Maxeon Solar Technologies Ltd (MAXN) reported a net loss attributable to stockholders of $80.15 million, or $1.59 per share, for the first quarter. This contrasts starkly with the previous year's net income of $20.27 million, or $0.46 per share.
The company's revenues for the quarter fell to $187.46 million, a significant decrease from the $318.33 million recorded in the same period last year.
On average, five analysts surveyed by Thomson Reuters had projected the company to post a loss of $1.80 per share on revenues of $229 million for this quarter. It is important to note that analysts' estimates typically exclude special items.
Looking ahead, Maxeon Solar Technologies forecasts second-quarter revenues between $160 million and $200 million, with expected shipments ranging from 520 to 600 MegaWatts (MW). Analysts, meanwhile, anticipate revenues of approximately $193.90 million for the quarter.
For the entire fiscal year 2024, the company projects revenues between $640 million and $800 million. This is in contrast to the market expectation of $1.12 billion in revenues for the year.
