Singapore-based Maxeon Solar Technologies Ltd (NASDAQ:MAXN) has reported a sharp decline in Q2 revenues, largely due to customs delays, intense competition, and a weakened market for distributed generation (DG) systems. The company’s revenue fell to USD 184 million (EUR 166.5m) from USD 348 million a year earlier, while the quarterly loss before interest, taxes, depreciation and amortisation stood at USD 36.6 million. The US Customs and Border Protection (CBP) has detained its Mexico-made solar panels, halting shipments into Maxeon’s largest market since July. The delays have significantly impacted revenue and cash flow, as the US market accounted for over 60% of Maxeon’s second-quarter revenue. Maxeon also faces intense competition in the solar market, particularly in Europe and Australia, and is considering the closure of its Malaysian Fab 3 facility. The reinstated Section 201 tariffs on bifacial modules and proposed anti-dumping and countervailing duties on solar cells could potentially impact both cells produced in Malaysia and the modules produced in Mexico.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
