Maxeon Solar Technologies Loses 50% Value In One Session After Q1 Earnings - Here's Why
Portfolio Pulse from Anusuya Lahiri
Maxeon Solar Technologies (NASDAQ:MAXN) reported disappointing Q1 earnings, with revenue and EPS both missing analyst estimates. The company experienced a significant decline in shipments and revenue year over year, leading to a 50% drop in stock value. Despite challenging market conditions, Maxeon secured investments and debt restructuring to stabilize its financial position.
May 30, 2024 | 2:54 pm
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Maxeon Solar Technologies reported Q1 revenue of $187.46 million, missing estimates and declining 41.1% YoY. EPS loss of $1.59 also missed expectations. Shipments fell 37% YoY. The stock dropped over 50% following the report. The company secured $97.5 million in debt and $100 million in equity investment, and restructured $200 million in convertible notes.
The significant miss on both revenue and EPS, along with a substantial decline in shipments, has led to a sharp drop in the stock price. The company's efforts to secure investments and restructure debt are positive steps but may not immediately offset the negative impact of the earnings miss.
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