Maxeon Solar Stock Price, News & Analysis

Maxeon Solar Technologies (NASDAQ: MAXN) announced the successful closing of its public offering, raising $125.0 million by selling ordinary shares at $18.00 per share. Additionally, a private placement to Tianjin Zhonghuan Semiconductor raised approximately $150.8 million in total net proceeds. Funds will be used for general corporate purposes, including expanding the Performance line and ramping production for its next-generation Maxeon 7 series. This move reflects Maxeon’s commitment to enhancing its manufacturing capacity and R&D efforts.

Maxeon Solar Technologies (NASDAQ: MAXN) announced a public offering of $125 million of ordinary shares priced at $18.00 per share, with a 30-day option for underwriters to buy an additional $18.7 million. After expenses, Maxeon expects to net approximately $117.1 million, or $134.9 million if the option is exercised. Additionally, 1.87 million shares will be privately placed with Tianjin Zhonghuan Semiconductor at the public offering price. Proceeds will fund general corporate needs, including expansions and R&D. The offering is set to close by April 20, 2021.

Maxeon Solar Technologies (NASDAQ: MAXN) announced a public offering of up to $125 million in ordinary shares, with an option for underwriters to purchase an additional $18.75 million. Concurrently, Maxeon plans a private placement of up to 1.9 million shares with TZS, contingent on the public offering's completion. Proceeds will support operational expansion, including the Performance line and production increases for Maxeon 5 and 6, alongside R&D efforts for Maxeon 7. Morgan Stanley and BofA Securities are leading the offering.

Maxeon Solar Technologies (NASDAQ:MAXN) reported its Q4 and fiscal year 2020 results, showing sequential revenue growth of 12% and 35% in distributed generation and large-scale segments, respectively. Revenue reached $245.6 million, while gross profit was $7.3 million, surpassing expectations due to higher ASPs. CEO Jeff Waters highlighted advancements in Maxeon 7 technology and a strategic focus on the U.S. market. However, the company anticipates losses in Q1 2021, expecting revenue around $160 million and a gross profit loss between $5 million and $15 million due to supply chain challenges.

Maxeon Solar Technologies (NASDAQ:MAXN) is launching an initiative to enhance its position in the U.S. solar market by rolling out up to 3.6 GW of new shingled module assembly capacity. This expansion, set to begin in 2022, hinges on obtaining necessary financing. Maxeon aims to leverage existing supply chain assets, thereby bolstering its sales of Performance line solar panels. The first phase will rapidly deploy 1.8 GW using current facilities, while the second phase anticipates an additional 1.8 GW assembly site in the U.S. aimed at utility-scale and commercial applications.

Maxeon Solar Technologies (NASDAQ: MAXN) has appointed Ralf Elias as Executive Vice President and Global Head of Distributed Generation (DG) Products, effective July 1, 2021. Elias, with over 20 years of experience, will spearhead Maxeon's strategy to grow its DG business, focusing on comprehensive energy solutions that complement their solar panels. CEO Jeff Waters expressed confidence in Elias's ability to enhance their 'Beyond the Panel' strategy, aiming for significant future growth. Maxeon operates globally and emphasizes sustainable solar manufacturing.

Maxeon Solar Technologies (NASDAQ:MAXN) will release its fourth quarter and fiscal year 2020 financial results on April 6, 2021. A conference call is scheduled for the same day at 6:00 PM U.S. ET to discuss the outcomes and provide a business update. Interested parties can access the earnings release and supplemental information through the Investor Relations section of Maxeon's website. Maxeon, headquartered in Singapore, operates worldwide with a strong focus on solar innovation and sustainability.

Maxeon Solar Technologies (NASDAQ: MAXN) will participate in a fireside chat at the 33rd Annual Roth Conference on March 16, 2021, at 4:00 PM ET/1:00 PM PT. The presentation will be accessible via a webcast on Maxeon's investor relations page. In addition, the company will conduct one-on-one virtual meetings with institutional investors, available by invitation only through Roth Capital Partners. Maxeon, headquartered in Singapore, is known for its innovation in solar technology, holding over 900 patents and operating globally with a focus on sustainable solutions.

On March 15, 2021, Kai Strohbecke will join Maxeon Solar Technologies (NASDAQ:MAXN) as the Chief Financial Officer (CFO), succeeding Joanne Solomon. Strohbecke, with 26 years of experience in the semiconductor industry, previously served as VP Finance at Micron Technology and CFO at Inotera Memories. CEO Jeff Waters expressed confidence in Strohbecke's ability to lead the finance organization for continued growth. This appointment follows Maxeon's recent independence from SunPower and recent leadership changes aimed at enhancing the company's strategic growth plans.