MAXN - Why Maxeon Solar Technologies Stock Dropped Today
2023-11-16 13:24:44 ET
Shares of Maxeon Solar Technologies (NASDAQ: MAXN) are down 11.8% as of 12:45 p.m. ET Thursday after the solar technology company announced mixed third-quarter 2023 results and disappointing forward guidance.
To be fair, this update shouldn't be entirely surprising considering Maxeon announced preliminary results over a month ago. Citing a temporary pause of shipments in late July after its largest U.S. distributed generation (DG) customer, SunPower , breached its payment obligations under Maxeon's Master Supply Agreement, Maxeon told investors its Q3 revenue would arrive in the range of $224 million to $229 million, with shipments in the range of 622 megawatts (MW) to 632 megawatts.
Indeed, when all was said and done Maxeon's quarterly shipments fell 22.2% year over year to 628 MW, while revenue declined 17.4% year over year to $227.6 million. On the bottom line, that translated to a net loss under generally accepted accounting principles ( GAAP ) of $108.3 million, or $2.21 per share. Analysts, on average, were expecting a much narrower net loss of $0.93 per share on roughly the same revenue.
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Why Maxeon Solar Technologies Stock Dropped Today