Maxeon Solar Technologies exceeded both its volume and revenue guidance in Q2 2022 thanks to the strong performance of its distributed generation (DG) business in the EU and its utility-scale projects in the US.
Maxeon’s European DG unit posted record revenues in Q2 as it increased its shipments for a fifth consecutive quarter, while an upcoming increase in the price of its modules is expected to “materialise significantly” in the second half of the year, according to Maxeon’s CEO, Jeff Waters.
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Module shipments during Q2 2022 reached 521MW, above its guidance of 460-490MW, and surpassed the half-gigawatt level for the first time in a second quarter since 2019, as shown in the chart below.
“Utility-scale demand is another bright spot in the US where we added another 1.2GW of bookings and executed our first contract with price adjustment mechanisms designed to ensure we secure margins consistent with our long-term financial model,” added Waters.
The module manufacturer’s production line is on track to reach its 1.8GW target early next year, and the company is accelerating its plan to add a further 3GW in the US by 2025 after the US President Joe Biden signed the Inflation Reduction Act (IRA) into law.
Earlier this month, the module manufacturer received a US$200 million convertible bond investment from Chinese company TCL Zhonghuan which will fund Maxeon 7 products in the Philippines and Mexico “among other things”, said Waters.
Moreover, revenue in Q2 2022 was also above its guidance of US$215-230 million, reaching US$238 million, up from last year’s Q2 revenue of US$175.89 million. Maxeon’s gross loss more than trebled from the previous quarter (US$12 million), however, to US$39 million in Q2.
In guidance for Q3 2022, Maxeon expects module shipments to come in at the 580-620MW range, continuing the upwards trend of shipments for 2022.
Its forecasted revenue range for Q3 2022 is US$270 – 290 million, equating to a gross loss of US$10 – 20 million.
Conference call transcript from Seeking Alpha.
