Second Quarter 2024 and Fiscal Year 2024 Outlook

For the second quarter of 2024, the Company anticipates the following results:

(In millions, except shipments)

Outlook

Shipments, in MW

520 - 600 MW

Revenue

$160 - $200

Gross loss

$(20) - $0

Non-GAAP gross loss⁽¹⁾

$(20) - $0

Operating expenses

$45 ± $2

Non-GAAP operating expenses⁽¹⁾

$37 ± $2

Adjusted EBITDA⁽²⁾

$(51) - $(31)

Capital expenditures⁽³⁾

$15 - $25

⁽¹⁾

The Company's Non-GAAP operating expenses are impacted by the effects of adjusting for stock-based compensation expense and restructuring charges and fees.

⁽²⁾

The Company cannot provide a reconciliation between its Adjusted EBITDA projection and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of the remeasurement gain or loss of the prepaid forward.

⁽³⁾

Capital expenditures are directed mainly to conversion of our legacy Maxeon 3 capacity in the Philippines to Maxeon 7 technology and equipment for manufacture of our Performance line products in Malaysia and Mexico. We are also investing in the development of our next generation Maxeon 8 technology, various programs to enhance our IT infrastructure and security, as well as to support our Beyond the Panel offering.