Maxeon Solar reports Q4 EPS ($1.84), consensus ($1.27)

Reports Q4 revenue $323.50M, consensus $315.7M. Maxeon’s CEO Bill Mulligan noted, "After more than two years of investment in significant transformation initiatives, Maxeon’s financial performance is improving rapidly. The Company’s gross profit increased to $20M in the Q4 due to strong operational performance and prudent supply chain management, a record for Maxeon. Next quarter, Maxeon projects further progress leading to positive adjusted EBITDA for the first time since our spin-out. This continued margin improvement is attributable to strong execution by both our manufacturing and sales teams. In our distributed generation, or DG, business, pricing is benefiting from continued strength in our European channel with increasing attach rates for Beyond the Panel products, and also in the U.S. with strong demand from both SunPower as well as through our new Maxeon installer channel which kicked off in January. Our US DG partners indicate significant year-over-year growth for us in 2023, which we attribute in part to our products’ popularity in high-cost-of-power markets and sales professionals skilled at selling long-term value."