Maxeon Solar Technologies (NASDAQ:MASN) saw its stock stumble out of the gates Friday, after Maxeon said demand was weakening. Second quarter revenue of $348.4 million missed a guidance range that started at $360 million. Maxeon said it expected revenue to total between $280 million and $320 million in the third quarter. High interest rates proved one reason Maxeon cited for the demand issues.
Maxeon's Chief Executive Officer Bill Mulligan noted, "Maxeon delivered another solid quarter, with year-on-year revenue growth of 46 percent and adjusted EBITDA above our guidance mid-point. We were thrilled to announce the selection of Albuquerque as the site for our planned US solar cell and module factory, and were also pleased to recently celebrate the completion of our 1.8 GW capacity expansion in Mexicali. These two milestones position the company well for continued expansion in the US utility scale market."
For fiscal year 2023, the Company is revising its annual guidance to reflect the near term softening of residential demand and the challenging market conditions which the Company expects to persist through the fourth quarter: Revenue to be within a range of $1,250 million to 1,350 million. Adjusted EBITDA to be within a range of $80 million to $100 million.
MASN shares fell $4.78, or 21.5%, to $17.50.
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