2023-03-08 08:57:23 ET
Maxeon Solar Technologies ( NASDAQ: MAXN ) +22.9% pre-market Wednesday reporting better than expected Q4 revenues and bullish Q1 guidance that topped estimates.
Maxeon ( MAXN ) said it finished the year with a $20M gross profit in Q4, swinging from a $15M loss in Q3 and a $10M loss in the year-earlier quarter, while lowering its adjusted EBITDA loss in Q4 to $3.7M, down from a $34M adjusted EBITDA loss in Q3 and a $32.7M loss in the prior-year period.
The company said it shipped 734 MW of solar modules in Q4, up 21% Q/Q and slightly above upper-end guidance of 720 MW, citing strong demand in its distributed generation business and further growth in the U.S. utility-scale market.
For Q1 2023, Maxeon ( MAXN ) forecasts continued progress leading to positive adjusted EBITDA for the first time since its spinout from SunPower in 2020.
Maxeon ( MAXN ) guided for Q1 revenues of $305M-$345M, adjusted EBITDA of $10M-$20M, and shipments totaling 730-770 MW.
For FY 2023, the company sees revenues of $1.35B-$1.55B, adjusted EBITDA of $80M-$100M, and capital spending of $100M-$120M.
In response to the results, analysts at Morgan Stanley said Maxeon's ( MAXN ) margin pressures are easing and contracted backlog is expanding faster than expected.
Maxeon Solar ( MAXN ) shares have gained 23% so far this year and 70% during the past 12 months .
For further details see:
Maxeon forecasts positive adjusted EBITDA in Q1, first since 2020 spinout