Maxeon Solar Technologies Files 2023 Annual Report

Ticker: MAXN · Form: 20-F · Filed: May 30, 2024 · CIK: 1796898

Maxeon Solar Technologies, Ltd. 20-F Filing Summary
FieldDetail
CompanyMaxeon Solar Technologies, Ltd. (MAXN)
Form Type20-F
Filed DateMay 30, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: annual-report, solar-energy, semiconductors

TL;DR

Maxeon Solar filed its 2023 20-F, get the full financial picture here.

AI Summary

Maxeon Solar Technologies, Ltd. filed its 20-F for the fiscal year ending December 31, 2023. The filing provides comprehensive financial and operational details for the company, which operates in the semiconductors and related devices industry. Key financial information and business disclosures are presented in this annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Maxeon Solar Technologies' financial performance and business operations for 2023, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company in the volatile solar and semiconductor industry, a 20-F filing inherently carries medium risk due to market fluctuations and competitive pressures.

Key Numbers

  • FY 2023 — Fiscal Year (Reporting period for the 20-F filing)

Key Players & Entities

  • Maxeon Solar Technologies, Ltd. (company) — Filer of the 20-F
  • 20231231 (date) — Fiscal year end
  • 0001796898-24-000036 (filing_id) — Accession number for the filing
  • 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

What is the primary business of Maxeon Solar Technologies, Ltd.?

Maxeon Solar Technologies, Ltd. is primarily involved in the Semiconductors & Related Devices industry, as indicated by its SIC code 3674.

What is the fiscal year end for this 20-F filing?

The fiscal year end for this 20-F filing is December 31, 2023 (20231231).

What is the accession number for this SEC filing?

The accession number for this filing is 0001796898-24-000036.

What was the former name of Maxeon Solar Technologies, Ltd.?

The former name of Maxeon Solar Technologies, Ltd. was Maxeon Solar Technologies, Pte. Ltd.

When did the company change its name?

The company changed its name on December 13, 2019 (20191213).

Filing Stats: 4,453 words · 18 min read · ~15 pages · Grade level 12.5 · Accepted 2024-05-30 08:11:21

Filing Documents

Identity Of Directors, Senior Management And Advisors

Item 1. Identity Of Directors, Senior Management And Advisors 5 1.A. Directors And Senior Management 5 1.B. Advisors 5 1.C. Auditors 5

Offer Statistics And Expected Timetable

Item 2. Offer Statistics And Expected Timetable 5

Key Information

Item 3. Key Information 5 3.A. [ Reserved] 5 3.B. Capitalization And Indebtedness 5 3.C. Reasons For The Offer And Use Of Proceeds 5 3.D. Risk Factors 5

Information On The Company

Item 4. Information On The Company 44 4.A. History And Development Of The Company 44 4.B. Business Overview 45 4.C. Organizational Structure 56 4.D. Property, Plants And Equipment 56

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 60

Operating And Financial Review And Prospects

Item 5. Operating And Financial Review And Prospects 60 5.A. Operating Results 60 5.B. Liquidity And Capital Resources 75 5.C. Research and Development, Patents and Licenses, Etc. 80 5.D. Trend Information 80 5.E. Critical Accounting Estimates 80

Directors, Senior Management And Employees

Item 6. Directors, Senior Management And Employees 80 6.A. Directors And Senior Management 80 6.B. Compensation 85 6.C. Board Practices 87 6.D. Employees 91 6.E. Share Ownership 91

Major Shareholders And Related Party Transactions

Item 7. Major Shareholders And Related Party Transactions 93 7.A. Major Shareholders 93 7.B. Related Party Transactions 94 7.C. Interests Of Experts And Counsel 97

Financial Information

Item 8. Financial Information 97 8.A. Consolidated Statements And Other Financial Information 97 8.B. Significant Changes 98

The Offer And Listing

Item 9. The Offer And Listing 98 9.A. Offer And Listing Details 98 9.B. Plan Of Distribution 98 -i- Table of Con tents 9.C. Markets 98 9.D. Selling Shareholders 98 9.E. Dilution 98 9.F. Expenses Of The Issue 98

Additional Information

Item 10. Additional Information 98 10.A. Share Capital 98 10.B. C onstitution 98 10.C. Material Contracts 104 10.D. Exchange Controls 104 10.E. Taxation 104 10.F. Dividends And Paying Agents 112 10.G. Statement By Experts 112 10.H. Documents On Display 112 10.I. Subsidiary Information 112 10.J. Annual Report To Security Holders 112

Quantitative And Qualitative Disclosures About Market Risk

Item 11. Quantitative And Qualitative Disclosures About Market Risk 113

Description Of Securities Other Than Equity Securities

Item 12. Description Of Securities Other Than Equity Securities 114 12.A. Debt Securities 114 12.B. Warrants And Rights 114 12.C. Other Securities 114 12.D. American Depositary Shares 114 PART II 114

Defaults, Dividend Arrearages And Delinquencies

Item 13. Defaults, Dividend Arrearages And Delinquencies 114

Material Modifications To The Rights Of Security Holders And Use Of Proceeds

Item 14. Material Modifications To The Rights Of Security Holders And Use Of Proceeds 114

Controls And Procedures

Item 15. Controls And Procedures 114

[Reserved]

Item 16. [Reserved] 115

Audit Committee And Financial Expert

Item 16A. Audit Committee And Financial Expert 115

Code Of Ethics

Item 16B. Code Of Ethics 115

Principal Accountant Fees And Services

Item 16C. Principal Accountant Fees And Services 115

Exemptions From The Listing Standards For Audit Committees

Item 16D. Exemptions From The Listing Standards For Audit Committees 116

Purchases Of Equity Securities By The Issuer And Affiliated Purchasers

Item 16E. Purchases Of Equity Securities By The Issuer And Affiliated Purchasers 116

Change In Certifying Accountant

Item 16F. Change In Certifying Accountant 116

Corporate Governance

Item 16G. Corporate Governance 116

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 116

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 116 PART III 119

Financial Statements

Item 17. Financial Statements 119

Financial Statements

Item 18. Financial Statements 119

Exhibits

Item 19. Exhibits 120 Index To Financial Statements F- 1 -ii- Table of Con tents INTRODUCTION We are registered with the Accounting and Corporate Regulatory Authority of Singapore ("ACRA") under the name "Maxeon Solar Technologies, Ltd." We were formed in the third quarter of 2019 under the name "Maxeon Solar Technologies, Pte. Ltd." and converted to a public company on August 26, 2020 (the "Distribution Date") under the Companies Act 1967 of Singapore (the "Singapore Companies Act") under the name of "Maxeon Solar Technologies, Ltd." We prepare consolidated financial statements expressed in U.S. dollars. Our consolidated financial statements responsive to Item 17 of this Form 20-F are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company has a 52-to-53-week fiscal year that ends on the Sunday closest to December 31. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal year 2023, 2022 and 2021 are 52-week fiscal years. Our fiscal year 2023 ended on December 31, 2023, our fiscal year 2022 ended on January 1, 2023 and our fiscal year 2021 ended on January 2, 2022. We are a holding company of business contributed to Maxeon by SunPower Corporation (SunPower") in connection with the spin-off (the "Spin-off"), which was completed on the Distribution Date. The Spin-off was completed by way of a pro rata distribution of all of the then-issued and outstanding ordinary shares of Maxeon to holders of record of SunPower's common stock as of the close of business on August 17, 2020. As of the Distribution Date, Maxeon became an independent, public company and the Maxeon shares commenced trading on the NASDAQ Global Select Market ("NASDAQ" or "Nasdaq") under the symbol "MAXN". MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information. 1 Table of Con tents USE OF CERTAIN TERMS In this annual report, "we,"

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 1.A. DIRECTORS AND SENIOR MANAGEMENT Not Applicable. 1.B. ADVISORS Not Applicable. 1.C. AUDITORS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.A. [RESERVED] 3.B. CAPITALIZATION AND INDEBTEDNESS Not Applicable. 3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not Applicable. 3.D. RISK FACTORS We operate in rapidly changing economic and technological environments that present numerous risks, many of which are driven by factors that we cannot control or predict. You should carefully consider the risks described in this section, together with all of the other information included in this Form 20-F, before investing in our securities. The occurrence of any of these risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition, results of operations and the price of our shares. Risk Factor Summary The following is a summary of the principal risks discussed in greater detail in the following pages, that could materially and adversely affect our business, financial condition and results of operations, supply chain, intellectual property, cybersecurity, and ownership of our shares : Risks Related to the Maxeon Business Generally If we fail to successfully reduce costs in response to downward pressure on solar panel prices, or fail to develop and introduce new and enhanced products, we may be unable to compete effectively, and our ability to generate revenues, profits and cash flows could suffer. The increase in the global supply of solar cells and panels, and increasing competition, has caused and may continue to cause substantial downward pressure on the prices of such products or result in increased or changing tariff policies and cause us to lose sales or market share, or to hold excess inventory, resulting in lower revenues, cash flows and impairment charges. 5 Table of Con tents Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity. The solar industry face

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