Revenue contraction of 89.4% year-over-year combined with a deeply negative gross margin of -39.2% in 2025Q2 highlights a severe and persistent erosion of the company's core profitability.
| Sales/Revenue | 176.41M | 509.05M | 1.12B | 1.06B | 783.28M | 844.84M | 1.2B | 912.31M |
| Revenue Growth % | -78.7% | -54.68% | 5.94% | 35.34% | -7.29% | -29.5% | 31.35% | - |
| Cost of Goods Sold | 418.48M | 758.46M | 1.04B | 1.11B | 812.29M | 854.62M | 1.2B | 1.36B |
| COGS % of Revenue | - | 149% | 93.04% | 104.52% | 103.7% | 101.16% | 100.19% | 149.32% |
| Gross Profit | -242.06M | -249.41M | 78.11M | -47.95M | -29.01M | -9.78M | -2.31M | -449.93M |
| Gross Margin % | -137.21% | -49% | 6.96% | -4.52% | -3.7% | -1.16% | -0.19% | -49.32% |
| Gross Profit Growth % | - | -419.29% | 262.92% | -65.26% | -196.64% | -323.6% | 99.49% | - |
| Operating Expenses | 270.39M | 327.23M | 297.32M | 152.35M | 143.43M | 120.4M | 133.85M | 132.07M |
| OpEx % of Revenue | - | 64.28% | 26.47% | 14.37% | 18.31% | 14.25% | 11.17% | 14.48% |
| Selling, General & Admin | 104.48M | 158.32M | 126.17M | 100.55M | 88.82M | 86.2M | 96.86M | 82.04M |
| SG&A % of Revenue | - | 31.1% | 11.23% | 9.48% | 11.34% | 10.2% | 8.08% | 8.99% |
| Research & Development | 32.85M | 37.55M | 45.7M | 49.68M | 46.53M | 34.19M | 37M | 50.03M |
| R&D % of Revenue | - | 7.38% | 4.07% | 4.69% | 5.94% | 4.05% | 3.09% | 5.48% |
| Other Operating Expenses | 4M | 131.35M | 125.45M | 2.12M | 8.08M | 0 | 0 | 0 |
| Operating Income | -512.46M | -576.64M | -219.21M | -200.29M | -172.45M | -130.18M | -135.65M | -589.77M |
| Operating Margin % | -290.49% | -113.28% | -19.52% | -18.89% | -22.02% | -15.41% | -11.32% | -64.65% |
| Operating Income Growth % | - | -163.06% | -9.44% | -16.15% | -32.47% | 4.03% | 77% | - |
| EBITDA | -487.65M | -533.18M | -163.32M | -143.55M | -130.24M | -82.85M | -82.2M | -506.87M |
| EBITDA Margin % | -276.42% | -104.74% | -14.54% | -13.54% | -16.63% | -9.81% | -6.86% | -55.56% |
| EBITDA Growth % | -50.31% | -226.45% | -13.77% | -10.22% | -57.2% | -0.79% | 83.78% | - |
| D&A (Non-Cash Add-back) | 24.81M | 43.46M | 55.88M | 56.74M | 42.21M | 47.33M | 53.45M | 82.89M |
| EBIT | -528.91M | -551.26M | -231.09M | -198.07M | -211.22M | -93.83M | -137.61M | -576.3M |
| Net Interest Income | -38.02M | -43.28M | -33.05M | -27.81M | -27.85M | -31.86M | -25.83M | -25.89M |
| Interest Income | 760K | 2.09M | 9.39M | 2.53M | 290K | 0 | 0 | 0 |
| Interest Expense | 38.78M | 45.37M | 42.44M | 30.34M | 28.14M | 31.86M | 25.83M | 25.89M |
| Other Income/Expense | -34.5M | -19.98M | -57.13M | -34.66M | -83.1M | 1.29M | -27.79M | -12.42M |
| Pretax Income | -546.96M | -596.62M | -276.34M | -234.96M | -255.54M | -128.88M | -163.44M | -602.19M |
| Pretax Margin % | -310.04% | -117.2% | -24.6% | -22.16% | -32.62% | -15.26% | -13.64% | -66.01% |
| Income Tax | 17.88M | 17.95M | -626K | 32.19M | 203K | 12.13M | 10.12M | -1.05M |
| Effective Tax Rate % | -3.27% | -3.01% | 0.23% | -13.7% | -0.08% | -9.41% | -6.19% | 0.17% |
| Net Income | -565.38M | -614.3M | -275.83M | -267.42M | -254.52M | -142.63M | -178.9M | -603.81M |
| Net Margin % | -320.48% | -120.68% | -24.56% | -25.23% | -32.49% | -16.88% | -14.93% | -66.19% |
| Net Income Growth % | -55.72% | -122.71% | -3.14% | -5.07% | -78.45% | 20.27% | 70.37% | - |
| Net Income (Continuing) | -564.84M | -614.57M | -275.71M | -267.15M | -255.75M | -141.01M | -178.9M | -604.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.81M | 5.48M | 5.75M | 5.63M | 5.42M | 6.64M | 5.3M | 1.15M |
| EPS (Diluted) | -33.63 | -73.78 | -5.36 | -6.31 | -6.39 | -5.62 | -5.85 | -20.36 |
| EPS Growth % | -171.74% | -1276.49% | 15.06% | 1.25% | -13.7% | 3.93% | 71.27% | - |
| EPS (Basic) | - | -73.78 | -594.63 | -6.31 | -6.39 | -5.62 | -8.16 | -20.36 |
| Diluted Shares Outstanding | 16.81M | 8.33M | 51.44M | 40.92M | 37.46M | 24.5M | 29.66M | 29.66M |
| Basic Shares Outstanding | 16.81M | 8.33M | 463.87K | 40.92M | 37.46M | 24.5M | 21.26M | 29.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As reported in recent financial filings, Maxeon's quarterly revenue plummeted to $19.5 million in 2025Q2, representing a staggering 89.4% year-over-year contraction that highlights the company's inability to maintain market share amidst a broader industry shift toward lower-cost, mass-market solar module technologies.
The precipitous decline in top-line performance suggests that the company's premium IBC product strategy has failed to gain sufficient traction in a price-sensitive global market. Investors should monitor whether this trajectory reflects a permanent loss of competitive relevance rather than a temporary cyclical downturn.
Based on the company's latest income statement, Maxeon reported a deeply negative gross margin of -39.2%, a figure that underscores the firm's structural inability to cover production costs in an environment of aggressive global module oversupply and intense pricing pressure from vertically integrated competitors.
The persistent negative margins indicate that the company's high-cost manufacturing footprint is no longer economically viable. This suggests that the firm is effectively subsidizing its own sales, which appears unsustainable without a fundamental restructuring of its cost base or a pivot in its manufacturing strategy.
According to the provided income statement data, Maxeon's operating margin reached a critical low of -176.3% in 2025Q2, demonstrating that the company's fixed operating expenses are scaling inversely to its rapidly shrinking revenue base, leaving no room for operational efficiency.
The inability to rationalize SG&A and R&D costs in proportion to the revenue collapse suggests a lack of operational flexibility. This may indicate that the company is trapped by its own high-fixed-cost structure, which continues to bleed cash regardless of the current demand environment.
As evidenced by the company's financial history, the transition from positive operating income in early 2023 to consistent, deep losses suggests that Maxeon's business model is fundamentally misaligned with current market realities, leaving little room for a recovery without significant external capital intervention.
Short-sellers would likely focus on the company's reliance on equity dilution and debt restructuring to survive, which appears to be a stop-gap measure rather than a path to profitability. The lack of a clear, self-funding operational path warrants extreme caution regarding the company's long-term solvency.
Quick answers to the most common questions about buying MAXN stock.
For fiscal year 2024, Maxeon Solar Technologies, Ltd. (MAXN) reported total revenue of $509.0M. This represents a 44.2% decline compared to $912.3M in 2018.
Maxeon Solar Technologies, Ltd. (MAXN) reported a net loss of $614.3M for the fiscal year ending 2024.
Maxeon Solar Technologies, Ltd. (MAXN) reported an operating income of $-576.6M, resulting in an operating profit margin of -113.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Maxeon Solar Technologies, Ltd. (MAXN) generated $-249.4M in gross profit for the year, representing a gross profit margin of -49.0%. This demonstrates the company's core pricing power and production efficiency.