{"id":83838,"date":"2024-05-23T05:55:28","date_gmt":"2024-05-22T20:25:28","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=83838"},"modified":"2024-05-23T05:55:28","modified_gmt":"2024-05-22T20:25:28","slug":"maxeon-compliance-nasdaq-mb2926","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/maxeon-compliance-nasdaq-mb2926\/","title":{"rendered":"Maxeon Cops Nasdaq Non-Compliance Notice"},"content":{"rendered":"

\"Maxeon<\/p>\n

Producer of SunPower solar panels, Singapore-headquartered Maxeon (NASDAQ: MAXN) says it has received a notice of non-compliance from Nasdaq, an American stock exchange. Here’s why.<\/p>\n

Founded in 1985, SunPower spun off much of its solar panel manufacturing into Maxeon Solar Technologies in August 20201<\/a><\/sup>. It has production facilities in Malaysia, Mexico, and the Philippines. SunPower solar panels<\/a> have been available in Australia for decades and are – although pricey – quite popular with customers and installers alike. In this year’s SolarQuotes Installers Choice Awards, SunPower took out silver for the best solar panels in 2024<\/a>, and bronze in the support category.<\/p>\n

SunPower Maxeon panels have a warranty that will outlast me – 40 years<\/a>! Of course, no-one can say if the company – or any firm for that matter – will last the distance of their warranties.<\/p>\n

On to the Nasdaq notice …<\/p>\n

Received last week, Maxeon says the notice flags that the company did not file its annual report for the fiscal year ended December 31, 2023 with the USA’s Securities and Exchange Commission (SEC) in a timely manner. This means the company is currently not in compliance with Nasdaq listing rules.<\/p>\n

Maxeon now has until July 16, 2024 to submit to Nasdaq a plan to set things straight, and if accepted, it may be granted an exception. If not, it will have the opportunity to appeal the decision to a hearings panel. But the firm’s goal isn’t to wait that long.<\/p>\n

“The Company is working diligently to file the Annual Report before the compliance plan is due on July 16, 2024, or alternatively, will submit to Nasdaq a plan to regain compliance on or before July 16, 2024, as required by the Notice,” says Maxeon<\/a>.<\/p><\/blockquote>\n

Financial Reporting Rescheduled – Twice (So Far)<\/h2>\n

Back in late April<\/a>, the company said it would release its Fourth Quarter, Fiscal Year 2023 and First Quarter 2024 Financial Results on May 15, 2024. On May 13<\/a>, it announced rescheduling to May 23, 2024; stating:<\/p>\n

“The additional time is necessary to complete the Company’s preparation of its annual and quarterly reports and to provide the market with a comprehensive business update.”<\/p><\/blockquote>\n

Then on May 21 when addressing the Nasdaq notice issue, Maxeon said it will again postpone the release of these results to May 30, 2024; stating the same reason.<\/p>\n

But in preliminary Fourth Quarter and Fiscal Year 2023 Results published on April 8<\/a>, in an unaudited financial summary Maxeon reported 2,862MW of solar panel shipments in 2023, significantly more than FY 2022 (2,348MW) – up nearly 22%. Revenue for FY2023 was pegged at USD $1.123 billion; compared to FY2022 ($1.06 billion) – up nearly 6%.<\/p>\n

Shipping more for less isn’t confined to Maxeon – most other manufacturers have been experiencing the pinch from plummeting solar panel prices<\/a>. Premium panel producers are also under increasing pressure from budget brands that are catching up in module efficiency<\/a>.<\/p>\n

Maxeon’s Non-GAAP Gross profit in FY 2023 was estimated at $106 million, whereas in FY 2022 it sustained a $31 million loss. However, in Q4 2023, a $7 million loss was estimated, while in Q4 2022 there was a profit of $21 million.<\/p>\n

Maxeon’s CEO commented at the time the company delivered financial results largely in line with its expectations.<\/p>\n

Patent Wars Continue<\/h2>\n

Aside from keeping busy to get back in Nasdaq’s good books again, the company has also been duking it out with competitors over patents.<\/p>\n

On March 25, Maxeon initiated a patent infringement lawsuit in Texas against Canadian Solar, Inc<\/a>; alleging their infringement of Maxeon patents relating to TOPCon (Tunnel Oxide Passivated Contact) solar cell technology. This was followed by other TOPCon patent infringement lawsuits against REC Solar Holdings AS<\/a> and\u00a0 Hanwha Q CELLS<\/a>.\u00a0 It was only a couple of years ago Maxeon settled a patent battle with Canadian Solar in Japan concerning shingled solar cell technology<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Producer of SunPower solar panels, Singapore-headquartered Maxeon (NASDAQ: MAXN) says it has received a notice of non-compliance from Nasdaq, an American stock exchange. Here’s why.<\/p>\n","protected":false},"author":17,"featured_media":83839,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-83838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"\nMaxeon Cops Nasdaq Non-Compliance Notice<\/title>\n<meta name=\"description\" content=\"Producer of SunPower solar panels Maxeon (NASDAQ: MAXN) says it has received a notice of non-compliance from Nasdaq. 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The company has\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Maxeon Solar Technologies","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/11\/maxeon-solar-restructuring.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/11\/maxeon-solar-restructuring.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/11\/maxeon-solar-restructuring.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/11\/maxeon-solar-restructuring.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/11\/maxeon-solar-restructuring.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":58697,"url":"https:\/\/www.solarquotes.com.au\/blog\/sunpower-maxeon-warranty-boost-mb2344\/","url_meta":{"origin":83838,"position":2},"title":"SunPower Maxeon Solar Panels May Outlive You","author":"Michael Bloch","date":"February 7, 2022","format":false,"excerpt":"Premium solar panel manufacturer Maxeon is very confident its modules will last a very long time. So much so, the company has beefed up the warranty on its flagship SunPower Maxeon product line. Solar panels come with two warranties - product and performance. The product warranty covers defects in materials\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"SunPower Maxeon solar panel warranty","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/02\/sunpower-maxeon-warranty.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/02\/sunpower-maxeon-warranty.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/02\/sunpower-maxeon-warranty.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/02\/sunpower-maxeon-warranty.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/02\/sunpower-maxeon-warranty.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":63242,"url":"https:\/\/www.solarquotes.com.au\/blog\/sunpower-maxeon-epbt-mb2538\/","url_meta":{"origin":83838,"position":3},"title":"SunPower Maxeon 3 Solar Panels: Energy Payback","author":"Michael Bloch","date":"July 4, 2022","format":false,"excerpt":"Maxeon Solar Technologies has revealed the energy payback time of its SunPower Maxeon 3 solar panels - and it's pretty impressive. The solar panel energy payback myth, while not as prevalent as it once was, still persists. It claims the amount of energy required to manufacture a solar panel is\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"SunPower Maxeon solar panel energy payback time","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/07\/sunpower-maxeon-epbt.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/07\/sunpower-maxeon-epbt.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/07\/sunpower-maxeon-epbt.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/07\/sunpower-maxeon-epbt.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/07\/sunpower-maxeon-epbt.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":45692,"url":"https:\/\/www.solarquotes.com.au\/blog\/sunpower-maxeon-5-ac-mb1797\/","url_meta":{"origin":83838,"position":4},"title":"SunPower Maxeon 5 AC Solar Panel\u00a0Unveiled","author":"Michael Bloch","date":"December 14, 2020","format":false,"excerpt":"Maxeon Solar Technologies has announced its new SunPower Maxeon 5 AC solar panel is available in selected European countries. If and when it will be available in Australia isn't clear. It was back in June this year when SunPower spinoff Maxeon Solar Technologies and Enphase Energy announced their AC solar\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"SunPower Maxeon 5 AC solar panels","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/12\/maxeon-ac-solar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/12\/maxeon-ac-solar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/12\/maxeon-ac-solar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/12\/maxeon-ac-solar.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/12\/maxeon-ac-solar.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":41332,"url":"https:\/\/www.solarquotes.com.au\/blog\/maxeon-ac-solar-panel-mb1605\/","url_meta":{"origin":83838,"position":5},"title":"Enphase Energised Maxeon AC Module Headed For Australia","author":"Michael Bloch","date":"July 16, 2020","format":false,"excerpt":"SunPower spinoff Maxeon Solar Technologies and Enphase Energy have announced a strategic partnership that could see Maxeon AC solar panels on Australia's shores as early as towards the end of this year. First, a bit of relevant background information. What Is An AC Solar Panel? An AC solar panel is\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Maxeon AC solar panels","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/maxeon-ac-solar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/maxeon-ac-solar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/maxeon-ac-solar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/maxeon-ac-solar.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/maxeon-ac-solar.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/83838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/comments?post=83838"}],"version-history":[{"count":1,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/83838\/revisions"}],"predecessor-version":[{"id":83840,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/83838\/revisions\/83840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media\/83839"}],"wp:attachment":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media?parent=83838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/categories?post=83838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/tags?post=83838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}