Maxeon Solar Technologies Ltd (MAXN) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Maxeon Solar Technologies fourth quarter 2023 and first quarter 2024 earnings call. (Operator instructions) As a reminder, this conference call is being recorded. I would like to turn the call over to your host, Mr. Robert Lahey of Maxeon Solar Technologies. Sir, you may begin.

女士們、先生們，大家好。歡迎參加 Maxeon Solar Technologies 2023 年第四季和 2024 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。我想將電話轉給主持人，Maxeon Solar Technologies 的 Robert Lahey 先生。先生，您可以開始啦。

Thank you, operator. Good day, everyone, and welcome to Maxeon fourth quarter 2023 and first quarter 2024 earnings conference call. With us today are Chief Executive Officer, Bill Mulligan; Chief Financial Officer, Kai Strohbecke and Chief Strategy Officer, Peter Aschenbrenner.

謝謝您，接線生。大家好，歡迎參加 Maxeon 2023 年第四季和 2024 年第一季財報電話會議。今天與我們在一起的有執行長比爾·穆里根 (Bill Mulligan)；財務長 Kai Strohbecke 和首席策略長 Peter Aschenbrenner。

Let me cover a few housekeeping items before I turn the call over to Bill. As a reminder, a replay of this call will be available later today on the Investor Relations page of Maxeon's website.

在把電話轉給比爾之前，讓我先講一些日常事務。提醒一下，本次電話會議的重播將於今天稍晚在 Maxeon 網站的投資者關係頁面上提供。

During today's call, we will make forward looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation, today's press release 20-F to 6-K and other SEC filings.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到今天簡報的安全港幻燈片、今天的新聞稿 20-F 至 6-K 以及其他 SEC 文件中所述的各種風險和不確定性的影響。

Please see those documents for additional information regarding those factors that may affect these forward-looking statements. To enhance this call, we have also posted a supplemental slide deck on the Events and Presentations page of Maxeon's Investor Relations website.

關於可能影響這些前瞻性陳述的因素的更多信息，請參閱這些文件。為了加強本次電話會議，我們也在 Maxeon 投資者關係網站的活動和簡報頁面上發布了補充投影片。

Also, we will reference certain non-GAAP measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's earnings press release, both of which are available on Maxeon's Investor Relations website for a presentation of the most directly comparable GAAP measure as well as the relevant GAAP to non-GAAP reconciliations.

此外，我們將在今天的電話會議中參考某些非公認會計準則指標。請參閱我們的補充幻燈片附錄以及今天的收益新聞稿，兩者均可在 Maxeon 的投資者關係網站上找到，以了解最直接可比較的 GAAP 指標以及相關的 GAAP 與非 GAAP 的對帳。

With that, let me turn the call over to Maxeon's CEO, Bill Mulligan.

說完這些，讓我把電話轉給 Maxeon 的執行長 Bill Mulligan。

Thanks, Rob. Good morning. It has been a while since our last earnings call, and we have a lot to communicate today. Since the middle of last year, Maxeon has been under significant pressure due to the unprecedented market dislocation caused by worldwide Chinese module oversupply, high interest rates and policy changes.

謝謝，羅布。早安.距離我們上次召開財報電話會議已經有一段時間了，今天我們有很多事情要溝通。自去年年中以來，由於全球範圍內中國組件供應過剩、高利率和政策變化導致的前所未有的市場混亂，Maxeon 承受著巨大的壓力。

Maxeon also suffered from the termination of our SunPower supply agreement and delivery pushouts by two of our primary utility-scale customers. These headwinds, unfortunately, coincided with the peak of our utility-scale prepayment amortizations and as a result, the company has been facing a serious cash flow challenge.

Maxeon 也因我們兩個主要的公用事業規模客戶終止 SunPower 供應協議以及延遲交貨而遭受損失。不幸的是，這些不利因素恰好與我們公用事業規模預付款攤銷的高峰期相吻合，因此公司面臨嚴重的現金流挑戰。

To address this, we recently negotiated commitments for significant liquidity support from our largest shareholder TZE and we successfully restructured our 2025 convertible bonds with a majority of the debt expected to be converted into equity later this year. Unfortunately, these transactions will require the issuance of a large number of new shares resulting in substantial dilution to existing shareholders.

為了解決這個問題，我們最近與最大股東 TZE 協商了提供大量流動性支持的承諾，並成功重組了 2025 年可轉換債券，預計大部分債務將在今年稍後轉換為股權。不幸的是，這些交易將需要發行大量新股，導致現有股東的股權大幅稀釋。

I'll now provide further commentary on the market dynamics that caused us to take these actions and provide additional details on the financing transaction. Kai will then review our fourth quarter 2023 and first quarter 2024 results and provide our outlook for the second quarter and the rest of 2024, will then conclude with Q&A.

我現在將對導致我們採取這些行動的市場動態提供進一步評論，並提供有關融資交易的更多細節。然後，Kai 將回顧我們 2023 年第四季和 2024 年第一季的業績，並提供我們對第二季和 2024 年剩餘時間的展望，最後進行問答。

First, as a reminder, Maxeon initiated a series of capacity restructuring initiatives last October, we initiated the shutdown of our Maxeon six cell capacity in Malaysia and pivoted the Maxeon seven commercialization plan from incremental capacity to a retrofit of our Maxeon three capacity in the Philippines. While these actions are on track and projected to enhance profitability when completed, we're now fighting battles on a few additional fronts.

首先，提醒一下，Maxeon 於去年 10 月啟動了一系列產能重組舉措，我們開始關閉位於馬來西亞的 Maxeon 六電池產能，並將 Maxeon 七商業化計劃從增量產能轉變為改造位於菲律賓的 Maxeon 三電池產能。雖然這些行動正在按計劃進行，並預計完成後將提高盈利能力，但我們現在正在其他幾個戰線上進行鬥爭。

In DG, our efforts to grow volume in the US through our new US dealer channel have been impacted by the general market slowdown, particularly in California. In Europe, the abundance of modules being sold at prices in the low team has challenged our margin profile and further curtailed demand for our products. The dramatic market shift that started in mid 2023 left us with large amounts of inventory that tied-up cash and so far, our efforts to work down these inventories have been at a slower pace than we initially anticipated.

在 DG，我們透過新的美國經銷商通路增加美國銷售的努力受到了整體市場放緩的影響，尤其是在加州。在歐洲，大量模組以低價出售，這對我們的利潤率構成了挑戰，並進一步抑制了我們產品的需求。從 2023 年中期開始的劇烈市場轉變使我們積壓了大量庫存，佔用了現金，到目前為止，我們減少這些庫存的努力比最初預期的要慢。

On the utility-scale side, two of our large customers experienced significant project delays, and we have been unable to quickly reallocate the affected volumes. And as a result, our financial outlook for 2024 will reflect the impact of these continuing headwinds.

在公用事業規模方面，我們的兩個大客戶的專案遭遇了嚴重的延誤，而我們無法快速重新分配受影響的數量。因此，我們對 2024 年的財務展望將反映這些持續不利因素的影響。

In addition to these challenges, our liquidity was also impacted by our utility-scale prepayment amortization schedule. We have been amortizing customer prepayments that were received in 2021 and 2022 and are now collecting only a portion of the associated sales revenue is cash. In response to the perfect storm of cash and profitability challenges the company and our advisors assess all potential sources of funding and found that the only viable option involve new liquidity from our largest shareholder and secured creditor TZE.

除了這些挑戰之外，我們的流動性也受到公用事業規模預付款攤銷計畫的影響。我們一直在攤銷 2021 年和 2022 年收到的客戶預付款，現在僅以現金收取相關銷售收入的一部分。為了應對現金和盈利能力挑戰的完美風暴，公司和我們的顧問評估了所有潛在的資金來源，並發現唯一可行的選擇是來自我們最大的股東和有擔保債權人 TZE 的新流動資金。

TZE has agreed to invest $97.5 million into the company via a debt instrument and has also committed to an additional $100 million equity investment, in each case subject to regulatory approval. In addition, substantially all of the holders of the $200 million 2025 convertible notes have agreed to exchange their bonds and accrued interest into new bonds due in 2028, which are convertible into equity at the note holders option starting July 2nd and $137.2 million of which must be converted into equity upon TZE's equity investment.

TZE 已同意透過債務工具向該公司投資 9,750 萬美元，同時也承諾額外投資 1 億美元股權，但均需獲得監管部門的批准。此外，2025 年 2 億美元可轉換債券的絕大部分持有人已同意將其債券及應計利息兌換為 2028 年到期的新債券，這些債券可自 7 月 2 日起根據債券持有人的選擇轉換為股票，其中 1.372 億美元必須在 TZE 進行股權投資後轉換為股票。

Following the $100 million equity investment by TZE, their ownership of shares outstanding is planned to be at least 50.1%, while we believe these transactions are necessary to stabilize our balance sheet and allow management to focus on returning our business to profitability, they will also result in a substantial dilution for existing public shareholders.

在 TZE 進行 1 億美元股權投資之後，其持有的流通股數量計劃至少達到 50.1%，雖然我們認為這些交易對於穩定我們的資產負債表和使管理層能夠專注於恢復我們業務的盈利能力是必要的，但它們也將導致現有公眾股東的股權大幅稀釋。

I'll now provide an update on our utility-scale and DG businesses. In utility-scale, we had established solid momentum heading into 2024 with our module operations running well and a solid backlog extending deep into 2025. However, in early Q1, we were informed by two large customers that they were experiencing project delays and would be unable to accept module deliveries based on the contracted schedule.

我現在將提供有關我們的公用事業規模和 DG 業務的最新情況。在公用事業規模方面，我們已經建立了邁向 2024 年的強勁勢頭，我們的模組營運運作良好，並且有大量積壓訂單可以延續到 2025 年。然而，在第一季初，我們接到兩家大客戶的通知，他們的專案正在延期，無法按照合約規定的時間表接受模組交付。

We recently terminated one of these contracts for cause and are seeking damages, and we are working with the other party to find a mutually acceptable solution. Due to the long sales cycles associated with this market and the broad availability of low price modules from Southeast Asia and India, we were unable to replace the lost demand in the immediate term and have had to curtail production at our utility-scale solar cell and module factories as a result.

我們最近因故終止了其中一份合約並尋求賠償，我們正在與另一方合作尋找雙方均可接受的解決方案。由於該市場的銷售週期較長，且東南亞和印度的低價模組隨處可見，我們無法在短期內彌補失去的需求，因此不得不削減我們公用事業規模的太陽能電池和模組工廠的產量。

This not only increased our product costs due to unabsorbed manufacturing overhead, but also meaningfully impacted our near term top line and cash generation capability. Going forward, we are seeing an improving price and demand environment driven by recent changes in the US trade policy landscape, including increased tariff risk due to the M&F removal of the Section 201 bifacial tariff exclusion, as well as potential new [AD/CVD] tariff.

這不僅因未吸收的製造費用而增加了我們的產品成本，而且對我們的近期營業收入和現金創造能力產生了重大影響。展望未來，我們看到價格和需求環境正在改善，這主要得益於美國貿易政策格局的近期變化，包括由於 M&F 取消第 201 條雙面關稅排除而導致的關稅風險增加，以及潛在的新 [AD/CVD] 關稅。

We believe Maxeon is not and should not be the target for such import tariff. And we are actively engaged in both processes and exerting our view that our supply chain should be outside the intent of these proposed tariffs.

我們認為 Maxeon 不是且不應該成為此類進口關稅的目標。我們積極參與這兩個過程，並表達我們的觀點，即我們的供應鏈應該不受這些擬議關稅的限制。

Finally, we are making continued progress towards launching domestic manufacturing in Albuquerque in Mexcio. In DG, while we continue to make progress ramping our US dealer channel market demand has been sluggish, particularly in California, where many installers are still adjusting to NEM 3.0.

最後，我們在墨西哥阿爾伯克基啟動國內製造業方面繼續取得進展。在 DG，雖然我們在擴大美國經銷商通路方面繼續取得進展，但市場需求一直低迷，特別是在加州，許多安裝商仍在適應 NEM 3.0。

We're focused on dealers who are familiar with our product and our skillful at monetizing its unique attributes. Despite increased availability of alternative premium modules over the past few years, our product's reputation as the undisputed world best module remains very much intact.

我們專注於熟悉我們的產品並善於將其獨特屬性貨幣化的經銷商。儘管過去幾年替代優質模組的供應量有所增加，但我們的產品作為無可爭議的世界最佳模組的聲譽仍然完好無損。

We see this clearly when dealer owners install our products on their own homes and offices, and choose Maxion for displays on websites and in customer showroom. We signed up more than 100 US dealers since our last earnings call, including some of the most proficient and experienced sellers of IBC products.

當經銷商在自己的家中和辦公室安裝我們的產品，並選擇 Maxion 在網站和客戶展廳進行展示時，我們清楚地看到了這一點。自上次獲利電話會議以來，我們已簽約超過 100 家美國經銷商，其中包括一些最熟練和最有經驗的 IBC 產品銷售商。

Keep in mind that it typically takes a quarter or two for our recently onboarded dealers to ramp their bookings volumes with Maxeon branded products. We have also been aided in the US market by our successful engagement with some of the leading lease and PPA platform companies who have added Maxeon to their ADLs and who are helping refer and onboard dealers seeking to combine our premium panel offerings with their financial products.

請記住，我們新加入的經銷商通常需要一兩個季度的時間才能增加 Maxeon 品牌產品的預訂量。我們還透過與一些領先的租賃和 PPA 平台公司的成功合作獲得了美國市場的幫助，這些公司已將 Maxeon 添加到他們的 ADL 中，並幫助推薦和加入尋求將我們的優質面板產品與他們的金融產品相結合的經銷商。

Outside of our US channel business, we completed shipments to SunPower on the contract we negotiated last November. We do not currently have any further supply contracts in place with SunPower and our plan going forward is to address the US market, primarily through our own dealer channel.

在我們的美國通路業務之外，我們還根據去年11月談判的合約完成了對SunPower的出貨。我們目前尚未與 SunPower 簽訂任何進一步的供應合同，我們未來的計劃是主要透過我們自己的經銷商管道來應對美國市場。

In Europe, our sales team is still working through a continuation of the market oversupply conditions that began in Q3 of last year. Our current focus is on keeping our core channel partners, loyal and transitioning our performance line products to the latest TOPCon based version. I hosted '23 of our European elite dealers at our Mexico Modco last quarter and was pleased to find our top partners still very loyal to our product.

在歐洲，我們的銷售團隊仍在努力解決去年第三季開始的市場供應過剩狀況。我們目前的重點是保持我們的核心通路合作夥伴的忠誠度，並將我們的性能線產品過渡到最新的基於 TOPCon 的版本。上個季度，我在墨西哥 Modco 接待了 23 位歐洲精英經銷商，很高興發現我們的頂級合作夥伴仍然非常忠誠於我們的產品。

Just like their peers in the US, many of them have Maxion systems on their own homes and appreciate having a direct relationship with a high-quality manufacturer that has had a stable presence for nearly 20 years. These attributes are helping us maintain our historical price premium levels in percentage terms, but the region as a whole has seen dramatic price reductions, so our absolute prices have also been affected.

與美國的同行一樣，他們中的許多人在自己的家中都安裝了 Maxion 系統，並且很高興與一家已經穩定運營近 20 年的高品質製造商建立直接合作關係。這些特點幫助我們在百分比上維持了歷史價格溢價水平，但整個地區的價格大幅下降，因此我們的絕對價格也受到了影響。

Due to the difficult market environment, our volumes are down year on year with the greatest impact in our lower-tier expansion markets where we work through distributors. And where we have a less direct connection with the channel partners. While we're not in a position to pinpoint when in 2024 supply and demand will rebalance, we feel good about our position with key dealers who understand the unsustainable nature of the current pricing environment.

由於市場環境艱難，我們的銷量逐年下降，對我們透過經銷商開展業務的低端擴張市場影響最大。而且我們與通路夥伴的聯繫不太直接。雖然我們無法確定 2024 年供需何時會重新平衡，但我們對自己與主要經銷商的立場感到滿意，他們了解當前定價環境的不可持續性。

We're also pleased to report that our first storage product is gaining traction with elite dealers in Italy where it is sold as a bundled and branded offer. We look forward to providing more guidance on our beyond the panel products in future quarters.

我們也很高興地報告，我們的第一款儲存產品正在獲得義大利精英經銷商的青睞，它以捆綁和品牌產品的形式出售。我們期待在未來幾季為面板以外的產品提供更多指導。

We believe our current strategies in DG and utility-scale are on track to return the company to profitability early in 2025 based on our continued transformation activity as well as our track record of technology leadership and unique go-to-market channels that together enable our premium pricing. Based on our experience over the past year, we also plan to focus on reducing customer concentration across our business to increase resiliency against market volatility, and we look forward to an expanded relationship with TZE and their parent company, TCL, whose financial strength, multinational presence and global operations bring considerable balance sheet support and manufacturing expertise.

我們相信，憑藉持續的轉型活動、技術領導地位和獨特的市場進入管道（這些共同促成了我們的溢價），我們目前在分散式能源和公用事業規模方面的策略有望在 2025 年初使公司恢復盈利。根據我們過去一年的經驗，我們還計劃專注於降低整個業務的客戶集中度，以提高抵禦市場波動的能力，我們期待與TZE及其母公司TCL擴大合作關係，TCL的財務實力、跨國業務和全球運營帶來了可觀的資產負債表支持和製造專業知識。

In the technology arena, we're seeing the industry moving increasingly towards higher performance platform where we have strong intellectual property with patent portfolios covering Shengli, TOPCon and IBC technology.

在技​​術領域，我們看到業界日益向性能更高的平台發展，我們在該平台上擁有強大的智慧財產權，專利組合涵蓋勝利、TOPCon 和 IBC 技術。

Regarding TOPCon, we recently initiated patent infringement cases in the US against Canadian Solar, [Konmar Q-Cells] and REC. This is part of a larger strategy to monetize our TOPCon IP through licensing arrangements. While the emergence of TOPCon as a mainstream manufacturing platform is a relatively recent development.

關於 TOPCon，我們最近在美國對 Canadian Solar、[Konmar Q-Cells] 和 REC 提起了專利侵權訴訟。這是我們透過授權安排將 TOPCon IP 貨幣化的更大策略的一部分。而TOPCon作為主流製造平台的出現則是一個相對較新的發展。

Our innovation around the underlying passivation contact technology dates back over 15 years and as a result, we have a robust portfolio of early fundamental patents covering both front and backside contact cell architectures. We also plan to vigorously defend our IBC patents and have actions against Tyco already underway.

我們在底層鈍化接觸技術方面的創新可以追溯到 15 年前，因此，我們擁有強大的早期基礎專利組合，涵蓋正面和背面接觸電池架構。我們還計劃大力捍衛我們的 IBC 專利，並且已經對泰科採取了行動。

Now let's turn it over to Kai to discuss the financials.

現在讓我們讓凱來討論財務問題。

Thank you, Bill. I will discuss the drivers and details of the last two quarter performance and then provide guidance for the current second quarter and full year 2024. Total shipments for the fourth quarter were 653 megawatts, just above our original guidance range of 610 megawatts to 650 megawatts. Deliveries to US utility-scale customers accounted for roughly half of total shipments.

謝謝你，比爾。我將討論過去兩個季度表現的驅動因素和細節，然後為當前第二季度和 2024 年全年提供指導。第四季的總出貨量為 653 兆瓦，略高於我們最初預期的 610 兆瓦至 650 兆瓦範圍。對美國公用事業規模客戶的出貨量約佔總出貨量的一半。

Primary volume drivers were the ramp of performance line capacity and the settlement of the SunPower contract dispute, which negatively impacted our US residential volume during the quarter. Shipments of European DG customers remained a material portion of our overall business, accounting for more than 20% of fourth quarter volume.

主要銷量驅動因素是性能線容量的提升以及 SunPower 合約糾紛的解決，這對我們本季美國住宅銷量產生了負面影響。歐洲 DG 客戶的出貨量仍然是我們整體業務的重要組成部分，佔第四季度出貨量的 20% 以上。

Shipments in this region increased approximately 8% quarter on quarter, despite oversupply conditions at distributors, though, on a year over year basis volume down more than 20%. Total shipments in the first quarter were 488 megawatts, which represents a 25% sequential decline and a 37% year-over-year decline.

儘管分銷商供應過剩，但該地區的出貨量環比增長了約 8%，但與去年同期相比，出貨量下降了 20% 以上。第一季總出貨量為488兆瓦，季減25%，年減37%。

The sequential decline is attributable in part to the DG business, which is seeing a combination of overall demand softness impacting our US and European channel business for both IDC and performance line products. On a year over year basis, shipments were further impacted by the termination of our previous long-term supply contracts at SunPower. Utility-scale shipments were also down meaningfully in the first quarter due to customer project delays.

連續下滑的部分原因是 DG 業務，該業務受到整體需求疲軟的影響，影響了我們在美國和歐洲的 IDC 和性能線產品的通路業務。與去年同期相比，我們與 SunPower 先前長期供應合約的終止進一步影響了出貨量。由於客戶專案延遲，第一季公用事業規模的出貨量也大幅下降。

Revenues for the fourth quarter were $229 million, roughly flat compared to the previous quarter and inside our guidance range of $220 million to $260 million. We came in lower than our revenue midpoint, yet higher than our shipment guidance due to a combination of mix issues and ASP pressure in DG. Utility-scale revenues were driven by ASPs consistent with our previous quarter and in line with customer contract terms.

第四季營收為 2.29 億美元，與上一季基本持平，且在我們預期的 2.2 億至 2.6 億美元範圍內。由於產品組合問題和 DG 的平均售價壓力，我們的收入低於中點，但高於出貨量預期。公用事業規模收入由 ASP 推動，與上一季一致，且符合客戶合約條款。

Our DG, ASPs in Europe declined for the fourth consecutive quarter due to industry price erosion. Our ASPs in the region were approximately $0.40 per watt in the fourth quarter, and hence, well above market average, thanks to our continued focus on the premium segment, our direct to installer channel and products beyond the panel. ASPs for IBC products remain north of $0.60 per watt globally.

由於行業價格下滑，我們在歐洲的 DG 平均銷售價格連續第四個季度下降。第四季度我們在該地區的平均售價約為每瓦 0.40 美元，遠高於市場平均水平，這得益於我們持續專注於高端市場、直接面向安裝商的渠道以及面板以外的產品。全球範圍內 IBC 產品的平均銷售價格仍維持在每瓦 0.60 美元以上。

For the year 2023, total revenues were over $1.1 billion, up 6% from 2022, driven by significant growth in our US utility-scale business.

2023 年，總營收超過 11 億美元，較 2022 年成長 6%，這得益於我們美國公用事業規模業務的大幅成長。

In the first quarter of 2024, revenues were $187 million or 18% lower than fourth quarter 2023 levels. utility-scale revenues were nearly unchanged sequentially, but DG. declined at a rate generally consistent with volume declines. DG, ASPs in the first quarter benefited from the final shipments to SunPower and overall IBC pricing remained above $0.60 globally, but blended DG, ASPs were impacted by inventory sales of our performance line six products ahead of the P7 launch this year. We also saw a higher mix of DG versus AC ship.

2024 年第一季的營收為 1.87 億美元，比 2023 年第四季的水準低 18%。公用事業規模收入與上一季幾乎沒有變化，但 DG。下降速度與銷量下降速度基本一致。第一季的 DG 平均售價受益於對 SunPower 的最終出貨，且全球整體 IBC 價格仍高於 0.60 美元，但混合 DG 平均售價受到今年 P7 推出前我們性能線六款產品的庫存銷售的影響。我們也發現 DG 船和 AC 船的混合比例較高。

Non-GAAP gross loss in the fourth quarter was $10 million, in line with our original guidance of $5 million to $15 million. US utility-scale saw minimal sequential change while Europe and Australia DG declined. Our gross margin in these markets is being impacted by several of the company's capacity transformation initiatives and efforts to sell to the remaining T-6 inventory.

第四季非公認會計準則毛虧損為 1,000 萬美元，與我們最初預期的 500 萬至 1,500 萬美元一致。美國公用事業規模的環比變化很小，而歐洲和澳洲的分散式能源則出現下滑。我們在這些市場的毛利率受到公司多項產能轉型措施和向剩餘 T-6 庫存銷售的努力的影響。

On a GAAP basis, gross loss was $34 million due to restructuring impacts related to our capacity transformation and austerity initiatives, despite headwinds in the second half of the year, Maxeon total non-GAAP gross profit for 2023 was $104 million or 10% of sales, which amounted to a $135 million improvement over 2022 levels.

根據 GAAP 基礎，由於與產能轉型和緊縮舉措相關的重組影響，毛虧損為 3,400 萬美元，儘管下半年面臨阻力，但 Maxeon 2023 年非 GAAP 總毛利潤為 1.04 億美元，佔銷售額的 10%，比 2022 年的水準提高了 1.35 億美元。

Cost reductions and ASP improvement in our utility-scale business were significant drivers of the year on year improvement. First quarter 2024 gross loss was $13 million on a non-GAAP basis and $15 million on a GAAP basis. These results represent sequential improvement on a GAAP basis from comparatively net restructuring impacts, but a decline of nearly $3 million on a non-GAAP basis due in part to lower DG revenue levels and profitability.

我們公用事業規模業務的成本降低和平均售價的提高是同比增長的重要推動力。2024 年第一季的毛虧損（非 GAAP 計算）為 1,300 萬美元，（GAAP 計算）為 1,500 萬美元。這些結果表明，按 GAAP 計算，由於重組的影響相對較小，取得了連續的改善，但按非 GAAP 計算，則下降了近 300 萬美元，部分原因是 DG 收入水平和盈利能力下降。

Gaap operating expenses in the fourth quarter were $141 million and included restructuring charges of $103 million, primarily in connection with our previously announced capacity transformation, which includes ramping down our Maxeon six IBC cell capacity and converting our Maxeon three IBC cell capacity in the Philippines to our latest generation Maxeon seven technology. Non-gaap operating expenses were 37 million in the fourth quarter, coming in slightly better than the midpoint of our guidance. This reflects austerity measures that we put in place in the previous quarter.

第四季的 GAAP 營業費用為 1.41 億美元，其中包括 1.03 億美元的重組費用，主要與我們先前宣布的產能轉型有關，其中包括縮減我們的 Maxeon 六 IBC 電池產能，並將我們在菲律賓的 Maxeon 三 IBC 電池產能轉換為我們最新一代 Maxeon 七技術。第四季非公認會計準則營業費用為 3,700 萬美元，略優於我們預期的中位數。這反映了我們上一季實施的緊縮措施。

First quarter 2024 operating expenses were $49 million on a GAAP basis due in part to restructuring charges from a reduction in force, the company executed in March. Non-GAAP operating expenses were $39 million in Q1, similar to our reside of $38 million in the same period of 2023.

根據 GAAP 計算，2024 年第一季的營運費用為 4,900 萬美元，部分原因是該公司 3 月實施的裁員重組費用。第一季非公認會計準則營業費用為 3,900 萬美元，與 2023 年同期的 3,800 萬美元持平。

On a year over year basis, the company has become more efficient in its corporate functions while expanding US, DG sales and marketing expenses to support selling increasingly to our own channels, which facilitates higher ASPs and lower customer concentration risk, compare to our previous model in the US where we sold almost exclusively to SunPower.

與去年同期相比，公司的企業職能變得更加高效，同時擴大了美國、DG 銷售和行銷費用，以支援越來越多地向我們自己的通路銷售，這有助於提高平均售價並降低客戶集中度風險，而我們之前在美國的模式幾乎只向 SunPower 銷售。

Adjusted EBITDA in the fourth quarter was negative $38 million slightly worse than our original guidance range, partially due to a lower add-back of depreciation charges as a result of our restructuring related asset write off in Malaysia, net loss attributable to stockholders came in at $186 million compared to $8 million in the previous quarter. The sequential change was impacted by $104 million in higher restructuring charges and $27 million in lower re-measurement loss on our prepaid forward.

第四季調整後 EBITDA 為負 3,800 萬美元，略低於我們最初的指導範圍，部分原因是由於我們在馬來西亞重組相關資產註銷導致折舊費用加回減少，股東淨虧損為 1.86 億美元，而上一季為 800 萬美元。這項連續變化受到重組費用增加 1.04 億美元和預付遠期重新計量損失減少 2,700 萬美元的影響。

Adjusted EBITDA for 2023 came in at $4 million versus negative $109 million in 2022, mainly attributable to an expanded gross margin. In the first quarter of 2024 adjusted EBITDA was negative $39 million or 1 million lower sequentially, mainly due to the aforementioned decline in growth income.

2023 年調整後 EBITDA 為 400 萬美元，而 2022 年為負 1.09 億美元，主要歸因於毛利率擴大。2024 年第一季調整後 EBITDA 為負 3,900 萬美元，較上一季減少 100 萬美元，主要原因是上述成長收入下降。

Moving on to the balance sheet, we closed the fourth quarter with cash, cash equivalents, restricted cash and short-term investments of $197 million compared to $277 million at the end of the third quarter. Cash levels were negatively impacted by $83 million of previously collected cash advances from US utility-scale customers that were amortized during the quarter and show up in our cash flow statement as a change in contract liabilities.

再來看資產負債表，第四季末，我們的現金、現金等價物、受限現金和短期投資為 1.97 億美元，而第三季末為 2.77 億美元。現金水準受到先前從美國公用事業規模客戶收取的 8,300 萬美元現金預付款的負面影響，這些預付款在本季度攤銷，並在我們的現金流量表中顯示為合約負債的變動。

A sequential reduction in inventories from $386 million to $309 million favorably impacted cash. This was largely driven by our settlement with SunPower with (technical difficulty) resume shipments in mid-November, which came straight out of inventories that we had accumulated in the previous quarter after we paused shipments in August. As a result of this change, DIO went from 149 days in the third quarter to 120 days in the fourth quarter.

庫存從 3.86 億美元連續減少至 3.09 億美元，對現金產生了有利影響。這主要是由於我們與 SunPower 達成的和解協議，於 11 月中旬恢復發貨（技術困難），而這些發貨直接來自於我們在 8 月暫停發貨後在上一季積累的庫存。由於這一變化，DIO 從第三季的 149 天減少到第四季的 120 天。

Total operating cash flows in the fourth quarter were negative $76 million. Excluding the aforementioned changes in contract liabilities and cash restructuring charges, the business generated $16 million in positive cash during the fourth quarter.

第四季總營運現金流為負7,600萬美元。除上述合約負債變動和現金重組費用外，該業務在第四季度產生了 1,600 萬美元的正現金。

Cash, cash equivalents, restricted cash and short-term investments stood at $105 million at the end of the first quarter. Operating cash flows were negative $73 million during the quarter. This was driven by the company's adjusted EBITDA result and a negative $67 million impact from amortization of contract liabilities, positively offset by improvements in net working capital.

第一季末，現金、現金等價物、受限現金和短期投資為 1.05 億美元。本季經營現金流為負 7,300 萬美元。這是由於公司調整後的 EBITDA 結果和合約負債攤銷產生的 6,700 萬美元的負影響，但被淨營運資本的改善所抵消。

Inventory levels further decreased to $272 million as we shipped another 49 megawatts of product to SunPower trade from inventory. But this benefit was diluted by an increase in US utility-scale inventory that occurred as a result of delays on the customer side. DIO in the first quarter was 131 days, excluding charges, and contract liabilities and cash restructuring charges, the business generated $8 million in positive cash in the first quarter.

由於我們從庫存中向 SunPower 貿易公司運送了另外 49 兆瓦的產品，庫存水準進一步下降至 2.72 億美元。但由於客戶端的延誤導緻美國公用事業規模的庫存增加，這一優勢被削弱了。第一季的DIO為131天，除去費用、合約負債和現金重組費用，該業務在第一季產生了800萬美元的正現金。

Capital expenditures came in at $12 million in the fourth quarter, consistent with our guidance range of $10 million to $20 million. 2023 capital expenditures totaled $67 million compared to $63 million in 2022, a significant portion of the 2023 CapEx was related to our performance nine capacity ramp. In the first quarter of 2024 Capex was $19 million, a $7 million sequential increase as the company took steps, we were upgrading the Maxeon three lines to our seventh generation IBC technology.

第四季的資本支出為 1,200 萬美元，與我們 1,000 萬美元至 2,000 萬美元的預期範圍一致。 2023 年的資本支出總計 6,700 萬美元，而 2022 年為 6,300 萬美元，2023 年資本支出的很大一部分與我們的九次產能提升有關。2024 年第一季的資本支出為 1,900 萬美元，比上一季增加 700 萬美元，因為公司採取了措施，我們將 Maxeon 三條生產線升級到第七代 IBC 技術。

Taking a step back, we are deeply disappointed by our negative EBITDA results over the past three quarters after our successful efforts since spin, which facilitated strong earnings momentum in the first half of 2023, as well as our first positive annual EBITDA result as an independent company. As Bill mentioned, the dramatic industry-wide reductions in pricing and demand since the middle of last year have had a material negative impact on our liquidity position at a time when we also encountered significant previously scheduled amortizations of our utility-scale prepayments amounting to a total of approximately $150 million in the fourth and the first quarter alone.

退一步來說，儘管我們自分拆以來做出了成功努力，推動了 2023 年上半年的強勁盈利勢頭，以及我們作為獨立公司首次實現正年度 EBITDA 結果，但我們對過去三個季度的負 EBITDA 結果深感失望。正如比爾所提到的，自去年年中以來，整個行業的價格和需求急劇下降，對我們的流動性狀況產生了重大的負面影響，同時，我們還遇到了大量先前安排的公用事業規模預付款攤銷，僅在第四季度和第一季度，總額就達到約 1.5 億美元。

In response, we have implemented various restructuring efforts that give us line of sight to achieving healthy profit margin again, starting in 2025 as well as our financing efforts, which we expect will stabilize our balance sheet while we continue the necessary transformation initiatives. Despite some further prepayment amortization and the expected negative adjusted EBITDA in the near term, we project cash levels will exceed $100 million once the new equity from our shareholders has funded.

作為回應，我們實施了各種重組措施，使我們有望從 2025 年開始再次實現健康的利潤率，同時我們還將進行融資努力，我們預計這將在繼續實施必要的轉型舉措的同時穩定我們的資產負債表。儘管近期需要進一步預付款攤銷且預計調整後 EBITDA 為負，但我們預計，一旦股東的新股本到位，現金水準將超過 1 億美元。

Subsequently, we target to maintain a cash balance above $100 million for the foreseeable future, thanks to those funding transactions, continued focus on working capital management and additional sales from inventory. We expect to exit this year with the peak of our prepayment amortization schedule behind us and with a rebuilt USTG channel contributing healthy gross margins. We have revised the ramp schedule of Maxeon 7 slightly to preserve cash and allow the business to build the US channel with cash generating sales from existing inventory.

隨後，我們的目標是透過這些融資交易、持續關注營運資本管理以及庫存的額外銷售，在可預見的未來保持 1 億美元以上的現金餘額。我們預計，今年我們的預付款攤提計畫將達到頂峰，而重建的 USTG 管道將帶來健康的毛利率。我們稍微修改了 Maxeon 7 的產能提升計劃，以保留現金，並允許企業利用現有庫存產生的銷售現金來建立美國通路。

With this context in mind, I'll now discuss our expectations for Q2 and the full year. We project second quarter shipments of between 520 megawatts and 600 megawatts. US utility-scale is projected to increase sequentially as we've been able to pull in the demand from one customer to offset the previously mentioned push out by two other customers.

考慮到這個背景，我現在將討論我們對第二季和全年的預期。我們預計第二季的出貨量將在 520 兆瓦至 600 兆瓦之間。美國公用事業規模預計將持續增加，因為我們已經能夠吸引一位客戶的需求來抵消前面提到的另外兩位客戶的擠壓。

Our USDG channel is projected to grow nicely on a percentage basis this quarter, albeit from a low base and with more significant volumes projected later in the summer as key new dealers complete onboarding processes. Our European DG business is projected to post sequential growth, yet will be down year over year due to market conditions.

儘管基數較低，但我們的 USDG 通路預計本季將實現良好的百分比成長，並且隨著主要新經銷商完成入職流程，預計夏季晚些時候的交易量將更加可觀。我們的歐洲 DG 業務預計將實現連續成長，但由於市場狀況，年比將出現下降。

Second quarter revenues are expected to be in the range of $160 million to $200 million. So midpoint of revenue and volume guidance imply a blended ASP decline from $0.38 to $0.32 per watt sequentially. That reflects a drop in USTG volumes due to the transition from SunPower to our own dealer channel and the preparation of the European DG channel for the transition from P6 to P7, which includes strategically selling older P6 inventory into Tier two market at discounted prices.

預計第二季營收將在 1.6 億美元至 2 億美元之間。因此，收入和銷售指導的中點意味著混合 ASP 將從每瓦 0.38 美元連續下降到 0.32 美元。這反映了 USTG 銷量的下降，原因是從 SunPower 轉向我們自己的經銷商通路，以及歐洲 DG 通路準備從 P6 過渡到 P7，其中包括以折扣價將舊的 P6 庫存策略性地賣到二線市場。

Licensing our singling IP as part of the HSPV sale transaction is gone in $10 million in revenue to the second quarter. Non-GAAP gross loss is expected to be in the range of $0 million to $20 million, due to high inventory levels and low demand from our traditional channels. We have recently decided to sell certain IBC products below our usual ASP targets into carefully selected channels in (technical difficulty) cash conversion.

作為 HSPV 銷售交易的一部分，我們的單一 IP 授權在第二季帶來了 1000 萬美元的收入。由於庫存水準高且傳統通路需求低，非 GAAP 毛虧損預計在 0 百萬美元至 20 百萬美元之間。我們最近決定以低於我們通常的 ASP 目標的價格將某些 IBC 產品銷售到精心挑選的現金轉換管道（技術難度）。

We expect that this will require us to recognize a noncash charge of approximately $20 million in the second quarter for whiting these inventories down to the future net realizable value, which is included in our guidance. We expect gross margins to improve for the remainder of 2024 and into 2025. GAAP operating expenses are expected to be $45 million, plus or minus $2 million.

我們預計，這將要求我們在第二季度確認約 2000 萬美元的非現金費用，用於將這些庫存削減至未來淨可實現價值，這包含在我們的指引中。我們預計 2024 年剩餘時間和 2025 年的毛利率將會提高。根據 GAAP，預計營業費用為 4,500 萬美元，上下浮動 200 萬美元。

Non-GAAP operating expenses are expected to be $37 million plus or minus $2 million, having executed a reduction in force this March, which had some impact on the current quarter, we believe the company's current OpEx levels are generally sufficient on an absolute basis to ramp both DG and utility-scale businesses to a considerably higher volume to achieve our EBITDA target in 2025.

非公認會計準則營運費用預計為 3700 萬美元，上下浮動 200 萬美元，由於今年 3 月實施了裁員，對本季度產生了一定影響，我們認為，公司目前的運營支出水平總體上足以將分佈式能源和公用事業規模業務提升到相當高的規模，以實現我們 2025 年的 EBITDA 目標。

Adjusted EBITDA in the second quarter is expected to be between negative $31 million and $51 million, excluding non-cash charges for inventory adjustments, this represents an implied sequential improvement at the midpoint, consistent with our gross margin guidance. Second quarter capital expenditures are projected to be in the range of $15 million to $25 million and distributed across a small number of projects, including Maxeon 7.

預計第二季調整後 EBITDA 在負 3,100 萬美元至 5,100 萬美元之間，不包括庫存調整的非現金費用，這代表中間點隱含的連續改善，與我們的毛利率指引一致。第二季的資本支出預計在 1500 萬美元至 2500 萬美元之間，並分佈在包括 Maxeon 7 在內的少數項目中。

For 2024, we project annual revenues of $640 million to $800 million, which assumes growth in our USCG channel, that is more than offset by lower utility-scale volumes in the back half of the year that reflect our current delivery schedule revised for the project delays we discussed. Adjusted EBITDA is expected to be in the range of negative $110 million to $160 million with sequential improvement every quarter from the trough in Q2. 2024 capital expenditures are expected to be in the range of $70 million to $100 million.

到 2024 年，我們預計年收入將達到 6.4 億至 8 億美元，這是假設我們的 USCG 管道實現增長，但這被下半年公用事業規模銷量的下降所抵消，這反映了我們目前的交付計劃因我們討論的項目延遲而修改。調整後的 EBITDA 預計在負 1.1 億美元至 1.6 億美元之間，自第二季的低潮以來每季都會有所改善。 2024 年資本支出預計在 7,000 萬美元至 1 億美元之間。

With that, I'll turn the call back to Bill to summarize before we go to Q&A.

說完這些，在我們進入問答環節之前，我會將電話轉回給比爾進行總結。

Thank you, guys. We appreciate the investment and support from TZE announced today. We believe that the difficult steps we are taking to reinforce our balance sheet are necessary to protect the interests of all Maxion stakeholders and position the company for future success. In light of this refresh capitalization, we are optimistic about our ability to complete our transformation and return to profitable growth.

謝謝你們。我們感謝TZE今天宣布的投資與支持。我們相信，我們為加強資產負債表而採取的艱難舉措對於保護所有 Maxion 利害關係人的利益以及確保公司未來的成功是必要的。鑑於此資本更新，我們對完成轉型並恢復獲利成長的能力充滿信心。

Now let's go to Q&A. Operator, please proceed.

現在我們進入問答環節。接線員，請繼續。

(Operator instructions)

（操作員指令）

Philip Shen, Roth MKM.

菲利普·沈（Philip Shen），Roth MKM。

Hi everyonr, thanks, for taking my question. So first one is on the DOE loan guarantee, was wondering if you could update us on what the situation is there?

大家好，謝謝您回答我的問題。第一個問題是關於 DOE 貸款擔保，想知道您是否可以向我們介紹那裡的情況？

We haven't heard about that in a lot and while at least not that I've seen, so sorry if I missed, but with transactions and now the ownership of TCE being greater than 50%, does that impact potential for you to secure the DOE?

我們很久沒有聽說過這個消息了，至少我也沒有看到過，如果我錯過了很抱歉，但是隨著交易的進行以及現在 TCE 的所有權已超過 50%，這是否會影響您獲得 DOE 的潛力？

Yeah, I think so. Yeah, we're on we're still very committed to our Albuquerque, New Mexico project, and we're better capitalized now to execute on that. Our daily application is still advanced and live and we're continuing discussions with DOE, we are mindful that this transaction might present some new challenges, but we believe there are scenarios that will allow us that allow this project to proceed with the DOE absent that or exploring other mechanisms finance the project.

是的，我認為是這樣。是的，我們仍然致力於我們位於新墨西哥州阿爾伯克基的項目，而且我們現在有更好的資本來執行該項目。我們的日常應用程式仍然處於高級和即時狀態，我們正在繼續與 DOE 進行討論，我們注意到這項交易可能會帶來一些新的挑戰，但我們相信有些方案可以讓我們允許該專案在 DOE 不參與的情況下繼續進行，或者探索其他機制為該專案提供資金。

Okay. So on that latter point though, can you give us some more color on what those potential alternative funding sources or transaction could be?

好的。那麼，關於後一點，您能否向我們詳細介紹這些潛在的替代資金來源或交易？

Yeah, I think it's too early too early to say much about that. So except that we are definitely better capitalized now with this new round of investments.

是的，我認為現在談論這個還為時過早。因此，透過新一輪的投資，我們現在的資本肯定會更加充足。

Okay, thanks. Shifting to the project cancellations or pushouts, was wondering if you could give us a little more color. I know there was a 6-K out on the Argos contract cancellation. And so was it possible that you guys could have known the about these delays earlier, since modules are one of the last elements to be added as to the project.

好的，謝謝。談到項目取消或推遲，想知道您是否可以提供更多資訊。我知道 Argos 合約取消的費用是 6-K。那麼你們有可能早點知道這些延遲嗎，因為模組是專案最後添加的元素之一。

So I guess I have a series of questions here. I might just read them one was the installation of modules supposed to take place. Does Maxeon have a max notice period, afterwards customers can't delay deliveries and why the one customer cancel. So they find it much easier or cheaper to go with an alternative? Is there risk that the rest of the backlog could also do that?

所以我想我這裡有一系列的問題。我可能只會讀其中一篇，內容是應該安裝模組。Maxeon 是否有最長通知期，之後客戶不能延遲交貨，以及為什麼一個客戶取消。那麼他們是否發現選擇其他替代方案更容易或更便宜？其餘積壓貨物是否也有相同的風險？

Philip, this is Peter. I'll take this one. So the we had a 1.2 gigawatt contract with Argos as we disclosed in the 6-K, that was scheduled to start delivery in Q1 of this year, ramp up in Q2 and then proceed through the end of 2025. We were informed early this year that company would not be in a position to accept those deliveries under those that contracted schedule.

菲利普，這是彼得。我要這個。因此，正如我們在 6-K 中所揭露的那樣，我們與 Argos 簽訂了 1.2 千兆瓦的合同，計劃於今年第一季度開始交付，在第二季度增加產量，然後持續到 2025 年底。我們今年稍早被告知，公司將無法按照合約時間表接受這些交付。

I certainly won't speak of where we were just in terms of the motivations, our understanding was that it had to do with the weighs on their contracts on their projects. And as we said, we've terminated the contract and are pursuing damages.

我當然不會僅僅從動機的角度來談論我們的情況，我們的理解是，這與他們的專案合約的重要性有關。正如我們所說，我們已經終止合約並正在尋求賠償。

Got it. And so you said you can't share motivations, but the delays on their projects, can you give us a little bit of color? Was it due to interconnection queuing or from long lead time high-voltage equipment? Or was it as like some kind of surprise at the last minute. I mean, at this point, if you were ramping up in Q1, supposedly it's pretty that something happened last minute or or today as we shift to on another module source given the price declines? Thanks

知道了。所以你說你不能分享動機，但是他們專案的延遲，你能給我們一些詳細資訊嗎？是由於互連排隊還是由於高壓設備的前置時間過長？或者這就像最後一刻的某種驚喜。我的意思是，在這一點上，如果您在第一季加大力度，那麼考慮到價格下跌，我們轉向另一個模組源，最後一刻或今天可能會發生一些事情？謝謝

Philip. I'm not going to I think it's our position to go into much detail about, in our customers projects hurts you to speak with them.

菲利普。我認為，我們不應該在客戶專案中談論太多細節，與客戶交談可能會對你造成傷害。

Okay. In terms of on normalized revenue and EBITDA, can you speak a little bit more about that? What should we expect, price declines have effectively stop and so maybe rest of world outside of the US, it seems like we're not going to get anymore deceleration on pricing.

好的。關於正常化收入和 EBITDA，您能否進一步談談這一點？我們應該期待什麼呢？ 價格下跌實際上已經停止，因此也許在美國以外的其他地區，似乎不會再出現價格減速的情況。

And then in the US, pricing has flipped around and is likely going higher. So I was wondering if you could speak to a little bit of and without giving guidance, but what normalized quarterly revenue and EBITDA could look like in the medium term? Thank you.

然後在美國，價格已經逆轉，而且可能會走高。所以我想知道您是否可以稍微談談，並且在不提供指導的情況下，中期正常化的季度收入和 EBITDA 會是什麼樣子？謝謝。

Hey Philip, it's Kai here. So beyond the guidance that we have to give them for the for the second quarter, I think we've also given you guidance as you have seen and from that, you can see that we foresee for the rest of the year still some challenges on the revenue and adjusted EBITDA side. I think revenue generally is going to be driven by some of the cancellations and push outs that we have experienced in the power plant business.

嘿，菲利普，我是凱。因此，除了我們對第二季度的指引之外，我想我們也為您提供了指引，正如您所看到的，從中您可以看到，我們預計今年剩餘時間在收入和調整後 EBITDA 方面仍將面臨一些挑戰。我認為收入通常會受到我們在發電廠業務中遇到的一些取消和延遲的影響。

We were successful plugging some of the holes in the near term here in the second quarter by pulling in some other deliveries, we are looking for further customers towards the second half of the year, too, until the volumes. In the meantime, we have slowed down the production until we we can see the demand that we can lock in further demand if available at a good cash margin for us.

我們在第二季度透過引入一些其他交付成功地填補了一些短期空缺，我們也在尋找今年下半年的更多客戶，直到達到產量。同時，我們已經放慢了生產速度，直到我們看到需求，如果我們有良好的現金利潤，我們就可以鎖定進一步的需求。

So that's going to affect, I think, the revenue for the rest of the year. As we said in 2025, we were looking at turning positive and on an EBITDA basis early in the year. So we will we expect 2025 a return to adjusted EBITDA base profitability here and also a further growth on the revenue side quarter-on-quarter in 2025.

所以我認為這會影響今年剩餘時間的收入。正如我們在 2025 年所說的那樣，我們希望在年初實現正增長並在 EBITDA 基礎上實現正增長。因此，我們預計 2025 年調整後的 EBITDA 基礎獲利能力將恢復，並且 2025 年營收方面將實現季度環比進一步增長。

Okay. Thank you all for the detail, I'll pass it on.

好的。謝謝大家的詳細訊息，我會傳達的。

Thank you.

謝謝。

Pavel Molchanov, Raymond James.

帕維爾·莫爾查諾夫、雷蒙德·詹姆斯。

Thanks for taking the question. So following up on, what Phil asked a minute ago about the DOE, we loan talks, given that the company will be majority owned by a Chinese entity. Does that complicate the process of getting a loan guarantee from the US government.

感謝您回答這個問題。因此，接著 Phil 剛才詢問的關於 DOE 的問題，我們將進行貸款談判，因為該公司將由中國實體控股。這是否會使從美國政府獲得貸款擔保的過程變得複雜。

It does complicate the process. But as I said, we believe there's still scenarios and again, we're working very closely with the DOE on this where they will allow this loan application to proceed. And again, the loan application itself is very advanced at this stage. So at this is obviously a fairly big change for the company today. So we just have to work through that with the DOE.

這確實使過程變得複雜。但正如我所說，我們相信仍存在一些情況，而且我們正與能源部就此密切合作，他們將允許該貸款申請繼續進行。再次強調，現階段貸款申請本身已經非常先進了。所以這對今天的公司來說顯然是一個相當大的變化。所以我們必須與能源部合作解決這個問題。

Right. And just kind of a housekeeping question, but given the complications and the capital structure, what is the share count, once all of these structured finance things are concluded. So let's say July 1 or what kind of share count are we looking at.

正確的。這只是一個常規問題，但考慮到複雜性和資本結構，一旦所有這些結構化融資事情都結束，股份數量是多少。假設是 7 月 1 日或我們正在關注什麼樣的股票數量。

Well it's Kai. So there are obviously a few things and also some moving parts which are going to make it difficult to predict the exact share count here. But I can there's some pretty detailed disclosure out there in a 6-K with all the related documents attached.

嗯，是凱。因此，顯然存在一些因素以及一些變動因素，使得預測確切的股份數量變得困難。但我可以在 6-K 文件中看到非常詳細的揭露，並附上所有相關文件。

But just from a from an overview standpoint, of course, you know a big variable here is the share price and also the sequencing of some of the conversions, which are at the option of some of the security holders. But just in broad strokes here.

但僅從整體角度來看，當然，這裡的一個大變數是股價以及一些轉換的順序，這些都是由一些證券持有人選擇的。但這裡只是大致講一下。

So we'll have the new TV by [TVE 97.5], that's going to be said on a and they have the web from a conversion but it only becomes due in 2029. The conversion price of the existing 2027 notes that are held by TV will be reset based on the same the web and also here, this maturity is going to be pushed out from 2027 to 2029.

因此，我們將擁有 [TVE 97.5] 的新電視，這將在網路上進行宣傳，但它要到 2029 年才會到期。TV 持有的現有 2027 年票據的轉換價格將根據相同的網路進行重置，而此到期日將從 2027 年推遲到 2029 年。

And then the exchange of our existing 2025 notes into $196 million nominal of those $200 million at 2025 notes. There's two tranches and one of them, the tranche A, is $137.2 million, and that's going to be convertible into $347 million of the company's share. And then the Tranche B, which is $64 million is going to be paid based on a on the web here. And as these MTV will also be issued a warrant, which during the time as the note holders have the ability to convert their notes into shares and to keep t the shareholding level stable at the current level of 23.5%.

然後將我們現有的 2025 年票據兌換成 2 億美元 2025 年票據中的 1.96 億美元名義價值。分為兩部分，其中一部分，即 A 部分，為 1.372 億美元，可以轉換為 3.47 億美元的公司股份。然後，B 部分，即 6,400 萬美元，將根據此處的網路支付。同時，MTV 也將發行認股權證，在此期間，票據持有人可以將票據轉換為股票，從而將持股水準穩定在目前的 23.5% 水準。

And then last but not least once we get the relevant regulatory approval for TEV equity investments, $100 million, the target stake is going to be at least 50.1% for TVE. As I said, quite a lot of moving parts TVE, so we need to I ask you to do the math and make your own assumptions around these things. But there's lots of disclosure about (inaudible)

最後但同樣重要的一點是，一旦我們獲得 TEV 股權投資的相關監管批准（1 億美元），TVE 的目標股權將至少為 50.1%。正如我所說的，TVE 有很多活動部件，因此我們需要我請你進行計算並圍繞這些事情做出自己的假設。但有很多關於（聽不清楚）

Okay. Last question to get to positive EBITDA in early 2025, as you indicated, what specifically needs to happen? Is it kind of macro module pricing dynamics? Or is it improving capacity utilization at your existing and production plans? What are the variables?

好的。最後一個問題，正如您所說，要到 2025 年初實現正 EBITDA，具體需要做什麼？這是一種宏觀模組定價動態嗎？或者它提高了您現有的生產計劃的產能利用率？有哪些變數？

Yeah, there's a lot of factors going on. I would say first of all, we're not planning any dramatic recovery in pricing. We've taken it, especially in Europe, a pretty sober view of how long that will take. I think we are starting to see some some tailwinds here in the US driven by policy that in particular, should lift our utility-scale pricing. But the big factors for us as we're introducing some some refresh technologies both the high-performance line 7 technology and the Maxeon 7 technology have just recently been leased and are starting to gain traction.

是的，有很多因素。首先我想說，我們不打算大幅提高價格。我們，尤其是在歐洲，對這個過程需要多長時間有著相當清醒的認知。我認為，我們開始看到美國出現一些受政策推動的順風，這些政策尤其應該會提高我們的公用事業規模定價。但對我們來說，在引入一些更新技術時，重要的因素包括高效能 7 號線技術和 Maxeon 7 技術，最近都被租賃，並開始獲得關注。

A big factor for us is rebuilding our USDG channel. We, of course, lost the SunPower contract late last year, and we've completed deliveries of all of that product to SunPower at this point. But we're just getting going with rebuilding that channel. Historically, Maxeon product has had a 10% market share in the US. And we're quite optimistic we're going to get back to that and probably exceed that over the next several quarters, but it will take some time.

對我們來說，一個重要因素是重建我們的 USDG 管道。當然，我們在去年年底失去了 SunPower 的合同，目前我們已經完成了向 SunPower 交付所有產品。但我們才剛開始重建該渠道。從歷史上看，Maxeon 產品在美國佔有 10% 的市場份額。我們非常樂觀地認為我們將恢復到這一水平，甚至可能在接下來的幾個季度內超過這一水平，但這需要一些時間。

And once we get there towards that going out of the end of this year, we think we're going to be much more advanced than we are today. That's going to help us a lot on the bottom line, it's that still the best market in the world is the US and again, we have a relatively strong position here. We've got a team that really knows how to do this is very experienced in the selling proposition through our dealer channel and so we're confident that, that's going to help help drive things in a more positive direction.

一旦我們在今年年底實現這一目標，我們認為我們將比現在更先進。從根本上來說，這將對我們的業務有很大幫助，因為世界上最好的市場仍然是美國，而且我們在這裡擁有相對強勢的地位。我們擁有一支真正懂得如何做到這一點的團隊，他們在透過經銷商管道進行銷售方面經驗非常豐富，因此我們相信，這將有助於推動事情朝著更積極的方向發展。

On the utility-scale side, it is more about getting fully into these higher price contracts that we're starting to execute on. We're close to finishing of all the restructuring that has it had to occur with the with the Argos cancellation.

在公用事業規模方面，更重要的是完全參與我們開始執行的這些更高價格的合約。我們即將完成因 Argos 取消而必須進行的所有重組。

And so we're still on very confident in our remaining contracts and expect those to more fully load the factory, particularly into next year. And we are also transitioning that technology as well to the latest generation TOPCon based product, which we believe will be very competitive.

因此，我們仍然對剩餘的合約非常有信心，並預計這些合約將使工廠更加滿負荷運轉，特別是在明年。我們也正在將該技術轉變為最新一代基於 TOPCon 的產品，我們相信該產品將非常具有競爭力。

Got it. Thanks very much.

知道了。非常感謝。

William Grippin, UBS.

瑞銀的威廉‧格里平 (William Grippin)。

Thanks very much, good morning. My first question was on some of the recent developments with respect to your patent infringement suit against Maxeon solar on looks like that didn't go your way, how are you thinking about your approach to defending your IP going forward? And maybe how does this decision impact your thoughts on which markets you'd like to focus on going forward?

非常感謝，早安。我的第一個問題是關於您針對 Maxeon solar 的專利侵權訴訟的一些最新進展，看起來這場訴訟並不順利，您如何考慮今後保護您的智慧財產權的方法？這個決定會對您未來想要關注的市場有什麼影響呢？

Yeah. That outcome was not a particular surprise to us. We of course, we're trying to get an injunction, as most of you know, that the bar for getting a preliminary injunction is usually very high bar. I think we, of course, didn't quite clear that bar, but we believe the merits of our case are still fundamentally very, very strong, and we expect to ultimately prevail.

是的。對於這個結果我們並不感到特別意外。我們當然正在嘗試獲得禁令，正如你們大多數人所知，獲得初步禁令的門檻通常非常高。我認為，我們當然沒有完全通過這個障礙，但我們相信，我們的案子從根本上來說仍然非常非常有力，我們預計最終會獲勝。

And we are expanding action in other markets, as you've seen, both on our TOPCon and our IBC patent portfolio, Maxeon history dating back to the SunPower days has invested tremendously in R&D hundreds of millions of dollars over the year, I think we have probably the largest IP war chest of any solar company out there. And now as other companies start to move into our space of high performance solar cells, yes, we're going to take action on that portfolio that we've invested so much in over the years.

而且我們正在其他市場擴大行動，正如您所看到的，無論是在我們的 TOPCon 還是我們的 IBC 專利組合上，Maxeon 的歷史可以追溯到 SunPower 時代，一年來在研發上投入了數億美元，我認為我們可能擁有所有太陽能公司中最大的知識產權基金。現在，隨著其他公司開始進入我們的高性能太陽能電池領域，是的，我們將對多年來投入大量資金的投資組合採取行動。

And again, we're really confident it's going to help us in markets all over the world. And yet we even have strong patent portfolios in China. So in Europe, US, China, rest of world, we're going to stand our ground and defend this portfolio and monetize it.

而且，我們非常有信心它將幫助我們開拓全球市場。我們在中國也擁有強大的專利組合。因此，在歐洲、美國、中國和世界其他地區，我們都將堅守立場，捍衛這項投資組合並將其貨幣化。

And Will, this is Peter. I'll just add a little bit there. So the news that you were referring to, as Bill said, related to a request that we had made for a preliminary injunction in the Netherlands, there were some questions about raised about the testing done and we're appealing that decision. We think the underlying structure is very clear and infringing, we're also pursuing and we have pending actions in Germany.

威爾，這是彼得。我只想添加一點點。因此，正如比爾所說，您所提到的訊息與我們在荷蘭提出的初步禁令請求有關，對於所做的測試存在一些疑問，我們正在對該決定提出上訴。我們認為其底層結構非常清晰，且具有侵權行為，我們也在追究，並且在德國還有未決的訴訟。

So although initial decision about preliminary injunction did not go our way, as Bill said, this does not relate to the eventual outcome of this infringement case in any of the jurisdictions we're pursuing.

因此，儘管關於初步禁令的初步決定並不符合我們的意願，但正如比爾所說，這與我們所追求的任何司法管轄區的侵權案件的最終結果都無關。

Thanks for that clarity. My next question was just on your comfort around potential exposure to any incremental import tariffs and maybe how the increased ownership by TZE might impact your I guess, your efforts in your discussions with regulators there?

謝謝你的澄清。我的下一個問題是，您對可能受到的任何增量進口關稅的影響是否感到放心，以及 TZE 的所有權增加可能會對您與監管機構的討論產生什麼影響？

Ladies and gentlemen, please standby.

女士們、先生們，請等候。

Operator, can you hear us now?

接線員，現在你聽得到我們說話嗎？

Yes, please proceed.

是的，請繼續。

Sorry about that, will you're asking about import tariffs, correct?

抱歉，您問的是進口關稅，對嗎？

Yes, do you mind if I repeat the question, I'm not sure if I got cut off there.

是的，你介意我重複這個問題嗎，我不確定我是否被打斷了。

Please repeat it.

請重複一遍。

Yeah. So just I was just asking about, how you're thinking about your potential exposure to incremental import tariffs, right? As we obviously have this new AD/CVD case out there?

是的。所以我只是想問，您如何看待您可能受到的增量進口關稅影響，對嗎？顯然，我們有這個新的 AD/CVD 案例？

And maybe how does the increased ownership by TZE potentially impact your discussions with regulators or maybe their perception of what whether or not an action should be subject to any of these these new tariffs.

TZE 的持股比例增加可能會對您與監管機構的討論產生什麼影響，或者他們對某項行動是否應該受到這些新關稅約束的看法。

Okay, this is Peter, I'll take that. So there's a couple fronts here with respect to tariffs that I think you're referring to one is the one bifacial exemption and the other is there are the new AD/CVG filings. Both of those really are our country-specific specific, we're working with So with that, let's talk about two a one bifacial exemption first.

好的，我是彼得，我接受。因此，關於關稅，這裡有幾個方面，我想你指的是，一個是雙面豁免，另一個是新的 AD/CVG 備案。這兩者實際上是我們國家特有的，我們正在與之合作，因此，我們首先來談談兩個雙面豁免。

So when President Biden issued, this is a 2022 proclamation, he directed USTR to have find accommodations or country exclusions for Mexico and Canada that's already happened for Canada. And we're working closely with the Mexican government and the US administration to implement that for Mexico as quickly as possible. So that really has to do more with a country-specific issue dating back to, I would say, original Nafta relationship, not anything company specific.

因此，當拜登總統發布這是 2022 年的公告時，他指示美國貿易代表為墨西哥和加拿大找到調整或國家排除措施，而加拿大已經這樣做了。我們正在與墨西哥政府和美國政府密切合作，以盡快為墨西哥實施這項措施。所以，我認為這實際上與可以追溯到最初的北美自由貿易協定關係的特定國家問題有關，而不是公司特定問題。

With respect to AD/CVG those are also country-specific or targeting, as you know, for countries in Southeast Asia, I think it's too early to say exactly how that's going to play out. We're clearly in discussion with all the participants there, but don't have any comments yet in terms of what the likely outcome will be, from a timing perspective, I think we expect to see some preliminary decisions perhaps in late Q3.

關於反傾銷和反補貼稅，這些也是針對特定國家或地區的，如你所知，對於東南亞國家來說，我認為現在說這將如何發展還為時過早。我們顯然正在與那裡的所有參與者進行討論，但對於可能的結果還沒有任何評論，從時間角度來看，我認為我們預計可能會在第三季末看到一些初步決定。

With respect to our status, you know, I think that the most important thing for the administration, the US administration I think is up for jobs in the US and in reshoring, the source supply chain. We're still committed to do that, as Bill said. So I think we'll have to see going forward how that plays out with respect to our new cash stack.

關於我們的現狀，我認為對政府，對美國政府來說，最重要的是在美國國內創造就業機會，以及恢復源頭供應鏈。正如比爾所說，我們仍然致力於這樣做。因此我認為我們必須觀察這將如何影響我們的新現金儲備。

All right. I appreciate the time. I'll pass it on. Thank you.

好的。我很感激您抽出時間。我會傳達的。謝謝。

Donovan Schafer, Northland Securities

北國證券公司的多諾萬·謝弗

Hey guys, thanks for taking the questions. So and I wanted to first ask about with TZE now is it a majority or assuming everything kind of goes away, he anticipated would be more than 50% shareholder. And then there's the divestiture of HSPV with certain licensing agreements and stuff in place on the kind of ramp and have that P-Series production, I believe, in inside China and then the IP for you guys you know that the IPS are owned and domiciled, do you have the ownership of a domicile Singapore?

嘿夥計們，感謝你們回答問題。所以我想先問一下 TZE 現在是否是多數股東，或者假設一切都消失，他預計將有超過 50% 的股東。然後是 HSPV 的剝離，以及某些許可協議和其他東西，我相信，P 系列的生產是在中國進行的，然後是 IP，你們知道 IPS 是由新加坡擁有和註冊的，你們擁有新加坡註冊的所有權嗎？

And when TZE initially got involved back with the spinoff from SunPower did kind of raises the question of if there is an angle here of access to IP and then kind of gaining control. Maybe in some ways, have P-Series and IBC intellectual property. So the question is, does this is Maxeon is a effectively almost like a subsidiary of TZE at this point. How do we know or what would motivate them or how do we know that TZE prioritize Maxeon as a beneficiary of that IP as opposed to like, finding some other way of funneling that through other subsidiaries or channels or other ways of just sort of monetizing IBC are P-Series single technology?

當 TZE 最初參與 SunPower 的分拆時，確實提出了一個問題：是否存在獲取 IP 進而獲得控制權的角度。也許在某些方面擁有 P 系列和 IBC 的智慧財產權。所以問題是，Maxeon 現在是否實際上幾乎就像是 TZE 的子公司。我們如何知道或是什麼激勵了他們，或者我們如何知道 TZE 優先考慮 Maxeon 作為該 IP 的受益者，而不是透過其他子公司或管道或其他方式將其轉化為 IBC 的 P 系列單一技術？

Yes, hi, Donovan. Thanks for the question. And yes, well, I think as you know, TZE has been a very large supporter of Maxeon since the spin. And I think they've always valued us as a independent company with sort of unique access to the Western markets through our channels and really a technology leadership position. So I don't think they want to change that fundamental way that we operate and they would like us to continue to operate under the Maxeon brand and SunPower brand internationally, they believe in our team and our technology.

是的，你好，多諾萬。謝謝你的提問。是的，我想正如您所知，自從分拆以來，TZE 一直是 Maxeon 的大力支持者。我認為他們一直看重我們作為獨立公司的地位，我們透過自己的管道以獨特的方式進入西方市場，並且真正佔據技術領先地位。因此，我認為他們不想改變我們營運的基本方式，他們希望我們繼續在國際上以 Maxeon 品牌和 SunPower 品牌運營，他們相信我們的團隊和我們的技術。

And I think what they view is that this increased involvement well, we'll provide synergistic opportunities, they have, for example, with HSPV that you mentioned, they've scaled that within China to very at large scale gigawatts, many gigawatts, and we're the beneficiary of that due to our offtake agreement, commercial offtake agreement with HSPV, where we get our performance line panels that we sell into Europe and rest of world at very competitive prices and cost structure.

我認為他們的觀點是，透過增加參與度，我們將提供協同機會，例如，您提到的 HSPV，他們已經在中國將其規模擴大到非常大規模的千兆瓦，許多千兆瓦，而我們是其中的受益者，因為我們與 HSPV 簽訂了商業承購協議，我們可以獲得性能線面板，並以極具競爭力的價格和歐洲結構銷售。

So we hope that this partnership will be synergistic, though they'll help us bring the ability to scale and get to the cost structures we need. But their full intention is to keep us an independent operating company that has unique access to markets like the United States.

因此，我們希望這種合作關係能產生協同效應，同時它們將幫助我們提高擴大規模的能力並實現我們所需的成本結構。但他們的全部意圖是讓我們成為一家獨立營運的公司，並且能夠以獨特的方式進入美國等市場。

Okay. And then the way the language is written with respect to the choices that are made are around raising capital would seem to be suggesting that this was seen as kind of the only option asked after evaluating others, but among the of possibilities that you evaluated? Did you guys evaluate or consider or look at doing some kind of an IP backed loan? And if so, can you share what so the decision to not go that down that path.

好的。然後，關於籌集資金的選擇的語言表達方式似乎表明，這被視為在評估其他選擇之後提出的唯一選擇，但是在您評估的可能性中呢？你們是否評估、考慮或考慮做某種智慧財產權支持貸款？如果是的話，您能否分享一下為什麼決定不走那條路呢？

Donovan, this is Kai, as we said, we looked at a multitude of different possibilities and challenges are not going to go into the details here. But really what we have announced today was the only credible alternative that was identified and provided the amount of long-term capital required at the same time, [d-lever] the balance sheet and safeguarded the company's ability to continue as a going concern.

多諾萬，我是凱，正如我們所說，我們研究了多種不同的可能性和挑戰，這裡就不詳細討論了。但實際上，我們今天宣布的是唯一可靠的替代方案，既能確定並提供所需的長期資本，又能改善資產負債表並保障公司繼續經營的能力。

So that's the announcement we made today and we strongly believe that this has been the only credible option that we have seen.

這就是我們今天宣布的消息，我們堅信這是我們所看到的唯一可靠的選擇。

Okay. All right. Thank you, guys. I'll take the rest of my questions offline.

好的。好的。謝謝你們。我將離線處理其餘問題。

Mihir Mandloi, [Missou].

米希爾·曼德洛伊，[米蘇]。

Hey, thanks for squeezing me in here. Just on the cadence. I just wanted to understand the guidance kind of implies a similar revenue EBITDA run rate for the second half. But when do you see kind of like that, the pathway to positive EBITDA coming in and what drives that?

嘿，謝謝你擠我來這裡。只是在節奏上。我只是想了解該指引是否暗示下半年的營收 EBITDA 運行率類似。但是，您何時會看到類似的情況，即實現正 EBITDA 的途徑以及推動其發展的因素是什麼？

And then maybe part of that question. The strength you talked about favorable pricing in new bookings reflect talk, is it like the mid 30s or what you're seeing out there for the US derivative products?

然後也許是這個問題的一部分。您談到的新訂單優惠定價的力度是否反映出談話的力度，是像 30 年代中期那樣，還是您在美國衍生產品中看到的那種？

Well, in general, I can say, as been explained before in terms of the turnaround of our EBITDA, getting back to full capacity and also taking advantage of better pricing generally in US power plant is going to be a big a part of that turnaround.

嗯，總的來說，我可以說，正如之前解釋過的我們的 EBITDA 好轉一樣，恢復滿載生產以及利用美國發電廠通常更優惠的定價將是這一好轉的重要組成部分。

Maybe I'll hand it over to Peter here to talk a little bit about the pricing environment.

也許我會把它交給彼得來談談定價環境。

Hi, as you indicated, you've seen some significant upward pressure pricing for pricing in the utility-scale business. We tend not to explicitly disclose those numbers because we have relatively few customers consider that confidential information on their side. Keep in mind that we have still have significant backlog into 2025 and options extending out into 2027.

您好，正如您所說，您已經看到公用事業規模業務的定價面臨明顯的上行壓力。我們傾向於不明確披露這些數字，因為很少有客戶認為這些是機密資訊。請記住，我們在 2025 年仍然有大量積壓訂單，並且有延伸至 2027 年的選擇。

So some of our pricing is already baked now. Fortunately, those contracts were cut at a time where pricing was also quite high, before the recent slide over the last year or so. So both with our current contracted backlog and with respect to incremental future volume, which we're pursuing as Bill said we have both of those pieces of our business are booked at it, quite healthy ASPs.

我們的部分定價現在已經確定了。幸運的是，這些合約是在價格也相當高的時候簽訂的，也就是在過去一年左右的下滑之前。因此，無論是就我們目前的合約積壓訂單還是就我們正在追求的未來增量而言，正如比爾所說，我們業務的這兩個部分都已預訂，平均銷售價格相當健康。

Got it. I'll take the rest offline. Thanks.

知道了。我將把其餘部分移至離線。謝謝。

Thank you. As there are no further questions, we will now conclude the call. Thank you all again, you may now disconnect. Have a great day.

謝謝。由於沒有其他問題，我們現在結束通話。再次感謝大家，現在可以斷開連線了。祝你有美好的一天。