SINGAPORE, April 8, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today provided preliminary selected unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023, as well as expected shipment and revenue numbers for the first quarter of 2024.  Maxeon's CEO Bill Mulligan commented, "In the fourth quarter, Maxeon delivered financial results largely in line with our expectations. Our U.S utility-scale business accounted for the majority of revenues in the fourth quarter, with stable ASPs." "As disclosed in our last earnings call, Maxeon has been executing a transformation of our IBC capacity timed to coincide with the current DG market slowdown. As part of this initiative, we made the decision to ramp down all of our Maxeon 6 capacity faster than we had originally expected, resulting in higher than initially planned restructuring costs in the fourth quarter."   "The Maxeon team is highly focused on reducing manufacturing costs, OPEX rationalization and liquidity-management to enable a return to profitability. Our strategy continues to be to focus on designing and building premium, differentiated products and delivering a superior customer experience across a balanced portfolio of global DG and U.S. utility scale markets.  The Company plans to file its annual 20-F report by April 30, 2024."  The Company will separately announce the date for its next earnings call. Preliminary Selected Q4 Unaudited Financial Summary (In millions, except shipments) Fiscal Q4 2023 Fiscal Q3 2023 Fiscal Q4 2022 Fiscal Year 2023 Fiscal Year 2022 Shipments, in MW               653 628 734 2,862 2,348 Revenue                $                 229 $                228 $                324 $                1,123 $                  1,060 Gross (loss) profit (32) 3 20 80 (48) GAAP Operating expenses 142 67 38 298 152 GAAP Net loss attributable to the stockholders (184) (108) (76) (274) (267) Cash, cash equivalent, restricted cash and short-term securities 196 277 344 196 344   Other Financial Data(1) (In millions) Fiscal Q4 2023 Fiscal Q3 2023 Fiscal Q4 2022 Fiscal Year 2023 Fiscal Year 2022 Non-GAAP Gross (loss) profit $                  (7) $                     3 $                  21 $                    106 $                     (31) Non-GAAP Operating expenses                36 38 34 153 134 Restructuring expenses and charges 128 24 1 152 6 Adjusted EBITDA (35) (20) (4) 6 (109) (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   For the first quarter of 2024, the Company expects the following results: Shipments, in MW                   508 (approx.) Revenue, in USD millions       186 (approx.) 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, restructuring charges and fees, remeasurement (loss) gain on prepaid forward and physical delivery forward and equity in losses (income) of unconsolidated investees ("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, restructuring charges and fees, and loss related to settlement of price escalation dispute. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation 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 "Preliminary 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 ...