MAXN - Maxeon Solar slides as strong bookings offset by margin pressure

Maxeon Solar Technologies (MAXN -6.1%) sinks as much as 8% after reporting a larger than expected Q4 loss and a 10% Y/Y decline in revenues while also guiding Q1 revenues below expectations. Maxeon reported Q4 module shipments of 577 MW, above the company's guidance of 540-570 MW but well below 655 MW it shipped in the year-ago quarter. The company sees Q1 revenues of $210M-$220M, below $236.7M analyst consensus estimates, as well as adjusted EBITDA of negative $28M-$34M and total shipments of 475-495 MW. Roth Capital analyst Philip Shen says he is "becoming more constructive on the company's ability to achieve its 2023 target financial model," but maintains his Neutral rating and cuts his stock price target to $14 from $17, citing Maxeon's "weak near-term earnings power." Maxeon's "bookings momentum remains solid as it is effectively sold out for 2022-23 and is now booking into 2024," Shen writes. Maxeon shares are

For further details see:

Maxeon Solar slides as strong bookings offset by margin pressure