Maxeon notified of Nasdaq non-compliance over financial reporting

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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).

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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.

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