Maxeon Solar Technologies(US:MAXN)2024-05-30 12:16Financial Restructuring and Capital Injection - Maxeon secured $197.5 million in new capital and restructured $196 million in debt[2] - TZE committed to a $97.5 million convertible note maturing in 2029, with $25 million immediately available[2] - $196 million of unsecured convertible notes due in 2025 were exchanged for $137.2 million Tranche A Notes and $64 million Tranche B Notes due in 2028[2] - TZE committed to a $100 million new equity investment to achieve at least 50.1% equity ownership, triggering mandatory conversion of the remaining $137.2 million convertible bonds due in 2028[2] - TotalEnergies agreed to terminate Solarization Agreement Liabilities in exchange for approximately $16.2 million of Tranche B Notes[2] Market and Sales Channel Performance - The company's utility-scale backlog stands at 1.3 GW into 2026, plus 500 MW allocated for 2025, 2026 & 2027[5] - The company increased its US Dealer channel by over 100 installers[5] Production and Technology - Maxeon 7 set a new world module record of 24.9% efficiency measured by NREL[5, 19] - Mexico production was curtailed to align with revised 2024 demand schedule, while assessing capacity increase to support increasing 2025 demand[5] Financial Outlook - Q2 2024 revenue is projected to be between $160 million and $200 million[18] - Fiscal Year 2024 revenue is projected to be between $640 million and $800 million[18] - Q2 2024 gross loss is projected to be between $(20) million and $0[18] - Fiscal Year 2024 Adjusted EBITDA is projected to be between $(160) million and $(110) million[18]