Maxeon Solar Stock Price, News & Analysis

Maxeon Solar Technologies (NASDAQ: MAXN) honored three leading North American installers and dealers at RE+ 2024, the largest clean energy event in North America. The company recognized Solar Technologies, Solaris Renewables, and Rising Sun Solar as Outstanding Partners for their exceptional service and innovation in commercial and residential solar installations.

Maxeon added over 25 new partners in the U.S. market in Q2 2024, expanding its network of reputable dealers and installers. The company is showcasing its latest solar panels and solutions at RE+ booth D23045, including Maxeon IBC panels with over 24% efficiency and a 40-year warranty, and Performance line panels featuring TOPCon cell technology with a 30-year warranty.

Maxeon Solar Technologies (NASDAQ: MAXN) reported Q2 2024 revenue of $184 million with total shipments of 526 MW. The company faces significant challenges, including CBP detentions of U.S.-bound modules, market headwinds, and competitive pressures. Due to uncertainties, Maxeon has withdrawn its 2024 guidance and expects Q3 revenue to decline significantly. TZE has made a $100 million equity investment, becoming the controlling shareholder. Maxeon is taking aggressive actions, including balance sheet improvements and operational reviews. The company has reduced debt from $366 million to $278 million and increased equity from negative $22 million to positive $163 million on a pro forma basis.

Solaris Renewables, a Massachusetts-based solar and storage provider, has become a Maxeon Preferred Partner, offering Maxeon IBC solar panels for residential and commercial installations. With over 12 years of experience, Solaris has built thousands of installations across New England, leveraging Maxeon's technology and customer-centric approach.

Brian Sadler, VP of Solaris Renewables, praised Maxeon's panels for their superior performance, reliability, and aesthetics. He noted that customers consistently report outperforming expected payback times and projected savings, leading to significant word-of-mouth referrals. Importantly, Solaris has never had to replace a Maxeon panel in the field.

Vikas Desai, CCO at Maxeon, emphasized their partner program's focus on creating a trusted network of installers committed to quality and integrity. Maxeon (NASDAQ: MAXN) continues to expand its ecosystem of dealers and installers who prioritize customer satisfaction and product excellence.

Maxeon Solar Technologies (NASDAQ: MAXN) has published its 2023 Sustainability Report and Modern Slavery Statement, showcasing milestones in sustainable business practices. Recognized globally with the APEX Award by the UN Global Compact Singapore and ranked in the Top 50 Most Sustainable Companies by Corporate Knights, Maxeon continues to lead in sustainability. Key achievements include a circular economy partnership with Nanyang Technological University, launching the Maxeon 7 solar panel with over 24% efficiency, and earning LEED Gold Certification for its Singapore headquarters. Additional highlights include a 25% improvement in customer NPS scores and new initiatives in gender equity, sustainability, and mental wellness. The reports adhere to GRI, SASB, UN Global Compact, and Singapore Exchange standards, providing transparency on human rights protections and supply chain traceability.

Maxeon Solar Technologies (NASDAQ:MAXN) announced the initiation of a patent infringement lawsuit in the Düsseldorf Local Division of the Unified Patent Court (UPC) against Aiko Energy Germany GmbH, Solarlab Aiko Europe GmbH, Aiko Energy Netherlands B.V., and their European partners. The lawsuit alleges infringement of Maxeon's solar cell technology patent. Additionally, Maxeon has filed an appeal regarding a May 16, 2024, preliminary decision in the Netherlands related to another patent dispute with Aiko. Maxeon aims to enforce its European patents and seek injunctions in key solar markets, including Belgium, France, Germany, Italy, and the Netherlands. The company remains committed to protecting its intellectual property rights.

Maxeon Solar Technologies (NASDAQ: MAXN) will exhibit its latest solar energy and panel technologies at Intersolar Europe 2024 from June 19-21. Visitors can explore Maxeon's new Maxeon 7 and Performance 7 solar panels, which offer enhanced efficiency, thermal performance, and warranties. The Maxeon 7 panels boast over 24% efficiency and a 40-year warranty, while the Performance 7 panels feature TOPCon cell technology with a 30-year warranty. Additionally, Maxeon will showcase the SunPower Reserve battery storage and SunPower Drive EV charger, integrated via the SunPower One app. The event will also highlight Maxeon Air flexible solar panels and the company's IBC Cell Lab. Maxeon will participate in the ESIA Forum to discuss sustainability and labor rights in the solar industry.

Maxeon Solar Technologies (NASDAQ: MAXN) announced that its new Maxeon 7 IBC panels exhibit superior resilience against damaging hotspots. Through comprehensive R&D testing, the Maxeon 7 panels showed a 70% lower average temperature rise in partial shading compared to other technologies. Hotspots, which can lead to severe panel damage, are effectively mitigated, reducing long-term degradation risks. The panels were tested under full-sun and partial shading conditions, demonstrating temperatures 67°C cooler than competitors. Moreover, Maxeon 7 panels maintained stability even under simulated bypass diode failures. Maxeon remains the only manufacturer offering a 40-year warranty on its panels. These advancements aim to enhance reliability and lower the levelized cost of energy (LCOE) for customers.

Oakridge Dairy, the largest dairy farm in the Northeast U.S., has implemented an advanced solar energy system from Maxeon Solar Technologies (NASDAQ: MAXN). Located in Connecticut and home to nearly 3,000 cows, Oakridge boasts an 8-acre barn fitted with 752 solar panels capable of generating up to 1,200 kilowatt hours of energy per day. The system, designed and installed by Earthlight Technologies, leverages Maxeon's high-efficiency panels. This move aligns with the U.S. dairy industry's efforts to reduce milk's carbon footprint by 63% in recent decades. Maxeon's panels come with a 40-year warranty, supporting long-term sustainability and clean energy production.

On May 31, 2024, Maxeon Solar Technologies (NASDAQ: MAXN) announced that it has regained compliance with Nasdaq Listing Rule 5250(c)(1). The company had received a standard notice of non-compliance on May 17, 2024, due to a delay in filing its 2023 Annual Report on Form 20-F. However, the timely submission of this report has brought the company back into compliance as confirmed by Nasdaq on May 30, 2024. Maxeon Solar Technologies is a global leader in solar innovation and channels.