Maxeon Solar Technologies reported Q3 2024 revenue of $88.6 million, down from $227.6 million YoY, with shipments declining to 199MW from 628MW. The significant drop was primarily due to U.S. Customs detentions since July 2024 and depressed global prices. The company recorded a net loss of $393.9 million, including $136.8 million in inventory write-downs and $61.3 million in asset impairment charges.The company announced strategic initiatives to focus exclusively on the U.S. market, including plans to sell its non-U.S. "rest-of-the-world" distributed generation business to its controlling shareholder TZE. Additionally, Maxeon is evaluating permanent shutdowns of its manufacturing operations in Malaysia and Mexico while pursuing its planned U.S. manufacturing facility.Management cited ongoing challenges including CBP detentions of solar modules at the U.S.-Mexico border, global oversupply conditions, and intense price competition. The company ended Q3 with $51.2 million in cash and is pursuing additional financing opportunities while implementing cost reduction measures to address liquidity concerns.

Maxeon Solar Technologies reported Q3 2024 revenue of $88.6 million, down from $227.6 million YoY, with shipments declining to 199MW from 628MW. The significant drop was primarily due to U.S. Customs detentions since July 2024 and depressed global prices. The company recorded a net loss of $393.9 million, including $136.8 million in inventory write-downs and $61.3 million in asset impairment charges.The company announced strategic initiatives to focus exclusively on the U.S. market, including plans to sell its non-U.S. "rest-of-the-world" distributed generation business to its controlling shareholder TZE. Additionally, Maxeon is evaluating permanent shutdowns of its manufacturing operations in Malaysia and Mexico while pursuing its planned U.S. manufacturing facility.Management cited ongoing challenges including CBP detentions of solar modules at the U.S.-Mexico border, global oversupply conditions, and intense price competition. The company ended Q3 with $51.2 million in cash and is pursuing additional financing opportunities while implementing cost reduction measures to address liquidity concerns.