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MAXN

Maxeon Solar Technologies, Ltd.

MAXN

Maxeon Solar Technologies, Ltd. • NASDAQ
$3.04 ▲ 2.36% (+0.07)
Market Cap $51.48 M
52w High $9.20
52w Low $2.49
Dividend Yield 0%
P/E 0.09
Volume 22.02K
Outstanding Shares 16.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $19.52M $26.753M $-32.729M -167.665% $-1.95 $-30.826M
Q1-2025 $19.52M ▼ $26.753M ▼ $-32.729M ▲ -167.665% ▲ $-1.95 ▲ $-30.826M ▲
Q4-2024 $48.813M ▼ $63.671M ▼ $-105.977M ▲ -217.108% ▲ $-12.73 ▲ $-95.852M ▲
Q3-2024 $88.56M ▼ $153.218M ▲ $-393.944M ▼ -444.833% ▼ $-47.31 ▼ $-346.58M ▼
Q2-2024 $184.219M $61.74M $11.664M 6.332% $3 $35.478M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $17.225M $186.31M $507.956M $-327.456M
Q1-2025 $17.225M ▼ $186.31M ▼ $507.956M ▼ $-327.456M ▼
Q4-2024 $28.895M ▼ $376.272M ▼ $664.637M ▲ $-293.842M ▼
Q3-2024 $51.223M ▼ $441.362M ▼ $647.096M ▼ $-211.064M ▼
Q2-2024 $81.381M $764.156M $785.966M $-26.926M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-32.729M $-47.635M $41.538M $-129.5K $0 ▲ $-48.269M
Q1-2025 $-32.729M ▲ $-47.635M ▼ $41.538M ▲ $-129.5K ▲ $-31.008M ▼ $-48.269M ▼
Q4-2024 $-105.83M ▲ $-7.048M ▲ $-2.307M ▲ $-3.746M ▼ $-23.344M ▲ $-11.145M ▲
Q3-2024 $-439.625M ▼ $-115.932M ▼ $-11.289M ▼ $96.62M ▲ $-30.601M ▼ $-127.061M ▼
Q2-2024 $11.664M $-74.27M $7.03M $48.487M $-18.762M $-91.977M

Five-Year Company Overview

Income Statement

Income Statement Revenue grew steadily for several years but then dropped sharply in the most recent year, roughly cutting sales in half compared with the prior year. Even during the growth years, Maxeon struggled to make money, with operating losses every single year. Gross margins were thin and often negative, briefly improving but then turning deeply negative again most recently. Net losses widened meaningfully in the latest period, and the very large loss per share reflects both the worsening performance and the impact of the reverse stock split. Overall, the income statement shows a company with strong top-line potential but currently an unprofitable business model under significant pressure.

Balance Sheet

Balance Sheet The balance sheet has weakened considerably. Total assets have shrunk from earlier levels, and the cash cushion has fallen to a very low level. Debt remains sizeable relative to the asset base, while shareholder equity has moved from healthy positive levels to essentially zero and then negative. Negative equity means that, on paper, obligations exceed recorded assets, which is a sign of financial strain. The company now relies heavily on supportive stakeholders and future improvements to restore balance sheet strength.

Cash Flow

Cash Flow Maxeon has not yet demonstrated a consistently self-funding business. Operating cash flow was close to break-even a couple of years ago but has turned clearly negative again. Free cash flow has been negative throughout the period, meaning the company has regularly spent more cash than it generates, even though investment spending on new assets has not been excessive by industry standards. This pattern suggests ongoing dependence on external financing, partnerships, or asset sales to sustain operations and fund growth plans.

Competitive Edge

Competitive Edge Competitively, Maxeon stands out more on technology and product quality than on cost. Its high-efficiency, premium solar panels, long warranties, and sustainability focus give it a differentiated position versus many lower-cost, more commoditized rivals. A large patent portfolio and the legacy SunPower brand association provide additional protection and credibility. The shift to concentrate on the U.S. market, supported by its majority shareholder, aims to align the business with favourable policy tailwinds. However, the solar sector is intensely competitive, pricing is volatile, and policy or trade disruptions can quickly erode advantages. Maxeon’s premium strategy must overcome its current financial weakness to fully realize its competitive strengths.

Innovation and R&D

Innovation and R&D Innovation is one of Maxeon’s main assets. It leads in high-efficiency cell designs such as back-contact, shingled, and TOPCon technologies, and it has pushed into flexible panels that can open entirely new applications. The company is also moving up the value chain toward integrated home energy systems—combining panels, storage, EV charging, and software—which can deepen customer relationships and improve margins over time. The planned U.S. manufacturing facility is both an innovation and industrial strategy move, aimed at domestic supply and incentives. The risk is that these R&D and factory ambitions require substantial, sustained investment and flawless execution at a time when the financial base is thin, making timelines and scaling more uncertain.

Summary

Maxeon is a classic contrast story: technologically advanced but financially stressed. On one side, it has cutting-edge solar technologies, a strong intellectual property base, and a clear strategy focused on premium products and the U.S. market, supported by a large strategic investor. On the other side, it faces shrinking revenue, deep and persistent losses, negative equity, and ongoing cash burn. Future value will depend on whether the company can stabilize its operations, ramp up U.S. manufacturing as planned, and convert its innovation edge into durable, profitable growth before financial constraints tighten further. The upside potential is closely tied to execution quality and external market conditions, and the overall risk profile is high.

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