Maxeon Solar Technologies reported a net loss of $393.9 million for Q3 2024, with revenue plummeting to $88.6 million from $227.6 million a year ago. The sharp decline was primarily due to U.S. Customs and Border Protection detaining the company's solar panel imports since July 2024.Gross loss widened to $179.1 million, impacted by $136.8 million in inventory write-downs and $61.3 million in asset impairments. Operating expenses surged to $153.2 million, including $106.0 million in restructuring charges as Maxeon evaluates shutdowns of facilities in Malaysia and Mexico.The company faces substantial doubt about its ability to continue as a going concern, with only $51.2 million in cash as of September 29. Maxeon is pursuing additional financing and asset sales, including plans to divest its non-U.S. distributed generation business to its controlling shareholder.

Maxeon Solar Technologies reported a net loss of $393.9 million for Q3 2024, with revenue plummeting to $88.6 million from $227.6 million a year ago. The sharp decline was primarily due to U.S. Customs and Border Protection detaining the company's solar panel imports since July 2024.Gross loss widened to $179.1 million, impacted by $136.8 million in inventory write-downs and $61.3 million in asset impairments. Operating expenses surged to $153.2 million, including $106.0 million in restructuring charges as Maxeon evaluates shutdowns of facilities in Malaysia and Mexico.The company faces substantial doubt about its ability to continue as a going concern, with only $51.2 million in cash as of September 29. Maxeon is pursuing additional financing and asset sales, including plans to divest its non-U.S. distributed generation business to its controlling shareholder.