Prism MarketView Index Mover: Maxeon (MAXN) Keeps the Lights On in the IP Solar Index
A global leader in solar innovation Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) who designs, manufactures, markets, and sells solar panels and related solar system components has seen a positive uptick in share price, on its recent earnings announcement. So far, the company has seen a 30%+ move in Wednesday trade.
As the solar wave continues its emergence, companies like MAXN are creating positive reinforcement in the market. The company’s Q4 revenues were $324M vs consensus of $316M while Q4 gross margins surpassed consensus at 6.2% vs 1.7%. Overall 2023 and Q1 ’23 guidance, was positive. Additionally, management cited securing DOE loan guarantee is in its final stages. It seems the company has had success in the other earlier stages of the process making the probability optimistic for securing the loan guarantee.
“After more than two years of investment in significant transformation initiatives, Maxeon’s financial performance is improving rapidly. The Company’s gross profit increased to $20 million in the fourth quarter due to strong operational performance and prudent supply chain management, a record for Maxeon.” stated CEO, Bill Mulligan.
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