Profit | $(249,413) | $78,115 | | Operating Loss | $(576,640) | $(219,205) | | Net Loss Attributable to Stockholders | $(614,300) | $(275,829) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets fell to $376.3 million while total equity became negative at -$288.4 million by year-end 2024 Key Balance Sheet Items (in thousands) | Line Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $28,895 | $190,169 | | Total current assets | $266,016 | $619,019 | | Total assets | $376,272 | $1,002,009 | | Total current liabilities | $338,508 | $431,936 | | Total liabilities | $664,637 | $997,367 | | Total equity | $(288,365) | $4,642 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash used in operations was $270.2 million, contributing to a significant drop in year-end cash to $31.0 million Fiscal Year Cash Flow Summary (in thousands) | Cash Flow Activity | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(270,156) | $(254,295) | | Net cash (used in) provided by investing activities | $(25,243) | $13,926 | | Net cash provided by financing activities | $141,233 | $167,951 | - Total cash, cash equivalents, and restricted cash **decreased from $195.5 million at the end of FY2023 to $31.0 million at the end of FY2024**[24](index=24&type=chunk) [Non-GAAP Financial Measures](index=5&type=section&id=Presentation%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA, which was a loss of $376.1 million, to show its view of ongoing performance - The company uses non-GAAP measures to supplement GAAP results, believing they enhance comparability by removing items not representative of core operations[11](index=11&type=chunk)[12](index=12&type=chunk) - Key adjustments to derive non-GAAP figures include **stock-based compensation, restructuring charges and fees, remeasurement losses on financial instruments**, and provisions for expected credit losses[13](index=13&type=chunk)[14](index=14&type=chunk) Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands) | Line Item | Fiscal Year 2024 | Fiscal Year 2023 | | :--- | :--- | :--- | | GAAP Net loss attributable to the stockholders | $(614,300) | $(275,829) | | Adjustments (Interest, Taxes, D&A, etc.) | +$103,997 | +$88,305 | | EBITDA | $(510,303) | $(187,524) | | Further Non-GAAP Adjustments | +$134,154 | +$191,194 | | **Adjusted EBITDA** | **$(376,149)** | **$3,670** | [Forward-Looking Statements & Risk Factors](index=3&type=section&id=Forward-Looking%20Statements) The company faces significant risks including its ability to continue as a going concern, the success of its U.S. strategy, and an ongoing import ban - Major risks include the ability to **continue as a going concern**, service outstanding debt, and successfully execute restructuring plans[6](index=6&type=chunk) - The **denial of U.S. market entry** for its products by the U.S. CBP for an unforeseeable time is a critical operational disruption and risk[6](index=6&type=chunk)[9](index=9&type=chunk) - The company's strategy is now focused on the U.S. market, which involves developing new U.S. vendors and supply chains, and managing its relationship with a controlling shareholder based in the PRC amid U.S.-China trade tensions[6](index=6&type=chunk)[7](index=7&type=chunk)