The Singapore-headquartered company has faced product detentions at US customs and has announced plans to focus solely on the US market.
Maxeon Solar Technologies, a major solar panel manufacturer headquartered in Singapore, reported its third-quarter earnings.
The company posted a loss of $179 million in the third quarter of 2024. The company said earnings were “distorted” by the holding solar panels by the U.S. Customs and Border Patrol (CBP).
Maxeon said the company cannot provide revenue guidance for the fourth quarter of 2024 due to uncertainty over CBP arrests.
Because products could not reach the American market, Maxeon shipped 199 MW of solar panels. This is a fraction of the total of 628 MW shipped in the third quarter of 2023.
Third quarter 2024 revenue was $88.6 million, with a net loss of $179 million. This compares to Q3 2023 revenue of $227.6 million and Q3 2023 net income of $2.7 million.
Chief executive officer George Guo said the loss could also be attributed to “fixed costs related to factory closures and low production levels, and costs and depreciation resulting from our ongoing restructuring.”
Maxeon recently announced a business twist to its geographic strategy, stating the with the intention of serving the American market exclusively.
“As we define our new strategy to transform Maxeon, we are laser-focused on our financial position. We plan to reserve sufficient liquidity for day-to-day operations while we recapitalize the company to finance our restructuring and growth,” said Dmitri Hu, Chief Financial Officer.
To continue this new strategy, the company announced that it will lease a factory site in Albuquerque, New Mexico in early 2026 with plans to operate a factory with 2 GW of solar panel manufacturing capacity.
“We continue to observe low prices due to global oversupply and intense competition,” Guo added.
(Watch: “pv magazine interview: ‘Oversupply problem could persist into 2025’“)
“The average market price for high-efficiency and regular crystalline modules such as our IBC products and Performance Line products has fallen by approximately 43.5% and 28.6%, respectively, since January 2024,” Guo said.
The company said it would postpone holding a conference call to discuss quarterly results until the ongoing restructuring is completed.
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