Maxeon ships 520MW of modules in Q2 as distributed generation unit boosts performance

Maxeon plans to accelerate its 3GW facility in the US after the passage of the Inflation Reduction Act. Image: Maxeon Solar Technologies.

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.

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.

29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

October 6, 2022
The US Department of the Treasury and the Internal Revenue Service (IRS) have requested stakeholder input on the climate and clean energy tax incentives included in the country’s Inflation Reduction Act (IRA).
October 5, 2022
The rise in solar and wind generation met over three-quarters of the global electricity demand growth in the first half of 2022, according to a report from think tank Ember.
PV Tech Premium
October 4, 2022
Maxeon’s interim CEO talks to PV Tech about capacity expansions, smart home solutions and the company’s search for a new CEO.
October 4, 2022
Heterojunction cell and module manufacturer Meyer Burger is planning to raise funds to accelerate its expansion as it enters the utility-scale segment.
September 29, 2022
The US DOE’s Solar Energy Technologies Office's director opens up on the impact of the IRA, its five-year plan and barriers to the US’ energy transition
September 28, 2022
Renewables company Voltalia expects to achieve 2.6GW of renewables in operation or under construction in 2022, a year ahead of schedule.

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain