On August 14, Maxeon, a subsidiary of TCL Zhonghuan Holdings, released its performance report for the first half of 2025.
The report shows that in the first half of this year, Maxeon achieved revenue of $39.041 million, down 89.5% year-on-year; net loss of $65.458 million; shipments of only 153.2MW, down 84.89% year-on-year. George Guo, CEO
of Maxeon, said, Maxeon's financial results for the first half of 2025 continue to reflect the challenges posed by CBP's ban on our solar panels entering the U.S. market as of July 2024.
We continued to challenge the groundless decision of CBP and filed a lawsuit with the U.S. Court of International Trade (CIT) on July 15, accusing CBP of ultra vires, lack of due process, and misapplication of the so-called Xinjiang-related Act. This led to some Maxeon solar panels being wrongly banned from the US market. "We remain hopeful that the court will correct this misconduct, which has severely impacted our business for more than a year."
Earlier, in July 2024, Maxeon , a subsidiary of TCL Central Holdings, was detained by CBP for exporting photovoltaic modules from Mexico to the United States . The reason is to examine whether Maxeon's products comply with the provisions of the so-called Xinjiang-related Act of the United States. Until April this year, Maxeon said that the detained photovoltaic modules had not yet been released.