Maxeon Photo voltaic Applied sciences exceeded each its quantity and income steerage in Q2 2022 because of the sturdy efficiency of its distributed technology (DG) enterprise within the EU and its utility-scale initiatives within the US.
Maxeon’s European DG unit posted file revenues in Q2 because it elevated its shipments for a fifth consecutive quarter, whereas an upcoming enhance within the worth of its modules is predicted to “materialise considerably” within the second half of the yr, in keeping with Maxeon’s CEO, Jeff Waters.
Module shipments throughout Q2 2022 reached 521MW, above its steerage of 460-490MW, and surpassed the half-gigawatt stage for the primary time in a second quarter since 2019, as proven within the chart under.
“Utility-scale demand is one other shiny spot within the US the place we added one other 1.2GW of bookings and executed our first contract with worth adjustment mechanisms designed to make sure we safe margins in step with our long-term monetary mannequin,” added Waters.
The module producer’s manufacturing line is on observe to succeed in its 1.8GW goal early subsequent yr, and the corporate is accelerating its plan so as to add an additional 3GW within the US by 2025 after the US President Joe Biden signed the Inflation Discount Act (IRA) into legislation.
Earlier this month, the module producer obtained a US$200 million convertible bond funding from Chinese language firm TCL Zhonghuan which can fund Maxeon 7 merchandise within the Philippines and Mexico “amongst different issues”, mentioned Waters.
Furthermore, income in Q2 2022 was additionally above its steerage of US$215-230 million, reaching US$238 million, up from final yr’s Q2 income of US$175.89 million. Maxeon’s gross loss greater than trebled from the earlier quarter (US$12 million), nonetheless, to US$39 million in Q2.
In steerage for Q3 2022, Maxeon expects module shipments to come back in on the 580-620MW vary, persevering with the upwards development of shipments for 2022.
Its forecasted income vary for Q3 2022 is US$270 – 290 million, equating to a gross lack of US$10 – 20 million.
Convention name transcript from Looking for Alpha.