MAXN

MKT CAP:$25M

Maxeon Solar Technologies, Ltd.

Market Cap

$25M

Energy·Solar·🇸🇬 Singapore·NASDAQ

Energy·Solar·🇸🇬·NASDAQ

Stock Price

$1.60-$1.38 (-46.31%)

Apr 22, 2026

Company Details

Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower br...

CEO

Aiping Guo

IPO Date

Aug 26, 2020

Website

www.maxeon.com

Key Metrics TTM

Revenue

$275M

-74.9% YoY

Net Income

-$252M

EPS (Diluted)

-$18.22

Free Cash Flow

-$200M

Revenue / Share

$16.38

Gross Margin

-28.3%

Operating Margin

-88.5%

Net Margin

-91.4%

FCF Margin

-72.6%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2025

Aug 14, 2025

$20MEPS -$1.95

Q1 2025

Mar 31, 2025

$20M-89.6%EPS -$1.95

FY 2024

Apr 30, 2025

$509M-54.7%EPS -$73.78

Q4 2024

Apr 30, 2025

$49M-78.7%EPS -$12.73

Q1 2024

May 30, 2024

$187M-41.1%EPS -$1.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$207M	-$12M	-$39M
Q4 20	$246M	$7M	-$25M
Q1 21	$165M	$1M	-$36M
Q2 21	$176M	-$3M	-$41M
Q3 21	$220M	-$17M	-$49M
Q4 21	$221M	-$11M	-$46M
Q2 22	$238M	-$39M	-$73M
Q3 22	$275M	-$16M	-$57M
Q4 22	$324M	$35M	-$18M
Q1 23	$318M	$54M	$12M
Q3 23	$228M	$3M	-$64M
Q4 23	$229M	-$34M	-$175M
Q1 24	$187M	-$15M	-$64M
Q4 24	$49M	-$48M	-$111M
Q1 25	$20M	-$8M	-$34M
Q2 25	$20M	-$8M	-$34M

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q4 20	—	—
Q1 21	1.2x	—
Q2 21	1.1x	—
Q3 21	0.9x	—
Q4 21	0.8x	—
Q2 22	0.6x	—
Q3 22	1.2x	—
Q4 22	0.7x	—
Q1 23	1.1x	—
Q3 23	0.5x	—
Q4 23	0.3x	—
Q1 24	0.2x	—
Q4 24	0.1x	—
Q1 25	0.1x	—
Q2 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$51M	-$56M
Q4 20	-$62M	-$75M
Q1 21	-$51M	-$62M
Q2 21	$33M	-$19M
Q3 21	-$11M	-$65M
Q4 21	$24M	-$14M
Q2 22	-$11M	-$29M
Q3 22	-$40M	-$56M
Q4 22	$40M	$32M
Q1 23	-$23M	-$40M
Q3 23	-$152M	-$167M
Q4 23	-$76M	-$88M
Q1 24	-$73M	-$92M
Q4 24	-$7M	-$11M
Q1 25	-$48M	-$48M
Q2 25	-$48M	-$48M

Capital Expenditures

Quarter	CapEx
Q3 20	$5M
Q4 20	$13M
Q1 21	$11M
Q2 21	$52M
Q3 21	$54M
Q4 21	$38M
Q2 22	$18M
Q3 22	$16M
Q4 22	$7M
Q1 23	$17M
Q3 23	$15M
Q4 23	$12M
Q1 24	$19M
Q4 24	$4M
Q1 25	$634.0K
Q2 25	$634.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+6.6%	+7.9%
Q3 21	+6.7%	+9.8%
Q4 21	-9.8%	-1.3%
Q2 22	+43.9%	+54.5%
Q3 22	+56.6%	+53.3%
Q4 22	+46.7%	+26.5%
Q1 23	+43.7%	+14.6%
Q3 23	-4.4%	-6.4%
Q4 23	-16.9%	+21.6%
Q1 24	-42.1%	-26.5%
Q4 24	-84.7%	-47.8%
Q1 25	-91.4%	-81.5%
Q2 25	-91.5%	-86.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$2M	0.9%
Q4 20	$2M	0.6%
Q1 21	$2M	0.9%
Q2 21	$2M	1.1%
Q3 21	$2M	0.8%
Q4 21	$2M	0.9%
Q2 22	$2M	0.9%
Q3 22	$6M	2.2%
Q4 22	$4M	1.1%
Q1 23	$5M	1.5%
Q3 23	$5M	2.1%
Q4 23	$1M	0.5%
Q1 24	$7M	3.7%
Q4 24	$11M	21.9%
Q1 25	$3M	17.7%
Q2 25	$3M	17.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 20	$10M	$17M	—	—
Q4 20	$9M	$38M	—	—
Q1 21	$13M	—	—	$23M
Q2 21	$10M	—	—	$23M
Q3 21	$13M	—	—	$18M
Q4 21	$11M	$17M	$7M	—
Q2 22	$12M	—	—	$22M
Q3 22	$12M	$28M	$2M	—
Q4 22	$11M	$23M	$3M	—
Q1 23	$11M	$32M	$800.0K	—
Q3 23	$12M	$30M	$2M	—
Q4 23	$10M	$25M	$4M	—
Q1 24	$10M	$34M	$2M	—
Q4 24	$9M	$40M	—	—
Q1 25	$7M	—	—	$17M
Q2 25	$7M	—	—	$17M

Revenue by Geography

Quarter	Japan	Rest Of World	United States
Q4 22	$42M	$68M	$200M
Q4 23	$13M	—	$218M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$175M	$0	$175M
Q4 21	$167M	$0	$167M
Q1 22	$177M	$0	$177M
Q2 22	$138M	$0	$138M
Q3 22	$199M	$76M	$275M
Q4 22	$227M	$76M	$303M
Q1 23	$279M	$0	$279M
Q2 23	$375M	$60M	$435M
Q3 23	$208M	$60M	$268M
Q4 23	$190M	$0	$190M
Q1 24	$98M	$0	$98M
Q2 24	$81M	$0	$81M
Q3 24	$51M	$0	$51M
Q4 24	$29M	$0	$29M
Q1 25	$17M	$0	$17M
Q2 25	$17M	$0	$17M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	25M	+16.5%	—
Q4 20	25M	-1.1%	—
Q1 21	34M	+39.3%	—
Q2 21	39M	+13.2%	+81.7%
Q3 21	40M	+4.6%	+63.2%
Q4 21	40M	+0.1%	+65.1%
Q2 22	41M	+1.0%	+19.7%
Q3 22	41M	+0.2%	+6.0%
Q4 22	41M	+0.7%	+2.0%
Q1 23	53M	+28.7%	+31.2%
Q3 23	49M	-7.8%	+19.8%
Q4 23	54M	+10.3%	+31.8%
Q1 24	51M	-6.4%	+22.5%
Q4 24	8M	-83.5%	-84.3%
Q1 25	17M	+101.9%	-65.6%
Q2 25	17M	0.0%	-68.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	$6M	40
Q3 22	$7M	40
Q4 22	$7M	45
Q1 23	$7M	45
Q3 23	$5M	45
Q4 23	$5M	43
Q1 24	$4M	43
Q4 24	$1M	40
Q1 25	$488.0K	40
Q2 25	$488.0K	40

Revenue / Employee