Maxeon Solar Technologies, Ltd. (MAXN): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out where Maxeon Solar Technologies, Ltd. stands after their massive strategic shift, focusing almost entirely on the U.S. market. Honestly, looking at their late 2025 numbers-like the $176.41 million TTM revenue ending June 30, 2025, and the $94 million cash injection from selling off non-U.S. assets-tells a story of high-stakes transformation. This isn't just about their top-tier 26.7% efficiency panels; it's about whether their bet on a domestic supply chain and legal battles can overcome current import headwinds. Dive into the nine-block canvas below to see exactly how they plan to power this North American future.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Key Partnerships

You're looking at the structure Maxeon Solar Technologies, Ltd. built to serve the U.S. market exclusively as of late 2025. The partnerships here are about securing supply, distribution, and manufacturing footprint right here in the States.

TCL Technology Group

Maxeon Solar Technologies, Ltd. finalized a strategic restructuring, selling off non-U.S. assets to concentrate solely on the U.S. market. This transaction concluded on March 31, 2025.

• Proceeds from the sale of non-U.S. assets totaled approximately $94 million.
• The purchasers, subsidiaries of TCL Zhonghuan Renewable Energy Technology Co Ltd., assumed Net Intercompany Debt of US$90.54 million on the Closing Date.
• A separate Trademark Assignment Agreement consideration was USD$6.74 million.

This divestment provided liquidity to support the pivot, though the first half of 2025 revenue was reported at $39 million, with a net loss of $65.5 million.

SunPower Corporation

The supply relationship remains anchored by the agreement with SunPower Corporation, which provides Maxeon Solar Technologies, Ltd. with a crucial, exclusive channel into the U.S. residential sector. The current module supply deal runs through 2025.

Under this arrangement, Maxeon Solar Technologies, Ltd. exclusively supplies its high-efficiency Interdigitated Back Contact (IBC) panels, marketed as M-series, to SunPower in the U.S. and Canada. SunPower Corporation also retains the right to negotiate supply for future IBC next-generation technology.

North American Installer Network

The focus is now entirely on expanding the U.S. residential and commercial partner network. This network is the primary route to market for Maxeon Solar Technologies, Ltd. products in the region, complementing the utility-scale business.

The value proposition to these partners is built around technology that delivers, for example, systems using Maxeon's IBC panels produce on average 85% more energy than a similar sized conventional system during their useful life, backed by a 40-year warranty.

Independent Power Producers (IPPs)

Maxeon Solar Technologies, Ltd. is committed to supporting its established base of utility-scale customers, which includes Independent Power Producers (IPPs). The strategy emphasizes growth within the U.S. utility-scale market segment.

The company is confident in its ability to meet the needs of its growing U.S. partner and IPP network following the restructuring.

Domestic Component Vendors

To strengthen supply chain resilience and meet trade compliance requirements, Maxeon Solar Technologies, Ltd. is actively identifying additional domestic component vendors. This effort supports the transition to U.S.-focused operations.

A key physical manifestation of this commitment is the planned manufacturing facility in Albuquerque, New Mexico, which is designed to have a 2 GW module assembly capacity, with operations slated to start in early 2026.

Finance: review Q3 2025 working capital projections based on domestic sourcing ramp-up by next Tuesday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Key Activities

Maxeon Solar Technologies, Ltd. (MAXN) focuses its key activities on high-end manufacturing, strategic realignment to the U.S. market, and defending its existing product access through legal means.

High-efficiency solar cell and panel manufacturing.

Maxeon Solar Technologies, Ltd. maintains its position as a leader in high-efficiency solar panel production, a core activity that underpins its value proposition. The company's latest panel in the MAX 7 collection features a 24.1% efficient panel, positioning it as the market's most efficient home solar panel as of 2025. This efficiency level significantly surpasses the 2025 standard for residential solar panels, which generally falls between 21% and 22% efficiency. The company's technological foundation is supported by a history of innovation, backed by over 2,000 patents.

The operational footprint is shifting, with ongoing retooling efforts that include the potential closure of its Malaysian Fab 3 and repositioning of its Mexicali Modco facility, moves aimed at reducing costs and aligning production with U.S. market demands. These moves are expected to result in non-cash charges of at least $100 million.

Strategic restructuring and divestment of non-U.S. operations.

A major key activity involves a strategic pivot to concentrate exclusively on the U.S. market. This included concluding previously announced transactions to sell certain non-U.S. assets. These divestments generated approximately $94 million in proceeds that flowed to Maxeon Solar Technologies, Ltd.'s balance sheet. The company also restructured interest payments on outstanding debt obligations to substantially reduce the cash burden. This restructuring is also associated with incurring restructuring charges, inventory impairment, and other related costs.

U.S. manufacturing facility development in Albuquerque, New Mexico.

Maxeon Solar Technologies, Ltd. is actively developing its first U.S. manufacturing facility in Albuquerque, New Mexico, located on a 160-acre site in Mesa Del Sol. The planned complex is designed to be a 1.9 million-square-foot facility. The initial investment is estimated at more than $1 billion, with factory ramp-up slated to commence in 2025 for the planned 3 GW capacity. This project is estimated to bring $4.2 billion to New Mexico over the next 10 years and is expected to create up to 1,800 jobs. The company is also exploring plans to upsize the operation by approximately 50% to 4.5 GW.

Research and Development (R&D) for next-generation solar technology.

Sustained investment in R&D supports the development of future product lines, including technology intended for the Albuquerque facility. For the six months ended June 30, 2025, Research and Development expenses totaled $14,618 thousand. This compares to $19,322 thousand recorded for the same six-month period in 2024. The company continues to focus on next-generation technology development through its Silicon Valley-based R&D team.

Legal action against U.S. Customs & Border Protection (CBP) over import exclusions.

A critical, non-manufacturing activity has been the legal defense against U.S. Customs & Border Protection (CBP) actions. CBP began barring and excluding Maxeon 3, Maxeon 6, and Performance 6 solar panels from U.S. import in July 2024. After CBP denied the company's protests regarding detained shipments in late March 2025, Maxeon Solar Technologies, Ltd. filed a complaint with the U.S. Court of International Trade (CIT) on July 15, 2025, to contest the decision. The company incurred $5,194 thousand in restructuring charges for the six months ended June 30, 2025, which includes costs related to reorganization plans aimed towards realigning resources consistent with its global strategy.

• CBP exclusion of key panels began: July 2024.
• CBP denied protests: March 2025.
• Legal complaint filed with CIT: July 15, 2025.
• Restructuring charges (6M ended 6/30/2025): $5,194 thousand.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Key Resources

You're looking at the core assets Maxeon Solar Technologies, Ltd. is counting on to drive its U.S.-focused strategy, so let's break down the tangible and intangible things they own right now, as of late 2025.

Intellectual Property Foundation

Maxeon Solar Technologies, Ltd. anchors its value proposition on a deep history of innovation, leveraging 40 years of solar energy leadership. This history is codified in a substantial intellectual property portfolio, consisting of over 2,000 granted patents. This patent strength is critical for defending their proprietary cell architectures against competitors in the global market.

U.S. Manufacturing Footprint

A key move to secure the U.S. market is the planned manufacturing facility in Albuquerque, New Mexico, located in the Mesa Del Sol community. Construction started in Q1 2024, with ramp-up scheduled for 2025. The initial nameplate capacity for this leased facility is set at 3 GW for solar cells and 3 GW for module assembly. Honestly, they are even evaluating an upsizing option to 4.5 GW for both cells and modules, depending on demand and financing closure. This facility is defintely a massive commitment to onshoring production.

Advanced Solar Cell Technology

The technology itself is a primary resource, centered around two main product lines, each with distinct performance metrics as of late 2025. You need to know the difference between the premium and the more accessible offerings.

• Maxeon Interdigitated Back Contact (IBC) Technology: The flagship offering, with the newest Maxeon 7 Series achieving up to 24.9% efficiency in lab testing.
• Commercially available IBC models currently reach up to 22.8% efficiency.
• Performance Line Technology: Utilizes PERC monocrystalline cells, providing a more cost-effective option with efficiency ranging from 19.5% to 21.0%.
• Warranties are a key differentiator: Maxeon offers an industry-unique 40-year comprehensive warranty, compared to the typical 12-25 year product warranties elsewhere.

Here's a quick comparison of the technology tiers:

Silicon Valley R&D Team

The core innovation engine remains tied to the U.S. ecosystem, with executive offices in San Jose, California, ensuring strong links to Silicon Valley R&D talent. This team is responsible for developing the next-generation technology that will be integrated into the new U.S. manufacturing lines. Overall, Maxeon Solar Technologies, Ltd. has approximately 1.2K employees as of October 2025, spread across 6 continents, including North America.

Liquidity from Asset Sales

To fund its transformation and focus on the U.S. market, Maxeon Solar Technologies, Ltd. successfully concluded the sale of certain non-U.S. assets. These divestments generated approximately $94 million in cash proceeds, which bolstered the balance sheet to support the ongoing restructuring initiatives.

Finance: draft 13-week cash view by Friday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Maxeon Solar Technologies, Ltd. (MAXN) products, even when they cost more than the competition. It really boils down to performance that lasts, backed by serious guarantees.

Superior Efficiency

Maxeon Solar Technologies, Ltd. focuses on packing more power into the same roof space. They consistently lead the market in conversion efficiency, which means you get more electricity from the sunlight hitting your panels. For example, the Maxeon 6 AC module is rated at 22.8% efficiency.

The absolute peak of their technology, the Maxeon 7 panel, has achieved a module aperture efficiency measurement of 24.9% as confirmed by testing at the U.S. National Renewable Energy Laboratory (NREL). In more realistic, rooftop settings, this translates to about 24.1% efficiency. While the prompt suggests a commercial efficiency up to 26.7%, the highest confirmed efficiency for a current product line is the 24.9% lab result.

High Reliability

Reliability is where Maxeon Solar Technologies, Ltd. really separates itself. They offer what is arguably the industry's longest warranty, providing peace of mind for decades. This is built into the panel design, which resists common failure modes like hotspots, thanks to their Interdigitated Back Contact (IBC) architecture.

Here's a quick look at how their flagship 40-year warranty stacks up against typical industry standards:

Also, the service component of the 40-year warranty includes hassle-free repair, replacement, or refund, with removal, shipping, and installation costs covered for up to 40 years.

U.S. Domestic Supply Chain

Maxeon Solar Technologies, Ltd. is actively building out its U.S. manufacturing footprint to future-proof its supply for American customers, capitalizing on domestic incentives like those in the Inflation Reduction Act (IRA). The company is continuing the development of its Albuquerque, New Mexico-based manufacturing facility. This planned module assembly plant is intended to have 2 GW of solar panel manufacturing capacity, with operations targeted for early 2026. To fund this strategic pivot to focus exclusively on the U.S. market, Maxeon sold certain non-U.S. assets, bringing proceeds to the balance sheet of approximately $94 million.

Ethical Sourcing

The commitment here is to a fully traceable, ethical supply chain, free from forced labor, which is critical given recent regulatory scrutiny. Maxeon Solar Technologies, Ltd. states it has taken extraordinary measures to ensure this transparency. However, in late March 2025, U.S. Customs & Border Protection (CBP) denied the company's protests regarding detained shipments (Maxeon 3, 6, and Performance 6) that began in July 2024. CBP cited insufficient documentation as the reason, despite Maxeon submitting thousands of pages of documentation to demonstrate full compliance with the Uyghur Forced Labor Prevention Act (UFLPA). The company maintains its legacy supply chains are fully UFLPA-compliant.

Premium Brand Heritage

The value proposition is heavily weighted by the company's deep roots in solar innovation. Maxeon leverages over 40 years of solar energy leadership, which is a significant differentiator in a relatively young industry. This history has resulted in over 1,600 patents. This technological foundation has served more than one million customers worldwide. The premium status is reinforced by current performance, where the latest Maxeon 7 panel beats its nearest efficiency competitors by one full percentage point.

The key elements reinforcing this premium positioning include:

• Leveraging over 40 years of solar energy leadership.
• Holding over 1,600 patents.
• Serving more than one million customers globally.
• Achieving efficiency leads of up to one full percentage point over competitors.

Finance: draft 13-week cash view by Friday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Customer Relationships

You're looking at Maxeon Solar Technologies, Ltd. (MAXN) at a critical juncture in late 2025, where customer relationships are heavily weighted toward the U.S. market and underpinned by industry-leading guarantees. The company's focus has narrowed, making the relationship with its remaining, high-value partners and utility-scale customers even more important, especially as they navigate supply chain restructuring.

Long-term Product Warranties: Building trust through extended guarantees on performance.

The warranty is perhaps the most concrete expression of Maxeon Solar Technologies, Ltd.'s commitment to its customers, designed to build trust over decades. For applicable PV Modules, the company offers a 40-year Product and Power Warranty Term, effective April 1, 2025, in select markets. This 40/40 coverage is conditional upon installation by an "Authorized Installer" and digital "Registration."

Here's how that power guarantee breaks down:

• Warranted Peak Power: 98% of Minimum Peak Power in the 1st year.
• Annual Degradation: Reduced by 0.25% at the beginning of each subsequent year.
• Final Power Guarantee (Year 40): At least 88.25% of the Minimum Peak Power.

For other product lines, like the SPR-P5-xxx/SPR-P6-xxx, the 25-year Power Warranty term guarantees a minimum of 87.2% power output at the end of the 25th year, with an annual reduction of 0.45% after the first year's 98% guarantee. To put this in perspective, Maxeon Solar Technologies, Ltd. claims that in their 40-year history, only 1 in 20,000 panels have been returned under warranty, equating to a return rate of just 0.005%. This warranty is also transferable, covering the panel even through property transfers.

The markets eligible for the 40-year warranty include key regions like Italy, Malta, Netherlands, Belgium, Luxembourg, UK, France, Germany, Spain, Portugal, Switzerland, Austria, Poland, Australia, Japan, and Mexico. To be clear, in the U.S., the standard for IBC panels remains a 25-year warranty. The financial context shows the pressure on the business, with first half of 2025 revenue at $39 million, down significantly from $371.7 million in the first half of 2024, underscoring the importance of these long-term assurances to maintain customer confidence.

Dedicated Partner Support: High-touch relationship management for key installers and IPPs.

Maxeon Solar Technologies, Ltd. is actively strengthening its relationship management, particularly within its U.S. focus. The Commercial Partner Program, designed to empower U.S. solar installers and dealers, is a key relationship driver. This high-touch approach includes:

• Consultative sales support from a dedicated resource team.
• Comprehensive marketing assets and training tools.
• Co-branding opportunities for customer-facing touchpoints.

The company also maintains the Maxeon One Partner Portal, which suggests a digital backbone for managing these relationships. Furthermore, the process for warranty claims reinforces the installer's role: system owners must contact their local solar installer to conduct a site visit and submit the warranty claim on their behalf. This structure keeps the installer central to the post-sale customer experience.

Direct Sales Engagement: Focused relationship with utility-scale customers (IPPs).

Following the strategic pivot to concentrate exclusively on the U.S. market as of April 2025, direct engagement with utility-scale customers, or Independent Power Producers (IPPs), is now a core relationship focus. Management expressed confidence in meeting the needs of the growing U.S. partner and IPP network. This focus is explicitly aimed at the U.S. residential, commercial, and utility power plant markets. The company's ability to serve these large-scale customers is now tied to its progress in establishing domestic manufacturing, with plans for a facility in Albuquerque, New Mexico, targeting early 2026 operation.

Automated Order Processing: Standardized systems for dealer network transactions.

While specific 2025 metrics on order processing automation aren't public, the structure implies standardized digital systems are in place to support the dealer network. The company monitors key operational metrics like orders, bookings, backlog, and pipelines within its sales channels. The existence of the Maxeon One Partner Portal suggests a centralized digital platform for transacting with partners, which is essential for managing the flow of products to the expanding U.S. residential and commercial partner network.

Here is a summary of key relationship-centric data points:

Finance: draft 13-week cash view by Friday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Channels

You're looking at Maxeon Solar Technologies, Ltd. (MAXN) channels as of late 2025, and the story is one of intense focus. Following a major strategic pivot, the entire channel strategy is now laser-focused on the United States market, shedding its former global footprint.

North American Dealer Network: Primary route to market for residential and commercial customers

The residential and commercial segments in the U.S. are served primarily through an expanding network of partners. This network is the core of the go-to-market strategy for distributed generation (DG) customers. Before the recent restructuring, Maxeon Solar Technologies operated with a global sales network that included approximately 1,700 sales and installation partners across more than 100 countries. Now, the priority is clearly on growing and supporting the U.S. partner network, which is being actively expanded to support the domestic focus. This channel is critical for moving the high-efficiency products to homeowners and businesses.

The operational reality in late 2025 shows significant strain on volume moving through channels due to U.S. Customs and Border Protection (CBP) product detentions, which began in July 2024. For context on the channel impact, shipments in the first half of 2025 were only 153 MW, a sharp drop from the 1,014 MW shipped in the first half of 2024. The company is actively identifying additional domestic component vendors to facilitate the transition and support these U.S. partners.

Direct Sales Team: Engaging large-scale utility and Independent Power Producer (IPP) customers

For large-scale utility and Independent Power Producer (IPP) customers, Maxeon Solar Technologies relies on a dedicated direct sales team. This team supports the well-established base of utility-scale customers within the U.S. market. The utility segment has historically been a major driver, with the company having fully booked its utility-scale capacity for 2025 and allocated parts of 2026 and 2027 as of early 2023, though recent CBP issues have created uncertainty.

The direct sales channel is essential for securing the large, multi-year contracts characteristic of the utility sector. The company's CEO has emphasized meeting the needs of this expanding U.S. IPP network as a top priority.

U.S. Distribution Centers: Logistics network to support the domestic market focus

Logistics are being rapidly re-centered on the U.S. to support the exclusive domestic focus. A key element of this channel support is the planned domestic manufacturing footprint. Maxeon Solar Technologies has executed a five-year lease for a building in Albuquerque, New Mexico, with plans to initiate solar panel manufacturing in a 2 GW capacity facility by early 2026.

This planned facility is designed to rapidly deploy module assembly capacity, which will directly feed the U.S. distribution network, reducing reliance on international logistics that have recently faced severe disruption. The company is working to strengthen its supply chain versatility and resilience as part of its transformation initiatives.

Online Presence: Corporate website and investor relations for brand communication

The online presence serves as the primary hub for brand communication, product information, and stakeholder engagement, especially for investors tracking the company's restructuring. The corporate website, www.maxeon.com, is the main portal for information on their technology, which is backed by nearly 40 years of leadership and over 2,000 granted patents.

Investor Relations communication is crucial given the company's operational challenges, including the denial of protests against detained shipments in late March 2025 and the subsequent indefinite suspension of financial guidance as of August 2025.

Key data points related to the online/investor channel visibility include:

• Patents: Over 2,000 granted patents underpinning product value.
• Investor Relations: Financial updates are provided via press releases, such as the First Half of 2025 results released on August 14, 2025.
• Stock Listing: Maxeon Solar Technologies remains an independent, publicly traded company listed on NASDAQ under the ticker MAXN.
• Share Price Context: As of late September 2025, shares traded near $3.76.

Here's a quick look at the channel focus shift:

The company is defintely navigating a tough period, with H1 2025 revenues at approximately $39 million, down from $371 million in H1 2024.

Finance: review the cash burn rate against the current liquidity position by Monday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Customer Segments

Maxeon Solar Technologies, Ltd. has strategically concentrated its entire operational focus on the U.S. solar market following a portfolio restructuring concluded in April 2025.

The Company's customer base is now explicitly defined by these three primary U.S. market verticals:

• U.S. Residential Homeowners: Targeting premium, high-efficiency solar solutions.
• U.S. Commercial Businesses: Serving large-scale rooftop and ground-mount projects.
• U.S. Utility-Scale Developers: Supplying Independent Power Producers (IPPs) with high-volume panels, supported by development of the Albuquerque manufacturing facility.

The financial reality for Maxeon Solar Technologies, Ltd. as of the first half of 2025 reflects the impact of this strategic pivot and associated import challenges. Revenue for the six months ended June 30, 2025, was approximately $39,041 thousand.

Shipments for the same period were 153.2 MW.

The revenue for the last twelve months ending June 30, 2025, stood at $176.41M.

The restructuring supporting this U.S. focus included the sale of certain non-U.S. assets, which generated proceeds to the balance sheet of approximately $94 million dollars.

For context on the scale of the business prior to the full impact of import restrictions, the annual revenue for the fiscal year 2024 was $509 million, with shipments at 1,424 MW.

The current customer segment focus is supported by the planned onshore manufacturing in Albuquerque, New Mexico.

Here's a look at the latest reported financial metrics reflecting the current business scale:

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Maxeon Solar Technologies, Ltd. (MAXN) as they navigate a major pivot toward U.S. manufacturing and deal with significant regulatory headwinds. The cost structure is heavily influenced by these strategic shifts and the ongoing legal battle with U.S. Customs & Border Protection (CBP).

The primary driver of costs remains the fundamental business of making and selling solar technology, but the current period shows significant one-time and strategic spending layered on top of that base. Honestly, the biggest variable right now is how quickly they can transition their supply chain while managing the costs associated with the import exclusion.

Here's a breakdown of the key cost components based on the latest available figures, focusing on the Trailing Twelve Months (TTM) ending June 30, 2025, where specified, and supplementing with more granular data from the first half of 2025 (H1 2025).

The TTM Operating Expenses of $150.36 million reflect the combined weight of running the business and the costs associated with the strategic pivot. To be fair, the H1 2025 figures show a significant reduction in core operating spend compared to the prior year, which is a direct result of the restructuring efforts.

You can see the immediate impact of the pivot in the following areas:

• Restructuring Charges: Significant costs are embedded here related to the strategic pivot and divestments of non-U.S. assets. Maxeon Solar Technologies realized proceeds of approximately $94 million from the sale of certain non-U.S. assets to its parent company, TZE, as part of this restructuring.
• Operating Expense Reduction: Total operating expenses halved in H1 2025 to $54.004 million, down from $110.3 million in H1 2024, showing management's focus on fiscal discipline amid revenue collapse.

The commitment to U.S. market focus introduces a new set of capital costs tied to future revenue generation.

U.S. Manufacturing Development:

Maxeon Solar Technologies is prioritizing the development of its Albuquerque, New Mexico, manufacturing facility. This involves both capital expenditure (CapEx) and lease commitments for the site, which is intended to anchor the company's U.S. supply chain.

• The initial plan for the New Mexico facility was an investment estimated at more than $1 billion.
• CapEx for the six months ending June 30, 2025, was only $1.3 million, a stark drop from $36.9 million in the same period last year, reflecting a temporary pause or shift in spending focus following the CBP import issues.
• The company executed an Amendment to its New Mexico lease on March 28, 2025, setting revised timelines for owner-completed construction activities.

Legal and Compliance Costs:

The ongoing dispute with U.S. Customs & Border Protection (CBP) over the import exclusion decision, which started in July 2024, necessitates substantial legal spending. Maxeon Solar Technologies filed a complaint with the U.S. Court of International Trade (CIT) on July 15, 2025, to contest the CBP's action. While the search results confirm the legal action and the denial of protests in April 2025, a specific dollar amount for the total Legal and Compliance Costs for the TTM ending June 30, 2025, is not explicitly stated in the provided data. The company is definitely incurring expenses to fight the exclusion and establish alternative, compliant supply chains.

Finance: draft 13-week cash view by Friday.

Maxeon Solar Technologies, Ltd. (MAXN) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Maxeon Solar Technologies, Ltd. (MAXN) as of late 2025, and honestly, it's dominated by the severe impact of import restrictions. The primary engine, solar panel sales, has been heavily constrained, forcing a pivot in focus.

The core revenue stream remains the sale of Maxeon and Performance Line solar panels. However, the ability to realize this revenue, particularly in the U.S. market, has been the central issue. The company is actively contesting U.S. Customs & Border Protection (CBP) decisions regarding imports, which severely impacted sales volume throughout 2025.

Here is a snapshot of the top-line performance leading up to the second half of 2025:

The First Half 2025 Revenue of $39 million clearly reflects those severe import headwinds you mentioned, representing a massive drop from the prior year's comparable period. Shipments fell by approximately 85% year-on-year in H1 2025, moving from 1,014 MW down to just 153 MW. That's a tough environment to navigate, so you see the company focusing on fiscal discipline.

Beyond direct product sales, Maxeon Solar Technologies has other potential or realized revenue components:

• Technology Licensing: This remains a potential future stream, tied to intellectual property agreements, such as those with partners like TCL.
• Asset Monetization/Divestment Proceeds: As part of restructuring, Maxeon Solar Technologies realized approximately $94 million in proceeds from the divestment of certain non-U.S. assets earlier in 2025.
• Service and Warranty Revenue: This is a minor stream, generated from long-term service contracts associated with installed solar solutions.

The company is actively exploring monetization opportunities for other non-U.S. assets and discussing liability reduction with its controlling shareholder, TZE, which suggests a strategic shift away from non-core or geographically constrained revenue sources to bolster liquidity. The focus is definitely shifting to adapting the business model around the U.S. market challenges.