MAXN - Maxeon Solar stock trades lower on Q4 revenue earnings drop
Maxeon Solar Technologies (NASDAQ:MAXN) reported a drop of 9.8% Y/Y in its Q4 revenue to $221.48M led by a narrow-down in shipments to 577 from 655 in year ago quarter; Q/Q it saw a marginal increase of 0.4% in its revenue. Gross profit stood at -$10.55M compared to -$7.31M in year ago quarter and -$16.7M in Q3. Adj. EBITDA loss widened to -$39.18M compared to -$17.03M in year ago quarter. Net loss for the quarter widened to -$73.3M from -$65.4M in Q3 and net profit of $3.46M in prior year quarter. Capex stood at $37.3M during the quarter. "Utility-Scale sales momentum in U.S. market remains a bright spot, with another 700MW of Performance line module bookings added so far in 2022 along with $70M+ of contracted prepayments which brings our backlog to over 2GW," CEO Jeff Waters commented. For 1Q22, the company provided outlook: Analysts consensus estimates for 1Q22 revenue stands
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Maxeon Solar stock trades lower on Q4 revenue, earnings drop