Maxeon Solar Technologies(MAXN) - 2025 Q2 - Quarterly Report

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]