Maxeon Solar Technologies Ltd (NASDAQ:MAXN) booked higher-than-expected net attributable profit and adjusted EBITDA in the first quarter which pushed the Singapore-based solar cell and panel maker to upgrade its full-year forecast.
The SunPower spin-off said last week its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in 2023 are seen at between USD 95 million (EUR 87.5m) and USD 120 million, rather than at USD 80 million-100 million. Revenues are also anticipated to be higher than initially forecast, within the USD 1.4 billion-1.6 billion range, instead of USD 1.35 billion-USD 1.55 billion.
“Beyond 2023, we believe that our technology innovation roadmap, strong brands and unique go-to-market channels provide a solid foundation for continued growth,” said CEO Bill Mulligan.
Maxeon Solar closed the first quarter of 2023 with a net attributable profit of USD 20.3 million after losing USD 59.1 million a year back. The improvement came as capital expenditures declined and revenues rose thanks to the growing shipments.
More details about Maxeon’s first-quarter results and its second-quarter outlook are given in the table.
| Amounts in USD million | Q1 2023 | Q1 2022 | Q2 Forecast |
| Shipments (MW) | 774 | 488 | 860-900 |
| Revenue | 318.3 | 223.1 | 360-400 |
| Gross profit (loss) | 53.6 | (13) | 49-59 |
| GAAP Operating expenses | 41.9 | 37.4 | 47±2 |
| GAAP Net loss attributable to the stockholders | 20.3 | (59.1) | N/A |
| Adjusted EBITDA (loss) | 31 | (33.6) | 24-34 |
| Capital expenditures | 16.5 | 21.7 | 20-26 |
(USD 1.0 = EUR 0.921)
