3Q 2021 RESULTS SUPPLEMENTAL SLIDES
November 17, 2021
© 2021 Maxeon Solar Technologies
SAFE HARBOR STATEMENT
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) our expectations regarding pricing trends, demand and growth projections; (b) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including the duration, scope and impact on the demand for our products and the pace of recovery from the COVID-19 pandemic; (c) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (d) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability;
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our ability to meet short term and long term material cash requirements, our ability to complete an equity or debt offering at favorable terms, if at all, and our overall liquidity, substantial indebtedness and ability to obtain additional financing; (f) our technology outlook, including anticipated fab utilization and expected ramp and production timelines for the Company's Maxeon 5 and 6, next-generation Maxeon 7 and Performance line solar panels, expected cost reduction, and future performance; (g) our strategic goals and plans, including partnership discussions with respect to the Company's next generation technology, and our relationships with existing customers, suppliers and partners, and our ability to achieve and maintain them; (h) expectations regarding our future performance and revenues resulting from contracted
orders, bookings, backlog, and pipelines in our sales channels; and (i) our fourth quarter fiscal year 2021 guidance, including shipments, revenue, gross profit, non-GAAP gross profit, operating expenses, non-GAAP operating expenses, Adjusted EBITDA, capital investments, restructuring charges, out-of-market polysilicon cost, and related assumptions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-
F, particularly under the heading "Risk Factors". All forward-looking statements are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
2 | © 2021 Maxeon Solar Technologies
THIRD QUARTER HIGHLIGHTS
- Malaysia facility fully reopened with 99% vaccination rate
- Non-GAAPFinancial results within guidance ranges despite supply chain headwinds
- Up to approximately 400MW added to US Utility-Scale bookings
- Part 1 of DOE Loan Guarantee Process Completed
3 | © 2021 Maxeon Solar Technologies
Transformative Capacity and Margin
Expansion Initiatives on Track
From Upper Left clockwise: First Maxeon 6 Module; Packaged Maxeon Air Panels at Singapore R&D Lab; new P-Series cell Fab in Malaysia; P-Series Module Tools Move in
>3X CAPACITY EXPANSION PLAN ON TRACK
3GW
1GW
4Q20 |
3Q21 |
4Q21 |
4Q22 |
||||||||
Max2 |
Max3 |
Max5 |
Max6 |
Performance Line |
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Note: Capacity defined as internal maximum production available at end of quarter. Graph excludes access to Performance line output from HSPV joint venture, and United States Manufacturing facility under consideration.
4 | © 2021 Maxeon Solar Technologies
PROGRESS ON THREE PILLARS OF STRATEGY
Leading |
Focused Utility-Scale |
Differentiated Global |
Panel Innovation |
Approach |
DG Brand and Channel |
Maxeon 6 |
US |
Channel |
|
• First 200MW on track to be |
• P-Series ramp on schedule |
• Record quarter for EU DG |
|
online in 2021, replacing |
for first shipment in 2Q22 |
• 40% growth in Mexico |
|
Maxeon 2 |
• Booked up to approximately |
channel |
|
• On track to retrofit Maxeon 5 |
400MW with Texas project |
• |
24% year-on-year revenue |
in 2022 and scale to 550MW |
• Part 1 of DOE Loan |
growth in DG |
|
Guarantee process |
|||
Maxeon 7 |
completed |
Beyond the Panel |
|
• Pilot line producing IBC cells |
ROW |
• France, Netherlands, UK and |
|
at highest efficiencies ever |
• Nearly 200MW India project |
Australia to exceed 20% mix |
|
recorded by Maxeon |
shipping in 3Q and 4Q |
of AC panels by end of 2021 |
|
• Capital injection by TZS into |
• |
Measuring 2022 |
|
HSPV JV to fund expansion |
performance by non-panel |
||
revenue to include storage |
5 | © 2021 Maxeon Solar Technologies
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Maxeon Solar Technologies Ltd. published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 21:24:29 UTC.