Maxeon Solar drops after withdrawing profit forecast, flagging revenue-hit in Q3
03/09/2024 16:29
** Shares of solar module maker Maxeon Solar Technologies
MAXN.O dip 17.8% to $0.0895
** Company expects Q3 revenue to decline significantly from
Q2, largely due to first-ever detentions of modules being
imported into the U.S. from factories in Mexico to assess
compliance with the Uyghur Forced Labor Prevention Act (UFLPA)
** Says that while "it is our understanding that these
detentions are routine," U.S. market accounted for over 60% of
its Q2 revenue
** MAXN thereby "unable to provide financial guidance for
the Q3 and are therefore withdrawing full year 2024 revenue and
adjusted EBITDA guidance"
** Including session's losses, stock is down 98.8% YTD
(Reporting by Seher Dareen in Bengaluru)
((Seher.Dareen@thomsonreuters.com))