NEW YORK, June 29, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Maxeon Solar Technologies, Ltd. ("Maxeon" or the "Company") (NASDAQ: MAXN) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Maxeon securities between November 15, 2023 and May 29, 2024, both dates inclusive (the "Class Perio ...

SAN DIEGO, June 28, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) securities between November 15, 2023 and May 29, 2024. Maxeon is a global manufacturer and marketer of solar technology. The Allegations: Robbins LLP is Investigating Allegations that Maxeon Solar Technologies, Ltd. (MAXN) Misled Investors Regarding its Business Prospects In mid ...

SUBMIT YOUR INFORMATION NOW There is no cost or obligation to you. The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose to investors: (1) that Maxeon relied on the exclusive sales of certain products to SunPower; (2) that, following the termination of the Master Su ...

NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Maxeon Solar Technologies, Ltd. ("Maxeon" or the "Company") (NASDAQ: MAXN) on behalf of Maxeon stockholders. Our investigation concerns whether Maxeon has violated the federal securities laws and/or engaged in other unlawful business practices. On May 13, 2024, Maxeon disclosed that it would delay its SEC filing and the release of its financi ...

SAN DIEGO, June 21, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of securities laws by Maxeon Solar Technologies, Ltd. (the "Company" or "Maxeon") (NASDAQ: MAXN). We are looking into whether the Company or its executives failed to disclose vital information to investors, leading to losses on their investments. If you have purchased Maxeon securities and have experienced losses, we encourage you to join our investigation to potentially make cl ...

SINGAPORE, June 17, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a global leader in solar innovation and channels, today announced its presence at Intersolar Europe 2024 June 19-21, where it will showcase its latest SunPower branded energy solutions and solar panel technologies at Booth A1.350. Maxeon 7 panels produce 2X more energy over time than other solar panels,1 with over 24% efficiency and superior shade tolerance, and feature an industry-leading 40-year power, product, and se ...

SINGAPORE, June 13, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a global leader in solar innovation and channels, has extended its technology leadership with published results confirming the resilience of its Maxeon Interdigitated Back Contact (IBC) panels against damaging hotspots. Hotspots are concentrated areas of heat energy that predominantly result from shaded or cracked solar cells. In a white paper released today, the Company shared the results of its internal research and d ...

Dairy Industry continues significant reduction in carbon footprint with the help of renewable energy SINGAPORE, June 6, 2024 /PRNewswire/ -- Oakridge Dairy in Connecticut is built upon 120 years of old school values and farming traditions, but the largest dairy farm in the Northeast U.S. is anything but old school. Oakridge practices forward-thinking, sustainable farming that promotes the land, its cows, and the community, powering its operations with advanced solar energy solutions from Maxeon Solar Techno ...

The Company received notice from The Nasdaq Stock Market on May 30, 2024 that it has regained compliance with the Listing Rule, which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The Company received a standard notice of non-compliance on May 17, 2024, due to the delayed filing of its 2023 Annual Report. SINGAPORE, May 31, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) (the "Company"), a global leader in so ...

Financial Data and Key Metrics Changes - Maxeon's total non-GAAP gross profit for 2023 was $104 million, representing 10% of sales, which is a $135 million improvement over 2022 levels [1] - Adjusted EBITDA for 2023 was $4 million compared to negative $109 million in 2022, mainly due to an expanded gross margin [2] - The first quarter of 2024 saw a gross loss of $13 million on a non-GAAP basis and $15 million on a GAAP basis, indicating a decline of nearly $3 million on a non-GAAP basis due to lower DG revenue levels [1][2] Business Line Data and Key Metrics Changes - The US DG channel is projected to grow on a percentage basis this quarter, although from a low base, with significant volumes expected later in the summer [4] - European DG business is expected to post sequential growth but will decline year-over-year due to market conditions [4] - Total revenues for 2023 were over $1.1 billion, up 6% from 2022, driven by significant growth in the US Utility Scale business [43] Market Data and Key Metrics Changes - Shipments in the first quarter of 2024 were 488 megawatts, representing a 25% sequential decline and a 37% year-over-year decline [65] - ASPs in the region were approximately $0.40 per watt in the fourth quarter, well above the market average, while blended DG ASPs were impacted by inventory sales of Performance Line 6 products [43][67] - The company expects second quarter revenues to be in the range of $160 million to $200 million, with a decline in ASP from $0.38 to $0.32 per watt sequentially [4] Company Strategy and Development Direction - The company is focused on transitioning to its own dealer channel in the US market, which is expected to facilitate higher ASPs and lower customer concentration risk [19] - Maxeon is committed to its Albuquerque project and is exploring financing mechanisms to support it [7] - The company plans to vigorously defend its IBC patents and has initiated patent infringement cases against competitors [18] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over negative EBITDA results over the past three quarters but noted strong earnings momentum in the first half of 2023 [3] - The company anticipates challenges in revenue and adjusted EBITDA for the rest of the year due to cancellations and project delays [21] - Management is optimistic about returning to profitability early in 2025 based on ongoing transformation activities and technology leadership [39] Other Important Information - The company has restructured its 2025 convertible bonds, which will result in substantial dilution for existing public shareholders [17] - Cash levels were negatively impacted by $83 million of previously collected cash advances amortized during the quarter [45] - The company expects to recognize a non-cash charge of approximately $20 million in the second quarter for writing down inventories [25] Q&A Session Summary Question: Update on DOE loan guarantee - Management believes the ownership change complicates the loan guarantee process but remains optimistic about scenarios allowing the project to proceed [78] Question: Impact of TZE's majority ownership on loan guarantee - Management acknowledges complications but emphasizes ongoing discussions with the DOE regarding the loan application [78] Question: Pathway to positive EBITDA - Management indicated that achieving positive EBITDA in early 2025 will depend on macro module pricing dynamics and improving capacity utilization [81] Question: Potential exposure to import tariffs - Management is actively engaged in discussions regarding potential import tariffs and believes their operations should not be targeted [112] Question: Strategy for defending IP - Management is confident in their strong patent portfolio and plans to continue defending their intellectual property aggressively [106]