Image: Maxeon Solar Technologies
Solar manufacturer Maxeon Solar Technologies has reported a significant drop in performance for the fourth quarter and full year of 2024, driven largely by ongoing import restrictions imposed by U.S. Customs and Border Protection (CBP).
In Q4 2024, Maxeon shipped just 211 MW of solar modules—closely in line with Q3’s 199MW but a steep decline from 653MW in Q4 2023. Annual shipments fell by more than 50%, from 2.9 GW in 2023 to just 1.4GW in 2024. Consequently, Maxeon’s year-end revenue was less than half of what was reported the year prior.
At the heart of this disruption is the CBP’s ongoing detention of Maxeon's Maxeon 3, Maxeon 6, and Performance 6 panels at the U.S. border. These modules, manufactured in Mexico, have been held since July 2024 under the enforcement of the Uyghur Forced Labor Prevention Act (UFLPA).
Despite submitting extensive documentation to demonstrate full compliance with the UFLPA, Maxeon said CBP has not presented any evidence of wrongdoing or non-compliance. The company has filed legal action with the U.S. Court of International Trade in an effort to challenge the agency’s decision.
“CBP has neither cited any evidence nor alleged any non-compliance with the UFLPA on our part, yet it continues to unjustifiably block our products, causing material disruption to our business, our customers, and the U.S. renewable energy sector,” said George Guo, Maxeon’s CEO. “We believe these actions are without merit.”
Despite these headwinds, Maxeon is pursuing a strategic business transformation to strengthen its market resilience and ensure long-term competitiveness. According to Guo, the company is restructuring its operations to focus exclusively on the U.S. market, streamlining internal processes, cutting costs, and building alternative supply chains. It is also identifying new domestic component vendors and expanding partnerships within the U.S. solar ecosystem.
CFO Dmitri Hu noted that Maxeon has taken significant financial steps to stabilize its balance sheet. The company has divested its assets in the Philippines and exited operations outside the U.S., unlocking liquidity to support ongoing transformation. It also restructured interest payments on outstanding debt to reduce its cash burden and is exploring additional financial initiatives to bolster resilience.
Due to the uncertainty surrounding U.S. policy and the ongoing restructuring process, Maxeon has suspended its regular quarterly earnings calls and will no longer report financial results on a quarterly basis. As a foreign private issuer, the company will instead file audited results via Form 20-F and report semiannual financials, as required by Nasdaq.
“Providing residential, commercial, and utility-scale customers with the most efficien t and reliable solar energy products remains our top priority,” Guo added. “The strategic changes we are making today are intended to secure our future and our ability to serve the U.S. market for years to come.”
