Maxeon expects positive adjusted EBITDA in Q1 2023, first since spin-out

Facebook
Twitter
LinkedIn
Reddit
Email
Maxeon shipped 734MW of solar PV modules in Q4 2022 and ended the year with 2.3GW, up from 1.9GW registered in 2021. Image: Maxeon Solar Technologies.

Solar module supplier Maxeon Solar Technologies’ is forecasting a positive adjusted EBITDA in the first quarter of 2023.

This will be the first time the company registers positive adjusted EBITDA since its spin-out from residential solar installer SunPower in 2020, according to Bill Mulligan, CEO at Maxeon.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

In the last quarter of 2022, the solar module supplier reduced its adjusted EBITDA loss to US$3.7 million, down from a registered loss of US$34 million in the previous quarter and a negative adjusted EBITDA of US$32.7 million the year before in Q4 2021.

Moreover, Maxeon finished the year with a gross profit of US$20 million in the fourth quarter of 2022, an increase from the US$15 million loss in the previous quarter and a U$10 million gross loss in Q4 2021.

The strong increase in Q4 2022 was due to strong operational performance and “prudent supply chain management”, said Mulligan who was appointed as the CEO of the company this January following the departure of Maxeon’s previous Jeff Waters, in September 2022.

In terms of the company’s distributed generation (DG) business, it has benefitted from continued strength from Europe – a market that had already boosted its results in Q3 2022 – with shipments growing more than 25% year-on-year, while in the US it was driven by strong demand from SunPower and the company’s new installer channel launched in January.

“Our US DG partners indicate significant year-over-year growth for us in 2023, which we attribute in part to our products’ popularity in high-cost-of-power markets and sales professionals skilled at selling long-term value,” said Mulligan, adding that its European DG business is approaching the gigawatt annualised deployment.

Meanwhile, in the utility-scale segment, the solar module supplier reached cumulative bookings in the US with 4.2GW through 2025 and with advanced deposits on an additional 1.5GW through 2027, said Mulligan.

The company continues to focus on ramping up its 1.8GW mono passivated emitter and rear cell (PERC) cell and module production facility, with the ‘performance line’ panels on track to reach full output by this summer, according to Mulligan.

During Q4 2022, Maxeon shipped 734MW of solar modules, up 21% sequentially and slightly above Maxeon’s upper-end guidance of 720MW, due to strong demand from DG and progress from the performance line panels capacity for the US utility-scale market.

The company ended the year with 2.3GW of modules shipped, an increase from the previous year’s 1.9GW.

“Going forward, one of my highest priorities will be to accelerate development and deployment of more efficient and cost-effective solar panel technologies that can be scaled quickly,” said Mulligan in a conference call with analysts.

For the first quarter of 2023, the company expects to ship between 730-770MW of modules, with a revenue of US$305-345 million and an adjusted EBITDA between US$10-20 million, whereas for the full fiscal year of 2023, revenue is expected to be around US$1.35-1.55 billion, while adjusted EBITDA in the range of US$80-100 million.

Conference call transcript from Seeking Alpha.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 7, 2025
Econergy will acquire 100% stake in the 155MW Ratesti solar project in Romania, further expanding its European renewable energy portfolio.
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 6, 2025
German solar inverter manufacturer SMA Solar will cut 350 jobs in 2026 as it adapts to the “weak” residential PV market.
October 6, 2025
An expert panel has identified a series of grid failures that led to April's unprecedented power outage in Spain and Portugal, ruling out renewables as the leading cause.
October 2, 2025
Spanish waste management company Trabede and energy firm Greening Group will build a solar module recycling plant in Granada, Andalusia, Spain.
October 2, 2025
The European solar sector will lose around 5% of its jobs in 2025, the first contraction in employment for the sector in nearly a decade.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland