Maxeon Solar Financials
Maxeon Solar (MAXN) reported $509.0M in revenue for fiscal year 2024, down 54.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Sales collapse exposed fixed-cost and balance-sheet strain, leaving operations dependent on financing
The 2024 revenue contraction to$509M coincided with a gross margin of-49.0% , indicating the cost base or product mix deteriorated faster than volume alone explains. Operating cash flow of-$270M and free cash flow of-$322M show that reported losses translated into cash consumption, not merely accounting charges.
Liabilities of
Inventory fell from
Financial Health Signals
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Maxeon Solar's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Maxeon Solar's reported operating margin for fiscal year 2024 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 18/100.
Maxeon Solar's revenue declined 54.7% year-over-year, from $1.1B to $509.0M. This contraction results in a growth score of 3/100.
Maxeon Solar's current ratio of 0.79 is below the typical benchmark, resulting in a score of 11/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Maxeon Solar's operations used $270.2M of cash, and capex of $52.1M added to the outflow, for a free cash flow shortfall of $322.3M. This results in a cash flow score of 10/100.
Maxeon Solar scores -9.17, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($12.9M) relative to total liabilities ($664.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Maxeon Solar passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Maxeon Solar reported a net loss of $614.3M while operations used $270.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Maxeon Solar reported an operating loss of $576.6M against $45.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Maxeon Solar generated $509.0M in revenue in fiscal year 2024. This represents a decrease of 54.7% from the prior year.
Maxeon Solar's EBITDA was -$533.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 226.5% from the prior year.
Maxeon Solar reported -$614.3M in net income in fiscal year 2024. This represents a decrease of 122.7% from the prior year.
Cash & Balance Sheet
Maxeon Solar recorded an outflow of $322.3M in free cash flow in fiscal year 2024, representing a cash shortfall after capex. This represents a decrease of 0.2% from the prior year.
Maxeon Solar held $28.9M in cash as of fiscal year 2024; long-term debt is not reported for that period.
Not reported for fiscal year 2024.
Margins & Returns
Maxeon Solar's gross margin was -49.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 56.0 percentage points from the prior year.
Not shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2024.
Capital Allocation
Maxeon Solar invested $37.5M in research and development in fiscal year 2024. This represents a decrease of 17.8% from the prior year.
Maxeon Solar invested $52.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 22.7% from the prior year.
Not reported for fiscal year 2024.
MAXN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'24 | Q4'23 | Q1'23 | Q1'22 | Q1'21 | Q4'19 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
MAXN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'24 | Q4'23 | Q1'23 | Q1'22 | Q1'21 | Q4'19 |
|---|---|---|---|---|---|---|
| Total Assets | $376.3M-62.4% | $1.0B-20.5% | $1.3B+19.3% | $1.1B+7.8% | $980.3M-1.0% | $990.2M |
| Current Assets | $266.0M-57.0% | $619.0M-21.7% | $791.0M+48.4% | $533.1M-2.6% | $547.2M-11.5% | $618.1M |
| Cash & Equivalents | $28.9M-84.8% | $190.2M-16.4% | $227.4M+36.6% | $166.5M-19.4% | $206.7M+70.9% | $121.0M |
| Inventory | $40.2M-87.0% | $308.9M+1.9% | $303.2M+42.5% | $212.8M+25.8% | $169.2M-13.1% | $194.9M |
| Accounts Receivable | $4.3M-93.1% | $62.7M+15.5% | $54.3M+36.8% | $39.7M-48.2% | $76.7M | N/A |
| Goodwill | $0-100.0% | $7.9M | $0 | N/A | N/A | N/A |
| Total Liabilities | $664.6M-33.4% | $997.4M-17.7% | $1.2B+72.8% | $701.7M+29.7% | $541.1M-13.1% | $622.7M |
| Current Liabilities | $338.5M-21.6% | $431.9M-25.0% | $576.2M+36.9% | $421.0M+36.6% | $308.1M-40.8% | $520.7M |
| Total Equity | -$293.8M-26396.1% | -$1.1M-102.6% | $42.4M-87.9% | $349.5M-19.2% | $432.6M+19.4% | $362.2M |
| Retained Earnings | -$1.4B-77.2% | -$796.1M-53.0% | -$520.3M-97.8% | -$263.0M-3015.3% | -$8.4M | $0 |
Not reported in any period shown, so not listed: Long-Term Debt.
MAXN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'24 | Q4'23 | Q1'23 | Q1'22 | Q1'21 | Q4'19 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
MAXN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'24 | Q4'23 | Q1'23 | Q1'22 | Q1'21 | Q4'19 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.79-0.6x | 1.43+0.1x | 1.37+0.1x | 1.27-0.5x | 1.78+0.6x | 1.19 |
| Debt-to-Equity | N/A | N/A | 28.57+26.6x | 2.01+0.8x | 1.25-0.5x | 1.72 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
Note: Shareholder equity is negative (-$293.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Maxeon Solar Ranks
Frequently Asked Questions
What is Maxeon Solar's annual revenue?
Maxeon Solar (MAXN) reported $509.0M in total revenue for fiscal year 2024. This represents a -54.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Maxeon Solar's revenue growing?
Maxeon Solar (MAXN) revenue declined by 54.7% year-over-year, from $1.1B to $509.0M in fiscal year 2024.
Is Maxeon Solar profitable?
No, Maxeon Solar (MAXN) reported a net income of -$614.3M in fiscal year 2024.
What is Maxeon Solar's EBITDA?
Maxeon Solar (MAXN) had EBITDA of -$533.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maxeon Solar's gross margin?
Maxeon Solar (MAXN) had a gross margin of -49.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Maxeon Solar's free cash flow?
Maxeon Solar (MAXN) recorded an outflow of $322.3M in free cash flow during fiscal year 2024. This represents a -0.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maxeon Solar's operating cash flow?
Maxeon Solar (MAXN) recorded an outflow of $270.2M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Maxeon Solar's total assets?
Maxeon Solar (MAXN) had $376.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Maxeon Solar's capital expenditures?
Maxeon Solar (MAXN) invested $52.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Maxeon Solar spend on research and development?
Maxeon Solar (MAXN) invested $37.5M in research and development during fiscal year 2024.
What is Maxeon Solar's current ratio?
Maxeon Solar (MAXN) had a current ratio of 0.79 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Maxeon Solar's return on assets (ROA)?
Maxeon Solar (MAXN) had a return on assets of -163.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Maxeon Solar's debt-to-equity ratio negative or not reported?
Maxeon Solar (MAXN) has negative shareholder equity of -$293.8M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Maxeon Solar's Altman Z-Score?
Maxeon Solar (MAXN) has an Altman Z-Score of -9.17, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Maxeon Solar's Piotroski F-Score?
Maxeon Solar (MAXN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maxeon Solar's earnings high quality?
Maxeon Solar (MAXN) reported a net loss of $614.3M while operations used $270.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Maxeon Solar cover its interest payments?
Maxeon Solar (MAXN) reported an operating loss of $576.6M against $45.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Maxeon Solar?
Maxeon Solar (MAXN) scores 8 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.