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SINGAPORE , Dec. 5, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. MAXN ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the third quarter ended September 29, 2024 . Maxeon's Chief Executive Officer George Guo stated, "Third quarter results were distorted due to deliveries detained by the United States Customs and Border Protection ("CBP"), fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from our ongoing restructuring. On top of this, we continue to observe depressed prices as a result of the global oversupply and intense competition. The average market price for high efficiency and mainstream crystalline modules like our IBC products and Performance line products has dropped by approximately 43.5% and 28.6%, respectively, since January 2024 . We recently announced some of the key strategic initiatives undertaken to optimize Maxeon's business portfolio and geographic market focus. Moving forward, we intend to re-create Maxeon as a world leader in solar, focused exclusively in the United States where we believe our market presence and planned local manufacturing create a strong platform to drive growth and profitability in the future. We appreciate the support and patience of our investors as we translate our strategic thinking into concrete actions." Maxeon's Chief Financial Officer Dmitri Hu added, "As we establish our new strategy to transform Maxeon, we are highly focused on our financial position. We intend to reserve sufficient liquidity for daily operations, while we recapitalize the company to fund our restructuring and growth. However, considering the continued uncertainties around CBP detentions, we are unable to provide financial guidance for fourth quarter of 2024. We will defer holding a conference call to discuss quarterly financial results, until the ongoing restructuring is complete and we can provide a more comprehensive view of our go-forward strategy." Selected Q3 Unaudited Financial Summary (In thousands, except shipments) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Shipments, in MW 199 526 628 Revenue $ 88,560 $ 184,219 $ 227,630 Gross (loss) profit (1) (179,101) (7,785) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Net loss attributable to the stockholders (1) (393,944) (34,231) (2) (108,257) Capital expenditures 11,129 17,707 15,127 Other Financial Data (1) (In thousands) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Non-GAAP Gross (loss) profit $ (174,742) $ (5,794) $ 2,728 Non-GAAP Operating expenses 42,861 40,180 37,535 Adjusted EBITDA (225,705) (36,574) (19,923) (1) The Company's use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below. (2) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. For more information Maxeon's third quarter 2024 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations . The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov . About Maxeon Solar Technologies Maxeon Solar Technologies MAXN is Powering Positive ChangeTM. Headquartered in Singapore, Maxeon leverages nearly 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial, and power plant customers. For more information about how Maxeon is Powering Positive ChangeTM visit us at www.maxeon.com , and on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the detentions of our products by the U.S. Customs Border and Protection (CBP) for an unforeseeable amount of time, epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine and the Israel-Hamas-Iran conflict; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including anticipated fab capacity expansion and utilization and expected ramp and production timelines for the Company's next-generation Maxeon 7 and Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including statements regarding restructuring of our business portfolio, the Company's anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, improved costs and efficiencies, capacity expansion, partnership discussions with respect to the Company's next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; and (j) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets. The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the war in Ukraine ; (6) our ability to manage our key customers and suppliers; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (9) changes in regulation and public policy, including the imposition and applicability of tariffs; (10) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (11) fluctuations in our operating results and in the foreign currencies in which we operate; (12) appropriate sizing, or delays in expanding our manufacturing capacity and containing manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, to the war in Ukraine , economic recession and environmental disasters; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which may cause such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; and (15) unpredictable outcomes resulting from our litigation activities and other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. 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" and Form 6-K filings discussing our quarterly earnings results. Copies of these filings are available online from the SEC at www.sec.gov , or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations . All forward-looking statements in this press release 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. Use of Non-GAAP Financial Measures We present certain non-GAAP measures such as non-GAAP gross (loss) profit, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt and equity in income of unconsolidated investees and associated gains ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss) profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation, provision for expected credit losses and restructuring charges and fees. We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies. As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures: Stock-based compensation expense . Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross (loss) profit, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation Provision for expected credit losses . This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated November 8, 2019 (the "SDA") entered into with SunPower Corporation ("SunPower") in connection with the Company's spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower's business which Maxeon did not and will not have economic benefits to, as the Company's involvement is solely through SunPower's indemnification obligations set forth in the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Restructuring charges and fees . We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Gain on extinguishment of debt . This relates to the gain that arose from the substantial modification in June 2024 of our Green Convertible Senior Notes due 2025 (the "2025 Notes") and First Lien Senior Secured Convertible Notes due 2027. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on prepaid forward and physical delivery forward . This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 2025 Notes for an aggregate principal amount of $200 million . The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the note valuation period on September 29, 2020 , and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on warrants . This relates to the mark-to-market fair value remeasurement of the exchange warrants and investor warrants. The transactions were entered into in connection with the exchange of 99.25% of the 2025 Notes with aggregate notional amount of $200 million and the 9.00% Convertible First Lien Senior Secured Notes due 2029 of $97.5 million , both entered on June 20, 2024 . The investor warrants were remeasured to fair value prior to them being exercised and were reclassified to equity, and will not be subsequently remeasured. The exchange warrants were remeasured to fair value on September 12, 2024 , and were reclassified to equity after on such date, and will not be subsequently remeasured. The fair value of the warrants was primarily affected by the Company's share price. The remeasurement loss on warrants is excluded from Adjusted EBITDA because it is not considered a core operating activity. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Equity in (income) losses of unconsolidated investees and related gains . This relates to the loss on our former unconsolidated equity investment Huansheng JV and gains on such investment on divestment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance. Reconciliation of Non-GAAP Financial Measures Three Months Ended (In thousands) September 29, 2024 June 30, 2024 October 1, 2023 Gross (loss) profit $ (179,101) $ (7,785) $ 2,728 Stock-based compensation 1,596 166 — Restructuring charges and fees 2,763 1,825 — Non-GAAP Gross (loss) profit (174,742) (5,794) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Stock-based compensation (4,293) (5,070) (4,888) Reversal of (provision for) expected credit losses 165 (11,462) — Restructuring charges and fees (106,229) (4,958) (24,139) Non-GAAP Operating expenses 42,861 40,180 37,535 Net loss attributable to the stockholders (393,944) (34,231) (*) (108,257) Interest expense, net 11,784 14,064(*) 7,734 Provision for (benefit from) income taxes 18,925 3,212 (2,554) Depreciation 15,886 10,338 14,495 Amortization 169 220 38 EBITDA (347,180) (6,397) (88,544) Stock-based compensation 5,889 5,236 4,888 (Reversal of) provision for expected credit losses (165) 11,462 — Gain on extinguishment of debt — (35,326)(*) — Restructuring charges and fees 108,992 6,783 24,139 Remeasurement loss on prepaid forward 1,793 5,751 37,137 Remeasurement loss on warrants 4,966 — — Equity in (income) losses of unconsolidated investees and related gains — (24,083) 2,457 Adjusted EBITDA (225,705) (36,574) (19,923) (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. ©2024 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for shares data) As of September 29, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 51,223 $ 190,169 Restricted short-term marketable securities 1,399 1,403 Accounts receivable, net 18,625 62,687 Inventories 149,456 308,948 Prepaid expenses and other current assets 41,412 55,812 Total current assets $ 262,115 $ 619,019 Property, plant and equipment, net 138,707 280,025 Operating lease right of use assets 17,574 22,824 Other intangible assets, net 587 3,352 Other long-term assets 22,379 68,910 Total assets $ 441,362 $ 1,002,009 Liabilities and Equity Current liabilities: Accounts payable $ 116,161 $ 153,020 Accrued liabilities 78,654 113,456 Contract liabilities, current portion 31,841 134,171 Short-term debt 2,193 25,432 Convertible debt, current portion 801 — Operating lease liabilities, current portion 7,427 5,857 Total current liabilities $ 237,077 $ 431,936 Long-term debt 855 1,203 Contract liabilities, net of current portion 48,038 113,564 Operating lease liabilities, net of current portion 20,257 19,611 Convertible debt 286,971 385,558 Deferred tax liabilities 6,994 7,001 Other long-term liabilities 46,904 38,494 Total liabilities $ 647,096 $ 997,367 Commitments and contingencies Equity: Common stock, no par value (1,522,138,260 and 53,959,109 issued and outstanding as of September 29, 2024 and December 31, 2023, respectively) $ — $ — Additional paid-in capital 1,107,063 811,361 Accumulated deficit (1,304,415) (796,092) Accumulated other comprehensive loss (13,712) (16,378) Equity attributable to the Company (211,064) (1,109) Noncontrolling interests 5,330 5,751 Total equity (205,734) 4,642 Total liabilities and equity $ 441,362 $ 1,002,009 MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Revenue $ 88,560 $ 227,630 $ 460,235 $ 894,335 Cost of revenue 267,661 224,902 661,992 781,759 Gross (loss) profit (179,101) 2,728 (201,757) 112,576 Operating expenses: Research and development 8,962 11,627 28,284 35,715 Sales, general and administrative 38,296 31,771 126,330 97,291 Restructuring charges 105,960 23,164 108,942 23,307 Total operating expenses 153,218 66,562 263,556 156,313 Operating loss (332,319) (63,834) (465,313) (43,737) Other (expense) income, net Interest expense (12,170) (10,464) (36,302) (*) (32,337) Interest income 386 2,730 1,713 6,701 Gain on extinguishment of debt — — 35,326 (*) — Other, net (30,702) (36,904) (20,828) (7,911) Other expense, net (42,486) (44,638) (20,091) (33,547) Loss before income taxes and equity in losses of unconsolidated investees (374,805) (108,472) (485,404) (77,284) (Provision for) benefit from income taxes (18,925) 2,554 (23,340) (9,323) Equity in losses of unconsolidated investees — (2,457) — (2,811) Net loss (393,730) (108,375) (508,744) (89,418) Net (income) loss attributable to noncontrolling interests (214) 118 421 (77) Net loss attributable to the stockholders $ (393,944) $ (108,257) $ (508,323) $ (89,495) Net loss per share attributable to stockholders: Basic and diluted $ (0.47) $ (2.21) $ (1.63) $ (1.98) Weighted average shares used to compute net loss per share: Basic and diluted 832,620 48,925 311,441 45,157 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024. Consequently, interest expense should be $14.6 million instead of $10.6 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (In thousands) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at December 31, 2023 53,959 $ — $ 811,361 $ (796,092) $ (16,378) $ (1,109) $ 5,751 $ 4,642 Net loss — — — (80,148) — (80,148) (56) (80,204) Issuance of common stock for stock-based compensation 725 — — — — — — — Recognition of stock-based compensation — — 7,027 — — 7,027 — 7,027 Other comprehensive income — — — — 1,019 1,019 — 1,019 Balance at March 31, 2024 54,684 $ — $ 818,388 $ (876,240) $ (15,359) $ (73,211) $ 5,695 $ (67,516) Net loss — $ — $ — $ (34,231) $ — $ (34,231) $ (579) $ (34,810) Issuance of common stock for stock-based compensation 201 — — — — — — — Issuance of common stock for settlement of obligation 821 4,140 — — 4,140 4,140 Recognition of stock-based compensation — — 5,865 — — 5,865 — 5,865 Other comprehensive loss — — — — (155) (155) — (155) Balance at June 30, 2024 55,706 — 828,393 * (910,471) * (15,514) (97,592) 5,116 (92,476) Net loss (income) — — — (393,944) — (393,944) 214 (393,730) Issuance of common stock, net of issuance cost 829,187 — 95,101 — — 95,101 — 95,101 Issuance of common stock for settlement of obligation 19,076 — 2,829 — — 2,829 — 2,829 Issuance of common stock for stock-based compensation 363 — — — — — — — Issuance of common stock through exercise of warrants 134,566 — 28,162 — — 28,162 — 28,162 Reclassification of warrants from liability to equity — 47,384 — — 47,384 — 47,384 Conversion of convertible debts to equity 483,240 — 100,463 — — 100,463 — 100,463 Recognition of stock-based compensation — — 4,731 — — 4,731 — 4,731 Other comprehensive income — — — — 1,802 1,802 — 1,802 Balance at September 29, 2024 1,522,138 — 1,107,063 (1,304,415) (13,712) (211,064) 5,330 (205,734) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at January 1, 2023 45,033 $ — $ 584,808 $ (520,263) $ (22,108) $ 42,437 $ 5,633 $ 48,070 Net loss — — — 20,271 — 20,271 147 20,418 Issuance of common stock for stock-based compensation 377 — — — — — — — Distribution to noncontrolling interest — — — — — — — — Recognition of stock-based compensation — — 4,033 — — 4,033 — 4,033 Other comprehensive income — — — — 1,627 1,627 — 1,627 Balance at April 2, 2023 45,410 $ — $ 588,841 $ (499,992) $ (20,481) $ 68,368 $ 5,780 $ 74,148 Net (loss) income — — — (1,509) — (1,509) 48 (1,461) Issuance of common stock, net of issuance cost 7,120 — 193,491 — — 193,491 — 193,491 Issuance of common stock for stock-based compensation 116 — — — — — — — Recognition of stock-based compensation — — 6,980 — — 6,980 — 6,980 Other comprehensive loss — — — — (65) (65) — (65) Balance at July 2, 2023 52,646 — 789,312 (501,501) (20,546) 267,265 5,828 273,093 Net loss — — — (108,257) — (108,257) (118) (108,375) Issuance of common stock for stock-based compensation 134 — — — — — — Recognition of stock-based compensation — — 5,906 — — 5,906 — 5,906 Other comprehensive income — — — — 4,936 4,936 — 4,936 Balance at October 1, 2023 52,780 — 795,218 (609,758) (15,610) 169,850 5,710 175,560 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Nine Months Ended September 29, 2024 October 1, 2023 Cash flows from operating activities Net loss $ (508,744) $ (89,418) Adjustments to reconcile net loss to operating cash flows Depreciation and amortization 37,162 43,579 Stock-based compensation 18,003 17,145 Non-cash interest expense 7,850 7,042 Gain on disposal of equity in unconsolidated investees (24,083) — Equity in losses of unconsolidated investees — 2,811 Deferred income taxes 17,710 (472) Loss on impairment of property, plant and equipment 157,673 442 Loss on impairment of operating lease right of use assets 7,432 — Loss on impairment of intangible assets 2,167 — Loss on impairment of goodwill 7,879 — Loss on disposal of property, plant and equipment 260 33 Write-off of other assets 21,401 — Gain on debt extinguishment (35,326) — Remeasurement loss on prepaid forward 16,082 8,570 Remeasurement loss on warrants 4,966 — Provision for (reversal of) expected credit losses 11,504 (208) Provision for (utilization of) inventory reserves 132,474 (1,351) Other, net 1,807 271 Changes in operating assets and liabilities Accounts receivable 35,132 (37,353) Inventories 23,953 (110,646) Prepaid expenses and other assets 1,139 5,498 Operating lease right-of-use assets 4,347 3,766 Advances to suppliers — 730 Accounts payable and other accrued liabilities (31,913) (52,808) Contract liabilities (167,670) 27,404 Operating lease liabilities (4,313) (2,917) Net cash used in operating activities (263,108) (177,882) Cash flows from investing activities Purchases of property, plant and equipment (48,052) (55,796) Proceeds from disposal of equity in unconsolidated investees 24,000 — Purchases of intangible assets (10) (136) Proceeds from maturity of short-term securities — 76,000 Purchase of short-term securities — (60,000) Purchase of restricted short-term marketable securities — (10) Proceeds from maturity of restricted short-term marketable securities — 971 Proceeds from disposal of property, plant and equipment 664 — Proceeds from disposal of asset held for sale 462 — Net cash used in investing activities (22,936) (38,971) Cash flows from financing activities Proceeds from debt 51,249 148,992 Repayment of debt (74,572) (175,942) Repayment of finance lease obligations (386) (477) Net proceeds from issuance and modification of convertible notes and warrants 71,418 — Net proceeds from issuance of common stock 97,270 193,531 Net cash provided by financing activities 144,979 166,104 Effect of exchange rate changes on cash, cash equivalents and restricted cash (94) 124 Net decrease in cash, cash equivalents and restricted cash (141,159) (50,625) Cash, cash equivalents and restricted cash, beginning of period 195,511 267,961 Cash, cash equivalents and restricted cash, end of period $ 54,352 $ 217,336 Non-cash transactions Property, plant and equipment purchases funded by liabilities $ 5,755 $ 10,158 Interest paid in shares 6,969 — Interest paid by issuance of convertible notes 7,977 — Right-of-use assets obtained in exchange for lease obligations 8,025 10,743 The following table reconciles our cash and cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of September 29, 2024 and October 1, 2023 : (In thousands) September 29, 2024 October 1, 2023 Cash and cash equivalents $ 51,223 $ 208,100 Restricted cash, current portion, included in Prepaid expenses and other current assets 3,028 9,234 Restricted cash, net of current portion, included in Other long-term assets 101 2 Total cash, cash equivalents and restricted cash shown in Condensed Consolidated Statements of Cash Flows $ 54,352 $ 217,336 View original content to download multimedia: https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-third-quarter-2024-financial-results-302324375.html SOURCE Maxeon Solar Technologies, Ltd. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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DETROIT, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. AMST , a leading technology company specializing in AI-driven solutions for B2C and B2B markets, announced today the company's app, NurseMagicTM, is now available for direct subscription purchases by consumers. NurseMagicTM has seen strong user growth since its launch this summer and now supports users from eighty-seven (87) professions (ranging from registered nurses, to physicians, EMTs, occupational therapists, hospital managers, healthcare CEOs and dozens more) in all fifty (50) states and twenty-one (21) countries. Users are leveraging NurseMagicTM for hundreds of everyday tasks – from documentation, to advice on patient communication, technical support, career advice and everyday communications including emails and reports. Availability of the consumer subscription follows the successful launch of NurseMagic TM 's enterprise offering , which is being marketed to some of the largest home health and home care businesses in the U.S. as it now meets HIPAA regulatory requirements . "We have built a strong, supportive community across our social media channels," said Madison Bush, Corporate Operations & Marketing Manager at Amesite. "The trust and enthusiasm users have for NurseMagicTM is reflected in the large and growing community of over 32,000 collective followers on our social channels. Our community members have had access to the free, limited version of the app and they told us they need greater access to NurseMagicTM – and we listened." Sai Nittala, Senior AI Manager, said, "We have been incredibly fortunate to have an amazing array of professionals on the app, and have learned a great deal about the specific details of their day-to-day needs. Registered nurses comprise our largest user group, and we have relentlessly improved our toolkit to support them. 100% of NurseMagicTM's features are designed to meet real users' needs, and our aim is to provide essential, smart, 24/7 AI support from NurseMagicTM for nurses – and the many other professionals in healthcare that are using our solution." Amesite CEO Dr. Ann Marie Sastry said, "NurseMagicTM is now positioned to generate significant revenue from both enterprise and consumer sales. Our community of nursing and other care professionals needs the support we are providing – and by innovating in infrastructure and coding to enable delivery of our solution at accessible price points while still generating a margin, we are assuring that our technology can have maximum impact on healthcare, supported by sustainable, growing revenue." NurseMagicTM continues to equip care professionals with tools that save time, improve efficiency, and elevate the standard of care—positioning Amesite as a leader in AI-driven innovation. About Amesite Inc. Amesite Inc. AMST is a pioneering technology company specializing in the development and marketing of B2C and B2B AI-driven solutions. Leveraging its proprietary AI infrastructure, Amesite offers cutting-edge applications that cater to both individual and professional needs. NurseMagicTM, the company's mobile app for healthcare professionals, streamlines creation of nursing notes and documentation tasks, enhances patient communication, and offers personalized guidance to nurses on patient care, medications, and handling challenging workplace situations. Forward Looking Statements This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company, the Company's planned online machine learning platform, the Company's business plans, any future commercialization of the Company's online learning solutions, potential customers, business objectives and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement. Risks facing the Company and its planned platform are set forth in the Company's filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations Contact MJ Clyburn TraDigital IR clyburn@tradigitalir.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.A look at how some of Trump's picks to lead health agencies could help carry out Kennedy's overhaulIn the world of entertainment and celebrity culture, every new hairstyle change is eagerly anticipated by fans and followers. Recently, the renowned stylist Xiaohua collaborated with the popular actor Xiang Zuo to create a stunning new look, resulting in a final hairstyle that has taken the internet by storm. The live broadcast of the transformation process captivated an astounding 67 million viewers, setting a new record for online engagement.
Isaac Brown, Duke Watson each rush for 2 TDs, Louisville gets 5 turnovers in 41-14 rout of KentuckyThe newly proposed expressway is designed to meet the growing transportation demands of the region, catering to both commercial traffic and passenger vehicles. By providing a smoother and faster route for commuters and freight transport, the new expressway is poised to alleviate traffic congestion on existing roads and highways, thereby enhancing overall transportation efficiency and safety.NoneAs news of the "life-saving straw" spreads, farmers are beginning to question the future of corn cultivation. Will this breakthrough technology render corn obsolete, or will it complement existing agricultural practices? The answer to this question remains uncertain, but one thing is clear: the market sentiment towards corn is undergoing a subtle yet noticeable shift.
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Scientists have discovered that a sample of the asteroid Ryugu was overrun with Earth-based life forms after being delivered to our planet. The research shows how successful terrestrial micro-organisms are at colonization, even on extraterrestrial materials. The samples were collected by the Japan Aerospace Exploration Agency ( JAXA )'s spacecraft Hayabusa2 , which launched in December 2014 and rendezvoused with Ryugu in June 2018. Haybusa2 then spent a year studying the asteroid, which has a diameter of around 3,000 feet (900 meters), before diving to its surface and scooping out a sample. This Ryugu sample was returned to Earth on Dec. 6, 2020, but Haybusa2 continued on to study more asteroids. The sample was split and sent to various teams of scientists, including the team that made this new discovery. "We found micro-organisms in a sample returned from an asteroid. They appeared on the rock and spread with time before finally dying off," team leader Matthew Genge of Imperial College London told Space.com. "The change in the number of micro-organisms confirmed these were living microbes. However, it also suggested they only recently colonized the specimen just before our analyses and were terrestrial in origin." The discovery took the form of rods and filaments of organic matter, which the team interpreted as filamentous microorganisms. Exactly what type of microorganisms these were isn't known by the team, but Genge has a good idea of what they may be. "Without studying their DNA , it is impossible to identify their exact type," the researcher said. "However, they were most likely bacteria such as Bacillus since these are very common filamentous micro-organisms, particularly in soil and rocks." Of course, with humanity currently engaged in the search for microbial life beyond the limits of our planet, particularly on Mars , the question is, could these micro-organisms have been present on Ryugu when the sample was gathered and thus could they represent alien life ? Disappointingly, the team has successfully and conclusively ruled this out. "Before we prepared the sample, we performed nano-X-ray computed tomography, and no microbes were seen," Genge said. "In any case, the change in population suggests they only appeared after the rock was exposed to the atmosphere, more than a year after it was returned to Earth." The researchers found that within a week of exposing the specimen to the Earth's atmosphere, 11 microbes were present on its surface. Just a week later, the population of terrestrial colonizers had grown to 147. "It was very surprising to find terrestrial microbes within the rock," Genge said. "We usually polish meteorite specimens, and microbes rarely appear on them. However, it only needs one microbial spore to cause colonization." While these results don't really tell us anything about extraterrestrial life, they do speak to the hardiness of life forms here on Earth, particularly micro-organisms. The findings also have implications for the effects that spacecraft and rovers could have on the planets they visit. "It shows that microorganisms can readily metabolize and survive upon extraterrestrial materials. On Earth, there is abundant home-grown organic material available, but on planets such as Mars, extra-martian organic materials may support an ecosystem," Genge said. "Our findings suggest that space missions could be contaminating space environments. It also shows that terrestrial microorganisms are adept at rapid colonization." Fortunately, as Genge pointed out, space agencies employ planetary protection efforts designed to minimize the likelihood of contamination. Genge also warns that scientists should be cautious of contamination when future samples are returned to Earth before assuming the detection of extraterrestrial life. "The fact that terrestrial microbes are the Earth's best colonizers means we can never completely discount terrestrial contamination," the researcher continued. "Most of the time, contamination is not a problem as long as you know its source. The problem comes when scientists attempt to claim that the 'pristine' nature of a specimen is evidence that features are extraterrestrial." As for the Imperial College of London researcher and his team, they are looking forward to examining more asteroid samples, hopefully free from visitors from Earth! "The team is continuing to study samples from Ryugu and Bennu . Hopefully, next time without terrestrial bacteria colonizing these materials!" Genge concluded. The team's research was published in the journal Meteoritics & Planetary Science .Anthem Blue Cross Blue Shield reverses decision to put a time limit on anesthesiaThe attention to detail and precision required to create such a masterpiece demonstrate the level of commitment and passion that went into this creative endeavor. Each section of the aircraft carrier was carefully crafted to ensure accuracy and authenticity, capturing the essence of a real naval vessel.
In conclusion, the European Commission's questionnaire survey marks a significant development in the ongoing debate about Nvidia's business practices and its proposed acquisition of Arm. The investigation underscores the importance of ensuring fair competition and innovation in the tech industry, and it highlights the challenges posed by the growing influence of big tech companies in key sectors of the economy. Only time will tell how this inquiry will shape the future of the semiconductor market and the regulatory landscape for tech giants operating within the European Union.In the hallowed grounds of the Emirates Stadium, where echoes of triumphs past mingle with the hopes of a brighter tomorrow, the spirit of Arsenal lives on. As the club continues its quest for glory and greatness, the Emirates Stadium stands as a testament to the unwavering dedication and passion of everyone associated with Arsenal Football Club.
The saga began when Wu Liufang, known for her bold and unconventional approach to filmmaking, became the target of vicious cyberbullying. False accusations, malicious rumors, and personal attacks flooded social media, threatening to overshadow her talent and hard work. In the midst of this chaos, the unnamed female director, who shares a close professional relationship with Wu Liufang, decided to take a stand.Will NASA's Mission to $10 Quintillion Psyche Asteroid Make Us All Rich?
