Maxeon Solar Technologies announced its financial results for the fourth quarter and fiscal year ended December 31, 2024, on April 30, 2025, revealing significant financial deterioration. For fiscal year 2024, revenue plummeted to $509 million from $1,123.110 million in FY 2023, and the GAAP net loss attributable to stockholders widened to $(614.300) million from $(275.829) million in the prior year.
In Q4 2024, shipments were 211 MW, down from 653 MW in Q4 2023, with revenue falling to $48.813 million from $228.775 million in Q4 2023. The GAAP gross loss for the quarter was $(47.656) million, compared to $(34.461) million in Q4 2023, and the GAAP net loss attributable to stockholders was $(105.977) million.
CEO George Guo highlighted the continued impact of U.S. Customs & Border Protection (CBP)'s exclusion of Maxeon 3, Maxeon 6, and Performance 6 solar panels from U.S. import since July 2024, despite the company's extensive documentation. Maxeon has commenced legal action at the U.S. Court of International Trade to contest CBP's decision. CFO Dmitri Hu stated the company is unable to provide financial guidance for the foreseeable future and will no longer report earnings on a quarterly basis, instead filing audited financial statements via Form 20-F and reporting results for the six months ended June 30th.
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