L R AS Published on Saturday 14 October 2023 - n° 461 - Categories:company results
Maxeon faces difficult market conditions
Maxeon announces a 23% reduction in panel shipments in the third quarter to 622 MW due to lower shipments
to a US customer and a fall in global residential demand. Deliveries in the second quarter totalled 807 MW.
Third-quarter sales will be between $224 million and $229 million, compared with $348 million in the second quarter. Adjusted ebitda in the third quarter would be around 30 million US dollars, similar to the 30.2 million US dollars in the second quarter.
As a result of the sluggish market, Maxeon is to make 15% of its global workforce redundant, most of them by the end of the year. It will also "reorganise" its manufacturing capacity for interdigital backplane contacts (IBCs), replacing production of the Maxweon 3 range in the Philippines with panels using Maxeon 7 technology.
https://www.pv-tech.org/maxeon-q3-shipments-drop-to-622mw-plans-to-lay-off-15-global-workforce/
PV Tech of 11 October 2023
Editor's note: For management to need to make 15% of its workforce redundant, the bad times are more serious than we are being told. It's true that there are too many Chinese panels being sold off. The redundancies in the fourth quarter will result in losses for the year.
