Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the first quarter ended April 2, 2023.
Maxeon's Chief Executive Officer Bill Mulligan noted, "Maxeon delivered strong financial performance in Q1, executing well across the organization and exceeding our gross margin and Adjusted EBITDA targets. Our DG business benefited from prudent supply chain management and solid ASP execution in Europe, combined with expanded profitability in the US. In our North America utility-scale business we booked several new projects in the first quarter, with production now booked out through 2025 and allocated based on sold options into 2027. Based on strong customer demand, we are actively looking for opportunities to expand our North American supply chain, including progressing our application with the DOE Loan Program Office for a domestic cell and module facility."
Mulligan continued, "While our team is energized by delivering a strong start to the year, we remain highly focused on executing our strategy and achieving our full year 2023 financial targets. With Q1 results exceeding our expectations we are raising our 2023 Adjusted EBITDA guidance from $80 - $100 million to $95 - $120 million. Beyond 2023, we believe that our technology innovation roadmap, strong brands and unique go-to-market channels provide a solid foundation for continued growth."
