Maxeon Solar Technologies slumps after posting Q1 loss
30/05/2024 14:02
** Shares of Maxeon Solar Technologies MAXN.O down 56% at
$1.37 premarket
** Solar panel maker posts Q1 loss of $14.8 mln vs profit of
$53.6 mln a year earlier
** "Maxeon has been facing a very difficult market
environment since the third quarter of last year, with
challenging industry pricing conditions and demand disruptions
in our DG business due to higher interest rates and policy
changes" - CEO Bill Mulligan
** Quarterly revenue down 41% at $187.5 mln
** "While the company is making progress on our announced
restructuring initiatives and we are seeing some positive trends
in the market, we determined that Maxeon requires additional
capital to support its continuing operations," CEO says
** Up to last close, shares down 56.6% YTD
(Reporting by Tanay Dhumal in Bengaluru)
((Tanay.Dhumal@thomsonreuters.com;
Twitter: https://twitter.com/TanayDhumal))