According to foreign media reports, Maxeon announced its performance report for the third quarter of 2023. In the third quarter of 2023, Maxeon shipped 628 MW, with revenue of $227.6 million and net profit loss of $108 million in the third quarter.
This is in line with Maxeon's forecast in October that it expected revenue of $224 million to $229 million and shipments of between 622 MW and 632 MW. Compared with 2022, Maxeon's gross profit margin turned from loss to profit, but it could not avoid more than doubling its attributable net loss.
Source: From Maxeon's third quarter report
Maxeon had previously said that the decline in third quarter performance was also affected by the default of top DG (distributed generation) customers in the United States. " I am pleased to announce that we have reached a settlement with SunPower that allows us to resume shipments while both parties release all outstanding claims," said Maxeon CEO Bill Mulligan, according to the update. The settlement requires SunPower to purchase 85 MW IBC panels at the contract price by February 2024 and post a $30 million payment bond. Under the terms of the settlement, both existing supply agreements with SunPower will be terminated. The settlement also contemplates Maxeon receiving warrants to purchase 1.7 million shares of SunPower common stock, resolving outstanding claims and contractual defaults, and ending restrictions on the sale of Maxeon products to SunPower installers at the end of the quarter.