Maxeon net loss rises in 2021, revenue falls

March 25 (Renewables Now) — Maxeon Solar Technologies Ltd (NASDAQ:MAXN) saw its attributable net loss widen to $254.5 million (€230.7 million) in 2021, from $142.6 million dollars a year ago as solar module shipments and revenue declined.

The Singapore-based solar cell and panel maker, a spin-off of SunPower Corp Inc (NASDAQ:SPWR), explained on Thursday that the year was marked by supply chain challenges caused by the coronavirus pandemic. COVID-19. “We are actively mitigating supply chain cost inflation and renegotiating customer contracts where possible,” CEO Jeff Waters said.

Details of the company’s financial performance and preliminary guidance for the first quarter of 2022 are available in the table.

Amounts in millions of dollars

Q4 2021 Q4 2020 2021 2020 Q1 2022 forecast
Module shipments (MW) 577 655 1,956 2,145 475-495
Revenue 221.5 245.6 783.3 844.8 210-220
Gross profit (loss) (10.5) 7.3

(29)

(9.8) (7)-(13)
Net income attributable to shareholders (73.3) 3.5 (254.5) (142.6)
Adjusted EBITDA (loss) (39.2) (17) (125.3) (82.3) (28)-(34)
Capital investments 37.4 13.3 154.2 27.7 22-26

Amounts in millions of dollars

(29)

During the last quarter of 2021, Maxeon ramped up production of the Maxeon 6 panels and began initial shipments.

Despite pandemic-related constraints in the market, Maxeon said its to-date backlog exceeded 2 GW, with the U.S. utilities market “a bright spot.” The company’s distributed generation (DG) business is gaining traction with European customers and setting new sales records, the manufacturer added.

(1.0 USD = 0.907 EUR)

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Ann J. Cox