BUZZ-Maxeon Solar drops after withdrawing profit forecast, flagging revenue-hit in Q3

Reuters09-03

** Shares of solar module maker Maxeon Solar Technologies

dip 17.8% to $0.0895

** Company expects Q3 revenue to decline significantly from Q2, largely due to first-ever detentions of modules being imported into the U.S. from factories in Mexico to assess compliance with the Uyghur Forced Labor Prevention Act (UFLPA)

** Says that while "it is our understanding that these detentions are routine," U.S. market accounted for over 60% of its Q2 revenue

** MAXN thereby "unable to provide financial guidance for the Q3 and are therefore withdrawing full year 2024 revenue and adjusted EBITDA guidance"

** Including session's losses, stock is down 98.8% YTD

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com))

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