Maxeon, a solar module supplier, is exploring the possibility of expanding its manufacturing capacity in the US with the opening of a new cell and module assembly plant. The move comes as the company experiences increased demand from the US utility-scale market, and its application with the Department of Energy Loan Program Office progresses to the due-diligence phase.
Maxeon's CEO, Bill Mulligan, said that the company is committed to accelerating the development and deployment of more efficient and cost-effective solar panel technologies, making it a top priority for the company.
In Q1 2023, Maxeon's revenue reached US$318 million, up from US$223 million in Q1 2022. The Americas contributed the most with US$165 million, while revenue in Europe reached US$127 million. The company exceeded its adjusted EBITDA with US$30.9 million, an improvement from a negative EBITDA of US$33.5 million in the same period last year.
The company's utility-scale capacity for 2025 is fully booked, and parts of 2026 and 2027 have already been allocated. The production ramp-up is underway, with a 1.8GW module assembly plant in North America nearing full ramp and the full cell fabrication capacity nearly completed.
Maxeon's DG segment in the US experienced the highest average selling price (ASP) in the company's history, increasing the global blended DG ASP by nearly 3% in the opening quarter of 2023. In Europe, the company maintained margins at similar levels to the previous quarter in both percentage and absolute terms, despite typical Q1 seasonality trends and increased overall industry supply volumes.
Looking ahead, Maxeon expects to ship between 860-900MW of solar modules and generate a revenue between US$360-400 million in Q2 2023. For the full fiscal year 2023, the company revised its results upwards, with revenues in the range of US$1.4-1.6 billion and an adjusted EBITDA between US$95-120 million. Maxeon is also exploring expansion opportunities in Latin America, Japan, and Australia.
