Maxeon’s Q3 results boosted by distributed generation market in Europe

Maxeon’s module production plant in Mexico. Image: Maxeon Solar Technologies.

Maxeon Solar Technologies has improved its results from the previous quarter, with Q3 2022 revenue up, driven by the European distributed generation (DG) business.

For a sixth consecutive quarter, the company achieved record sales and volumes shipped with its DG business in the EU market, primarily in France and the Netherlands.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Sales in the DG market for Q3 2022 were up 25% over the corresponding period in 2021 due to price increases and a higher mix of Maxeon 6 products as well as Europe’s performance.

Within its DG business, the company has been expanding its offer beyond panel product sales to diversify its home energy strategy with the sale of battery solutions, which are expected to start rolling out in the next quarter, as well as new electric vehicle (EV) charging products, according to Mark Babcock, interim CEO at Maxeon since September.

The utility-scale business has seen an increase in shipments too in the US market, with deliveries from its Mexican facility growing further. The company is also ramping up a 1GW PERC module facility in Malaysia to 1GW.

Total shipments for the third quarter were 605MW, in line with the company’s 580-620MW guidance, and up from 566MW in Q3 2021.

The module supplier scaled up its US utility-scale capacity of PERC cell fabrication to 1GW and is on schedule for a full ramp-up of 1.8GW in 2023, which is timed “with extremely high appetite for solar panels from US utility scale customers”, said Babcock during a conference call.

As the company increases production, the shipment growth in the last quarter of the year and in 2023 will largely come from the US utility-scale market.

Meanwhile, Maxeon has fully booked its capacity pipeline until 2025 and has started booking supply agreements for its utility-scale modules with delivery dates into 2028.

Moreover, the manufacturer is working to increase its production in 2025 and will capitalise on the passage of the Inflation Reduction Act by setting up a 3GW cell and module factory in the Southeastern US that will require a US$1 billion investment.

“As we look forward to the next four years, we expect our focus to be primarily on panel manufacturing capacity growth, expansion of our footprint in the US market, and increasingly material contributions from our beyond the panel initiatives,” said Babcock.

Revenue for Q3 2022 reached US$275 million, an increase from last year’s Q3 US$220 million. Nearly half of the revenue came from Europe with US$137 million, while revenue in the US and Canada increased to US$107 million, with the Asian-Pacific market as the only market reducing its revenue year-over-year.

For the last quarter of the year, the module supplier expects its shipments to be between 680-720MW, continuing its upward trend of shipments in 2022.

Revenue guidance for Q4 is US$290 – 330 million.

Conference call transcript from Seeking Alpha.

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again 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 in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth 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 2026 and beyond.

Read Next

June 11, 2024
The Sun Investment Group (SIG) has secured a debt facility to support its development of 1.97GW of new solar capacity in Poland.
June 11, 2024
French independent power producer (IPP) Neoen has signed a power purchase agreement (PPA) with SNCF Energie for a 139MW solar PV plant in central France.
June 11, 2024
The Austrian government has introduced a “made in Europe” subsidy bonus for European photovoltaic components.
June 6, 2024
Solar module demand increased in Europe in May, according to data from solar wholesaler, as buyers’ confidence rose and the price of bifacial modules fell.
June 6, 2024
Recurrent Energy, the solar project development subsidiary of global solar manufacturer Canadian Solar, has made an initial closing on BlackRock’s investment.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia