Maxeon notified of Nasdaq non-compliance over financial reporting

May 22, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
Maxeon’s module production plant in Mexico. Image: Maxeon Solar Technologies.

Singapore-headquartered solar manufacturer Maxeon has received a notice of non-compliance from the Nasdaq stock exchange for failing to file its financial statements on time.

Nasdaq said that Maxeon did not file its full-year 2023 financial report with the Securities and Exchange Commission, meaning that it was not in compliance with Nasdaq Listing Rule 5250(c)(1).

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

Maxeon has until the 16th July to submit a plan to regain compliance with the Nasdaq listing rules. Upon receipt of a plan, Nasdaq may extend the period wherein Maxeon can regain compliance.

In a public statement, Maxeon said: “The Notice has no immediate effect on the listing of the Company’s ordinary shares on the Nasdaq Capital Market. The Company is working diligently to file the Annual Report before the compliance plan is due on July 16, 2024, or alternatively, will submit to Nasdaq a plan to regain compliance on or before July 16, 2024, as required by the Notice.”

In the same statement, Maxeon announced that it will delay its Q4 FY 2023 and Q1 FY 2024 financial statements until 30th May. They were originally due on the 23rd.

It said “The additional time is necessary to complete the Company’s preparation of its annual and quarterly reports and to provide the market with a comprehensive business update.”

In November 2023, Maxeon CFO Kai Strohbecke said that the company’s non-GAAP gross loss in Q4 2023 was expected to be between US$5 million and US$15 million following the decision to phase out its Maxeon 6 interdigitated back contact (IBC) modules.  At the same time, the company announced plans to lay off around 22% of its global workforce.

Maxeon’s Q3 2023 financial results—the last publicly available records—showed shipments and revenues falling by 23% and 35%, respectively. This was partially attributed to a large US customer which breached its payment obligations.

Maxeon is building a 3GW tunnel oxide passivated contact (TOPCon) solar cell and module manufacturing plant in Albuquerque, New Mexico, US.

Since the announcement of the facility in August, Maxeon announced intentions to investigate “several companies” for suspected TOPCon technology patent infringements in November 2023. Then, in March and April 2024, it filed lawsuits against Chinese manufacturer Canadian Solar, module manufacturer REC Solar Holdings and Korean-owned manufacturer Qcells for alleged TOPCon patent infringements.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.
October 29, 2025
US solar manufacturer Corning has brought online its wafer production at its Michigan plant, during the third quarter of 2025.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany