Maxeon Solar Technologies (NASDAQ:MAXN) jumped Wednesday after the company’s fourth-quarter report. The company is a global leader in solar innovation and channels, today announced its financial results for its fourth quarter and fiscal year ended January 1, 2023.While Maxeon’s loss per share was larger than expected, revenue topped analyst estimates, according to StreetAccount, as did adjusted EBITDA margins.
Q4 GAAP EPS of -$1.84 misses by $0.63. Revenue of $323.5 million (+46.1% Y/Y) beats by $7.8 million.
FQ1 Revenue of $305 million – $345M, vs. consensus of $309.53 million FY23 Revenue to be within a range of $1,350 million to $1,550 million, vs. consensus of $1.57B.
Maxeon’s CEO Bill Mulligan noted, “After more than two years of investment in significant transformation initiatives, Maxeon’s financial performance is improving rapidly. The Company’s gross profit increased to $20 million in the fourth quarter due to strong operational performance and prudent supply chain management, a record for Maxeon. Next quarter, Maxeon projects further progress leading to positive adjusted EBITDA for the first time since our spinout.”
Headquartered in Singapore, Maxeon designs and manufactures Maxeon and SunPower® brand solar panels, and has sales operations in more than 100 countries, operating under the SunPower brand in certain countries outside the United States . The Company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines.
MAXN shares jumped $6.26, or 33.4%, to $25.01.