Maxeon Solar Stock Tumbles On Q3 Revenue Miss, 2000% Spike In Losses: Retail Shrugs It Off
The company attributed its staggering 23-fold increase in quarterly losses to its ongoing dispute with U.S. Customs and Border Protection over detained solar modules.

Shares of Maxeon Solar tumbled over 8% in morning trading on Friday after the company posted a significant earnings beat but fell short on revenue.
The solar manufacturer’s adjusted loss of $0.47 per share was much lower than the anticipated loss of $4.13, reflecting a considerable improvement from a loss of $221 per share a year earlier.
However, revenue of $88.56 million missed the $140.49 million analysts expected.
“Third quarter results were distorted due to deliveries detained by the United States Customs and Border Protection, fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from our ongoing restructuring,” stated Maxeon CEO George Guo.
“On top of this, we continue to observe depressed prices as a result of the global oversupply and intense competition,” he added.
This marks the second straight quarter that U.S. customs issues have pressured the company's earnings. In the second quarter, the Singapore-based firm reported a $7.8 million loss, primarily due to detained modules from its Mexican factories disrupting sales.
In Q3, losses skyrocketed to $179 million — a staggering 23-fold increase.
U.S. customs began detaining Maxeon's modules in July to review the company’s compliance with the Uyghur Forced Labor Prevention Act (UFLPA). It resulted in the company withdrawing its 2024 forecast in September due to the uncertainty surrounding imports to its largest market.

Retail sentiment around the stock improved to ‘bullish’ (62/100) from ‘bearish’ ahead of the earnings, and chatter increased to ‘high’ with many investors stating that they saw the losses coming, and were satisfied with the earnings beat.
Maxeon Solar also deferred from holding an earnings call and providing guidance until the company’s restructuring, announced late last month, is complete.
“As we establish our new strategy to transform Maxeon, we are highly focused on our financial position. We intend to reserve sufficient liquidity for daily operations, while we recapitalize the company to fund our restructuring and growth,” stated Maxeon Solar CFO Dmitri Hu.
The company’s stock has taken a hit of 98% this year, losing nearly all of its market value.
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