MAXN - Maxeon Solar opens -14% after posting larger Q2 loss

Maxeon Solar Technologies ( NASDAQ: MAXN ) -14.5% in early Friday trading after reporting a larger than expected Q2 loss and guiding Q3 revenues below estimates.

Q2 gross loss surged to $39.3M from a $2.8M in the year-earlier quarter, adjusted EBITDA loss rose to $36.8M from $23.5M a year ago, revenues rose 35% Y/Y to $238M, and shipments increased 20% to 521 MW.

For Q3, Maxeon ( MAXN ) said it expects revenues of $270M-$290M, below the $305M analyst consensus, as well as adjusted gross loss of $10M-$20M, an adjusted EBITDA loss of $27M-$37M, shipments of 580-620 MW, and capital spending of $21M-$25M.

"Our Performance Line remains on track to reach 1.8 GW early next year and based on recent passage of the Inflation Reduction Act, we are accelerating plans to add an incremental 3 GW in the U.S.," CEO Jeff Waters said.

TCL Zhonghuan announced a $200M investment in Maxeon Solar ( MAXN ) that will allow it to access Maxeon's IBC solar cell platform.

Maxeon Solar ( MAXN ) shares have gained 35% YTD and 40% during the past year .

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