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Maxeon stock plummets 21% on Q2 revenue miss & disappointing guidance

AuthorDavit Kirakosyan
Published 10/08/2023, 23:02
© Reuters.

Maxeon Solar Technologies Ltd (NASDAQ:MAXN) shares plunged more than 21% after-hours following the company’s reported Q2 results, with revenue of $348.4 million coming in worse than the consensus estimate of $378.23M. EPS was ($0.03), compared to the consensus estimate of ($0.07).

"The demand environment in the global distributed generation (DG) market weakened significantly in late-Q2 due to the combined effect of higher interest rates, the impact of policy disruption in California, and significant channel inventory industry-wide. Our DG sales team was able to deliver on-plan ASP and gross profit but came in short of target on volume and revenue,” said CEO Bill Mulligan.

For Q3/23, the company expects revenue in the range of $280-$320M, missing the consensus estimate of $395.3M. Adjusted EBITDA is seen at $2-$12M.

For the full year, the company anticipates revenue in the range of $1.25-$1.35B, worse than the consensus of $1.51B. Adjusted EBITDA is seen at $80-$100M.

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