Core Viewpoint - Maxeon Solar Technologies is restructuring its business to focus exclusively on the U.S. market, enhancing its growth and profitability potential through local manufacturing and strategic partnerships [1][2][3]. Group 1: Strategic Focus - The company will concentrate on the U.S. market, leveraging its existing market presence and planned manufacturing capabilities [1][2]. - Maxeon has signed a five-year lease for a facility in Albuquerque, New Mexico, with plans to begin solar panel manufacturing at a capacity of 2 GW by early 2026 [1][3]. Group 2: International Operations - Maxeon has reached an agreement-in-principle with TCL Technology Group for the sale of its EMEA, APAC, and LATAM sales and marketing organization, which will be integrated into a new unit, TCL SunPower International [2]. - TCL Group will also acquire Maxeon's manufacturing operations in the Philippines, aiming to create a robust global solar solutions company while allowing Maxeon to focus on its U.S. operations [2]. Group 3: Leadership Statements - CEO George Guo emphasized the importance of expanding the residential and commercial partner network in the U.S. and maintaining strong relationships with utility-scale customers [3]. - Guo highlighted the company's commitment to developing a domestic solar panel supply chain and expressed gratitude for the support received from local government officials in New Mexico [3]. Group 4: Company Background - Maxeon Solar Technologies, headquartered in Singapore, has nearly 40 years of experience in solar energy and holds over 1,900 patents for innovative solar solutions [4]. - The company aims to provide sustainable energy solutions for residential, commercial, and utility-scale customers [4]. Group 5: TCL Technology Group Overview - TCL Technology Group is a global leader in technology, specializing in display and solar-grade materials, and is committed to delivering high-quality products and services across more than 160 markets [5].

Core Viewpoint - Maxeon Solar Technologies is facing import detentions of its solar panels from Mexico into the U.S. due to allegations of insufficient documentation regarding compliance with the Uyghur Forced Labor Prevention Act (UFLPA), which the company strongly disputes [1][2][3]. Group 1: Company Actions and Responses - Maxeon has provided extensive documentation to U.S. Customs & Border Protection (CBP) to demonstrate compliance with UFLPA, including tens of thousands of pages and detailed supply chain maps [2][3]. - The company has made over 8,000 shipments from Mexico to the U.S. since 2022, all claimed to be in compliance with UFLPA [2]. - Maxeon has initiated the Application for Further Review (AFR) process for its detained products, hoping for a more objective review by a new team of CBP reviewers [6]. Group 2: Financial and Reputational Impact - The ongoing detentions are causing significant financial and reputational harm to Maxeon and its U.S. customers, which include solar power plant developers and small businesses [5]. - The company’s CEO highlighted that the measures taken to ensure a clean supply chain have cost hundreds of millions of dollars more than competitors [2]. Group 3: Legislative Context - The UFLPA was enacted in December 2020 as a response to allegations of forced labor involving Uyghurs in China, and Maxeon has been a vocal advocate for compliance within the solar industry [2][3]. - The company has consistently emphasized that none of its supply chains involve entities listed under the UFLPA, with some supply chains not even entering China [3].

Core Viewpoint - Maxeon Solar Technologies, Ltd. (MAXN) is anticipated to report a year-over-year increase in earnings despite lower revenues for the quarter ended September 2024, with actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The company is expected to post a quarterly loss of $11.50 per share, reflecting a year-over-year change of +94.8%, while revenues are projected to be $94.6 million, down 58.4% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 25% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate for Maxeon is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -56.52%, indicating a bearish outlook from analysts [10]. Historical Performance - In the last reported quarter, the company was expected to post a loss of $112 per share but instead reported earnings of $3, achieving a surprise of +102.68%. However, over the last four quarters, it has only beaten consensus EPS estimates once [11][12]. Conclusion - Maxeon Solar Technologies does not appear to be a strong candidate for an earnings beat, and investors should consider other factors when making decisions regarding this stock ahead of its earnings release [15].

Company Leadership Transition - Bill Mulligan, the current CEO of Maxeon Solar Technologies, will retire at the end of January 2025, with George Guo appointed as the new CEO effective October 11, 2024 [1][3] - George Guo has nearly 40 years of experience in technology leadership and has held significant roles in various companies, including TCL Communication Technology and IBM [2][3] Strategic Vision and Market Position - George Guo expressed excitement about joining Maxeon at a critical time, highlighting the opportunity to leverage the global transition to renewable energy despite current revenue and profitability pressures [3] - Maxeon aims to enhance efficiency, reduce costs, and provide high-performance solar products to strengthen its market position and become the preferred partner for solar solutions [3] Company Overview - Maxeon Solar Technologies is a leader in solar innovation with over 35 years of experience and more than 1,900 patents, focusing on sustainable solar panels and energy solutions for various markets [4] - The company operates a flexible ecosystem of products and services, including the Maxeon® and SunPower® branded solar panels, supported by a network of over 1,700 partners and distributors [4]

Core Insights - Maxeon Solar Technologies has been selected by Cypress Creek Renewables to supply solar panels for key power plant projects in the U.S. [1][3] - The collaboration has led to the installation of over 383,000 Maxeon solar panels at Cypress Creek's Zier Hybrid Solar Site, which has a capacity of 208MW and can power over 41,000 homes annually [2][4] - Maxeon is showcasing its advanced solar panel technology at the RE+ 2024 event, including its Performance line featuring high efficiency TOPCon cell technology [5][6] Company Overview - Maxeon Solar Technologies is a global leader in solar innovation, leveraging over 35 years of experience and more than 1,900 patents to design sustainable solar panels [7] - The company has a strong market presence with over one million customers and a network of more than 1,700 partners and distributors worldwide [7] Partner Insights - Cypress Creek Renewables is a prominent developer and independent power producer in the renewable energy sector, having developed 12GW of solar projects and currently owning over 2GW [8] - The partnership with Maxeon is based on the latter's commitment to providing efficient and sustainably produced solar modules, which aligns with Cypress Creek's mission for a sustainable future [4][8]

Group 1: Earnings Performance - Maxeon Solar Technologies reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of a loss of $1.12 per share, representing an earnings surprise of 102.68% [1] - The company posted revenues of $184.22 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.06%, compared to year-ago revenues of $348.37 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once, but has topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Maxeon Solar Technologies shares have declined approximately 98.5% since the beginning of the year, contrasting with the S&P 500's gain of 18.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.58 on revenues of $176.11 million, and for the current fiscal year, it is -$2.81 on revenues of $715.6 million [7] - The estimate revisions trend for Maxeon Solar Technologies is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Group 3: Industry Context - The solar industry, to which Maxeon Solar Technologies belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Maxeon Solar Technologies reported second quarter revenue of $184 million, with total shipments of 526 MW, reflecting a challenging market environment due to competitive pressures and regulatory issues [5][17] - The company has withdrawn its financial guidance for the third quarter and full year 2024 due to significant uncertainties, including customs detentions affecting U.S. shipments, which accounted for over 60% of its second quarter revenue [2][14] - TZE has made a $100 million equity investment in Maxeon, becoming the controlling shareholder, which is expected to improve the company's financial stability [10][12] Financial Performance - The second quarter revenue of $184 million represents a decline from $348 million in the same quarter last year [30] - GAAP operating expenses for the quarter were $62 million, including an $11 million provision for expected credit losses related to SunPower Corp.'s bankruptcy [5][30] - The company reported a net income of $11.7 million for the second quarter, a significant improvement compared to a net loss of $1.5 million in the same quarter last year [30] Business Overview - Utility scale business revenue increased by 12% sequentially to $109 million, driven by higher volume shipments to U.S. customers, although future shipments are expected to decline due to project delays and customs detentions [6][7] - Distributed generation (DG) business revenue reached $75 million, representing an 11% sequential growth, aided by inventory clearance of older generation products [7] - The company is facing intense price pressure in European and Australian markets due to oversupply from Southeast Asia and China [7] Recapitalization and Debt Management - Maxeon has undertaken significant recapitalization efforts, reducing total debt from $366 million to $278 million on a pro forma basis after recent bond conversions [10] - The company has experienced substantial shareholder dilution, with total shares outstanding increasing from 55.7 million to approximately 1.4 billion due to restructuring efforts [9][10] - A proposed 100 for 1 reverse share split was approved to help regain compliance with Nasdaq listing requirements [9] Transformation Initiatives - A Strategy and Transformation Office has been established to drive initiatives aimed at improving cost efficiency and competitiveness [12] - The company is evaluating its operations and supply chain in response to market challenges, including potential shutdowns of certain manufacturing facilities [6][12] Leadership Changes - The company announced a leadership change with Mr. Ken Olson appointed as Interim Chief Financial Officer following the departure of Mr. Kai Strohbecke [13] Regulatory Challenges - Maxeon faced its first-ever customs detentions of solar modules imported from Mexico, impacting its ability to ship products to the U.S. market [14][15] - The company is cooperating with U.S. Customs and Border Protection to resolve compliance issues related to the Uyghur Forced Labor Prevention Act [14][15]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Maxeon Solar Technologies, Ltd. securities during the specified Class Period of the upcoming lead plaintiff deadline on August 26, 2024 [1]. Group 1: Class Action Details - Investors who bought Maxeon securities between November 15, 2023, and May 29, 2024, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting the law firm or submitting a form [3][6]. - The lawsuit alleges that Maxeon made false or misleading statements regarding its reliance on sales to SunPower Corp., which led to a significant decline in revenue and a cash flow crisis [5]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen has been recognized as a leading figure in the plaintiffs' bar, highlighting the firm's expertise in this area [4].

LOS ANGELES, Aug. 22, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Maxeon Solar Technologies, Ltd. ("Maxeon" or "the Company") (NASDAQ: MAXN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between November 15, 2023 and May 29, 2024, inclusive (the "Clas ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Maxeon Solar Technologies, Ltd. securities during the specified class period of the upcoming lead plaintiff deadline on August 26, 2024 [1]. Group 1: Class Action Details - Investors who purchased Maxeon securities between November 15, 2023, and May 29, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by August 26, 2024 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured the largest securities class action settlement against a Chinese company and has consistently ranked among the top firms for securities class action settlements since 2013 [4]. - In 2019, the firm recovered over $438 million for investors, showcasing its capability in handling such cases [4]. Group 3: Case Allegations - The lawsuit alleges that Maxeon made false or misleading statements regarding its reliance on sales to SunPower Corp. and the impact of the termination of their Master Supply Agreement [5]. - Following the termination of the agreement, Maxeon reportedly faced significant revenue declines and a serious cash flow crisis, contradicting previous positive statements made by the company [5]. - The lawsuit claims that when the true details became public, investors suffered damages due to the misleading information [5].