0001796898-25-000031 | 20-F | XBRL Viewer | Maxeon Solar Technologies LTD

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ORDINARY SHARES - Narrative (Details)										1 Months Ended	12 Months Ended
ORDINARY SHARES - Narrative (Details)	Oct. 08, 2024	Aug. 30, 2024 shares	Jun. 20, 2024 USD ($)	Oct. 06, 2023 USD ($) shares	May 19, 2023 $ / shares shares	May 16, 2023 shares	Apr. 14, 2021 USD ($) $ / shares shares	Apr. 13, 2021 $ / shares shares	Aug. 26, 2020 shares	Apr. 30, 2021 USD ($)	Dec. 31, 2024 USD ($) vote	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares, net of issuance cost											$ 95,101,000	$ 204,480,000
Shares issued, price per share (in USD per share) \| $ / shares					$ 2,800
Number of shares issued in transaction (in shares) \| shares									89,157
Net proceeds from issuance of ordinary shares										$ 169,700,000	96,446,000	193,491,000	$ 0
Cost for acquisition of assets paid in shares											$ 0	10,989,000	$ 0
Stock split ratio, common stock	0.01
Number of votes per share \| vote											1
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares								18,700
SolarCA LLC
Subsidiary, Sale of Stock [Line Items]
Cost for acquisition of assets paid in shares				$ 11,000,000								10,989,000
Public offering
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares, net of issuance cost							$ 125,000,000
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares, net of issuance cost							$ 18,700,000
The offering
Subsidiary, Sale of Stock [Line Items]
Shares issued, price per share (in USD per share) \| $ / shares							$ 1,800
Number of shares issued in transaction (in shares) \| shares							80,460
The Offering, issued to third parties
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares							599
The TZE Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issued, price per share (in USD per share) \| $ / shares								$ 1,800
Number of shares issued in transaction (in shares) \| shares						15,000		18,700
The Company Offering
Subsidiary, Sale of Stock [Line Items]
Shares issued, price per share (in USD per share) \| $ / shares					$ 2,800
Number of shares issued in transaction (in shares) \| shares					74,900
The Company Offering and 2023 TZE Private Placement
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuance of ordinary shares												$ 193,500,000
The Purchase Agreement \| SolarCA LLC
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares				1,100,000
The Purchase Agreement \| SolarCA LLC \| Maxeon
Subsidiary, Sale of Stock [Line Items]
Equity method investment, ownership percentage				2.08%
TZE SG Warrant \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares, net of issuance cost			$ 1,345,663
Net proceeds from issuance of ordinary shares			$ 1,300,000
2024 TZE Private Placement \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares		82,919

EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The summarized financial information as of December 31, 2023 and for the fiscal years ended 2023 and 2022 is as follows:


	As of
(In thousands)	December 31, 2023
Current assets	$	924,110
Non-current assets	711,499
Current liabilities	361,072
Non-current liabilities	667,617
Non-controlling interest	615,395


	Fiscal Year Ended
(In thousands)	December 31, 2023		January 1, 2023
Revenue	$	1,637,862	$	1,619,358
Gross profit (loss)	1,433		(40,099)
Loss from operations	(135,799)		(177,283)
Net loss	(136,433)		(159,888)
Net loss attributable to HSPV	(33,708)		(62,820)

The following related party balances as of December 31, 2023 and amounts are associated with transactions entered into with TotalEnergies and its affiliates, up to August 30, 2024, which is the date that TotalEnergies is no longer a related party:


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	13,390
Other receivables, current	794
Accounts payable	232
Contract liabilities, current portion	218
Contract liabilities, net of current portion	—
Refund liabilities (Note 6)	18,229


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Revenue	$	2,289	$	99,694	$	76,216

The following related party balances and amounts summarizes transactions entered into with TZE and its affiliates, excluding transactions with HSPV:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deposit from TZE for sale of entities (Note 6)	$	40,000	$	—
Convertible notes (Note 11)	306,958		207,000


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments for purchases of silicon wafer	$	—	$	121,770	$	87,228
Contractual interest expense on Existing 1L Notes	16,025		15,525		5,822
Contractual interest expense on New 1L Notes	3,169		—		$	—
Sale of equity interest in joint venture	24,083		—		—
Sale of intellectual property	10,000		—		—

Related-party transactions with HSPV are as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts payable	$	261	$	9,920
Liabilities classified as held for sale	15,401		—


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments made to investee for products/services	$	70,613	$	226,118	$	331,004

Debt Securities, Trading, and Equity Securities, FV-NI


	As of
(In thousands)	December 31, 2024		December 31, 2023
Equity method investment	$	—	$	—
Equity investments without readily determinable fair value	4,000		4,000
Total equity investments	$	4,000	$	4,000

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Maxeon as a lessee

We lease certain facilities under non-cancellable operating leases from third parties. As of December 31, 2024 and December 31, 2023, future minimum lease payments for facilities under operating leases were $53.7 million and $29.1 million, respectively, to be paid over the remaining contractual terms of up to 3.5 and 3.9 years. The Company has the option to extend certain leases for up to 10 years. These options are included in the lease term when it is reasonably certain that the option will be exercised.

We also lease certain buildings, machinery and equipment under non-cancellable finance leases. As of December 31, 2024 and December 31, 2023, future minimum lease payments for assets under finance leases were $1.2 million and $1.6 million, to be paid over the remaining contractual terms of up to 2.4 and 3.4 years, respectively. Of the $1.2 million, $0.5 million is included in “Short-term debt” and $0.7 million is included in “Long-term debt” on the Consolidated Balance Sheets as of December 31, 2024.

We have disclosed quantitative information related to the lease contracts we have entered into as a lessee by aggregating the information based on the nature of the asset such that assets with similar characteristics and lease terms are shown within one single financial statement line item.

The table below presents the summarized quantitative information with regard to lease contracts we have entered into:


	Fiscal Year Ended
(In thousands)	December 31, 2024			December 31, 2023
Operating lease expense	$	7,671		$	5,236
Cash paid for amounts included in the measurement of lease liabilities
Cash paid for operating leases	9,174			5,941
Right-of-use assets obtained in exchange for lease obligations	20,107			10,929
Weighted-average remaining lease term (in years) – operating leases	4.3			3.9
Weighted-average discount rate – operating leases	15.9		%	6.5		%

The following table presents our minimum future rental payments on leases placed in service as of December 31, 2024:


(In thousands)	Operating Leases		Finance Lease
2025	$	14,459	$	519
2026	11,903		535
2027	10,379		229
2028	7,428		—
2029	6,533		—
Thereafter	2,979		—
Total lease payments	53,681		1,283
Less: imputed interest	(17,157)		(89)
Total	$	36,524	$	1,194

Purchase Commitments

We purchase raw materials for inventory and manufacturing equipment from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, we enter into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based on specifications defined by us, or that establish parameters defining our requirements. In certain instances, these agreements allow us the option to cancel, reschedule or adjust our requirements based on our business needs before firm orders are placed. Consequently, purchase commitments arising from these agreements are excluded from our disclosed future obligations under non-cancellable and unconditional commitments.

Future purchase obligations under non-cancellable purchase orders as of December 31, 2024 are as follows:


(In thousands)	Fiscal Year 2025		Fiscal Year 2026		Fiscal Year 2027 and thereafter		Total
Future purchase obligations	$	7,976	$	—	$	—	$	7,976

We expect that all obligations related to non-cancellable purchase orders for manufacturing equipment will be recovered through future cash flows of the solar cell manufacturing lines and solar panel assembly lines when such long-lived assets are placed in service. Factors considered important that could result in an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets, and significant negative industry or economic trends. Obligations related to non-cancellable purchase orders for inventories match current and forecasted sales orders that will consume these ordered materials and actual consumption of these ordered materials is regularly compared to expected demand. We anticipate total obligations will be recovered because the quantities required to be purchased are expected to be utilized in the manufacture and profitable sale of solar power products in the future based on our long-term operating plans. The terms of the supply agreements are reviewed regularly by us and we assess the need for any accruals for estimated losses on adverse purchase commitments, such as lower of cost or net realizable value adjustments that will not be recovered by future sales prices, forfeiture of advanced deposits and liquidated damages, as necessary.

Product Warranties

The following table summarizes the product warranty activities for fiscal years 2024 and 2023:


	Fiscal Year
(In thousands)	2024		2023
Balance at the beginning of the period	$	20,990	$	28,347
Accruals for warranties issued during the period	1,672		6,437
Settlements and adjustments during the period	(8,766)		(13,794)
Reclassification to liabilities classified as held for sale during the period	(8,745)		—
Balance at the end of the period	$	5,151	$	20,990

Liabilities Associated with Uncertain Tax Positions

Total liabilities associated with uncertain tax positions were $11.6 million and $5.5 million as of December 31, 2024 and December 31, 2023, respectively. These are included within “Other long-term liabilities” in our Consolidated Balance Sheets as they are not expected to be paid within the next 12 months. Due to the complexity and uncertainty associated with our tax positions, we cannot make a reasonably reliable estimate of the period in which cash settlement, if any, would be made for our liabilities associated with uncertain tax positions in Other long-term liabilities.

Defined Benefit Pension Plans

Prior to the Spin-off, SunPower maintained defined benefit pension plans for certain of our employees and they continue to be part of these pension plans after the Spin-off and the maintenance of such defined benefit pension plans has been transferred to the Company. Benefits under these plans are generally based on an employee’s age, years of service and compensation. Funding requirements are determined on an individual country and plan basis and are subject to local country practices and market circumstances. The funded status of the pension plans, which represents the difference between the benefit obligation and fair value of plan assets, is calculated on a plan-by-plan basis. We have elected to measure plan assets and benefit obligation using the month-end that is closest to our fiscal year-end. The benefit obligation and related funded status are determined using assumptions as of the end of each fiscal year. We recognize the overfunded or underfunded status of our pension plans as an asset or liability on our Consolidated Balance Sheets. As of December 31, 2024, we have reclassified the balances to “Liabilities classified as held for sale” as the Company is divesting for its “rest-of-the-world” distributed generation business through the sale of 100% of the equity interests in certain direct and non-direct non-U.S. subsidiaries of the Company to TZE, accompanied by the sale to TZE of certain assets relating to such business. As of December 31, 2023, the underfunded status of our pension plans presented within “Other long-term liabilities” on our Consolidated Balance Sheets was $2.0 million. The impact of transition assets and obligations and actuarial gains and losses are recorded within “Accumulated other comprehensive loss” and are generally amortized as a component of net periodic cost

over the average remaining service period of participating employees. We recorded a loss of $0.3 million for fiscal year 2024, a loss of $0.6 million and gain of $0.9 million for fiscal year 2023 and 2022, respectively, related to our benefit plans.

Our entity in the Philippines has a tax qualified defined benefit plan covering its regular employees (the “Philippines Plan” or the “Fund”). Under the Philippines Plan, all employees of the entity who have not reached the age of 60 are qualified and become automatically members of the plan.

The Fund is administered by a trustee bank, under a Trust Agreement (the “Philippines Trust Agreement”), designated by the Philippines’ subsidiary acting through the Retirement Committee (as defined in the

Philippines Trust Agreement). The Trustee shall have administrative control over the management of the Fund, and shall be vested with all powers, authority and discretion necessary or expedient for that purpose, in addition to any express powers conferred by the Philippines Trust Agreement. The trustee may adopt and prescribe such rules and regulations as are necessary for the efficient administration of the Fund, provided such are not inconsistent with the Rules and Regulations of the Retirement Plan (as defined in the Philippines Plan).

Under the existing regulatory framework in the Philippines, it requires a provision for retirement pay to qualified private sector employees in the absence of any retirement plan in the entity, provided however that the employee’s retirement benefits under any collective bargaining and other agreement shall not be less than those provided under the law. The law does not require minimum funding of the plan.

Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which the Company may agree to indemnify a third party to such arrangement from any losses incurred relating to the services they perform on behalf of the Company or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. Historically, payments made related to these indemnifications have been immaterial.

Similarly, the Company enters into contractual arrangements under which SunPower or other third parties agrees to indemnify the Company for certain litigation and claims to which we are a party. On August 5, 2024, SunPower Corporation (“SunPower”) filed a voluntary petition for bankruptcy under Chapter 11 of the US Bankruptcy Code, resulting in the rejection of the Separation and Distribution Agreement dated November 8, 2019, whereby SunPower had agreed to indemnify us for, including but not limited to, multiple litigations in which certain of our subsidiaries are parties, indemnification for tax disputes and certain warranty obligations for businesses that are not part of Maxeon's operations. In accordance with GAAP, we have booked a full provision for expected credit losses for such indemnified balances.

Legal Matters

We are a party to various litigation matters and claims that arise from time to time in the ordinary course of our business. While we believe that the ultimate outcome of such matters will not have a material adverse effect on us, their outcomes are not determinable and negative outcomes may adversely affect our financial position, liquidity, or results of operations.

On June 27, 2024, shareholder of the Company filed a putative class action complaint (the “Complaint”) against the Company and certain of our officers in the United States District Court for the Northern District of California. The Complaint alleges violations of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder in connection with certain disclosures made by the Company between November 13, 2023 and May 30, 2024 relating to our relationship and dealings with SunPower, seeking unspecified damages. We filed a motion to dismiss this lawsuit in December 2024, and the lead plaintiff filed an opposition to the motion, to which we have further filed a reply. The court held a hearing in relation to our motion to dismiss in April 2025 and we are awaiting its further issuance of an order.

Letters of Credit and Bank Guarantees

The Company provides standby letters of credit or other guarantee instruments to various parties as required for certain transactions initiated during the ordinary course of business, to guarantee the Company’s performance in accordance with contractual or legal obligations. As of December 31, 2024, the maximum potential payment obligation that the Company could be required to make under these guarantee agreements was $1.4 million. The contractual terms of the guarantees range from 11 months to 44 months. We have not recorded any liability in connection with these guarantee agreements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these guarantee agreements. Certain guarantee agreements are collateralized by restricted cash totaling to $2.1 million which is included in “Prepaid expenses and other current assets” and “Other long-term assets” on the Consolidated Balance Sheets as of December 31, 2024.

SUBSEQUENT EVENT (Details) - USD ($) $ in Millions				12 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Millions	Mar. 31, 2025	Feb. 28, 2025	Aug. 26, 2020	Dec. 31, 2024
Subsequent Event [Line Items]
Percentage of ownership before transaction			29.50%
Disposed of by sale \| SunPower Philippines Manufacturing Ltd \| Subsequent event
Subsequent Event [Line Items]
Percentage of ownership before transaction		100.00%
Proceeds from sale if interest in subsidiary		$ 58.6
Proceeds from sale of assets to be sold within Philippines		$ 7.3
Disposed of by sale \| Non-US subsidiaries
Subsequent Event [Line Items]
Percentage of ownership before transaction				100.00%
Disposed of by sale \| Non-US subsidiaries \| Subsequent event
Subsequent Event [Line Items]
Percentage of ownership before transaction	100.00%
Proceeds from sale if interest in subsidiary	$ 28.9
Net intercompany debt released	90.5
Proceeds from sale of trademarks	$ 6.7

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 31, 2025	Aug. 26, 2020	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Accounts receivable, sale			$ 124,900	$ 498,400
Accounts receivable, allowance for credit loss, current, receivables sold				49,400
Percentage of ownership before transaction		29.50%
Inventory valuation reserves			155,100	30,500
Amortization			700	200	$ 300
Loss on impairment of intangible assets			2,167	0	0
Goodwill			0	7,879	0
Depreciation			42,100	55,700	56,500
Loss on impairment of property, plant and equipment			$ 156,598	$ 76,332	$ 417
Disposed of by sale \| Non-US subsidiaries
Finite-Lived Intangible Assets [Line Items]
Percentage of ownership before transaction			100.00%
Disposed of by sale \| Non-US subsidiaries \| Subsequent event
Finite-Lived Intangible Assets [Line Items]
Percentage of ownership before transaction	100.00%
September 2024 Restructuring Plan:
Finite-Lived Intangible Assets [Line Items]
Loss on impairment of property, plant and equipment			$ 98,900
Customers relationship
Finite-Lived Intangible Assets [Line Items]
Loss on impairment of intangible assets			$ 2,200

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS During fiscal years 2024, 2023 and 2022, we recognized revenue for sales of modules and components from contracts with customers of $509.0 million, $1,123.1 million and $1,060.1 million, respectively. We recognize revenue for sales of modules and components at the point that control transfers to the customer, which typically occurs upon shipment or delivery to the customer, depending on the terms of the contract. Payment terms are typically between 30 and 45 days. Contract Assets and Liabilities As of December 31, 2024 and December 31, 2023, contract assets is $11.4 thousand and $0.6 million for both periods, and has been presented within “Prepaid expenses and other current assets”. Contract assets consist of unbilled receivables which represent revenue that has been recognized based on the satisfaction of performance obligations in advance of billing the customer based on the contractual billing terms. During fiscal year 2024, the movement was primarily due to billings of previously unbilled receivables whereas for fiscal year 2023, the movement was insignificant. Contract liabilities consist of deferred revenue and customer advances, which represent consideration received from a customer based on the contractual payment terms prior to transferring control of goods or services to the customer under the terms of a sales contract. The Company has pledged certain equipment assets and inventory to serve as collateral for certain advances from customers. As of December 31, 2024 and December 31, 2023, the carrying amount of such assets pledged is $34.4 million and $93.1 million, respectively. During fiscal year 2024, the decrease in contract liabilities of $170.1 million was primarily due to utilization of contract liabilities previously recorded due to the completion of performance obligations, partially offset by additional customer advances. During fiscal year 2023, increase in contract liabilities of $53.2 million was primarily due to additional customer advances, partially offset by utilization of contract liabilities previously recorded due to the completion of performance obligations. During fiscal years 2024 and 2023, we recognized revenue of $3.5 million and $123.3 million that was included in contract liabilities as of December 31, 2023 and January 1, 2023, respectively. Except for a contract with TotalEnergies which has been completed during fiscal year 2023 (refer to Note 3. Transactions with SunPower and TotalEnergies), there is no significant financing component for the contract assets and contract liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

EQUITY INVESTMENTS

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

EQUITY INVESTMENTS

Equity Method Investments

Huansheng Photovoltaic (Jiangsu) Co., Ltd (“HSPV”)

In March 2016, SunPower entered into an agreement with Dongfang Electric Corporation and TZE. to form Huansheng Photovoltaic (Jiangsu) Co., Ltd., a jointly owned solar cell manufacturing facility to manufacture our Performance line modules in China. The joint venture is based in Yixing City in Jiangsu Province, China. In March 2016, we made an initial $9.2 million investment for a 15% equity ownership interest in the joint venture, which was accounted for under the cost method. In February 2017, we invested an additional $9.0 million which included an investment of $7.7 million and reinvested dividends of $1.3 million, bringing our equity ownership to 20% of the joint venture. In February and April 2018, we invested an additional $6.3 million and $6.3 million (net of $0.7 million of dividends reinvested), respectively, maintaining our equity ownership at 20% of the joint venture. In September 2021, TZE made a capital injection of RMB270.0 million (equivalent to $41.6 million) to HSPV to facilitate the capacity expansion of HSPV. The Company did not make a proportionate injection based on its equity interest in HSPV which resulted in a dilution of the Company's equity ownership from 20.0% to 16.3%. During fiscal year 2024, we disposed our equity interest in HSPV to Zhonghuan Hong Kong Holding Limited, a subsidiary of TZE for a consideration of $24.0 million. Consequently, we recognized a gain on disposal of $24.1 million, including the recycling of other comprehensive income to profit or loss.

For the fiscal years 2023 and 2022, the equity method investment held by the Company in our former joint venture entity have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. The summarized financial information as of December 31, 2023 and for the fiscal years ended 2023 and 2022 is as follows:


	As of
(In thousands)	December 31, 2023
Current assets	$	924,110
Non-current assets	711,499
Current liabilities	361,072
Non-current liabilities	667,617
Non-controlling interest	615,395


	Fiscal Year Ended
(In thousands)	December 31, 2023		January 1, 2023
Revenue	$	1,637,862	$	1,619,358
Gross profit (loss)	1,433		(40,099)
Loss from operations	(135,799)		(177,283)
Net loss	(136,433)		(159,888)
Net loss attributable to HSPV	(33,708)		(62,820)

Related-party transactions with HSPV are as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts payable	$	261	$	9,920
Liabilities classified as held for sale	15,401		—


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments made to investee for products/services	$	70,613	$	226,118	$	331,004

Huaxia CPV (Inner Mongolia) Power Co., Ltd. (“CCPV”)

In December 2012, SunPower entered into an agreement with TZE, Inner Mongolia Power Group Co. Ltd. and Hohhot Jinqiao City Development Company Co., Ltd. to form CCPV, a jointly owned entity to manufacture and deploy our low-concentration PV (“LCPV”) concentrator technology in Inner Mongolia and other regions in China. CCPV is based in Hohhot, Inner Mongolia. The establishment of the entity was subject to approval of the PRC government, which was received in the fourth quarter of fiscal year 2013. In December 2013, we made a $16.4 million equity investment in CCPV, for a 25% equity ownership.

We have concluded that we are not the primary beneficiary of CCPV because, although we are obligated to absorb losses and have the right to receive benefits, we alone do not have the power to direct the activities of CCPV that most significantly impact its economic performance. We account for our investment in CCPV using the equity method because we are able to exercise significant influence over CCPV due to our board position. Due to changes in certain facts and circumstances, in fiscal year 2017, we impaired the entire amount of this investment. CCPV has initiated liquidation process in fiscal year 2023 and the Company has filed its claim towards its receivables that has been fully impaired. In January 2025, the Company received proceeds of RMB 8.0 million (equivalent to US$1.1 million) as part of the initial allocation from the liquidation of CCPV’s assets.

Equity Investments without Readily Determinable Fair Value

Deca Technologies, Inc.

In September 2010, SunPower entered into an agreement to purchase preferred shares of Deca Technologies, Inc., a subsidiary of Cypress Semiconductor, that commercializes a proprietary electronic system interconnect technology. The investment was intended to monetize our intellectual property and capabilities in an adjacent field and potential co-development opportunities in the future. Pursuant to the share purchase agreement, we are entitled to certain liquidation and conversion rights of holders of such preferred shares. Concurrent with the purchase agreement, we also entered into a lease and facility service agreement and license agreement. During fiscal year 2020, in connection with an equity transaction with a third-party investor, the Company agreed to give up the liquidation and conversion rights in exchange for two transactions which increased the equity ownership to 8%, together with a cash dividend of $2.5 million representing a return of capital. In addition, we recorded a gain of $1.3 million related to an increase in the fair value of our investment, based on observable market transactions with

the third-party investor. The gain is presented within “Other, net” on our Consolidated Statements of Operations. As of December 31, 2024 and December 31, 2023, our total equity investment in Deca Technologies, Inc. was $4.0 million.

Our equity investments consist of equity method investments and equity investments without readily determinable fair value. The below table represents the Company maximum exposure to loss of the equity investments where the Company is not the primary beneficiary.


	As of
(In thousands)	December 31, 2024		December 31, 2023
Equity method investment	$	—	$	—
Equity investments without readily determinable fair value	4,000		4,000
Total equity investments	$	4,000	$	4,000

Variable Interest Entities

A VIE is an entity that has either (i) insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) equity investors who lack the characteristics of a controlling financial interest. Under ASC 810, Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and is required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both:

•The power to direct the activities that most significantly impact the economic performance of the VIE; and

•The right to receive benefits from, or the obligation to absorb losses of the VIE that could be potentially significant to the VIE.

We follow guidance on the consolidation of VIEs that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct activities that most significantly impact the investees' economic performance, including powers granted to the investees' governing board and, to a certain extent, a company's economic interest in the investee. We analyze our investments in VIEs and classify them as either:

•A VIE that must be consolidated because we are the primary beneficiary or the investee is not a VIE and we hold the majority voting interest with no significant participative rights available to the other partners; or

•A VIE that does not require consolidation because we are not the primary beneficiary or the investee is not a VIE and we do not hold the majority voting interest.

As part of the above analysis, if it is determined that we have the power to direct the activities that most significantly impact the investees' economic performance, we consider whether or not we have the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.

Consolidated VIE

To comply with local government laws in the Philippines, SPML Land, Inc. (“SPML Land”) was formed on July 20, 2006 to own land, buildings and equipment that is leased by SPML Land to SunPower Philippines Manufacturing Limited (“SPML”), which is a subsidiary of the Company. SPML owns 40% equity interest in SPML Land and certain SPML employees own the remaining 60% equity interest in SPML Land. Financing for the capital expenditure of SPML Land is provided by SPML.

Based on the relevant accounting guidance summarized above, we have concluded that we are the primary beneficiary as we have the power to direct the activities that significantly impact its economic performance and we have exposure to significant profits or losses, and as such, we consolidate the entity.

The aggregate carrying amounts of the total assets and total liabilities of SPML Land as of December 31, 2024 were $18.5 million and $3.0 million respectively and as of December 31, 2023 were $24.7 million and $4.8 million, respectively. The associated assets and liabilities of SPML Land has been reclassified to “Assets held for sale” and “Liabilities held for sale” which is included in “Prepaid expenses and other current assets” and “Accrued liabilities”, respectively on the Consolidated Balance Sheets as of December 31, 2024.

EQUITY INVESTMENTS

Equity Method Investments

Huansheng Photovoltaic (Jiangsu) Co., Ltd (“HSPV”)


	As of
(In thousands)	December 31, 2023
Current assets	$	924,110
Non-current assets	711,499
Current liabilities	361,072
Non-current liabilities	667,617
Non-controlling interest	615,395


	Fiscal Year Ended
(In thousands)	December 31, 2023		January 1, 2023
Revenue	$	1,637,862	$	1,619,358
Gross profit (loss)	1,433		(40,099)
Loss from operations	(135,799)		(177,283)
Net loss	(136,433)		(159,888)
Net loss attributable to HSPV	(33,708)		(62,820)

Related-party transactions with HSPV are as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts payable	$	261	$	9,920
Liabilities classified as held for sale	15,401		—


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments made to investee for products/services	$	70,613	$	226,118	$	331,004

Huaxia CPV (Inner Mongolia) Power Co., Ltd. (“CCPV”)

Equity Investments without Readily Determinable Fair Value

Deca Technologies, Inc.


	As of
(In thousands)	December 31, 2024		December 31, 2023
Equity method investment	$	—	$	—
Equity investments without readily determinable fair value	4,000		4,000
Total equity investments	$	4,000	$	4,000

Variable Interest Entities

•The power to direct the activities that most significantly impact the economic performance of the VIE; and

•The right to receive benefits from, or the obligation to absorb losses of the VIE that could be potentially significant to the VIE.

•A VIE that does not require consolidation because we are not the primary beneficiary or the investee is not a VIE and we do not hold the majority voting interest.

Consolidated VIE

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going Concern (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Nov. 26, 2024 USD ($) termSheet	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (1,410,392)			$ (796,092)
Cash and cash equivalents	$ 28,895			$ 190,169	$ 227,442
“Rest-of-the world” direct generation business
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of partially binding term sheets \| termSheet		2
Disposal group consideration receivable		$ 101,600
TCL Zhonghuan Renewable Energy Technology Co., Ltd. (TZE)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term funding			$ 21,700

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 509,048,000

$ 1,123,110,000

$ 1,060,113,000

Contract with Customer, Asset, after Allowance for Credit Loss

11,400

600,000

Assets serving as collateral

376,272,000

1,002,009,000

Increase (decrease) in contract with customer liability

(170,100,000)

53,200,000

Revenue recognized

3,500,000

123,300,000

Asset pledged as collateral

Disaggregation of Revenue [Line Items]

Assets serving as collateral

$ 34,400,000

$ 93,100,000

Minimum

Disaggregation of Revenue [Line Items]

Payment term

30 days

Maximum

Disaggregation of Revenue [Line Items]

Payment term

45 days

[1]

In fiscal year 2023, we had related-party transactions with TCL Zhonghuan Renewable Energy Technology Co. Ltd, SunPower and TotalEnergies S.E. and its affiliates as well as unconsolidated entities in which we have a direct equity investment. Due to the step-up investment by TZE SG in August 2024, SunPower and TotalEnergies S.E. and its affiliates are no longer related parties to the Company and the related party balance relates to that with TCL Zhonghuan Renewal Energy Co. Ltd and its affiliates. These related-party transactions are recorded within the “Revenue,” “Cost of revenue,” “Operating expenses: Research and development and Sales, general and administrative,” and “Other expense, net: Interest expense” financial statement line items in our Consolidated Statements of Operations (see Note 3, Note 4 and Note 10).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Fiscal Periods

On January 20, 2025, the Company changed its fiscal year end to improve the process of consolidating its financial statements following the recent acquisition of a controlling interest in the Company by TCL Zhonghuan Renewable Energy Technology Co. Ltd., a joint stock limited company (“TZE”) incorporated under the laws of the Peoples Republic of China (“PRC”). For fiscal year 2024 and thereafter, the Company’s fiscal year will end on December 31. We made the fiscal year change on a prospective basis and did not adjust operating results for prior year. Therefore, the financial results will not be exactly comparable to the prior periods. We are not required to file a transition report because this change is not deemed a change in fiscal year for purpose of reporting subject to Rule 13a-10 or 15d-10 of the Securities Exchange Act of 1934, as the new fiscal year commences within seven days of the prior fiscal year. Previously, the Company had a 52-to-53-week fiscal year that ended on the Sunday closest to December 31. Accordingly, every fifth or sixth year was a 53-week fiscal year. Fiscal year 2023 and 2022 were 52-week fiscal years. Our fiscal year 2024 ended on December 31, 2024, our fiscal year 2023 ended on December 31, 2023 and our fiscal year 2022 ended on January 1, 2023. We are not required to file a transition report because this change is not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10 of the Securities Exchange Act of 1934, as the new fiscal year commences within seven days of the prior fiscal year.

Basis of Presentation and Preparation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and incorporates the financial statements, its subsidiaries and the

VIEs for which the Company or a subsidiary of the Company is the primary beneficiary. All intercompany transactions and accounts within the consolidated businesses of the Company have been eliminated.

Use of Estimates and judgments

The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include (i) inventory write-downs; (ii) long-lived asset impairment, specifically estimates for valuation assumptions including future cash flows, economic useful lives of property, plant and equipment and intangible assets; (iii) valuation of contingencies such as accrued warranty; (iv) income taxes and tax valuation allowances; and (v) going concern, specifically estimates for future cash flows. Actual results could materially differ from those estimates.

Due to the macro-economic trends such as the continued heightened geopolitical tensions and the ongoing war in Ukraine and the Israel-Hamas-Iran conflict, there has been continued uncertainty and disruption in the global economy and financial markets. We are not aware of any specific event or circumstance that would require updates to our estimates and judgments or require us to revise the carrying value of our assets or liabilities as of the date of issuance of the financial statements. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Lease Accounting – Arrangements with Maxeon as a lessee

We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for real estate and are included within operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. Finance leased assets are included in property, plant and equipment, net and finance lease liabilities are included in short-term debt and long-term debt on the Consolidated Balance Sheets. We elected the practical expedient to combine our lease and related non-lease components for all our leases. In addition, leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets also include any lease prepayments made and exclude lease incentives. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term.

Lease Accounting – Arrangements with Maxeon as a lessor

We account for a lease arrangement in which we act as the lessor as an operating lease as it does not meet the criteria for a sales-type lease or a direct financing lease. Initial direct costs incurred in negotiating and arranging an operating lease are deferred and recognized over the lease term on the same basis as the lease income. Lease income is recognized on a straight-line basis over the lease term. We exclude from our measurement of consideration in a contract all taxes assessed by governmental authorities on lease that are both (i) imposed on and concurrent with a specific lease revenue-producing transaction and (ii) collected from a lessee.

Financial Instruments - Credit Losses

Financial instruments - Credit Losses

Accounting Standards Codification No. 326, Financial Instruments – Credit Losses (“ASC 326”) requires remeasurement and recognition of expected credit losses for financial assets held. The amendment applies to entities which hold financial assets and net investments in leases that are not accounted for at fair value through net income as well as loans, debt securities, accounts receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

We recognize an allowance for credit loss at the time a receivable is recorded based on our estimate of expected credit losses and adjust this estimate over the life of the receivable as needed. An account receivable is written off against the allowance for credit loss made after all collection effort has ceased. We evaluate the aggregation and risk characteristics of a receivable pool and develop loss rates that reflect historical collections, current forecasts of future economic conditions over the time horizon we are exposed to credit risk, and payment terms or conditions that may materially affect future forecasts.

As of December 31, 2024, we reported $4.3 million of accounts receivable, net of credit loss allowance of nil. Based on the aging analysis as of December 31, 2024, 99.1% of our gross trade account receivable was outstanding less than 60 days. Refer to Note 6. Balance Sheet Components for more details on changes in allowance for credit

losses. We have not seen significant changes to the recovery rate of our account receivable as a result of the macro-economic trends.

Fair Value of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to their short-term maturities. Equity investments without readily determinable fair value are measured at cost less impairment and are adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. Derivative financial instruments are carried at fair value based on quoted market prices for financial instruments with similar characteristics. The effective portion of derivative financial instruments is excluded from earnings and reported as a component of “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. The ineffective portion of derivatives financial instruments are included in “Other, net” in the Consolidated Statements of Operations.

Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from non-owner sources. Our comprehensive loss for the period presented is comprised of (i) our net loss; (ii) foreign currency translation adjustment of our foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet dates, and revenues and expenses are translated at average exchange rates prevailing during the applicable period; (iii) changes in fair value for derivatives designated as hedging instruments (see Note 12. Derivative Financial Instruments); and (iv) net (loss) gain on long-term pension liability adjustment.

Cash Equivalents

Highly liquid investments with original or remaining maturities of ninety days or less at the date of purchase are considered cash equivalents.

Short-Term and Long-Term Investments

We may invest in money market funds and debt securities. In general, investments with original maturities of greater than ninety days and remaining maturities of one year or less are classified as short-term investments, and investments with maturities of more than one year are classified as long-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such investments represent the investment of cash that is available for current operations. Despite the long-term maturities, we have the ability and intent, if necessary, to liquidate any of these investments in order to meet our working capital needs within our normal operating cycles. Such debt securities might be restricted due to contractual arrangement, from time to time. See Note 7. Fair Value Measurements for additional information.

Cash in Restricted Accounts

Cash and cash equivalents in restricted accounts comprise primarily of monies held in escrow in connection with the Company’s module sales to a customer and accounts restricted for use in connection with our leases.

Inventories

Inventories are accounted for at approximate costs determined on a first-in-first-out basis and are valued at the lower of cost and net realizable value. We evaluate the realizability of our inventories based on assumptions about expected demand and market conditions. Our assumption of expected demand is developed based on our analysis of bookings, sales backlog, sales pipeline, market forecast, and competitive intelligence. Our assumption of expected demand is compared to available inventory, production capacity, future polysilicon purchase commitments, available third-party inventory, and growth plans. Our factory production plans, which drive materials requirement planning, are established based on our assumptions of expected demand. We respond to reductions in expected demand by temporarily reducing manufacturing output and adjusting expected valuation assumptions as necessary. In addition, expected demand by geography has changed historically due to changes in the availability and size of government mandates and economic incentives.

We evaluate whether losses should be accrued on inventory purchase commitments that may arise from firm, non-cancellable, and unhedged commitments for the future purchase of inventory items. Such losses are measured in the same way as inventory losses, and are recognized unless determined to be recoverable through firm sales contracts or when there are other circumstances that reasonably assure continuing sales without price decline.

We evaluate the terms of our inventory purchase agreements with suppliers, including joint ventures, for the procurement of polysilicon, ingots, wafers, and solar cells and establish accruals for estimated losses on adverse purchase commitments as necessary, such as lower of cost or net realizable value adjustments, forfeiture of advanced deposits and liquidated damages. Obligations related to non-cancellable purchase orders for inventories match current and forecasted sales orders that will consume these ordered materials, and actual consumption of these ordered materials is compared to expected demand regularly. Other market conditions that could affect the realizable value of our inventories and are periodically evaluated by us include historical inventory turnover ratio, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and product merchantability, among other factors. If, based on assumptions about expected demand and market conditions, we determine that the cost of inventories exceeds its net realizable value or inventory is excess or obsolete, or we enter into arrangements with third parties for the sale of raw materials that do not allow us to recover our current contractually committed price for such raw materials, we record a write-down or accrual equal to the difference between the cost of inventories and the estimated net realizable value, which may be material. If actual market conditions are more favorable, we may have higher gross margins when products that have been previously written down are sold in the normal course of business (see Note 6. Balance Sheet Components).

Assets and liabilities held for sale

The Company classifies assets and liabilities to be disposed of as held for sale in the period in which they are available for sale in their present condition and when the sale is probable and expected to be completed within one year. Assets and liabilities classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. Further, the Company does not record depreciation and amortization expense on assets that are classified as held for sale.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as presented below. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets and the remaining term of the lease. Repairs and maintenance costs are expensed as incurred.


			Useful Lives in Years
Buildings			20
Leasehold improvements			1 to 20
Manufacturing equipment			7 to 10
Computer equipment			3 to 7
Solar power systems			30
Furniture and fixtures			3 to 5

Business combination

Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction costs be charged to expense. The Company completed the acquisition of certain assets of SolarCA LLC (SolarCA) on October 6, 2023 (see Note 18. Acquisition of Certain Assets).

Intangible Assets other than goodwill

Intangible assets are stated at cost less accumulated amortization and impairment. Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the intangible assets as follows:


			Useful Lives in Years
Patents			12
Trademarks			2 to 7
Customers relationship			4
Purchased technology			1 to 7

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired under a business combination. Goodwill is not subjected to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that the asset might be impaired. Annual goodwill impairment testing is performed in the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds its carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than

its carrying amount, a goodwill impairment is recorded equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.

Impairment of Long-Lived Assets

We evaluate our long-lived assets, including property, plant and equipment and definite-lived intangible assets, for impairment whenever events or changes in circumstances arise. This evaluation includes consideration of technology obsolescence that may indicate that the carrying value of such assets may not be recoverable. The assessments require significant judgment in determining whether such events or changes have occurred. Factors considered important that could result in an impairment review include significant changes in the manner of use of a long-lived asset or in its physical condition, a significant adverse change in the business climate or economic trends that could affect the value of a long-lived asset, significant under-performance relative to expected historical or projected future operating results, or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.

For purposes of the impairment evaluation, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We exercise judgment in assessing such groupings and levels. We then compare the estimated future undiscounted net cash flows expected to be generated by the asset group (including the eventual disposition of the asset group at residual value) to the asset group’s carrying value to determine if the asset group is recoverable. If our estimate of future undiscounted net cash flows is insufficient to recover the carrying value of the asset group, we record an impairment loss in the amount by which the carrying value of the asset group exceeds the fair value. Fair value is generally measured based on (i) internally developed discounted cash flows for the asset group, (ii) third-party valuations, and (iii) quoted market prices, if available. If the fair value of an asset group is determined to be less than its carrying value, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. See Note 6. Balance Sheet Components for additional information.

Product Warranties

We generally provide a 25-year standard warranty for the solar panels that we manufacture for defects in materials and workmanship and for greater than promised declines in power performance. Effective from January 1, 2022, this has been extended to a 40-year standard warranty for certain Maxeon line modules in certain countries. The warranty provides that we will repair or replace any defective solar panels during the warranty period. In addition, we pass through to customers long-term warranties from the original equipment manufacturers of certain system components, such as inverters. Warranties of 25 years from solar panel suppliers are standard in the solar industry, while certain system components carry warranty periods ranging from 5 to 20 years.

The warranty excludes system output shortfalls attributable to force majeure events, customer curtailment, irregular weather, and other similar factors. In the event that the system output falls below the warrantied performance level during the applicable warranty period, and provided that the shortfall is not caused by a factor that is excluded from the performance warranty, the warranty provides that we will elect to either (a) repair; (b) replace; or (c) pay the customer a liquidated damage based on the computation stipulated in the warranty agreement.

We maintain reserves to cover the expected costs that could result from these warranties. Our expected costs are generally in the form of product replacement or repair. Warranty reserves are based on our best estimate of such costs and are recognized as a cost of revenue. We continuously monitor product returns for warranty failures and maintain a reserve for the related warranty expenses based on various factors including historical warranty claims, results of accelerated lab testing, field monitoring, vendor reliability estimates, and data on industry averages for similar products. Due to the potential for variability in these underlying factors, the difference between our estimated costs and our actual costs could be material to our consolidated financial statements. If actual product failure rates or the frequency or severity of reported claims differ from our estimates or if there are delays in our responsiveness to outages, we may be required to revise our estimated warranty liability (see Note 9. Commitments and Contingencies).

In fiscal year 2024, the Company recorded $7.5 million in warranty benefit from change in estimate, of which $2.2 million related to revision pursuant to reassessment of associated cost of the warranty obligation under the SunPower Settlement Agreement as a result of SunPower’s bankruptcy announced in August 2024 and $5.3 million related to improved failure rates, claims during the year and lower sales in FY24. The impact on net loss is $7.5 million and related reduction to basic and diluted net loss per share for fiscal year 2024 was $1.17.

Revenue Recognition, Cost of Revenue, Shipping and Handling Costs

Revenue Recognition

We sell our solar panels and balance of system components primarily to dealers, project developers, system integrators and distributors, and recognize revenue at a point in time when control of such products transfers to these customers, which generally occurs upon shipment or delivery depending on the terms of the contracts with the customer. In determining the transaction price for revenue recognition, the Company evaluates whether the price is subject to refund or adjustment in determining the consideration to which the Company expects to be entitled. There are no rights of return; however, the Company may be required to pay consideration to the customer in certain instances of delayed delivery. We determine variable consideration, which consists primarily of liquidated damage, by estimating the most likely amount of consideration we expect to receive from the customer based on the forecast delivery plan. The Company then allocates the transaction price to each distinct performance obligation based on their relative standalone selling price, when applicable. Other than standard warranty obligations, there are no significant post-shipment obligations (including installation, training or customer acceptance clauses) with any of our customers that could have an impact on revenue recognition. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less. In the case of the existence of a significant financing component, the amount of the consideration is adjusted to reflect what the cash selling price of the promised service would have been if payments had occurred as control of the service was transferred to the customer. The discount rate used in determining the significant financing component is the rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. Our revenue recognition policy is consistent across all geographic areas.

Cost of Revenue

Cost of revenue includes actual cost of materials, labor and manufacturing overheads incurred for revenue-producing units shipped and includes associated warranty costs and other costs.

Shipping and Handling Costs

We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer goods and, accordingly, record such costs in cost of revenue.

Taxes Collected from Customers and Remitted to Governmental Authorities

We exclude from our measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.

Stock-Based Compensation

The stock-based compensation expense for the restricted stock units (“RSUs”) is based on the measurement date fair value of the award and is recognized only for those awards expected to meet the service vesting conditions on a straight-line basis over the requisite service period of the award. The current price of shares underlying the RSUs are determined using the average closing price of the Company’s ordinary shares for the three calendar months immediately preceding the month in which the grant was awarded. For performance-based stock units (“PSUs”) grants with performance conditions, the expense is based on the measurement date fair value of the award and is recognized over the vesting term if the performance targets are considered probable of being achieved. For performance-based stock units (“PSUs”) grants with market and service conditions, the expense is based on the grant date fair value, only for those awards expected to meet the service vesting conditions on a straight-line basis over the requisite service period of the award, regardless of when, if ever, the market condition is satisfied. Stock-based compensation expense is determined at the aggregate grant level for service-based awards and at the individual vesting tranche level for awards with performance and/or market conditions. The forfeiture rate is estimated based on SunPower and the Company’s historical experience.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense totaled approximately $3.7 million, $5.9 million and $4.7 million in fiscal years 2024 , 2023 and 2022, respectively.

Research and Development Expense

Research and development expense consists primarily of salaries and related personnel costs, depreciation and the cost of solar cell and solar panel materials. Research and development expense is reported net of contributions under collaborative arrangements. Subsequent to the Spin-off, the Company entered into the Collaboration Agreement with SunPower to perform research and development work in SunPower’s Silicon Valley research and development labs for the development of future technology improvements and continue to improve our expected product differentiation, which has largely wound down in fiscal year 2022. Our research and development activities are undertaken by our team in Singapore, together with our Silicon Valley research and development lab established since fiscal year 2022. All research and development costs are expensed as incurred.

Government Grants

Government grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to it and the grant will be received. Government grants for the purpose of giving immediate financial support to the Company with no future related costs or obligation are recognized when received. Government grants with certain operating conditions are recorded as liability when received and will be recognized in earnings when the conditions are met.

Restructuring Charges

The Company records charges associated with approved restructuring plans to reorganize our manufacturing network, to remove duplicative headcount and infrastructure associated with business acquisitions or to simplify business processes and accelerate innovation. Restructuring charges can include severance costs in connection with the termination of a specified number of employees, infrastructure charges to vacate facilities and consolidate operations, and contract cancellation costs. The Company records restructuring charges based on estimated employee terminations and site closure and consolidation plans. The Company accrues for severance and other employee separation costs under these actions when it was probable that benefits will be paid and the amount is reasonably estimable. The rates used in determining severance accruals are based on existing plans, historical experiences and negotiated settlements. The Company also accrue for costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company when the Company either terminates the contract or ceases using the rights conveyed by the contract.

Translation of Foreign Currency

The Company and certain of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in “Other, net” in the Consolidated Statements of Operations. Non-monetary assets and liabilities are carried at their historical values.

We include gains or losses from foreign currency transactions in “Other, net” in the Consolidated Statements of Operations with the other hedging activities described in Note 12. Derivative Financial Instruments.

Concentration of Credit Risk

We are exposed to credit losses in the event of nonperformance by the counterparties to our financial and derivative instruments. Financial and derivative instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, investments, accounts receivable, advances to suppliers, and foreign currency forward contracts. Our investment policy requires cash and cash equivalents and investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer.

We perform ongoing credit evaluations of our customers’ financial condition whenever deemed necessary. We maintain an allowance for credit losses based on the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. We believe that our concentration of credit risk is limited because of our large number of customers, credit quality of the customer base, small account balances for most of these customers, and customer geographic diversification. During fiscal years 2024, 2023 and 2022, we recorded revenues of $31.4 million, $206.0 million and $283.3 million, or 6.2%, 18.3% and 26.7% of total revenue, respectively, representing the sale of solar modules to SunPower. The pricing term is based on the applicable supply agreement with SunPower in force for the respective period. For fiscal years 2024, we had one customer, that accounted for at least 10% of revenue. One customer accounted for at least 10% of revenue except for SunPower for fiscal year 2023. As of December 31, 2024, there is no balance in our account receivables relating to SunPower while it accounted for 0.9% of our accounts receivable as of December 31, 2023. No customer individually accounted for 10% or more of accounts receivable as of December 31, 2024 while four customers individually accounted for 10% or more of accounts receivable as of December 31, 2023.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts using enacted tax rates in effect for the year the differences are expected to reverse. The Company records a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized which depends on the ability to generate sufficient taxable income in the related jurisdiction in the future. In evaluating our ability to recover our deferred tax assets, we consider the available evidence, including the accumulated losses, timing and amount of reversal of taxable temporary differences, and our forecast future taxable income.

The Company records accruals for uncertain tax positions when the Company believes that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company makes adjustments to these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The provision for income taxes include the effects of adjustments for uncertain tax positions, as well as any related interest and penalties.

As applicable, interest and penalties on tax contingencies are included in “Provision for income taxes” in the Consolidated Statements of Operations and such amounts were not material for the period presented. In addition,

foreign exchange gains (losses) may result from estimated tax liabilities, which are expected to be settled in currencies other than the U.S. dollar.

Investments in Equity Interests

Investments in entities in which we can exercise significant influence, but do not own a majority equity interest or otherwise control, are accounted for under the equity method. We record our share of the results of these entities as “Equity in losses of unconsolidated investees” on the Consolidated Statements of Operations, to the extent of our investment in these entities where there is no guaranteed obligation or committed financial support rendered. We monitor our investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the entities and record reductions in carrying values when necessary. The fair value of privately-held investments is estimated using the best available information as of the valuation date, including current earnings trends, discounted projected future cash flows, and other company specific information, including recent financing rounds (see Note 6. Balance Sheet Components and Note 7. Fair Value Measurements).

Variable Interest Entities ("VIE")

Variable Interest Entities (“VIE”)

We regularly evaluate our relationships and involvement with unconsolidated VIEs and our other equity and cost method investments, to determine whether we have a controlling financial interest in them or have become the primary beneficiary, thereby requiring us to consolidate their financial results into our financial statements. If we determine that we are the primary beneficiary, we will consolidate the VIE. The determination of whether we are the primary beneficiary is based upon whether we have the power to direct the activities that most directly impact the economic performance of the VIE and whether we absorb any losses or receive any benefits that would be potentially significant to the VIE.

Noncontrolling Interests

Noncontrolling interests represents the portion of net assets in consolidated subsidiaries that are not attributable, directly or indirectly, to us and are presented as a separate component within Equity in the Consolidated Balance Sheets. Net losses (income) attributable to the non-controlling interests are recorded within “Net losses (income) attributable to noncontrolling interests” in the Consolidated Statements of Operations.

Recently Adopted Accounting Pronouncement and Recently Issued Accounting Pronouncements Not Yet Effective

Recently Adopted Accounting Pronouncement

In the current year, the Company has applied all the accounting pronouncement that are relevant and mandatorily effective as follows:

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which is intended to improve reportable segment disclosure requirements, primarily through incremental disclosures of segment information on an annual and interim basis for all public entities. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is to be applied retrospectively to all prior periods presented in the financial statements and is effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods thereafter. The adoption of this ASU as of December 31,

2024 resulted in enhanced disclosures, but did not materially impact the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Effective

The Company has not adopted the following accounting pronouncements that are applicable to the Group that have been issued but not yet effective:

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, which amends U.S. GAAP to reflect updates and simplifications to certain disclosure requirements referred to FASB by the SEC. The targeted amendments incorporate 14 of the 27 disclosures referred by the SEC into Codification. Some of the amendments represent clarifications to, or technical corrections of, the current requirements. ASU 2023-06 could move certain disclosures from the nonfinancial portions of SEC filings to the financial statement notes. Each amendment in ASU 2023-06 will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulation by June 30, 2027. No amendments were effective at December 31, 2024. The Company is still currently evaluating the impact of the adoption of the new standard but does not expect a significant impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is still currently evaluating the impact of the adoption of the new standard but does not expect a significant impact on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

ORDINARY SHARES - Schedule Of Shares Reserved For Future Issuance Under Equity Compensation Plans (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Equity compensation plans	953	1,554

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES - Supply Agreements (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Mar. 31, 2023

USD ($)

installment

Nov. 30, 2016

Dec. 31, 2024

USD ($)

installment

Dec. 31, 2023

USD ($)

Jan. 01, 2023

USD ($)

May 30, 2024

USD ($)

Nov. 30, 2021

USD ($)

Mar. 31, 2017

USD ($)

Supply Commitment [Line Items]

Accrued liabilities

^[1]

$ 86,724

$ 113,456

Other long-term liabilities

^[1]

15,551

38,494

Contractual interest expense

^[2]

45,366

42,438

$ 30,343

TotalEnergies | Related party

Supply Commitment [Line Items]

Contract with customer, refund liability

18,229

Danish Fields Solar LLC | Related party

Supply Commitment [Line Items]

Contract liabilities

$ 57,100

Liquidated damages setoff

$ 7,300

Contractual interest expense

2,100

Total Supply Agreement | SunPower and TotalEnergies

Supply Commitment [Line Items]

Period for commitment

4 years

Power commitment (MW) | MW

200

Maximum power covered (MW) | MW

150

Option to purchase performance line solar panels (MW) | MW

Total Supply Agreement | TotalEnergies

Supply Commitment [Line Items]

Contract liabilities

$ 88,500

The Amendment to the Solarization Agreement | SunPower and TotalEnergies | Related party

Supply Commitment [Line Items]

Contract with customer, refund liability

$ 24,300

Number of installments | installment

Number of installments paid | installment

The Amendment to the Solarization Agreement | TotalEnergies | Related party

Supply Commitment [Line Items]

Accrued liabilities

10,100

Other long-term liabilities

$ 8,100

The Termination of the Solarization Agreement | TotalEnergies

Supply Commitment [Line Items]

Convertible notes

$ 16,200

[1]

In fiscal year 2023, we had related-party balances for transactions with TCL Zhonghuan Renewable Energy Technology Co. Ltd, SunPower and TotalEnergies S.E. and its affiliates as well as unconsolidated entities in which we have a direct equity investment. Due to the step-up investment by TZE SG in August 2024, SunPower and TotalEnergies S.E. and its affiliates are no longer a related party to the Company and the related party balance as of December 31, 2024 relates to that with TCL Zhonghuan Renewal Energy Co. Ltd and its affiliates. These related-party balances are recorded within the “Accounts receivable, net,” “Prepaid expenses and other current assets,” “Other long-term assets,” “Accounts payable,” “Accrued liabilities,” “Contract liabilities, current portion,” “Contract liabilities, net of current portion,” “Convertible debt,” and “Other long-term liabilities” financial statement line items in our Consolidated Balance Sheets (see Note 3, Note 4, Note 6, Note 10 and Note 11).

[2]

DEBT AND CREDIT SOURCES (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The significant inputs in the valuations models were as follows:


	Exchange Notes				Exchange Warrants
	As of
	December 31, 2024		June 20, 2024		September 12, 2024		June 20, 2024
Expected term (years)	3.08		3.57		3.38		3.57
Expected average volatility	100.00	%	105.69	%	124.00	%	99.17	%
Credit spread	28.70	%	60.91	%	N.A		N.A
Expected dividend yield	—	%	—	%	—	%	—	%
Risk-free rate	4.05	%	4.32	%	3.43	%	4.19	%

The significant inputs in the valuations models were as follows:


	As of
	December 31, 2024		June 20, 2024
Expected term (years)	4.71		5.16
Expected average volatility	100.00	%	113.96	%
Credit spread	28.70	%	60.91	%
Expected dividend yield	—	%	—	%
Risk-free rate	4.04	%	4.27	%

The significant inputs in the valuations models were as follows:


	New 1L Notes
	As of
	December 31, 2024		June 20, 2024
Expected term (years)	4.47		5.00
Expected average volatility	100.00	%	113.96	%
	28.70	%	60.91	%
Expected dividend yield	—	%	—	%
Risk-free rate	4.04	%	4.27	%

Interest Expense Disclosure

Interest expense arising from the Exchange Notes and the Green Convertible Notes that is recorded in the Consolidated Statements of Operation is as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
Contractual interest expense	$	8,205	$	13,000	$	13,000
Amortization of debt issuance costs and debt discount	3,571		3,434		3,434

Interest expense arising from the Existing 1L Notes that is recorded in the Consolidated Statements of Operation is as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
Contractual interest expense	$	16,025	$	15,525	$	5,822
Amortization of debt issuance costs and debt discount	5,201		3,514		1,230

Interest expense arising from the New 1L Notes that is recorded in the Consolidated Statements of Operation is as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
Contractual interest expense	$	3,169	$	—	$	—
Amortization of debt issuance costs and debt discount	2,141		—		—

RESTRUCTURING - Restructuring Charges (Credits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Restructuring Cost and Reserve [Line Items]
Provision for excess or obsolete inventories	$ 158,726	$ 10,804	$ 16,342
(Gain from) cost of disposal and retirement of property, plant and equipment	261	196	243
Restructuring charges	121,074	149,729	2,118
May 2021 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Severance and benefits	0	129	(475)
(Gain from) cost of disposal and retirement of property, plant and equipment	0	(1,880)	60
Restructuring charges	0	(1,751)	(415)
June 2022 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Severance and benefits	0	(348)	1,981
(Gain from) cost of disposal and retirement of property, plant and equipment	0	457	599
Other costs	(24)
Restructuring charges	(24)	109	2,580
September 2023 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Provision for excess or obsolete inventories	2,573	24,278	0
Severance and benefits	5,320	12,745	0
Impairment and cost of disposal and retirement of long-lived assets, including right of use assets	3,548	74,480	0
Contract termination costs for capital expenditure	(8,973)	39,051	0
Other costs	272	817	0
Restructuring charges	2,740	151,371	0
September 2024 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Provision for excess or obsolete inventories	2,347
Severance and benefits	14,606
(Gain from) cost of disposal and retirement of property, plant and equipment	99,866
Contract termination costs for capital expenditure	1,510
Other costs	29
Restructuring charges	118,358	0
Other Restructuring:
Restructuring Cost and Reserve [Line Items]
Severance and benefits	0	0	0
(Gain from) cost of disposal and retirement of property, plant and equipment	0	0	(47)
Other costs	0	0	0
Restructuring charges	$ 0	$ 0	$ (47)

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock-based compensation expense include expense attributable to the Company based on the awards and terms previously granted to the Company’s employees. Unvested restricted stock unit awards and performance-contingent awards have been adjusted to provide holders with restricted stock units awards and performance-contingent awards under the Company’s stock-based compensation plans.

Equity Incentive Programs

On August 3, 2020, the Board of Maxeon adopted the 2020 Omnibus Incentive Plan (the “2020 Plan”), which was approved by SunPower, the sole shareholder prior to the Spin-off, on August 4, 2020, authorizing an aggregate number of shares available for issuance as award was 3,889,754. The 2020 Plan allows for the grant of awards representing the right to acquire, or based on the value of, Maxeon’s ordinary shares (“Maxeon Shares”), and includes non-statutory share options, share appreciation rights, restricted shares, restricted share units, and cash-based incentive awards. Replacement awards may also be granted under the Plan in substitution of awards of ordinary shares of SunPower Corporation held by certain participants whose employment will be transferred to Maxeon. The 2020 Plan includes an automatic annual increase mechanism equal to three percent of the number of outstanding Maxeon Shares of all classes of Maxeon on the last day of the immediately preceding fiscal year or by a

small number determined by the Board. On February 28, 2024, the Compensation Committee of the Board, through delegated authority, approved an additional 1,348,978 Ordinary Shares which will be available and authorized for issuance under the 2020 Plan, on top of the initial authorized number of shares and the automatic annual increase mechanism. Under the 2020 Plan, the restricted stock units typically vest in equal installments annually over four years. Starting from fiscal year 2024, awards granted vest in equal installments annually over three years.

During fiscal year 2023, the Company has granted the new issuance of Performance Share Unit with a number of PSUs to be vested after achieving performance targets which is based on market conditions for the respective performance period (“New PSU Grant”). The New PSU Grant shall vest in full, upon achieving the three-year performance target. The vesting of the award is subjected to continuous service through the applicable vesting date.

In addition to the New PSU Grant, the Company also rolled out the Transformation Performance Share Unit PSU Plan (the “Transformation PSU Plan”) with a number of PSUs to be vested after achieving certain targets for the respective performance period (“Transformation PSU Grant”). 40% of the Transformation PSU Grant will vest in two equal annual installments, upon achieving the one-year target and 60% of the Transformation PSU Grant will vest in two equal annual installments, upon achieving the two-year target. The vesting of the award is subjected to continuous service through the applicable vesting date. The Transformation PSU Plan is introduced to replace the previous Transformation Incentive Plan (“TIP”) that was granted in fiscal year 2022 which has since been terminated with the grant of the Transformation PSU Plan. The introduction of the Transformation PSU Plan modified the key terms and conditions of TIP Plan from performance-based condition to a market-based condition, and accordingly has been treated as modification of award from liability award to equity award. The modification affects 8 grantees that were previously qualified for the TIP Plan but does not result in a significant incremental compensation cost. Accordingly, the expected award value for TIP as of January 1, 2023 with carrying amount of $1.7 million that was recorded in “Accrued liabilities” in the “Consolidated Balance Sheets” has been reversed out in fiscal year 2023. The Transformation PSU Plan was terminated during fiscal year 2024.

The majority of shares issued are net of the minimum statutory withholding requirements that Maxeon pays on behalf our employees. During fiscal year 2024 and 2023, Maxeon withheld 4 and 7,864 shares to satisfy the employees’ tax obligations. Maxeon pays such withholding requirements in cash to the appropriate taxing authorities. Shares withheld are treated as ordinary shares repurchases for accounting and disclosure purposes and reduce the number of shares outstanding upon vesting.

The following table summarizes the stock-based compensation expense by line item in the Consolidated Statements of Operations:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Cost of revenue	$	2,474	$	989	$	1,535
Research and development	2,658		3,279		1,513
Sales, general and administrative	23,568		14,058		11,532
Total stock-based compensation expense	$	28,700	$	18,326	$	14,580

For fiscal year 2024, 2023 and 2022, the net stock-based compensation expense capitalized to inventory$44.9 thousand, $2.0 million and $0.2 million, respectively.

The following table summarizes the non-vested restricted stock units' activities under the 2020 Plan:


	Restricted Stock Units		Performance Stock Units
(In thousands)	Shares		Shares
Outstanding as of December 31, 2023	$	27	$	15
Granted	$	58	$	1
Vested	$	(33)	$	—
Forfeited	$	(6)	$	(12)
Outstanding as of December 31, 2024	46		4

We estimate the fair value of our restricted stock awards and units at our stock price on the grant date. The weighted-average grant date fair value of restricted stock units and performance stock units granted under the 2020 Plan during fiscal year 2024, 2023 and 2022 was $0.55, $15.60 and $15.34 respectively. The total fair value of restricted stock units and performance stock units vested under the 2020 Plan during fiscal year 2024, 2023 and 2022 was $4.1 million,$13.4 million and $13.1 million, respectively.

As of December 31, 2024, the total unrecognized stock-based compensation related to outstanding restricted stock units and performance stock units was $20.8 million, which we expect to recognize over a weighted-average period of 0.3 years.

BACKGROUND	12 Months Ended
BACKGROUND	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	BACKGROUND Background We were formed in the third quarter of 2019 under the name “Maxeon Solar Technologies, Pte. Ltd.” by SunPower Corporation (“SunPower). We were 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.” 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 ordinary shares as of the close of business on August 17, 2020 (the “Spin-off”). As of the Distribution Date, Maxeon became an independent, public company and the Maxeon shares started trading on the NASDAQ Global Select Market (“NASDAQ” or “Nasdaq”) under the symbol “MAXN”. Share amounts and per share amounts described herein have been adjusted to give effect to the Company’s October 8, 2024 1-for-100 reverse share split. In connection with the Spin-off, Maxeon and SunPower entered into a number of agreements providing for the framework of the relationship between the two companies following the Spin-off. On November 8, 2019, we entered into a separation and distribution agreement with SunPower which sets forth our agreements with SunPower regarding the principal actions to be taken in connection with the separation and distribution (the “Separation and Distribution Agreement”). Immediately after the Distribution and pursuant to the terms of the November 8, 2019 Investment Agreement (the “Investment Agreement”), Maxeon and TCL Zhonghuan Renewable Energy Technology Co. Ltd., a PRC joint stock limited company (“TZE”), completed the previously announced transaction in which Zhonghuan Singapore Investment and Development Pte. Ltd., a Singapore private limited company (“TZE SG”) and an affiliate of TZE, purchased from Maxeon, for $298.0 million, 89,157 of Maxeon shares (the “TZE Investment”), representing approximately 29.5% of the outstanding Maxeon shares after giving effect to the Spin-off and the TZE Investment. In connection with the TZE Investment, Maxeon, TotalEnergies Solar, TotalEnergies Gaz, and TZE SG, entered into a Shareholders Agreement relating to certain rights and obligations of each of Total and TZE SG bearing on Maxeon’s governance and the ability of TotalEnergies and TZE SG to buy, sell or vote their Maxeon shares. At the closing of the TZE Investment, Maxeon also entered into a Registration Rights Agreement with TotalEnergies and TZE SG, granting each of the shareholders certain registration rights with regard to their Maxeon shares. In April 2021, the Company entered into the 2021 TZE Private Placement, with an affiliate of TZE, the Company sold to TZE 18,700 ordinary shares at a price of $1,800.00 per share, in a private placement (the “2021 TZE Private Placement”) exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). On August 17, 2022, we issued our Existing 1L Notes (as defined under “Note 4. TCL Zhonghuan Renewable Energy Technology Co.”), all of which were initially purchased by TZE SG. To the extent some or all of the Existing 1L Notes held by TZE SG are converted into Maxeon shares or we directly issue ordinary shares in lieu of interest cash payment in accordance with the terms of the Existing 1L Notes, TZE has a beneficial ownership interest in 197,343 ordinary shares which includes 107,857 outstanding ordinary shares beneficially owned by TZE following the consummation of the Spin-Off and the 2021 TZE Private Placement, and 89,486 ordinary shares issuable upon conversion of the Existing 1L Notes. The maximum number of ordinary shares issuable upon conversion of the Existing 1L Notes is 109,083 ordinary shares including 89,486 ordinary shares issuable upon conversion of the Existing 1L Notes and an additional 19,597 ordinary shares issuable upon conversion of PIK Notes (as defined under “Note 11. Debt and Credit Sources.”), or by directly issuing ordinary shares in lieu of cash payment of interest (“Interest Payment Ordinary Shares”), assuming payment of all amounts due with respect to the remaining 4.0% of interest payable as PIK Notes or as Interest Payment Ordinary Shares. On May 30, 2024, the Company together with TZE SG entered into an amendment to the terms of the Existing 1L Notes as part of the debt restructuring transactions (refer to Note. 11. Debt and Credit Sources for further information) which amends and align the conversion rate with certain convertible notes issued by the Company to $16.08 per share. On May 19, 2023, the Company completed an underwritten public offering of an aggregate of 74,900 ordinary shares (following the underwriters’ exercise of the over-allotment option in full), including 56,200 ordinary shares offered by Maxeon (the “Company Offering”), and 18,700 ordinary shares offered by an affiliate of TotalEnergies SE (the “TotalEnergies Offering” and, together with the Company Offering, the “2023 Offering”), each at a price per share of $2,800.00. In addition, pursuant to a share purchase agreement, dated May 16, 2023, Maxeon sold to TZE SG, in a private placement exempt from the registration requirements of the Securities Act, and at a sale price equal to the price to the public in the 2023 Offering, 15,000 ordinary shares for a total investment of $42.0 million (the “2023 TZE Private Placement”). The net proceeds from the Company Offering and 2023 TZE Private Placement were approximately $193.5 million after giving effect to the underwriting discounts and commissions, as well as other offering costs. The Company did not receive any proceeds from the TotalEnergies Offering. On May 31, 2024, the Company issued additional Existing 1L Notes to TZE SG through a bridge financing May 31, 2024 agreement (“Bridge NPA”) for $25.0 million. This was subsequently exchanged for our 2029 Notes issued on June 20, 2024 (as defined under “Note 4. TCL Zhonghuan Renewable Energy Technology Co.”) with an aggregate principal amount of $97.5 million, all of which were initially purchased by TZE SG, on a dollar-for-dollar basis. The Company has received the remaining proceeds for the 2029 Notes in cash. In connection to the issuance of the 2029 Notes, the Company has also issued penny warrants to TZE (the “TZE SG Warrant”) for no additional consideration, granting TZE SG the right to purchase certain ordinary shares of the Company. TZE has fully exercised such warrants which gave rise to the issuance of 1,345,663 ordinary shares with a proceed of $1.3 million. On August 30, 2024, the Company sold 82,919 ordinary shares to TZE SG at a price of $1,206.00 per share in a private placement (the “2024 TZE Private Placement”) exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to this, TZE SG obtained a controlling stake in the Company and the Shareholders Agreement between the Company and TZE SG has been amended and restated. On October 8, 2024, the Company implemented a 1-for-100 reverse stock split of its issued and outstanding shares. The reverse stock split was authorized by the Board of Directors of the Company. All share and per share information in these financial statements retroactively reflect this reverse stock split. As of December 31, 2024, TZE SG’s ownership of the Maxeon outstanding shares was approximately 59.6%.

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES - Transactions with Total (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Accounts receivable, net

$ 4,300

Other receivables

1,167

$ 14,278

Accounts payable

^[1]

62,544

153,020

Contract liabilities, current portion

^[1]

74,312

134,171

Contract liabilities, net of current portion

^[1]

3,333

113,564

Revenue

31,400

206,000

$ 283,300

Related party | TotalEnergies

Accounts receivable, net

13,390

Other receivables

794

Accounts payable

232

Contract liabilities, current portion

218

Contract liabilities, net of current portion

Contract with customer, refund liability

18,229

Revenue

$ 2,289

$ 99,694

$ 76,216

[1]

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position

The following tables present information about our hedge instruments measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023 all of which utilize Level 2 inputs under the fair value hierarchy:


(In thousands)	Balance Sheet Classification	December 31, 2024		December 31, 2023
Assets:





Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Prepaid expenses and other current assets	$	697	$	313
		$	697	$	313

Liabilities:
Derivatives designated as hedging instruments:

Foreign currency forward exchange contracts	Accrued liabilities	$	—	$	2,440


Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Accrued liabilities	$	3	$	—
		$	3	$	2,440

Schedule of Offsetting Assets


	December 31, 2024
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	697	$	697	$	697
Derivative liabilities	3		3		3


	December 31, 2023
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	313	$	313	$	313
Derivative liabilities	2,456		2,456		2,456

Schedule of Offsetting Liabilities


	December 31, 2024
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	697	$	697	$	697
Derivative liabilities	3		3		3


	December 31, 2023
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	313	$	313	$	313
Derivative liabilities	2,456		2,456		2,456

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Property, Plant and Equipment


			Useful Lives in Years
Buildings			20
Leasehold improvements			1 to 20
Manufacturing equipment			7 to 10
Computer equipment			3 to 7
Solar power systems			30
Furniture and fixtures			3 to 5

Property, Plant and Equipment, Net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Manufacturing equipment	$	135,849	$	185,536
Land and buildings	130,075		148,808
Leasehold improvements	13,133		85,536
Solar power systems	724		1,318
Computer equipment	42,943		49,220
Furniture and fixtures	720		1,321
Construction-in-process	7,193		22,000
Property, plant and equipment, gross	330,637		493,739
Less: accumulated depreciation and impairment	(257,779)		(213,714)
Property, plant and equipment, net	$	72,858	$	280,025

Schedule of Finite-Lived Intangible Assets

Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the intangible assets as follows:


			Useful Lives in Years
Patents			12
Trademarks			2 to 7
Customers relationship			4
Purchased technology			1 to 7

Intangible Assets, Net


(In thousands)	Gross		Accumulated Amortization		Net
As of December 31, 2024
Trademarks and purchased technology	$	2,219	$	(1,696)	$	523

As of December 31, 2023
Customer relationship	2,600		—		2,600
Trademarks and purchased technology	2,961		(2,209)		752
Total	$	5,561	$	(2,209)	$	3,352

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES - Schedule of Agreements with SunPower (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Other receivables	$ 1,167	$ 14,278
Related party
Related Party Transaction [Line Items]
Accounts receivable		600
Related party \| SunPower
Related Party Transaction [Line Items]
Accounts receivable		584
Other receivables		3,448
Other receivables, non-current	0	6,220
Accounts payable		1,798
Accrued liabilities		2,198
Related party \| Charges from product collaboration agreement \| SunPower
Related Party Transaction [Line Items]
Charges from product collaboration agreement	0	1,861	$ 17,035
Related party \| Net credit from transition services agreement \| SunPower
Related Party Transaction [Line Items]
Net credit from transition services agreement	$ 0	$ (78)	$ (3,019)

COMMITMENTS AND CONTINGENCIES - Lessee Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 14,459
2026	11,903
2027	10,379
2028	7,428
2029	6,533
Thereafter	2,979
Total lease payments	53,681	$ 29,100
Less: imputed interest	(17,157)
Total	36,524
Finance Lease
2025	519
2026	535
2027	229
2028	0
2029	0
Thereafter	0
Total lease payments	1,283
Less: imputed interest	(89)
Total	$ 1,194	$ 1,600

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted short-term marketable securities	$ 0	$ 1,403,000
Equity investments without readily determinable fair value	4,000,000	4,000,000
Recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	878,000	16,611,000
Financial liabilities fair value disclosure	3,000	2,456,000
Level 3 \| Recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Financial liabilities fair value disclosure	$ 0	$ 0

DEBT AND CREDIT SOURCES - Prepaid Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Jul. 17, 2020
Equity, Class of Treasury Stock [Line Items]
Prepaid Forward	$ 181	$ 0
Gain (loss) on memeasurement of prepaid forward	(16,117)	(18,363)	$ 2,411
Prepaid forward
Equity, Class of Treasury Stock [Line Items]
Authorized amount				$ 40,000
Floor percentage				20.00%
Remaining shares to be delivered (in shares)				25,300
Prepaid Forward	200	16,300
Gain (loss) on memeasurement of prepaid forward	$ (16,000)	$ (18,400)	$ 2,400

BALANCE SHEET COMPONENTS - Accrued Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Employee compensation and employee benefits

$ 10,981

$ 23,165

Short-term warranty reserves

1,239

3,333

Restructuring reserve (Note 8)

4,456

25,429

Accrued interest payable

6,229

12,151

Other payables to SunPower (Note 3)

2,198

VAT payables

3,108

Derivative financial instruments (Note 12)

2,456

Legal accruals

18,347

8,489

Taxes payable

1,548

4,572

Payable to factor agencies

504

Refund liabilities to TotalEnergies, current portion (Note 3)

10,127

Deposit from TZE for sale of entities (Note 4)

40,000

Short-term security deposit payable

1,990

Liquidated damage provision

773

8,361

Provision for loss on firm purchase commitment

2,644

Other

3,093

4,929

Accrued liabilities

^[1]

$ 86,724

$ 113,456

[1]

DEBT AND CREDIT SOURCES - Other Debt and Credit Sources (Details) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 31, 2022	Jun. 30, 2018	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Short-term debt			$ 462,000	$ 25,432,000
Revolving Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Convertible notes		$ 25,000,000				$ 25,000,000
Term		90 days
Short-term debt				25,000,000.0
Interest expense			$ 700,000	$ 2,300,000	$ 1,600,000
Revolving Credit Agreement \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Agreement \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Pay vs Performance Disclosure
Net loss attributable to stockholders	$ (614,300)	$ (275,829)	$ (267,424)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 250
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+ Details

Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Entity Addresses [Line Items]
Document type	20-F
Document registration statement	false
Document annual report	true
Current fiscal year end date	--12-31
Document period end date	Dec. 31, 2024
Document transition report	false
Document shell company report	false
Entity file number	001-39368
Entity registrant name	Maxeon Solar Technologies, Ltd.
Entity address, address line one	8 Marina Boulevard
Entity address, address line two	#05-02
Entity address, city or town	Marina Bay Financial Centre
Entity address, country	SG
Entity incorporation, state or country code	U0
Entity address, postal zip code	018981
Title of 12(b) security	Ordinary Shares, no par value
Trading symbol	MAXN
Security exchange name	NASDAQ
Entity common stock, shares outstanding (in shares)	16,711,109
Entity well-known seasoned issuer	No
Entity voluntary filers	No
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Accelerated Filer
Entity emerging growth company	false
ICFR auditor attestation flag	true
Document Financial Statement Error Correction [Flag]	false
Document accounting standard	U.S. GAAP
Entity shell company	false
Entity central index key	0001796898
Amendment flag	false
Document fiscal period focus	FY
Document fiscal year focus	2024
Business contact
Entity Addresses [Line Items]
Entity address, address line one	51 Rio Robles
Entity address, city or town	San Jose
Entity address, state or province	CA
Entity address, postal zip code	95134
Contact personnel name	George Guo
City area code	626
Local phone number	884-4756

RESTRUCTURING - Restructuring Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 25,429
(Credits) Charges	121,074	$ 149,729	$ 2,118
Settlement	(141,583)
Reclassified to liabilities held for sale	(464)
Restructuring reserve, ending balance	4,456	25,429
June 2022 Restructuring Plan:
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	62
(Credits) Charges	(24)	109	2,580
Settlement	(38)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	62
June 2022 Restructuring Plan: \| Severance and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	62
(Credits) Charges	(24)
Settlement	(38)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	62
September 2023 Restructuring Plan:
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	25,367
(Credits) Charges	2,740	151,371	0
Settlement	(25,188)
Reclassified to liabilities held for sale	(464)
Restructuring reserve, ending balance	2,455	25,367
September 2023 Restructuring Plan: \| Severance and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	3,051
(Credits) Charges	5,320
Settlement	(5,568)
Reclassified to liabilities held for sale	(379)
Restructuring reserve, ending balance	2,424	3,051
September 2023 Restructuring Plan: \| Other costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	504
(Credits) Charges	272
Settlement	(776)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	504
September 2023 Restructuring Plan: \| Inventory impairments and other inventory related costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	3,725
(Credits) Charges	2,573
Settlement	(6,298)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	3,725
September 2023 Restructuring Plan: \| Impairment and cost of disposal and retirement of long-lived assets, including right of use assets
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	3,548
Settlement	(3,522)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	26	0
September 2023 Restructuring Plan: \| Contract termination costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	18,087
(Credits) Charges	(8,973)
Settlement	(9,024)
Reclassified to liabilities held for sale	(85)
Restructuring reserve, ending balance	5	18,087
September 2024 Restructuring Plan:
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	118,358	0
Settlement	(116,357)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	2,001	0
September 2024 Restructuring Plan: \| Severance and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	14,606
Settlement	(13,820)
Reclassified to liabilities held for sale
Restructuring reserve, ending balance	786	0
September 2024 Restructuring Plan: \| Other costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	29
Settlement	(29)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	0
September 2024 Restructuring Plan: \| Inventory impairments and other inventory related costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	2,347
Settlement	(2,011)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	336	0
September 2024 Restructuring Plan: \| Impairment and cost of disposal and retirement of long-lived assets, including right of use assets
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	99,866
Settlement	(99,866)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	0	0
September 2024 Restructuring Plan: \| Contract termination costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
(Credits) Charges	1,510
Settlement	(630)
Reclassified to liabilities held for sale	0
Restructuring reserve, ending balance	$ 880	$ 0

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”) (Tables)

12 Months Ended

Dec. 31, 2024


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	13,390
Other receivables, current	794
Accounts payable	232
Contract liabilities, current portion	218
Contract liabilities, net of current portion	—
Refund liabilities (Note 6)	18,229


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Revenue	$	2,289	$	99,694	$	76,216

The following related party balances and amounts summarizes transactions entered into with TZE and its affiliates, excluding transactions with HSPV:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deposit from TZE for sale of entities (Note 6)	$	40,000	$	—
Convertible notes (Note 11)	306,958		207,000


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments for purchases of silicon wafer	$	—	$	121,770	$	87,228
Contractual interest expense on Existing 1L Notes	16,025		15,525		5,822
Contractual interest expense on New 1L Notes	3,169		—		$	—
Sale of equity interest in joint venture	24,083		—		—
Sale of intellectual property	10,000		—		—

Related-party transactions with HSPV are as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts payable	$	261	$	9,920
Liabilities classified as held for sale	15,401		—


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments made to investee for products/services	$	70,613	$	226,118	$	331,004

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Cash flows from operating activities
Net (loss) income	$ (614,574)	$ (275,711)	$ (267,146)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	43,464	55,880	56,742
Stock-based compensation	28,700	18,327	14,580
Non-cash interest expense	12,821	9,063	7,078
Gain on disposal of equity in unconsolidated investees	(24,083)	0	0
Gain from disposal of asset held for sale	0	(2,006)	0
Equity in losses of unconsolidated investees	0	2,811	9,072
Gain on extinguishment of debt	(34,744)	0	0
(Gain from) cost of disposal and retirement of property, plant and equipment	261	196	243
Loss on impairment of operating lease right of use assets	7,433	708	0
Loss on impairment of property, plant and equipment	156,598	76,332	417
Loss on impairment of intangible assets	2,167	0	0
Loss on impairment of goodwill	7,879	0	0
Write-off of other assets	21,401	0	0
Deferred income taxes	(355)	2,436	8,598
Remeasurement loss (gain) on prepaid forward	16,117	18,363	(2,411)
Remeasurement loss on warrants	4,966	0	0
Provision for expected credit losses	12,200	0	0
Provision for excess or obsolete inventories	158,726	10,804	16,342
Other, net	1,157	135	1,084
Changes in operating assets and liabilities
Accounts receivable	42,558	(8,331)	(15,332)
Inventories	50,056	(43,473)	(106,622)
Prepaid expenses and other assets	(919)	29,741	13,939
Operating lease right-of-use assets	5,728	5,241	3,192
Advances to suppliers	0	2,137	0
Accounts payable and other accrued liabilities	7,600	(97,660)	70,567
Contract liabilities	(168,082)	(55,109)	195,650
Operating lease liabilities	(7,231)	(4,179)	(2,556)
Net cash (used in) provided by operating activities	(270,156)	(254,295)	3,437
Cash flows from investing activities
Purchases of property, plant and equipment	(52,149)	(67,452)	(63,337)
Proceeds from disposal of restricted short-term marketable securities	0	971	958
Purchase of restricted short-term marketable securities	0	(1,408)	(968)
Proceeds from maturity of short-term securities	1,329	136,000	0
Purchase of short-term securities	0	(60,000)	(76,000)
Proceeds from disposal of asset held for sale	462	5,961	0
Proceeds from disposal of property, plant and equipment	1,125	0	189
Purchases of intangibles	(10)	(146)	(143)
Proceeds from disposal of equity in unconsolidated investees	24,000	0	0
Net cash (used in) provided by investing activities	(25,243)	13,926	(139,301)
Cash flows from financing activities
Proceeds from debt	51,249	195,639	258,426
Repayment of debt	(74,572)	(220,598)	(233,138)
Payment for tax withholding obligations for issuance of ordinary shares upon vesting of restricted stock units	0	0	(257)
Repayment of convertible debt	(1,500)	0	0
Net proceeds from issuance of convertible debt	70,125	0	187,232
Net proceeds from issuance of ordinary shares	96,446	193,491	0
Distribution to noncontrolling interest	0	0	(64)
Repayment of finance lease obligations and other debt	(515)	(581)	(725)
Net cash provided by financing activities	141,233	167,951	211,474
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(94)	(32)	119
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(154,260)	(72,450)	75,729
Cash and restricted cash classified to asset held for sale	(10,243)	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	195,511	267,961	192,232
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	31,008	195,511	267,961
Non-cash transactions
Property, plant and equipment purchases funded by liabilities	4,509	5,491	35,264
Interest paid in ordinary shares	6,969	0	0
Interest paid by issuance of convertible notes	9,158	0	0
Right-of-use assets obtained in exchange for lease obligations	20,107	10,929	5,639
Cost for acquisition of assets paid in shares	0	10,989	0
Property, plant and equipment obtained through capital lease	0	0	2,127
Supplemental cash flow information
Cash paid for interest	17,735	30,941	12,910
Cash paid for income taxes	$ 12,560	$ 15,210	$ 6,454

BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cumulative translation adjustment	$ (24,752)	$ (19,450)
Unrecognized gain on long-term pension liability adjustment	4,260	4,513
Net unrealized loss on derivative instruments	0	(1,441)
Accumulated other comprehensive loss	$ (20,492)	$ (16,378)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Current and Deferred Income Tax Expense (Benefit)

The components of current and deferred income tax credit (expense) reflected in the Consolidated Statements of Operations are as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
(Loss) income before income taxes and equity in losses of unconsolidated investees
Domestic	$	479,612	$	(384,890)	$	(307,284)
Foreign	(1,076,234)		111,364		81,401
	$	(596,622)	$	(273,526)	$	(225,883)

(Provision for) benefits from income taxes:
Current tax (expense) benefits
Domestic	$	(607)	$	(463)	$	134
Foreign	(17,700)		3,525		(23,727)
	(18,307)		3,062		(23,593)

Deferred tax benefit
Domestic	—		16		—
Foreign	355		(2,452)		(8,598)
	355		(2,436)		(8,598)

(Provision for) benefits from income taxes	$	(17,952)	$	626	$	(32,191)

Schedule of Effective Income Tax Rate Reconciliation

The benefits from (provision for) income taxes differs from the amounts obtained by applying the statutory Singapore tax rate of 17% to income before taxes as shown below:


	Fiscal Year
(In thousands)	2024			2023			2022
Statutory rate	17		%	17		%	17		%
Tax benefit at statutory rate	$	101,427		$	46,500		$	38,400
Foreign tax rate differential	(22,110)			(41,357)			(45,985)

Change in valuation allowance	(85,719)			(10,746)			(30,595)
Unrecognized tax benefits	(7,570)			1,332			3,455
Tax credits carryforward	(1,730)			2,797			—
Other	(2,250)			2,100			2,534
(Provision for) benefits from income taxes	$	(17,952)		$	626		$	(32,191)

Schedule of Deferred Tax Assets and Liabilities

Long-term deferred tax assets and liabilities are presented in the Consolidated Balance Sheets as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$	212,403	$	64,596
Tax credits carryforward	685		2,559
Reserves and accruals	20,049		17,380
Lease liabilities	6,193		4,724
Fixed assets	14,163		1,538
Identified intangible fixed assets	501
Others	2,172		1,744
Total deferred tax assets	256,166		92,541
Valuation allowance	(234,932)		(71,827)
Total deferred tax assets, net of valuation allowance	21,234		20,714
Deferred tax liabilities:
Intangible assets and accruals	(1,957)		(585)
Reserves and accruals	(17,101)		(20,891)
Right-of-use assets	(5,146)		(4,295)
Fixed asset	(1,584)		(1,581)
Other	(760)		(363)
Total deferred tax liabilities	(26,548)		(27,715)
Net deferred tax liabilities	$	(5,314)	$	(7,001)

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal years 2024, 2023, and 2022 is as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
Balance at beginning of period	$	21,641	$	33,861	$	34,695
Additions for tax positions related to the current year	7,751		(10,971)		10,971

Reduction of tax position relating to settlement with taxing authorities	—		—		(2,252)
Reductions for tax positions from prior years/statute of limitations expirations	(1,736)		(1,498)		(9,249)
Foreign exchange loss (gain)	(133)		249		(304)
Balance at end of period	$	27,523	$	21,641	$	33,861

STOCK-BASED COMPENSATION - Nonvested Restricted and Performance Stock Unit Activity (Details)	12 Months Ended
	Dec. 31, 2024 shares
Restricted Stock Units
Shares
Outstanding beginning of the year (in shares)	27
Granted (in shares)	58
Vested (in shares)	(33)
Forfeited (in shares)	(6)
Outstanding end of the year (in shares)	46
Performance Stock Units
Shares
Outstanding beginning of the year (in shares)	15
Granted (in shares)	1
Vested (in shares)	0
Forfeited (in shares)	(12)
Outstanding end of the year (in shares)	4

BALANCE SHEET COMPONENTS - Other Long-term Liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Aug. 26, 2020

Dec. 31, 2024

Dec. 31, 2023

Long-term warranty reserves

$ 3,913

$ 22,178

Unrecognized tax benefits

11,561

5,451

Long-term security deposit payable

Long-term pension liability

1,960

Refund liability

8,102

Other

712

Other long-term liabilities

^[1]

$ 15,551

38,494

Percentage of ownership before transaction

29.50%

Disposed of by sale | Non-US subsidiaries

Percentage of ownership before transaction

100.00%

Long-term warranty reserves

4,500

Other long-term liabilities

$ 8,100

[1]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Accounting Policies [Abstract]
Advertising expense	$ 3.7	$ 5.9	$ 4.7

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES - Sales to SunPower (Details) - Related party - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Revenues from related parties	$ 31.4	$ 206.0	$ 283.3
Accounts receivable		$ 0.6

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BALANCES CLASSIFIED AS HELD FOR SALE

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

BALANCES CLASSIFIED AS HELD FOR SALE

As at December 31, 2024, assets held for sale represents the total assets of those entities that the Company has divested, subsequent to year end, for its “rest-of-the-world” distributed generation business through the sale of 100% of the equity interests in certain direct and non-direct non-U.S. subsidiaries of the Company to TZE, accompanied by the sale to TZE of certain assets relating to such business. The sale of these assets were completed in the first quarter of 2025. For more details, refer to Note 20 Subsequent Event. In fiscal year 2023, asset held for sale represents fixed assets that have satisfied the held for sale criteria under ASC 360 Property, Plant and Equipment for which the sale happened in the first quarter of 2024. Such assets are carried at the lower of carrying amount and fair value less costs to sell.


	As of
(In thousands)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	9,556	$	—
Restricted cash and cash equivalents	687
Accounts receivable, net	7,508		—
Inventories, net	57,306		—
Prepaid expenses and other current assets	15,705		—
Property, plant and equipment, net	67,812		466
Operating lease right of use assets	323		—
Intangible assets, net	14		—
Other long-term assets	13,358		—
Total assets classified as held for sale	$	172,269	$	466

Accounts payable	$	56,755	$	—
Accrued liabilities	26,623		—
Contract liabilities, current portion	1,823		—
Short-term debt	1,685		—
Operating lease liabilities	317		—
Deferred tax liabilities	1,116		—
Other long-term liabilities	17,049		—
Total liabilities classified as held for sale	$	105,368	$	—

BALANCE SHEET COMPONENTS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 2,219	$ 5,561
Accumulated Amortization	(1,696)	(2,209)
Total future amortization expense	523	3,352
2024	156
2025	89
2026	80
2027	80
2028	79
Thereafter	$ 39
Trademarks and purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross		2,961
Accumulated Amortization		(2,209)
Total future amortization expense		752
Customers relationship
Finite-Lived Intangible Assets [Line Items]
Gross		2,600
Accumulated Amortization		0
Total future amortization expense		$ 2,600

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Transactions with SunPower Subsequent to the Spin-off

The below table summarizes our transactions with SunPower, up to August 30, 2024, which is the date that SunPower is no longer a related party, in relation to these agreements:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Charges from product collaboration agreement	$	—	$	1,861	$	17,035
Net credit from transition services agreement	—		(78)		(3,019)

We had the following balances related to transactions with SunPower as of December 31, 2023:


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	584
Other receivables from SunPower (Note 6)	3,448
Other receivables, non-current	6,220
Accounts payable	1,798
Accrued liabilities (Note 6)	2,198


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	13,390
Other receivables, current	794
Accounts payable	232
Contract liabilities, current portion	218
Contract liabilities, net of current portion	—
Refund liabilities (Note 6)	18,229


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Revenue	$	2,289	$	99,694	$	76,216

The following related party balances and amounts summarizes transactions entered into with TZE and its affiliates, excluding transactions with HSPV:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deposit from TZE for sale of entities (Note 6)	$	40,000	$	—
Convertible notes (Note 11)	306,958		207,000


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments for purchases of silicon wafer	$	—	$	121,770	$	87,228
Contractual interest expense on Existing 1L Notes	16,025		15,525		5,822
Contractual interest expense on New 1L Notes	3,169		—		$	—
Sale of equity interest in joint venture	24,083		—		—
Sale of intellectual property	10,000		—		—

Related-party transactions with HSPV are as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts payable	$	261	$	9,920
Liabilities classified as held for sale	15,401		—


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments made to investee for products/services	$	70,613	$	226,118	$	331,004

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2024 and December 31, 2023:


	December 31, 2024				December 31, 2023
(In thousands)	Total Fair Value		Level 2		Total Fair Value		Level 2
Assets
Prepaid expenses and other current assets
Prepaid Forward	181		181		—		—
Derivative financial instruments (Note 12)	697		697		313		313
	$	878	$	878	$	313	$	313

Other long-term assets
Prepaid Forward	—		—		$	16,298	$	16,298
Total assets	$	878	$	878	$	16,611	$	16,611

Liabilities
Accrued liabilities
Derivative financial instruments (Note 12)	3		3		2,456		2,456
Total liabilities	$	3	$	3	$	2,456	$	2,456

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT Closing of ‘Rest-of-the-World’ Distributed Generation Business Sale Transaction On February 28, 2025, the Company has completed the sale of 100% equity interest in SunPower Philippines Manufacturing Ltd, a Cayman incorporated legal entity and wholly owned indirect subsidiary of Maxeon, to Lumetech Pte Ltd., a subsidiary of TZE, The aggregate consideration for the sale of the shares will be $58.6 million. The following agreements were also entered with Lumetech Pte Ltd.: •Procurement Agency Agreement to sell certain specifically identified assets and liabilities associated with the business activities within the country of the Philippines that are held by the Company or its subsidiaries. The aggregate consideration for the assets sale is approximately $7.3 million •Transitional Services Agreement pursuant to which the parties thereto will agree to provide certain global shared services to the Company and/ or its affiliates and vice versa: and •Bilateral Development Services Agreement to which Lumetech and any of its affiliates will cooperate with an affiliate of the Company and its respective affiliates on the development of Maxeon 8 technology On March 31, 2025, the Company has completed the sale of 100% equity interest in certain direct and non-direct non-U.S. subsidiaries of the Company to Lumetech B.V. (“Lumetech B.V.”), a subsidiary of TZE organized under the laws of the Netherlands, and TCL SunPower International Pte. Ltd. (“TCLSI”), a subsidiary of TZE organized under the laws of Singapore (“TCL SunPower”). The aggregate consideration for the sale was approximately $28.9 million. Pursuant to the Sale and Purchase Agreement, net intercompany debt of $90.5 million was assumed by the purchasers, releasing and discharging the Company from the obligation to repay such debt. The following agreements were also entered with Lumetech B.V. and TCLSI: •Trademark Assignment Agreement to acquire all of the Company’s right, title and interest, in certain trademarks for a total consideration of $6.7 million •Asset Transfer Agreement to sell, assign and transfer certain identified items. In addition,the Company will be discharged in full all the obligations imposed in certain warranties, including servicing the warranty holders. •Transitional Services Agreement pursuant to which the parties thereto will agree to provide certain global shared services to the Company and/ or its affiliates and vice versa Update on CBP product review In late March 2025, CBP informed Maxeon that it denied the Company’s protests on the detained shipments of Maxeon 3, Maxeon 6, and Performance 6 solar panels that started under the Biden Administration in July 2024, resulting in their continued exclusion. This decision was made despite Maxeon's comprehensive and transparent mapping of its supply chains and submission of thousands of pages of documentation demonstrating full compliance with the Uyghur Forced Labor Prevention Act (UFLPA).

DEBT AND CREDIT SOURCES - Interest Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Debt Instrument [Line Items]

Contractual interest expense

^[1]

$ 45,366

$ 42,438

$ 30,343

Exchange Notes and Green Convertible Notes | Convertible debt

Debt Instrument [Line Items]

Contractual interest expense

8,205

13,000

Amortization of debt issuance costs and debt discount

3,571

3,434

Existing 1L Notes | Convertible debt

Debt Instrument [Line Items]

Contractual interest expense

16,025

15,525

5,822

Amortization of debt issuance costs and debt discount

5,201

3,514

1,230

New 1L Notes | Convertible debt

Debt Instrument [Line Items]

Contractual interest expense

3,169

Amortization of debt issuance costs and debt discount

$ 2,141

$ 0

[1]

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCK-BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 28,700	$ 18,326	$ 14,580
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,474	989	1,535
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,658	3,279	1,513
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 23,568	$ 14,058	$ 11,532

RESTRUCTURING - Narrative (Details) - employee	12 Months Ended
RESTRUCTURING - Narrative (Details) - employee	Dec. 31, 2024	Dec. 31, 2021
May 2021 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Less than number of employees expected to be affected		40
June 2022 Restructuring Plan:
Restructuring Cost and Reserve [Line Items]
Less than number of employees expected to be affected	30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

ACQUISITION OF CERTAIN ASSETS- Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 06, 2023	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Asset Acquisition [Line Items]
Cost for acquisition of assets paid in shares		$ 0	$ 10,989	$ 0
SolarCA LLC \| Maxeon
Asset Acquisition [Line Items]
Equity method investment, ownership percentage	2.08%
SolarCA LLC
Asset Acquisition [Line Items]
Cost for acquisition of assets paid in shares	$ 11,000		$ 10,989
Business acquisition shares issued (in shares)	1,100,000

BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024	$ 156
2025	89
2026	80
2027	80
2028	79
Thereafter	39
Total future amortization expense	$ 523	$ 3,352

COMMITMENTS AND CONTINGENCIES - Liabilities Associated with Uncertain Tax Positions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other non-current liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 11.6	$ 5.5

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 28,895

$ 190,169

Restricted short-term marketable securities

1,403

Accounts receivable, net

^[1]

4,269

62,687

Inventories, net

40,220

308,948

Prepaid expenses and other current assets

^[1]

20,363

55,346

Assets classified as held for sale

^[1]

172,269

466

Total current assets

266,016

619,019

Property, plant and equipment, net

72,858

280,025

Operating lease right of use assets

27,951

22,824

Intangible assets, net

523

3,352

Goodwill

7,879

Other long-term assets

^[1]

8,924

68,910

Total assets

376,272

1,002,009

Current liabilities

Accounts payable

^[1]

62,544

153,020

Accrued liabilities

^[1]

86,724

113,456

Contract liabilities, current portion

^[1]

74,312

134,171

Short-term debt

462

25,432

Operating lease liabilities, current portion

9,098

5,857

Liabilities classified as held for sale

105,368

Total current liabilities

338,508

431,936

Long-term debt

732

1,203

Contract liabilities, net of current portion

^[1]

3,333

113,564

Operating lease liabilities, net of current portion

27,434

19,611

Convertible debt

^[1]

273,766

385,558

Deferred tax liabilities

5,313

7,001

Other long-term liabilities

^[1]

15,551

38,494

Total liabilities

664,637

997,367

Commitments and contingencies (Note 9)

Equity (deficit)

Ordinary shares, no par value (16,711,109 and 539,591 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)

Additional paid-in capital

1,137,042

811,361

Accumulated deficit

(1,410,392)

(796,092)

Accumulated other comprehensive loss

(20,492)

(16,378)

Net deficit attributable to the Company

(293,842)

(1,109)

Noncontrolling interests

5,477

5,751

Total equity (deficit)

(288,365)

4,642

Total liabilities and equity (deficit)

$ 376,272

$ 1,002,009

[1]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Instruments - Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Accounting Policies [Abstract]
Accounts receivable, net	$ 4,300
Allowance for credit loss	$ 0	$ 566	$ 807
Trade account receivable, percentage outstanding	99.10%

EQUITY INVESTMENTS - Balance Sheet Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets	$ 266,016	$ 619,019
Current liabilities	338,508	431,936
Noncontrolling interests	$ 5,477	5,751
Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)
Schedule of Equity Method Investments [Line Items]
Current assets		924,110
Non-current assets		711,499
Current liabilities		361,072
Non-current liabilities		667,617
Noncontrolling interests		$ 615,395

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Amount of asset recognized for present right to economic benefit, classified as current.

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+ Details

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Periods

Basis of Presentation and Preparation

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Pursuant to ASC Topic 205-40, “Presentation of Financial Statements -Going Concern” the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year of the financial statements filing date.

The Company has suffered recurring losses from operations and had an accumulated deficit of $1,410.4 million as of December 31, 2024. Further, since the third quarter of 2023, the worldwide solar industry has suffered from oversupply and intense competition, as well as lower demand in our key markets driven by regulatory changes and a higher global interest-rate environment. All these factors have contributed to a steep fall in average selling prices that has negatively impacted our revenue, profitability and cash flows. Furthermore, the ongoing denial of entry into the U.S of our products by the U.S. CBP since July 2024, which has currently rendered us unable to generate cash flow from the sale of such detained products and consequently, resulting in several large customers in the United States to cancel or defer their off-take commitments, further contributed to the deterioration of the Company’s financial condition. Our unrestricted cash and cash equivalent balance as at December 31, 2024 was $28.9 million. If the current market conditions persist and the Company is not successful in raising additional capital, the Company will not have sufficient liquidity to meet its financial obligations as and when they come due, and may be required to delay, limit, and/or reduce its operational activities, or ultimately declare bankruptcy. As such, there is substantial doubt about the Company’s ability to continue as a going concern.

As part of the efforts to raise additional financing to alleviate the substantial doubt on going concern, the Company is liquidating assets that are not in line with the forward looking strategy, including but not limited to the sale of our “rest-of-the world” direct generation business and operations in the Philippines pursuant to two partially binding term sheets previously announced on November 26, 2024. Such transactions closed on February 28, 2025 and March 31, 2025, respectively, for a total consideration of $101.6 million, including the entering of the Procurement Agency Agreement. For more information about these transactions, see “Item 4.A. History and Development of the Company— Significant Acquisitions, Dispositions and other Events.” and “Note 20 Subsequent event”.

In addition, management has renegotiated the payment terms with our largest shareholder, TZE, for deferral of the outstanding trade payables of not more than $21.7 million up to June 30, 2026. On top of this, TZE has agreed to push out the commencement date of the financial covenants of the New 1L Notes to begin on September 30, 2026 and explore arrangements to bear the associated cost of the development of future technology. In addition, the Company has taken steps to enhance its ability to fund its operational expenses by reducing various costs and additionally, is prepared to take additional steps as and when necessary to renegotiate with suppliers and customers to restructure its liabilities. In aggregate, while there can be no assurances that the Company will be able to execute all its plans, specifically those involving external stakeholders, management believes that the funding plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Accordingly, we have prepared the consolidated financial statements on the going concern basis.

Use of Estimates and judgments

Lease Accounting – Arrangements with Maxeon as a lessee

Lease Accounting – Arrangements with Maxeon as a lessor

Financial instruments - Credit Losses

losses. We have not seen significant changes to the recovery rate of our account receivable as a result of the macro-economic trends.

Fair Value of Financial Instruments

Comprehensive Loss

Cash Equivalents

Highly liquid investments with original or remaining maturities of ninety days or less at the date of purchase are considered cash equivalents.

Short-Term and Long-Term Investments

Cash in Restricted Accounts

Inventories

Assets and liabilities held for sale

Property, Plant and Equipment


			Useful Lives in Years
Buildings			20
Leasehold improvements			1 to 20
Manufacturing equipment			7 to 10
Computer equipment			3 to 7
Solar power systems			30
Furniture and fixtures			3 to 5

Business combination

Intangible Assets other than goodwill


			Useful Lives in Years
Patents			12
Trademarks			2 to 7
Customers relationship			4
Purchased technology			1 to 7

Goodwill

its carrying amount, a goodwill impairment is recorded equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.

Impairment of Long-Lived Assets

Product Warranties

Revenue Recognition

Cost of Revenue

Cost of revenue includes actual cost of materials, labor and manufacturing overheads incurred for revenue-producing units shipped and includes associated warranty costs and other costs.

Shipping and Handling Costs

We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer goods and, accordingly, record such costs in cost of revenue.

Taxes Collected from Customers and Remitted to Governmental Authorities

Stock-Based Compensation

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense totaled approximately $3.7 million, $5.9 million and $4.7 million in fiscal years 2024 , 2023 and 2022, respectively.

Research and Development Expense

Government Grants

Restructuring Charges

Translation of Foreign Currency

Concentration of Credit Risk

Income Taxes

foreign exchange gains (losses) may result from estimated tax liabilities, which are expected to be settled in currencies other than the U.S. dollar.

Investments in Equity Interests

Variable Interest Entities (“VIE”)

Noncontrolling Interests

Recently Adopted Accounting Pronouncement

In the current year, the Company has applied all the accounting pronouncement that are relevant and mandatorily effective as follows:

2024 resulted in enhanced disclosures, but did not materially impact the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Effective

The Company has not adopted the following accounting pronouncements that are applicable to the Group that have been issued but not yet effective:

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 21,641	$ 33,861	$ 34,695
Additions for tax positions related to the current year	7,751		10,971
Additions for tax positions related to the current year		(10,971)
Reduction of tax position relating to settlement with taxing authorities	0	0	(2,252)
Reductions for tax positions from prior years/statute of limitations expirations	(1,736)	(1,498)	(9,249)
Foreign exchange loss (gain)	(133)		(304)
Foreign exchange loss (gain)		249
Balance at end of period	$ 27,523	$ 21,641	$ 33,861

ORDINARY SHARES (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule Of Shares Reserved For Future Issuance Under Equity Compensation Plans

We had shares of ordinary shares reserved for future issuance as follows:


	As of
(In thousands)	December 31, 2024	December 31, 2023
Equity compensation plans	953	1,554

EQUITY INVESTMENTS - Narrative Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets serving as collateral	$ 376,272	$ 1,002,009
Liabilities	$ 664,637	997,367
SPML Land, Inc.
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	40.00%
Ownership by employees	60.00%
Assets serving as collateral	$ 18,500	24,700
Liabilities	$ 3,000	$ 4,800

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BALANCE SHEET COMPONENTS - Other Long-term Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Schedule of Other Long-term Assets [Line Items]

Equity investments without readily determinable fair value

$ 4,000

Equity method investments (Note 10)

Prepaid Forward

16,298

Prepayment for capital expenditure

1,449

35,150

Restricted cash

100

Land rights

4,728

Security deposits

3,380

2,414

Other long-term assets

^[1]

8,924

68,910

SunPower | Related party

Schedule of Other Long-term Assets [Line Items]

Other receivables, non-current

$ 0

$ 6,220

[1]

BACKGROUND (Details)								1 Months Ended	12 Months Ended
BACKGROUND (Details)	Oct. 08, 2024	Aug. 30, 2024 USD ($) $ / shares shares	Jun. 20, 2024 USD ($)	May 19, 2023 $ / shares shares	May 16, 2023 USD ($) shares	Apr. 13, 2021 $ / shares shares	Aug. 26, 2020 USD ($) shares	Apr. 30, 2021 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	May 31, 2024 USD ($)	May 30, 2024 $ / shares	Aug. 17, 2022 USD ($) $ / shares shares	Nov. 11, 2019 company
Debt Instrument [Line Items]
Stock split ratio, common stock	0.01
Number of independent publicly traded companies \| company															2
Consideration received on transaction \| $							$ 298,000,000.0
Number of shares issued in transaction (in shares)							89,157
Percentage of ownership before transaction							29.50%
Shares issued, price per share (in USD per share) \| $ / shares				$ 2,800
Net proceeds from issuance of ordinary shares \| $								$ 169,700,000	$ 96,446,000	$ 193,491,000	$ 0
Issuance of ordinary shares, net of issuance cost \| $									95,101,000	204,480,000
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares)						18,700
Price per share (USD per share) \| $ / shares						$ 1,800
Convertible debt
Debt Instrument [Line Items]
Convertible notes \| $									306,958,000	207,000,000
Existing 1L Notes \| Convertible debt
Debt Instrument [Line Items]
Interest rate percentage			7.50%											7.50%
Conversion price (USD per share) \| $ / shares														$ 23.13
Convertible notes \| $									$ 209,500,000	207,000,000.0		$ 25,000,000		$ 207,000,000.0
Exchange Notes \| Convertible debt
Debt Instrument [Line Items]
Interest rate percentage			9.50%
New 1L Notes and Investor Warrants \| Convertible debt
Debt Instrument [Line Items]
Convertible notes \| $			$ 97,500,000
2027 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Interest rate percentage														4.00%
Maxeon \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Number of ordinary shares owned									197,343
Ownership percentage of non-controlling owner		69.30%							59.60%
Maxeon \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE) \| Existing 1L Notes \| Convertible debt
Debt Instrument [Line Items]
Number of convertible ordinary shares issuable														89,486
Number of additional ordinary shares issuable														19,597
Conversion price (USD per share) \| $ / shares													$ 16.08
Maxeon \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE) \| Existing 1L Notes \| Convertible debt \| Maximum
Debt Instrument [Line Items]
Number of convertible ordinary shares issuable														109,083
The TZE Private Placement
Debt Instrument [Line Items]
Consideration received on transaction \| $					$ 42,000,000
Number of shares issued in transaction (in shares)					15,000	18,700
Shares issued, price per share (in USD per share) \| $ / shares						$ 1,800
Spin-Off and the TZE SG Private Placement \| Maxeon \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Number of ordinary shares owned									107,857
The Company Offering
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares)				74,900
Shares issued, price per share (in USD per share) \| $ / shares				$ 2,800
The Company Offering \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares)				18,700
The Company Offering \| Maxeon
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares)				56,200
The Company Offering and 2023 TZE Private Placement
Debt Instrument [Line Items]
Net proceeds from issuance of ordinary shares \| $										$ 193,500,000
TZE SG Warrant \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Net proceeds from issuance of ordinary shares \| $			1,300,000
Issuance of ordinary shares, net of issuance cost \| $			$ 1,345,663
2024 TZE Private Placement \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Debt Instrument [Line Items]
Consideration received on transaction \| $		$ 100,000,000
Number of shares issued in transaction (in shares)		82,919
Price per share (USD per share) \| $ / shares		$ 1,206

BALANCE SHEET COMPONENTS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Goodwill [Roll Forward]
Balance at beginning of year	$ 7,879	$ 0
Acquisition from SolarCA LLC	0	7,879
Impairment	(7,879)	0	$ 0
Balance at end of year	$ 0	$ 7,879	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

DEBT AND CREDIT SOURCES - Existing 1L Notes (Details)

12 Months Ended

Jun. 20, 2024

USD ($)

Jul. 17, 2020

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Jan. 01, 2023

USD ($)

May 31, 2024

USD ($)

Aug. 17, 2022

USD ($)

$ / shares

Debt Instrument [Line Items]

Threshold trading days | d

Gain on extinguishment of debt

$ 34,744,000

$ 0

Convertible debt

^[1]

273,766,000

385,558,000

Convertible debt

Debt Instrument [Line Items]

Convertible notes

306,958,000

207,000,000

Existing 1L Notes

Debt Instrument [Line Items]

Convertible debt

166,200,000

190,900,000

Existing 1L Notes | Level 3

Debt Instrument [Line Items]

Convertible debt, fair value

136,600,000

Existing 1L Notes | Level 2

Debt Instrument [Line Items]

Convertible debt, fair value

148,400,000

Existing 1L Notes | Convertible debt

Debt Instrument [Line Items]

Conversion ratio percentage

0.97

Interest rate percentage

7.50%

Interest percentage, interest paid in cash

0.0750

0.035

Interest percentage, interest paid in cash and in-kind

0.0850

0.040

Conversion price (USD per share) | $ / shares

$ 23.13

Conversion ratio, number of shares (in shares) | shares

43.2301

Conversion ratio, principal amount

$ 1,000

Convertible notes

209,500,000

207,000,000.0

$ 25,000,000

$ 207,000,000.0

Gain on extinguishment of debt

$ 27,800,000

Unamortized debt issuance cost

43,300,000

16,100,000

If-converted value (below) in excess of principal

$ (111,200,000)

$ (142,800,000)

[1]

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS


(In thousands)	Balance Sheet Classification	December 31, 2024		December 31, 2023
Assets:





Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Prepaid expenses and other current assets	$	697	$	313
		$	697	$	313

Liabilities:
Derivatives designated as hedging instruments:

Foreign currency forward exchange contracts	Accrued liabilities	$	—	$	2,440


Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Accrued liabilities	$	3	$	—
		$	3	$	2,440


	December 31, 2024
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	697	$	697	$	697
Derivative liabilities	3		3		3


	December 31, 2023
					Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset
(In thousands)	Gross Amounts		Net Amounts Presented		Financial Instruments
Derivative assets	$	313	$	313	$	313
Derivative liabilities	2,456		2,456		2,456

We recorded a loss of $0.5 million, $2.9 million, and $1.5 million on these derivative instruments during fiscal year 2024, 2023 and 2022 respectively under “Other, net” in the Consolidated Statements of Operations.

As of December 31, 2023, there was a cumulative loss of $1.4 million recorded in “Accumulated Other Comprehensive Loss” (“OCL”) in connection with the derivatives designated as cash flow hedges. During fiscal

year 2024, we recognized an unrealized gain of $1.7 million and reclassified $0.3 million of gain from OCL to profit or loss, with a net gain on derivatives of $1.4 million in the OCL. As of December 31, 2024, the cumulative gain in OCL for the derivatives was $0.0 million.

During fiscal year 2023, we recognized an unrealized loss of $5.1 million and reclassified $9.2 million of loss from OCL to profit or loss, with a net gain on derivatives of $4.1 million in the OCL.

We classify cash flows related to derivative financial instruments as operating activities in our Consolidated Statements of Cash Flows.

Foreign Currency Exchange Risk

Designated Derivatives Hedging Cash Flow Exposure

Our cash flow exposure primarily relates to anticipated third-party foreign currency revenues and expenses. We derive a portion of our revenues in foreign currencies as part of our ongoing business operations. In addition, a portion of our assets are held in foreign currencies. We enter into foreign currency option contracts and foreign currency forward exchange contracts designated as cash flow hedges to hedge certain forecasted revenue transactions denominated in Euros and Australian dollars. We also enter into foreign currency forward contracts designated as cash flow hedges to hedge certain forecasted purchase transactions denominated in Chinese Renminbi. Our foreign currency forward and option contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions that are independent of those exposures. There were no outstanding foreign currency forward exchange denominated in Chinese Renminbi designated as cashflow hedges as at December 31, 2024 and December 31, 2023.

As of December 31, 2023, the derivatives designated as hedging instruments for either gross external or intercompany revenue up to our net economic exposure had notional values of $111.8 million. These derivatives have a maturity of ten months or less as of December 31, 2023. The effective portion of these cash flow hedges is reclassified into revenue when third-party revenue is recognized in our Consolidated Statements of Operations. There are no derivatives designated as hedging instruments as of December 31, 2024 due to the sale of the “rest-of-the-world” distributed generation business through the sale of 100% of the equity interests in certain direct and non-direct non-U.S. subsidiaries of the Company to TZE for which the forecast transactions arise from.

Non-Designated Derivatives Hedging Transaction Exposure

Derivatives not designated as hedging instruments consist of forward contracts used to hedge re-measurement of foreign currency denominated monetary assets and liabilities primarily for intercompany transactions, receivables from customers, and payables to third parties. Changes in exchange rates between our subsidiaries’ functional currencies and the currencies in which these assets and liabilities are denominated can create fluctuations in our reported consolidated financial position, results of operations and cash flows. As of December 31, 2024, to hedge balance sheet exposure, we held foreign currency forward contracts with an aggregate notional value of $12.0 million. These foreign currency forward contracts have maturity of nine months or less. As of December 31, 2023, to hedge balance sheet exposure, we held foreign currency forward contracts with an aggregate notional value of $26.3 million. These contracts matured during fiscal year 2024.

Credit Risk

Our option and forward contracts do not contain any credit-risk-related contingent features. We are exposed to credit losses in the event of nonperformance by the counterparties to these option and forward contracts. We enter into derivative contracts with high-quality financial institutions and limit the amount of credit exposure to any single counterparty. In addition, we continuously evaluate the credit standing of our counterparties.

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”) - Agreements with TZE in Connection with HSPV (Details) ¥ in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Oct. 31, 2022	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Feb. 28, 2021	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Oct. 01, 2021	Apr. 30, 2018	Dec. 31, 2017 Joint_venture	Feb. 28, 2017
Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage		20.00%	20.00%			16.30%	16.30%	20.00%		20.00%
Proceeds from investments					$ 24.0
Gain on sale of investments					24.1
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Related Party Transaction [Line Items]
Number of joint ventures \| Joint_venture									2
Proceeds from license fees received					$ 10.0
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE) \| Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)
Related Party Transaction [Line Items]
Payments to acquire additional interest in subsidiaries		$ 41.6	¥ 270.0
Huansheng JV
Related Party Transaction [Line Items]
Percentage right to take up counterparty's capacity				33.00%
Huansheng JV and HSNE
Related Party Transaction [Line Items]
Percentage right to take up counterparty's capacity				33.00%
Huansheng New Energy (Tianjin) Co., Ltd
Related Party Transaction [Line Items]
Period of agreement to manufacture and sell Performance Line products	6 months
Extension of period of agreement to manufacture and sell Performance Line products	3 months

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Income Statement [Abstract]

Revenue

^[1]

$ 509,048

$ 1,123,110

$ 1,060,113

Cost of revenue

^[1]

758,461

1,044,995

1,108,061

Gross (loss) profit

(249,413)

78,115

(47,948)

Operating expenses

Research and development expense

^[1]

37,550

45,703

49,682

Sales, general and administrative

^[1]

173,523

126,167

100,546

Restructuring charges

116,154

125,450

2,118

Total operating expenses

327,227

297,320

152,346

Operating loss

(576,640)

(219,205)

(200,294)

Other expense, net

Interest expense

^[1]

(45,366)

(42,438)

(30,343)

Interest income

2,087

9,387

2,531

Gain on extinguishment of debt

34,744

Other, net

(11,447)

(21,270)

2,223

Other expense, net

(19,982)

(54,321)

(25,589)

Loss before income taxes and equity in losses of unconsolidated investees

(596,622)

(273,526)

(225,883)

(Provision for) benefits from income taxes

(17,952)

626

(32,191)

Equity in losses of unconsolidated investees

(2,811)

(9,072)

Net loss

(614,574)

(275,711)

(267,146)

Net loss (income) attributable to noncontrolling interests

274

(118)

(278)

Net loss attributable to stockholders

$ (614,300)

$ (275,829)

$ (267,424)

Loss per share:

Basic (USD per share)

$ (96.00)

$ (594.46)

$ (653.85)

Diluted (USD per share)

$ (96.00)

$ (594.46)

$ (653.85)

Weighted average shares used in loss per share computation:

Basic (shares)

6,399

464

409

Diluted (shares)

6,399

464

409

[1]

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lessee Quantitative Information

The table below presents the summarized quantitative information with regard to lease contracts we have entered into:


	Fiscal Year Ended
(In thousands)	December 31, 2024			December 31, 2023
Operating lease expense	$	7,671		$	5,236
Cash paid for amounts included in the measurement of lease liabilities
Cash paid for operating leases	9,174			5,941
Right-of-use assets obtained in exchange for lease obligations	20,107			10,929
Weighted-average remaining lease term (in years) – operating leases	4.3			3.9
Weighted-average discount rate – operating leases	15.9		%	6.5		%

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table presents our minimum future rental payments on leases placed in service as of December 31, 2024:


(In thousands)	Operating Leases		Finance Lease
2025	$	14,459	$	519
2026	11,903		535
2027	10,379		229
2028	7,428		—
2029	6,533		—
Thereafter	2,979		—
Total lease payments	53,681		1,283
Less: imputed interest	(17,157)		(89)
Total	$	36,524	$	1,194

Schedule of Finance Lease, Liability, Fiscal Year Maturity

The following table presents our minimum future rental payments on leases placed in service as of December 31, 2024:


(In thousands)	Operating Leases		Finance Lease
2025	$	14,459	$	519
2026	11,903		535
2027	10,379		229
2028	7,428		—
2029	6,533		—
Thereafter	2,979		—
Total lease payments	53,681		1,283
Less: imputed interest	(17,157)		(89)
Total	$	36,524	$	1,194

Schedule of Purchase Obligations

Future purchase obligations under non-cancellable purchase orders as of December 31, 2024 are as follows:


(In thousands)	Fiscal Year 2025		Fiscal Year 2026		Fiscal Year 2027 and thereafter		Total
Future purchase obligations	$	7,976	$	—	$	—	$	7,976

Schedule of Product Warranty

The following table summarizes the product warranty activities for fiscal years 2024 and 2023:


	Fiscal Year
(In thousands)	2024		2023
Balance at the beginning of the period	$	20,990	$	28,347
Accruals for warranties issued during the period	1,672		6,437
Settlements and adjustments during the period	(8,766)		(13,794)
Reclassification to liabilities classified as held for sale during the period	(8,745)		—
Balance at the end of the period	$	5,151	$	20,990

ORDINARY SHARES

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

ORDINARY SHARES

On April 14, 2021, we announced a public offering to sell, subject to market and other conditions, $125.0 million of ordinary shares through an underwritten public offering. Maxeon also granted the underwriters an option, to purchase up to an additional $18.7 million of ordinary shares offered in the public offering on the same terms and conditions, at a public offering price of $1,800.00 per share (together with the public offering, the “2021 Offering”). The option was exercised in full by the underwriters. 80,460 shares were issued during the 2021 Offering, with 599 shares issued to a third-party as payment for issuance cost incurred.

In addition, pursuant to a stock purchase agreement, dated April 13, 2021, TZE Maxeon agreed to sell to TZE 18,700 ordinary shares at $1,800.00 per share, in the 2021 TZE Private Placement.

The 2021 Offering and the 2021 TZE Private Placement closed in April 2021. The net proceeds were approximately $169.7 million after giving effect to the underwriting discounts and commissions as well as other issuance costs.On May 19, 2023,the Company completed the Company Offering and the TotalEnergies Offering, each at a price per share of $2,800.00.

In addition, pursuant to a share purchase agreement, dated May 16, 2023, Maxeon completed the 2023 TZE Private Placement with TZE SG. The net proceeds from the Company Offering and 2023 TZE Private Placement were approximately 193.5 million after giving effect to the underwriting discounts and commissions, as well as other offering costs. The Company did not receive any proceeds from the TotalEnergies Offering.

On October 6, 2023, the Company paid the purchase price consideration of $11.0 million through the issuance of 1,100,000 ordinary shares to SolarCA, a directly owned subsidiary of Complete Solaria, Inc. (“CSLR”) pursuant to an Asset Purchase Agreement entered into on September 19, 2023 with respect to the certain assets (the “Purchase Agreement”). Consequently, the SolarCA held 2.08% of the outstanding shares of the Company as of acquisition date. Transaction costs incurred to date were not material and were expensed as incurred. The financial results of SolarCA LLC prior to the acquisition date are not material to the consolidated financial results of the Company.

In connection to the issuance of the New 1L Notes (as defined under “Note 4. TCL Zhonghuan Renewable Energy Technology Co.”) on June 20, 2024, the Company has also issued penny warrants to TZE (the “TZE SG Warrant”) for no additional consideration, granting TZE SG the right to purchase certain ordinary shares of the Company. TZE has fully exercised such warrants which gave rise to the issuance of 1,345,663 ordinary shares with a proceed of $1.3 million.

On August 30, 2024, the Company sold 82,919 ordinary shares to TZE SG at a price of $1,206.00 per share in a private placement (the “2024 TZE Private Placement”) exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to this, TZE SG obtained a controlling stake in the Company and the Shareholders Agreement between the Company and TZE SG has been amended and restated.

On October 8, 2024, the Company implemented a 1-for-100 reverse stock split of its issued and outstanding shares. The reverse stock split was authorized by the Board of Directors of the Company.

All share and per share information in these financial statements retroactively reflect this reverse stock split.

Ordinary Shares

Voting Rights - Ordinary Shares

All ordinary stockholders are entitled to one vote per share on all matters submitted to be voted on by our stockholders.

Dividends - Ordinary Shares

All ordinary stockholders are entitled to receive equal per share dividends when and if declared by the Board of Directors.

Shares Reserved for Future Issuance Under Equity Compensation Plans

We had shares of ordinary shares reserved for future issuance as follows:


	As of
(In thousands)	December 31, 2024	December 31, 2023
Equity compensation plans	953	1,554

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org/505/tableOfContent

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Total Revenue \| Customer Concentration Risk \| One Customer
Concentration [Line Items]
Concentration risk, percentage	10.00%	10.00%
Accounts Receivable \| Customer Concentration Risk \| Four Customer
Concentration [Line Items]
Concentration risk, percentage		10.00%
Related party
Concentration [Line Items]
Revenue	$ 31.4	$ 206.0	$ 283.3
Related party \| Total Revenue \| Customer Concentration Risk
Concentration [Line Items]
Concentration risk, percentage	6.20%	18.30%	26.70%
Related party \| Accounts Receivable \| Customer Concentration Risk \| SunPower
Concentration [Line Items]
Concentration risk, percentage		0.90%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)	Dec. 31, 2024
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life in years	20 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life in years	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life in years	20 years
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life in years	7 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life in years	10 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life in years	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life in years	7 years
Solar power systems
Property, Plant and Equipment [Line Items]
Useful life in years	30 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life in years	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life in years	5 years

EQUITY INVESTMENTS - Narrative Equity Method Investments (Details) $ in Thousands, ¥ in Millions	1 Months Ended							3 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($)	Jan. 31, 2025 CNY (¥)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Apr. 30, 2018 USD ($)	Feb. 28, 2018 USD ($)	Feb. 28, 2017 USD ($)	Apr. 30, 2018 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Jan. 03, 2021 USD ($) transaction	Oct. 01, 2021	Mar. 31, 2016 USD ($)	Dec. 31, 2013 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments without readily determinable fair value									$ 4,000	$ 4,000
Proceeds from disposal of equity in unconsolidated investees									24,000	0	$ 0
Gain on disposal									24,083	0	$ 0
Equity method investment									0	$ 0
Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)
Schedule of Equity Method Investments [Line Items]
Equity investments without readily determinable fair value														$ 9,200
Equity securities without readily determinable fair value, ownership percentage														15.00%
Additional amount invested					$ 6,300	$ 6,300	$ 9,000
Amount invested, less reinvested dividends							7,700
Reinvested dividends							$ 1,300	$ 700
Equity method investment, ownership percentage			20.00%	20.00%	20.00%		20.00%	20.00%		16.30%			16.30%
Proceeds from disposal of equity in unconsolidated investees									24,000
Gain on disposal									24,100
Equity method investment									0	$ 0
Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV) \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Schedule of Equity Method Investments [Line Items]
Payments to acquire additional interest in subsidiaries			$ 41,600	¥ 270.0
CCPV
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage															25.00%
Equity method investment															$ 16,400
CCPV \| Subsequent event
Schedule of Equity Method Investments [Line Items]
Liquidation proceeds received	$ 1,100	¥ 8.0
Deca Technologies, Inc.
Schedule of Equity Method Investments [Line Items]
Equity investments without readily determinable fair value									$ 4,000	$ 4,000
Equity securities without readily determinable fair value, ownership percentage												8.00%
Number of transactions \| transaction												2
Proceeds from dividends received												$ 2,500
Equity securities, gain												$ 1,300

ACQUISITION OF CERTAIN ASSETS- Schedule of Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 06, 2023	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Goodwill		$ 0	$ 7,879	$ 0
Cost for acquisition of assets paid in shares		$ 0	10,989	$ 0
SolarCA LLC
Business Acquisition [Line Items]
Finite-lived intangible assets			3,110
Goodwill			7,879
Cost for acquisition of assets paid in shares	$ 11,000		10,989
SolarCA LLC \| Customers relationship
Business Acquisition [Line Items]
Finite-lived intangible assets			2,600
SolarCA LLC \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 510

- Definition

+ References

+ Details

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 28,895	$ 190,169	$ 227,442
Restricted cash and restricted cash equivalents, current portion, included in prepaid expenses and other current assets	2,018	5,242	37,974
Restricted cash and restricted cash equivalents, net of current portion, included in other long-term assets	95	100	2,545
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in Consolidated Statements of Cash Flows	$ 31,008	$ 195,511	$ 267,961

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”) - Schedule of Related Party Transactions with TZE and its Affiliates Excluding the JV (Details) - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Jun. 20, 2024

May 31, 2024

Aug. 17, 2022

Deposit from TZE for sale of entities (Note 6)

$ 40,000,000

$ 0

Contractual interest expense

^[1]

45,366,000

42,438,000

$ 30,343,000

Convertible debt

Convertible notes (Note 11)

306,958,000

207,000,000

Existing 1L Notes | Convertible debt

Convertible notes (Note 11)

209,500,000

207,000,000.0

$ 25,000,000

$ 207,000,000.0

Contractual interest expense

16,025,000

15,525,000

5,822,000

New 1L Notes | Convertible debt

Convertible notes (Note 11)

97,500,000

$ 72,000,000

Contractual interest expense

3,169,000

TZE and its Affiliates

Payments for purchases of silicon wafer

121,770,000

87,228,000

Sale of equity interest in joint venture

24,083,000

Sale of intellectual property

$ 10,000,000

$ 0

[1]

COMMITMENTS AND CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 20,990	$ 28,347
Accruals for warranties issued during the period	1,672	6,437
Settlements and adjustments during the period	(8,766)	(13,794)
Reclassification to liabilities classified as held for sale during the period	(8,745)	0
Balance at the end of the period	$ 5,151	$ 20,990

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal Year 2025	$ 7,976
Fiscal Year 2026	0
Fiscal Year 2027 and thereafter	0
Total	$ 7,976

SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

We determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, including making operating decisions, deciding how to allocate resources and evaluating operating performance. Our CODM is our Chief Executive Officer who reviews our operating results on a consolidated basis. We operate in a single operating segment and a single reportable segment based on the operating results available that is also reported on the Consolidated Statements of Operations and evaluated regularly by our CODM to make decisions about resource allocation and assess performance. Significant segment expenses are the same as these presented under the operating costs and expenses in the Consolidated Statements of Operations. The following table summarizes the allocation of net revenue based on geography:


	Fiscal Year
(In thousands)	2024		2023		2022
United States(1)	$	320,626	$	645,112	$	427,111
Italy	60,943		139,506		126,195
Rest of world(2)	127,479		338,492		506,807
Total revenue	$	509,048	$	1,123,110	$	1,060,113

(1)During fiscal years 2024, 2023 and 2022, we had sales of $31.4 million, $206.0 million and $283.3 million, respectively, to SunPower representing the sale of solar modules to SunPower. The pricing term is based on the governing supply agreement with SunPower for the respective period.

(2)Revenue included under “Rest of the world” comprise of countries that are individually less than 10% for the periods presented.

Revenues are attributed primarily based on the destination of the shipments.

The following table summarizes the allocation of net property, plant, and equipment based on geography:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Malaysia	$	61,145	$	133,119
Mexico	1,933		72,572
Philippines	—		59,485
Europe	—		30
Singapore	4,284		11,857
United States	5,455		2,905
Rest of world	41		57
Property, plant, and equipment, net, by geography	$	72,858	$	280,025

Long-lived assets are attributed based upon the country in which the asset is located or owned.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

We calculate basic net loss per share by dividing earnings allocated to ordinary stockholders by the basic weighted-average number of ordinary shares outstanding for the period. Shares issued in connection with the Physical Delivery Forward are excluded for the purpose of calculating net loss per share after its reclassification from liability to equity at the end of the Note Valuation Period as this constitutes a share lending arrangement. Diluted weighted-average shares is computed using basic weighted-average number of ordinary shares outstanding plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include stock options, restricted stock units, and the outstanding Notes. The following table presents the calculation of basic and diluted net loss per share attributable to stockholders:


	Fiscal Year Ended
(In thousands, except per share data)	December 31, 2024	December 31, 2023	January 1, 2023
Net loss:
Net loss attributable to stockholders	(614,300)	(275,829)	(267,424)

Number of shares:
Basic and diluted weighted-average common shares(1)	6,399	464	409

Basic and diluted net loss per share(1)	(96.00)	(594.46)	(653.85)

(1)No adjustment is made to the numerator and denominator for fiscal years 2022, 2023 and 2024 as the inclusion of all potentially dilutive restricted stock units, common shares under the Green Convertible Notes, the 2L Notes, the exchange warrants, the Existing 1L Notes and the New 1L Notes, where applicable, and prepaid forward would be anti-dilutive. Therefore, these were excluded from the computation of the weighted-average shares for diluted net loss per share.

The following is a summary of outstanding potentially dilutive securities that was excluded from diluted net loss per share attributable to stockholders in the following periods:


	Fiscal Year Ended
(In thousands)	December 31, 2024	December 31, 2023	January 1, 2023
Restricted stock units	5	16	9
Green Convertible Notes	—	110	110
Exchange Notes	2,744	—	—
Exchange warrants	6,558	—	—
Existing 1L Notes	13,026	89	89
New 1L Notes	6,063	—	—
Prepaid forward	25	25	25

DEBT AND CREDIT SOURCES - Green Convertible Notes, Exchange Notes and Exchange Warrants (Details)
$ / shares in Units, share in Millions

1 Months Ended

12 Months Ended

Nov. 30, 2024

USD ($)

Sep. 12, 2024

USD ($)

Jun. 20, 2024

USD ($)

$ / shares

Jan. 03, 2022

USD ($)

Jul. 17, 2020

USD ($)

$ / shares

Nov. 30, 2024

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Jan. 01, 2023

USD ($)

Dec. 21, 2024

Aug. 30, 2024

$ / shares

Jul. 05, 2024

USD ($)

May 30, 2024

USD ($)

Jan. 02, 2022

USD ($)

Debt Instrument [Line Items]

Threshold trading days | d

Stockholders' equity

$ (288,365,000)

$ 4,642,000

$ 48,070,000

$ 354,875,000

Conversion of convertible debts to equity

119,321,000

Convertible debt

^[1]

273,766,000

385,558,000

Repayment of convertible debt

1,500,000

Gain on extinguishment of debt

34,744,000

$ 0

Issuance of ordinary shares through exercise of warrants

28,162,000

Exchange warrants

Debt Instrument [Line Items]

Exercise price of warrants (in USD per share) | $ / shares

$ 21.11

Number of securities called by warrants (in number of shares) | shares

6,560,000

Cumulative effect, period of adoption, adjustment

Debt Instrument [Line Items]

Stockholders' equity

$ (42,066,000)

Cumulative effect, period of adoption, adjustment | Accounting Standards Update 2020-06

Debt Instrument [Line Items]

Convertible debt

$ 42,100,000

Adjustments to additional paid in capital

52,200,000

Cumulative effect, period of adoption, adjustment | Accounting Standards Update 2020-06 | Accumulated Deficit

Debt Instrument [Line Items]

Stockholders' equity

10,100,000

Convertible debt

Debt Instrument [Line Items]

Convertible notes

306,958,000

207,000,000

Convertible debt | 2024 TZE Private Placement | Number of shares

Debt Instrument [Line Items]

Measurement input | share

1.9

Green Convertible Notes | Level 2

Debt Instrument [Line Items]

Convertible debt, fair value

152,600,000

Green Convertible Notes | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 198,500,000

$ 200,000,000

200,000,000.0

^[1]

Interest rate percentage

6.50%

Conversion price (USD per share) | $ / shares

$ 1,819.47

Conversion ratio, number of shares (in shares) | shares

0.5496

Conversion ratio, principal amount

$ 1,000

Threshold percentage of stock price trigger

130.00%

Convertible debt

194,700,000

Percentage of principal amount redeemed

99.25%

Accrued interest

$ 5,500,000

Unamortized debt issuance cost

5,300,000

If-converted value (below) in excess of principal

$ (121,200,000)

Green Convertible Notes | Convertible debt | Adjusted balance | Accounting Standards Update 2020-06

Debt Instrument [Line Items]

Convertible debt

$ 187,800,000

Tranche A Exchange Notes | Maxeon

Debt Instrument [Line Items]

Ownership percentage of non-controlling owner

30.00%

Tranche A Exchange Notes | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 139,000,000.0

Conversion price (USD per share) | $ / shares

$ 35.45

Conversion ratio, principal amount

700

Tranche B Exchange Notes

Debt Instrument [Line Items]

Convertible debt

^[1]

38,900,000

Tranche B Exchange Notes | Level 3

Debt Instrument [Line Items]

Convertible debt, fair value

^[1]

29,700,000

Tranche B Exchange Notes | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 65,100,000

44,100,000

^[1]

$ 16,200,000

Conversion price (USD per share) | $ / shares

$ 164.22

$ 16.08

Conversion ratio, principal amount

$ 300

Issuance of ordinary shares through exercise of warrants

30,500,000

Exchange warrants

Debt Instrument [Line Items]

Convertible debt

$ 47,400,000

Fair value adjustment

$ (3,700,000)

Exchange warrants | Convertible debt

Debt Instrument [Line Items]

Conversion of convertible debts to equity

$ 9,900,000

Exchange Notes | Convertible debt

Debt Instrument [Line Items]

Interest rate percentage

9.50%

Threshold trading days | d

Threshold percentage of stock price trigger

150.00%

Cash interest rate

0.04

0.0800

Consecutive trading days threshold | d

Redemption price percentage

100.00%

Gain on extinguishment of debt

$ 7,000,000.0

Unamortized debt issuance cost

5,200,000

If-converted value (below) in excess of principal

$ (23,400,000)

Exchange Notes | Convertible debt | Level 3

Debt Instrument [Line Items]

Convertible debt, fair value

$ 139,500,000

$ 43,700,000

$ 139,500,000

Remaining Green Convertible Notes | Convertible debt

Debt Instrument [Line Items]

Repayment of convertible debt

$ 1,500,000

[1]

BALANCES CLASSIFIED AS HELD FOR SALE - Narrative (Details)		12 Months Ended
	Aug. 26, 2020	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership before transaction	29.50%
Disposed of by sale \| Non-US subsidiaries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership before transaction		100.00%

NET LOSS PER SHARE- Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Net loss:
Net loss attributable to stockholders	$ (614,300)	$ (275,829)	$ (267,424)
Number of shares:
Basic weighted average common shares (in shares)	6,399	464	409
Diluted weighted average common shares (in shares)	6,399	464	409
Basic net loss per share (USD per share)	$ (96.00)	$ (594.46)	$ (653.85)
Diluted net loss per share (USD per share)	$ (96.00)	$ (594.46)	$ (653.85)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details)
$ in Thousands

Dec. 31, 2024

USD ($)

thirdPartyAgency

Dec. 31, 2023

USD ($)

Jan. 01, 2023

USD ($)

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts receivable, gross

$ 4,269

$ 63,517

Less: allowance for credit losses

(566)

$ (807)

Less: allowance for sales returns

(264)

$ (110)

Accounts receivable, net

^[1]

$ 4,269

62,687

Number of third-party factor agencies | thirdPartyAgency

Cash held in escrow for factor agencies

$ 100

$ 500

[1]

STOCK-BASED COMPENSATION - Narrative (Details)		12 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	Feb. 28, 2024 shares	Dec. 31, 2024 USD ($) vote grantee $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2023 USD ($) $ / shares	Jan. 02, 2022 USD ($)	Aug. 03, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grantees affected by modification \| grantee		8
Total stock-based compensation expense		$ 28,700,000	$ 18,326,000	$ 14,580,000
Inventory
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		44,900	2,000,000		$ 200,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units vested		4,100,000	$ 13,400,000	$ 13,100,000
Unrecognized stock-based compensation		$ 20,800,000
Unrecognized stock-based compensation, period for recognition		3 months 18 days
Restricted Stock Units (RSUs) And Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in USD per share) \| $ / shares		$ 0.55	$ 15.60	$ 15.34
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares						3,889,754
Annual increase percentage		3.00%
Number of additional shares authorized \| shares	1,348,978
Shares withheld for tax withholding obligation (in shares) \| shares		4	7,864
2020 Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years	4 years
New PSU Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target period		3 years
Transformation PSU Grant 40% \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		40.00%
Number of installments \| vote		2
Performance target period		1 year
Transformation PSU Grant 60% \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		60.00%
Number of installments \| vote		2
Performance target period		2 years
Transformation Incentive Plan (TIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reversal of share-based payment liability		$ 1,700,000

EQUITY INVESTMENTS - Income Statement Summary (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Schedule of Equity Method Investments [Line Items]

Revenue

^[1]

$ 509,048

$ 1,123,110

$ 1,060,113

Gross profit (loss)

(249,413)

78,115

(47,948)

Loss from operations

(576,640)

(219,205)

(200,294)

Net loss

(614,574)

(275,711)

(267,146)

Net loss attributable to HSPV

$ 0

(2,811)

(9,072)

Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)

Schedule of Equity Method Investments [Line Items]

Revenue

1,637,862

1,619,358

Gross profit (loss)

1,433

(40,099)

Loss from operations

(135,799)

(177,283)

Net loss

(136,433)

(159,888)

Huansheng Photovoltaic (Jiangsu) Co., Ltd. (HSPV)

Schedule of Equity Method Investments [Line Items]

Net loss attributable to HSPV

$ (33,708)

$ (62,820)

[1]

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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+ Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 212,403	$ 64,596
Tax credits carryforward	685	2,559
Reserves and accruals	20,049	17,380
Lease liabilities	6,193	4,724
Fixed assets	14,163	1,538
Identified intangible fixed assets	501
Others	2,172	1,744
Total deferred tax assets	256,166	92,541
Valuation allowance	(234,932)	(71,827)
Total deferred tax assets, net of valuation allowance	21,234	20,714
Deferred tax liabilities:
Intangible assets and accruals	(1,957)	(585)
Reserves and accruals	(17,101)	(20,891)
Right-of-use assets	(5,146)	(4,295)
Fixed asset	(1,584)	(1,581)
Other	(760)	(363)
Total deferred tax liabilities	(26,548)	(27,715)
Net deferred tax liabilities	$ (5,314)	$ (7,001)

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES

12 Months Ended

Dec. 31, 2024

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES

SunPower is a majority-owned subsidiary of TotalEnergies Solar and TotalEnergies Gaz, each a subsidiary of TotalEnergies SE. Prior to the Spin-off, we were partially owned by TotalEnergies SE through its ownership of SunPower.

In connection with the Spin-off, following the TZE Investment whereby TZE SG and an affiliate of TZE, purchased from Maxeon, for $298.0 million, 8,915,692 of Maxeon shares. TZE Investment, TotalEnergies Solar INTL SAS (“TotalEnergies Solar”), TotalEnergies Gaz Electricité Holdings France SAS, (“TotalEnergies Gaz”, with TotalEnergies Solar, each an affiliate of TotalEnergies SE and collectively “TotalEnergies”),as holders of record of SunPower’s ordinary shares, were issued Maxeon’s shares by way of pro rata distribution.

Following a series of transactions involving TZE and TotalEnergies since the Spin-off and with the closing of the Forward Purchase Agreement on August 30, 2024 whereby TZE SG acquired more than 50% ownership in the Company, TotalEnergies and its affiliates ceased to be a related party.

Transactions with SunPower

Sales to SunPower

During fiscal years 2024, 2023 and 2022, we had sales of $31.4 million, $206.0 million and $283.3 million to SunPower representing the sale of solar modules to SunPower. The pricing term is based on the supply agreement with SunPower. Sales to SunPower were recognized in line with our revenue recognition policy for sales to third-party customers, as discussed in Note 2. Summary of Significant Accounting Policies. As of December 31, 2023, accounts receivable due from SunPower related to these sales amounted to $0.6 million.

Agreements with SunPower

In connection with the Spin-off, we also entered into certain ancillary agreements that govern the relationships between SunPower and us following the Distribution, including: a tax matters agreement, employee matters agreement, transition services agreement, back to back agreement, brand framework agreement, cross license agreement, collaboration agreement, and supply agreement (collectively, the “Ancillary Agreements”).

In addition, under the Separation and Distribution Agreement with SunPower, SunPower has agreed to indemnify us for certain litigation and claims to which we are a party. The liabilities related to these claims and an offsetting receivable from SunPower are reflected on our Consolidated Balance Sheets. On August 5, 2024, SunPower Corporation (“SunPower”) filed a voluntary petition for bankruptcy under Chapter 11 of the US Bankruptcy Code, resulting in the rejection of the Separation and Distribution Agreement dated November 8, 2019, whereby SunPower had agreed to indemnify us for, including but not limited to, multiple litigations in which certain of our subsidiaries are parties, indemnification for tax disputes and certain warranty obligations for businesses that are not part of Maxeon's operations. In accordance with GAAP, we have booked a full provision for expected credit losses for such indemnified balances. See Note 6. Balance Sheet Components and Note 9. Commitments and Contingencies - Indemnifications.

On February 14, 2022, we entered into a supply agreement with SunPower (the “2022/2023 Supply Agreement”) which terminated and replaced the SunPower Supply Agreement entered in August 2020, pursuant to which the Company is supplying SunPower with modules based on our interdigitated back contact technology (“IBC Modules”) for use in residential installations in the Domestic Territory (as defined under “Item 3.D. Risk Factors.”). The 2022/2023 Supply Agreement provided for a minimum product volume and fixed pricing for 2022 and 2023 to reflect the prevailing market trends at the point of the 2022/2023 Supply Agreement, based on the power output (in watts) of the IBC Module. The 2022/2023 Supply Agreement, was amended on January 5, 2023 to increase minimum product volumes, update the pricing of IBC Modules for 2023 and extend exclusivity provisions that prohibit us from selling Maxeon 6 IBC Modules to anyone other than SunPower for use in the Domestic Territory until December 31, 2023. The pricing of our modules sold to SunPower was fixed for 2022 and 2023, based on the power output (in watts) of the IBC Module, but the pricing was updated to reflect current market trends. Additionally, either party could terminate undelivered volumes of Maxeon 6 IBC Modules during 2023 if the parties failed to reach an agreement adjusting pricing in the event of fluctuations in cost of polysilicon above a specified threshold. This was further amended on November 13, 2023, pursuant to the amendment, settlement and release agreement (the “SunPower Settlement Agreement”) entered into between the Company and SunPower, pursuant to which, amongst other matters, the parties agreed to certain amended product orders and deliveries under the 2022/2023 Supply Agreement, which product deliveries will take place in accordance with the volumes and schedule set out in the SunPower Settlement Agreement on a take-or-pay basis, at which time upon the performance of all related obligations thereunder, the 2022/2023 Supply Agreement shall also terminate. The Company was released (i) from the obligation to supply certain of its products exclusively to SunPower since March 31, 2024, and (ii) from the non-circumvention obligations under the 2022/2023 Supply Agreement since January 1, 2024. The 2022/2023 Supply Agreement ended on December 31, 2023.

The Company and SunPower also previously entered into the 2024/2025 Supply Agreement for supply of certain volumes of Maxeon 6 IBC Modules to SunPower for use in residential installations in the Domestic Territory. However, the 2024/2025 Supply Agreement was terminated pursuant to the terms of SunPower Settlement Agreement.

Apart from the termination of the 2022/2023 Supply Agreement and 2024/2025 Supply Agreement in accordance with the terms of the SunPower Settlement Agreement, we have agreed with SunPower on our obligation related to

certain warranty claims. On top of this, we have been released (i) from the obligation to supply certain of its products exclusively to SunPower since March 31, 2024, and (ii) from the non-circumvention obligations under the 2022/2023 Supply Agreement since January 1, 2024. The SunPower Settlement Agreement also contemplated the issuance of warrants to purchase shares of SunPower’s ordinary shares on January 1, 2024, which warrants will be exercisable in the period beginning 135 days from the warrant issuance date, through 2025, and the mutual release of claims arising from the SunPower Supply Agreements (each as defined under “Note 3. Transactions with SunPower and TotalEnergies.”), subject to the terms and conditions set forth in the SunPower Settlement Agreement. On August 5, 2024, SunPower filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The warrants were rejected as part of the bankruptcy proceedings but limited impact is expected as any shares to be issued on exercise of the warrants have nominal value in light of SunPower’s bankruptcy filing. While we do not know how SunPower’s bankruptcy filing will ultimately affect the other terms of the SunPower Settlement Agreement, Maxeon’s delivery obligations under the SunPower Settlement Agreement have been satisfied.

The below table summarizes our transactions with SunPower, up to August 30, 2024, which is the date that SunPower is no longer a related party, in relation to these agreements:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Charges from product collaboration agreement	$	—	$	1,861	$	17,035
Net credit from transition services agreement	—		(78)		(3,019)

We had the following balances related to transactions with SunPower as of December 31, 2023:


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	584
Other receivables from SunPower (Note 6)	3,448
Other receivables, non-current	6,220
Accounts payable	1,798
Accrued liabilities (Note 6)	2,198

Transactions with TotalEnergies


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	13,390
Other receivables, current	794
Accounts payable	232
Contract liabilities, current portion	218
Contract liabilities, net of current portion	—
Refund liabilities (Note 6)	18,229


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Revenue	$	2,289	$	99,694	$	76,216

Supply Agreements

In November 2016, SunPower and TotalEnergies entered into a 4-year, up to 200 megawatts (“MW”) supply agreement to support the solarization of certain TotalEnergies facilities (the “Solarization Agreement”). The agreement covers the supply of 150 MW of Maxeon 2 panels with an option to purchase up to another 50 MW of Performance line solar panels. In March 2017, SunPower received a prepayment totaling $88.5 million. The prepayment is secured by certain of Maxeon’s assets located in Mexico. The deliveries commenced since the second quarter of fiscal year 2017 with assignment and assumption agreement entered in August 2020 to assign all rights and obligation to Maxeon. In February 2021, TotalEnergies and the Company made certain amendments to extend the period of the agreement, product list, pricing, and terms for the repayment of remaining unused prepayment and the release of the assets pledge (the “Amendment to the Solarization Agreement”).

In March 2023, as a result of the Amendment to the Solarization Agreement, the parties have concluded on the total refund liability as $24.3 million, to be repaid in 12 equal installments from the first quarter of 2023 until the fourth quarter of 2025. The Company has paid three installments fiscal year 2023. As of December 31, 2023, $10.1 million and $8.1 million expected to be repaid to TotalEnergies is recognized in "Accrued liabilities" and “Other long-term liabilities” on our Consolidated Balance Sheets, respectively.

On May 30, 2024, the Company entered into a termination agreement of the Solarization Agreement, subject to issuance by the Company to TotalEnergies Tranche B Exchange Notes in an aggregate principal amount equal to approximately US$16.2 million. The Company shall be discharged and released in full of its obligation and liabilities of any kind under the Solarization Agreement and TotalEnergies shall fully, unconditionally and irrevocably release and discharge the security interest over Maxeon’s assets located in Mexico. Such notes were issued on July 5, 2024 which extinguish the refund liability obligation and the security charge over Maxeon’s assets located in Mexico has been fully release as of December 31, 2024.

In November 2021, the Company executed an order request from Danish Fields Solar LLC, a wholly-owned subsidiary of TotalEnergies SE, for the sale of Performance line modules that is governed by a framework agreement entered into between the Company and TotalEnergies Global Procurement on October 27, 2021. After granting security interests in certain assets located in Mexico, the Company received total prepayment of $57.1 million. In September 2023, the Company and Danish Fields Solar LLC entered into an Abatement and Amendment Agreement (the “Amendment and Abatement Agreement”) to amend certain terms to the order request, including the delivery schedule, utilization of the prepayment and abatement conditions for the liquidated damage claim by Danish Fields Solar LLC for the delay from the original schedule. The delivery of the modules was completed in the fourth quarter of fiscal year 2023, after the guaranteed delivery schedule pursuant to the Abatement and Amendment Agreement. The Company has incurred liquidated damage of $7.3 million for such delay which has been setoff against the receivable due from Danish Fields Solar LLC during fiscal year 2024 and the assets pledged in Mexico in relation to this contract has been released. The Company has assessed that the contract includes a significant financing component. Accordingly, the carrying amount for such prepayment is adjusted for the discount rate at the contract inception. The interest expense on significant financing component of $2.1 million for fiscal year 2023, has been recognized in “Interest expense” in the Consolidated Statements of Operation.

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”)

Agreements with TZE in Connection with the HSPV

In 2016 and 2017, SunPower entered into two joint ventures with TZE and other former partners, Huansheng Photovoltaic (Jiangsu) Co., Ltd (“HSPV”) , which is based in China and focused on sales of Performance line products within China, and SunPower Systems International Limited (“SPSI”), which is based in Hong Kong and focused on international sales. In September 2021, TZE made a capital injection of RMB270.0 million (equivalent to $41.6 million) to HSPVto facilitate the capacity expansion of HSPV. The Company did not make a proportionate injection based on its equity interest in HSPV which resulted in a dilution of the Company's equity ownership from 20.0% to 16.3%. As of December 31, 2023, we had an equity ownership of 16.3% in the joint venture and account

for the joint venture as an equity method investment. Please refer to Note 10 Equity Investments for transactions with the joint venture.

In February 2021, we and SPSI entered into an offshore master supply agreement with HSPV and Huansheng New Energy (Jiangsu) Co., Ltd. (“HSNE”), a joint venture of HSPV, (the “Offshore Master Supply Agreement”) pursuant to which we will purchase and HSPV and HSNE will supply us with Performance line products of which, the pricing subject to segmented pricing principles and most favored nation pricing favorable to us, with the specific price and volume to be determined in a quarterly volume commitment letter subject to approvals from our Board.

In February 2021, we and SPSI also entered into an amended and restated business activities framework agreement with HSPV, HSNE, and TZE (the “Amended and Restated Business Activities Framework Agreement”), which maintains our rights, but not the obligation, to take up to 33% of HSPV’s capacity for sale directly into global DG markets outside of China and power plant markets in the United States and Mexico regions, while also allowing HSPV and HSNE to sell directly into global power plant markets outside of China under their own brand if approved on a case-by-case basis by us or SPSI depending on which entity shares the market with HSPV or HSNE, subject to a royalty payment for our license. In connection with these agreements, we also entered into intellectual property license agreements with HSPV and HSNE.

In November 2021, we and SPSI entered into an amendment to the Amended and Restated Business Activities Framework Agreement (“BAFA Amendment”) and an amendment to the Offshore Master Supply Agreement (the “MSA Amendment”). The BAFA Amendment and the MSA Amendment are aimed at providing more predictability to transfer pricing applicable to Performance line modules.

Under the MSA Amendment, a pricing mechanism has been agreed to with HSPV and HSNE based on prices set forth in a specified index for the month of scheduled delivery of the relevant products. The parties further agreed to review the pricing mechanism the relevant products at specified intervals and augment such pricing mechanism upon mutual agreement.

The BAFA Amendment does not change the Company’s right to purchase up to 33% of HSPV’s and HSNE’s annual production capacity for the sale of Performance line modules directly into global distributed generation (“DG”) markets outside of China and utility-scale markets in the United States and Mexico regions, and SPSI’s right to take up to 33% of |HSPV’s and HSNE’s annual production capacity for the sale of Performance line modules into global utility-scale markets with the exception of China, the United States and Mexico.

In October 2022, we entered into a temporary agreement with Huansheng New Energy (Tianjin) Co., Ltd. (“HSTJ”) (the “Temporary HSTJ Agreement”), a company which HSPV and its local partner have invested in, which included HSTJ as a party to the existing arrangements under the BAFA Amendment and the MSA Amendment and enabled HSTJ to manufacture and sell Performance Line products. The Temporary HSTJ Agreement is valid for 6 months and may be extended for a further 3 months with the Company’s consent. In December 2023, we entered into an amendment to the Temporary HSTJ Agreement, extending the validity to March 31, 2024. The above agreements were terminated on April 26, 2024 in connection to the sale of the equity interest in HSPV and the Company entered into a new master supply agreement (the “2024 HSPV Master Supply Agreement”), pursuant to which the Company will purchaseand HSPV and HSNE will exclusively supply Maxeon with DG Products. The 2024 HSPV Master Supply Agreement provides that the pricing of DG Products will be subject to an indexedpricing mechanism, volumes are to be determined based on a rolling demand forecast and purchase orders issued periodically subject to approvals from our Board. The 2024 Master SupplyAgreement also provides for notice to be given to the Company before any DG Products are discontinued and includes terms relating to operational management, supply chain management,inspection, representations and warranties, and legal compliance. HSPV and HSNE other TZE subsidiaries may sell P-Series solar modules that are of a larger format than the DG Products..

During fiscal year 2024, we disposed our equity interest in HSPV to Zhonghuan Hong Kong Holding Limited, a subsidiary of TZE for a consideration of $24.0 million. Consequently, we recognized a gain on disposal of $24.1 million, including the recycling of other comprehensive income to profit or loss. At the same time, the Company also entered into a non-exclusive and non-transferable intellectual property license agreement with TZE

SG to enable HSPV and other subsidiaries of TZE, to develop, manufacture and sell large scale P-Series solar modules worldwide (other than in the United States) and to develop and manufacture rooftop size P-Series solar modules (“DG Products”) exclusively for Maxeon to sell worldwide, for an upfront license fee of $10 million (“New IP License Agreement”). Under the New IP License Agreement,the Company and TZE will jointly review licensing and enforcement of intellectual property relating to P-Series solar modules, other than enforcement of patents registered in the United States, and the Company will share a certain percentage of licensing fees and/or awards from any enforcement actions relating to P-Series solar modules outside of the United States with TZE.

Such gain was recorded within “Other, net” in our Consolidated Statements of Operations.

Financing transactions with TZE

Pursuant to a stock purchase agreement dated April 13, 2021 with TZE SG, a wholly owned subsidiary of TZE, the Company sold to TZE SG 18,700 ordinary shares at a price of $1,800.00 per share in the 2021 TZE Private Placement.

On August 17, 2022, the Company completed the sale of $207.0 million in aggregate principal amount of 7.50% first lien senior secured convertible notes due 2027 (the “Existing 1L Notes”) to TZE SG, an existing shareholder of the Company, at a purchase price equivalent to 97% of the principal amount of the Existing 1L Notes. On May 30, 2024, the Company together with TZE SG entered into an amendment to the terms of the Existing 1L Notes as part of the debt restructuring transactions. Please refer to Note 11 Debt and Credit Sources for the convertible notes.

On May 19, 2023,the Company completed the Company Offering, the TotalEnergies Offering, each at a price per share of $2,800.00.

Pursuant to a share purchase agreement, dated May 16, 2023, Maxeon and TZE SG entered into the 2023 TZE Private Placement.

On May 31, 2024, the Company completed the sale of $25 million in principal amount of the Existing 1L Notes to TZE SG pursuant to the terms of a convertible note purchase agreement dated May 30, 2024. In connection with such transaction, the Company and certain of its subsidiaries incorporated in Singapore, Hong Kong, Bermuda, the Cayman Islands and Switzerland concurrently entered into customary secured transaction relating to certain assets (including intellectual property) located or registered in the United States to secure their respective obligations with respect to the Existing 1L Notes.

On June 20, 2024, pursuant to the terms of a securities purchase agreement entered into between the Company

and TZE SG on May 30, 2024, the Company also completed the sale to TZE SG of $97.5 million in aggregate

principal amount of the Company’s 9.00% Convertible First Lien Senior Secured Notes due 2029 (the “New 1L

Notes”) at an aggregate purchase price of $97.5 million consisting of (x) $70.0 million in cash consideration paid by

the TZE SG, (y) $25.0 million in aggregate principal amount of Existing 1L Notes that were tendered by TZE SG in

exchange for $25.0 million principal amount of New 1L Notes and (z) $2.5 million that was paid by TZE SG to a

third-party consulting firm on behalf of the Company. In connection with the issuance of the New 1L Notes, the Company also issued to TZE SG a warrant (the “Investor Warrant”) for no additional consideration, granting TZE SG the right to purchase certain number of ordinary shares of the Company at $1 per share such that it maintains an ownership of 23.53% of the equity interest of the Company after giving effect of the conversion by the Exchange Notes noteholder or the exercise of of the Company’s option under the Optional Exchange. Such rights amounted to 1,345,663 ordinary shares that TZE SG can exercise. TZE SG has fully exercised such warrants which gave rise to the issuance of 1,345,663 ordinary shares with a proceed of $1.3 million.

Concurrently, on June 20, 2024, the Company entered into a supplemental indenture amending the Existing 1L

Notes in order to, among other things, (i) extend the maturity date of the Existing 1L Notes from August 17, 2027 to

August 17, 2029; (ii) amend the interest rate of the Existing 1L Notes from 7.50% per annum to (a) 8.50% per

annum, if the Company elects to pay the interest in cash and payment-in-kind interest or (b) 7.50% per annum, if the

Company elects to pay the interest solely in cash; (iii) change the per share conversion price to equal conversion

price of the New 1L Notes, subject to reset in the future in connection with the Forward Purchase; (iv) amend certain

covenants of the Existing 1L Notes to permit the incurrence of indebtedness under the New 1L Notes, the Exchange

Notes and certain additional senior secured indebtedness of the Company; (v) amend certain covenants of the

Existing 1L Notes to (a) permit the incurrence of a security interest to secure the New 1L Notes on a pari passu

basis, (b) to secure the Exchange Notes on a second lien basis, and (c) to secure certain senior indebtedness on a pari

passu basis or on a second lien basis, as the case may be; and (vi) add new provisions with respect to the entry of an

intercreditor agreement (the “Amended 1L Notes”). The Amended 1L Notes are 100% held by TZE SG.

In connection with the amendment to the Existing 1L Notes and the issuance of the New 1L Notes, the Company and TZE SG on June 20, 2024 entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company agreed to file, within 90 days of receipt of a demand from TZE SG, a shelf registration statement for the resale of all Registrable Securities (as defined in the agreement) issued to TZE SG pursuant to the foregoing transactions. Additionally, on June 20, 2024, the Company entered into a supplemental deed to the then-existing Shareholders Agreement with TotalEnergies Solar INTL SAS, TotalEnergies Gaz Electricite Holdings SAS and TZE SG, in order to, among other things, provide for the establishment of the Strategy and Transformation Committee of the Maxeon Board, consisting of one TZE designee and two designees of the Maxeon Board.

On August 30, 2024, the Company issued and sold 82,919 ordinary shares to TZE at a purchase price of

$1,206.00 per share for an aggregate purchase price of approximately $100 million pursuant to the terms of the

Forward Purchase Agreement entered on June 14, 2024 by and between the Company and TZE SG.

As of August 30, 2024, after giving effect to the foregoing transactions, TZE owned approximately 69.3% of the voting power of the Company.

Silicon Wafer Master Supply Agreement

On November 16, 2021, we entered into a silicon wafer master supply agreement with TZE HK, a subsidiary of TZE for the purchase of P-Type G12 wafers which are intended to be incorporated into the Company’s Performance line modules planned for manufacture in Malaysia and Mexico and sale into the United States. The Company expects TZE HK to be its primary wafer supplier for Performance line modules and deliveries commenced in 2022. Deposit arrangements, payment terms and pricing mechanisms will be agreed to with TZE HK for the Company to reserve specified volumes in advance. The master supply agreement also sets out a general framework and customary operational and legal terms which govern the purchases of silicon wafer from TZE by the Company and its subsidiaries, including engineering changes, supply chain management, inspection, representations and warranties and legal compliance. In March 2022, we entered into an addendum to the master supply agreement, pursuant to which TZE HK will supply the Company with wafers to meet the Company’s volume requirements for calendar year 2023. In December 2023, we entered into an addendum to the master supply agreement for the Company’s volume requirement for calendar year 2024 at specified pricing.

The following related party balances and amounts summarizes transactions entered into with TZE and its affiliates, excluding transactions with HSPV:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deposit from TZE for sale of entities (Note 6)	$	40,000	$	—
Convertible notes (Note 11)	306,958		207,000


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Payments for purchases of silicon wafer	$	—	$	121,770	$	87,228
Contractual interest expense on Existing 1L Notes	16,025		15,525		5,822
Contractual interest expense on New 1L Notes	3,169		—		$	—
Sale of equity interest in joint venture	24,083		—		—
Sale of intellectual property	10,000		—		—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BALANCE SHEET COMPONENTS - Property Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 330,637	$ 493,739
Less: accumulated depreciation and impairment	(257,779)	(213,714)
Property, plant and equipment, net	72,858	280,025
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	135,849	185,536
Land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	130,075	148,808
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,133	85,536
Solar power systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	724	1,318
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	42,943	49,220
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	720	1,321
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,193	$ 22,000

DERIVATIVE FINANCIAL INSTRUMENTS - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative financial instruments (Note 12)	$ 697	$ 313
Derivative financial instruments (Note 12)	3	2,456
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative financial instruments (Note 12)	697	313
Derivative financial instruments (Note 12)	$ 3	$ 2,440
Foreign currency forward exchange contracts \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Derivative financial instruments (Note 12)	$ 697	$ 313
Derivative financial instruments (Note 12)	$ 3	$ 0
Foreign currency forward exchange contracts \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Derivative financial instruments (Note 12)	$ 0	$ 2,440

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Plan

The following table summarizes the period-to-date restructuring charges by plan recognized in our Consolidated Statements of Operations:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
May 2021 Restructuring Plan:
Severance and benefits	—		129		(475)
(Gain from) cost of disposal and retirement of property, plant and equipment	—		(1,880)		60
Total May 2021 Restructuring Plan	—		(1,751)		(415)
June 2022 Restructuring Plan:
Severance and benefits	—		(348)		1,981
Cost of disposal and retirement of property, plant and equipment	—		457		599
Others	(24)
Total June 2022 Restructuring Plan	(24)		109		2,580
September 2023 Restructuring Plan:	\
Inventory impairments and other inventory related costs(1)	2,573		24,278		—
Severance and benefits	5,320		12,745		—
Impairment and cost of disposal and retirement of long-lived assets, including right of use assets	3,548		74,480		—
Contract termination costs for capital expenditure	(8,973)		39,051		—
Other costs	272		817		—
Total September 2023 Restructuring Plan	2,740		151,371		—
September 2024 Restructuring Plan:
Inventory impairments and other inventory related costs(1)	2,347
Severance and benefits	14,606
Impairment and cost of disposal and retirement of long-lived assets, including right of use assets	99,866
Contract termination costs for capital expenditure	1,510
Other costs	29
Total Sep 2024 Restructuring Plan	118,358		—
Other Restructuring:
Severance and benefits	—		—		—
Cost of disposal and retirement of property, plant and equipment	—		—		(47)
Other costs	—		—		—
Total Other Restructurings	—		—		(47)
Total restructuring charges	$	121,074	$	149,729	$	2,118

(1) Included in Cost of revenue.

Schedule of Restructuring Reserve

The following table summarizes the restructuring reserve movements during fiscal year 2024:



(In thousands)	December 31, 2023		(Credits) Charges		Settlement		Reclassified to liabilities held for sale		December 31, 2024





June 2022 Restructuring Plan:
Severance and benefits	62		(24)		(38)		—		—


Total June 2022 Restructuring Plan	62		(24)		(38)		—		—
September 2023 Restructuring Plan:
Inventory impairments and other inventory related costs	3,725		2,573		(6,298)		—		—
Severance and benefits	3,051		5,320		(5,568)		(379)		2,424
Impairment and cost of disposal and retirement of property, plant and equipment and Right of use Assets	—		3,548		(3,522)		—		26
Contract termination costs	18,087		(8,973)		(9,024)		(85)		5
Other costs	504		272		(776)		—		—
Total September 2023 Restructuring Plan	25,367		2,740		(25,188)		(464)		2,455





September 2024 Restructuring Plan:
Inventory impairments and other inventory related costs	—		2,347		(2,011)		—		336
Severance and benefits	—		14,606		(13,820)				786
Impairment and cost of disposal and retirement of property, plant and equipment and Right of use Assets	—		99,866		(99,866)		—		—
Contract termination costs	—		1,510		(630)		—		880
Other costs	—		29		(29)		—		—
Total September 2024 Restructuring Plan	—		118,358		(116,357)		—		2,001
Total Restructuring Charges	$	25,429	$	121,074	$	(141,583)	$	(464)	$	4,456

BALANCES CLASSIFIED AS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	As of
(In thousands)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	9,556	$	—
Restricted cash and cash equivalents	687
Accounts receivable, net	7,508		—
Inventories, net	57,306		—
Prepaid expenses and other current assets	15,705		—
Property, plant and equipment, net	67,812		466
Operating lease right of use assets	323		—
Intangible assets, net	14		—
Other long-term assets	13,358		—
Total assets classified as held for sale	$	172,269	$	466

Accounts payable	$	56,755	$	—
Accrued liabilities	26,623		—
Contract liabilities, current portion	1,823		—
Short-term debt	1,685		—
Operating lease liabilities	317		—
Deferred tax liabilities	1,116		—
Other long-term liabilities	17,049		—
Total liabilities classified as held for sale	$	105,368	$	—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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+ Details

EQUITY INVESTMENTS - Schedule of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 0	$ 0
Equity investments without readily determinable fair value	4,000	4,000
Total equity investments	$ 4,000	$ 4,000

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	5,000	16,000	9,000
Green Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	0	110,000	110,000
Exchange Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	2,744,000	0	0
Exchange warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	6,558,000	0	0
Existing 1L Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	13,026,000	89,000	89,000
New 1L Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	6,063,000	0	0
Prepaid forward
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share (number of shares)	25,000	25,000	25,000

COMMITMENTS AND CONTINGENCIES - Lessee Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease payments for facilities under operating leases	$ 53,681	$ 29,100
Operating lease term	3 years 6 months	3 years 10 months 24 days
Operating lease, extension term of contract	10 years
Total	$ 1,194	$ 1,600
Finance lease term	2 years 4 months 24 days	3 years 4 months 24 days
Current finance lease liability	$ 500
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt, Short-term debt	Long-term debt, Short-term debt
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Short-term debt
Non-current finance lease liability	$ 700
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt

BALANCES CLASSIFIED AS HELD FOR SALE - Schedule of assets and liabilities classified as held for sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents	$ 9,556	$ 0
Restricted cash and cash equivalents	687
Accounts receivable, net	7,508	0
Inventories, net	57,306	0
Prepaid expenses and other current assets	15,705	0
Property, plant and equipment, net	67,812	466
Operating lease right of use assets	323	0
Intangible assets, net	14	0
Other long-term assets	13,358	0
Total assets classified as held for sale	172,269	466
Accounts payable	56,755	0
Accrued liabilities	26,623	0
Contract liabilities, current portion	1,823	0
Short-term debt	1,685	0
Operating lease liabilities	317	0
Deferred tax liabilities	1,116	0
Other long-term liabilities	17,049	0
Liabilities classified as held for sale	$ 105,368	$ 0

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (614,574)	$ (275,711)	$ (267,146)
Components of other comprehensive (loss) income, net of taxes
Currency translation adjustment	(5,302)	2,245	(2,954)
Net change in derivatives (Note 12)	1,441	4,077	(8,207)
Net (loss) gain on long-term pension liability adjustment	(253)	(592)	897
Total other comprehensive (loss) income	(4,114)	5,730	(10,264)
Total comprehensive loss	(618,688)	(269,981)	(277,410)
Comprehensive loss (income) attributable to noncontrolling interests	274	(118)	(278)
Comprehensive loss attributable to stockholders	$ (618,414)	$ (270,099)	$ (277,688)

RESTRUCTURING

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

Maxeon’s Restructuring Plans

May 2021 Restructuring Plan

In fiscal year 2021, the Company adopted a restructuring plan to reduce costs and focus on improving cash flow, primarily related to the closure of a France-based manufacturing facility in Toulouse. There was less than 40 employees affected in connection with this restructuring plan. This represents a mixture of manufacturing and non-manufacturing employees. The restructuring activities was substantially completed in fiscal year 2022. The activities in fiscal year 2023 pertains to the sale of the manufacturing facility and settlement of employment benefits provided to affected employees in accordance to local statutory requirements.

June 2022 Restructuring Plan

In fiscal year 2022, the Company adopted a restructuring plan to reduce costs and focus on improving cash flow, primarily related to the closure of our module factory in Porcelette, France. There were less than 30 employees affected by this restructuring plan, representing a mixture of manufacturing and non-manufacturing employees. The restructuring activities was completed in fiscal year 2023 and the module factory was also sold in the same year. The remaining activities in fiscal year 2024 relates to the settlement of employment benefits provided to affected employees in accordance to local statutory requirements.

September 2023 Restructuring Plan

In fiscal year 2023, the Company has adopted a restructuring plan to rebalance our global operations to create efficiencies, improving cash flows and improve our product execution in alignment with our strategy. Restructuring charges are primarily comprised of impairment, cost of disposal and retirement of long-lived assets, including right of use assets, contract termination cost for capital expenditure and severance and benefits. The restructuring activities for the September 2023 Restructuring Plan are expected to be completed by fiscal year 2024.

September 2024 Restructuring Plan

In fiscal year 2024, the Company has adopted a restructuring plan to rebalance our global operations to create efficiencies, improving cash flows and improve our product execution, primarily related to the evaluation of a permanent shutdowns of our operations in Malaysia and Mexicali for the Performance line facility. Restructuring charges are primarily comprised of impairment, cost of disposal and retirement of long-lived assets, including right of use assets, contract termination cost for capital expenditure and severance and benefits. The restructuring activities for the September 2024 Restructuring Plan are expected to be completed by fiscal year 2025.

The following table summarizes the period-to-date restructuring charges by plan recognized in our Consolidated Statements of Operations:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
May 2021 Restructuring Plan:
Severance and benefits	—		129		(475)
(Gain from) cost of disposal and retirement of property, plant and equipment	—		(1,880)		60
Total May 2021 Restructuring Plan	—		(1,751)		(415)
June 2022 Restructuring Plan:
Severance and benefits	—		(348)		1,981
Cost of disposal and retirement of property, plant and equipment	—		457		599
Others	(24)
Total June 2022 Restructuring Plan	(24)		109		2,580
September 2023 Restructuring Plan:	\
Inventory impairments and other inventory related costs(1)	2,573		24,278		—
Severance and benefits	5,320		12,745		—
Impairment and cost of disposal and retirement of long-lived assets, including right of use assets	3,548		74,480		—
Contract termination costs for capital expenditure	(8,973)		39,051		—
Other costs	272		817		—
Total September 2023 Restructuring Plan	2,740		151,371		—
September 2024 Restructuring Plan:
Inventory impairments and other inventory related costs(1)	2,347
Severance and benefits	14,606
Impairment and cost of disposal and retirement of long-lived assets, including right of use assets	99,866
Contract termination costs for capital expenditure	1,510
Other costs	29
Total Sep 2024 Restructuring Plan	118,358		—
Other Restructuring:
Severance and benefits	—		—		—
Cost of disposal and retirement of property, plant and equipment	—		—		(47)
Other costs	—		—		—
Total Other Restructurings	—		—		(47)
Total restructuring charges	$	121,074	$	149,729	$	2,118

(1) Included in Cost of revenue.

The following table summarizes the restructuring reserve movements during fiscal year 2024:



(In thousands)	December 31, 2023		(Credits) Charges		Settlement		Reclassified to liabilities held for sale		December 31, 2024





June 2022 Restructuring Plan:
Severance and benefits	62		(24)		(38)		—		—


Total June 2022 Restructuring Plan	62		(24)		(38)		—		—
September 2023 Restructuring Plan:
Inventory impairments and other inventory related costs	3,725		2,573		(6,298)		—		—
Severance and benefits	3,051		5,320		(5,568)		(379)		2,424
Impairment and cost of disposal and retirement of property, plant and equipment and Right of use Assets	—		3,548		(3,522)		—		26
Contract termination costs	18,087		(8,973)		(9,024)		(85)		5
Other costs	504		272		(776)		—		—
Total September 2023 Restructuring Plan	25,367		2,740		(25,188)		(464)		2,455





September 2024 Restructuring Plan:
Inventory impairments and other inventory related costs	—		2,347		(2,011)		—		336
Severance and benefits	—		14,606		(13,820)				786
Impairment and cost of disposal and retirement of property, plant and equipment and Right of use Assets	—		99,866		(99,866)		—		—
Contract termination costs	—		1,510		(630)		—		880
Other costs	—		29		(29)		—		—
Total September 2024 Restructuring Plan	—		118,358		(116,357)		—		2,001
Total Restructuring Charges	$	25,429	$	121,074	$	(141,583)	$	(464)	$	4,456

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor firm ID	1247
Auditor name	Ernst & Young LLP
Auditor location	Singapore

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

BALANCE SHEET COMPONENTS - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 4,767	$ 37,063
Work-in-process	5,375	80,219
Finished goods	30,078	191,666
Inventories, net	$ 40,220	$ 308,948

DEBT AND CREDIT SOURCES - Physical Delivery Forward (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Sep. 29, 2020	Sep. 09, 2020	Aug. 26, 2020	Jul. 17, 2020	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Subsidiary or Equity Method Investee [Line Items]
Consideration received on transaction			$ 298,000
Number of shares issued in transaction (in shares)			89,157
Remeasurement gain					$ (16,117)	$ (18,363)	$ 2,411
Own-Share Lending Arrangement
Subsidiary or Equity Method Investee [Line Items]
Maximum amount allowed under physical delivery forward				$ 60,000
Physical Delivery Forward
Subsidiary or Equity Method Investee [Line Items]
Maximum amount allowed under physical delivery forward	$ 60,000	$ 60,000
Consecutive trading days		15 days
Consideration received on transaction	$ 58,500
Number of shares issued in transaction (in shares)	38,000.0
Price per share (USD per share)	$ 1,539.84
Carrying amount	$ 64,100
Remeasurement gain	$ 8,500

COMMITMENTS AND CONTINGENCIES - Letters of Credit and Bank Guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations, maximum exposure	$ 1.4
Cash collateral for borrowed securities	$ 2.1
Minimum
Guarantor Obligations [Line Items]
Guarantees term	11 months
Maximum
Guarantor Obligations [Line Items]
Guarantees term	44 months

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense by line item in the Consolidated Statements of Operations:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Cost of revenue	$	2,474	$	989	$	1,535
Research and development	2,658		3,279		1,513
Sales, general and administrative	23,568		14,058		11,532
Total stock-based compensation expense	$	28,700	$	18,326	$	14,580

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the non-vested restricted stock units' activities under the 2020 Plan:


	Restricted Stock Units		Performance Stock Units
(In thousands)	Shares		Shares
Outstanding as of December 31, 2023	$	27	$	15
Granted	$	58	$	1
Vested	$	(33)	$	—
Forfeited	$	(6)	$	(12)
Outstanding as of December 31, 2024	46		4

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative effect, period of adoption, adjustment	Common Stock	Additional paid-in Capital	Additional paid-in Capital Cumulative effect, period of adoption, adjustment	Accumulated Deficit	Accumulated Deficit Cumulative effect, period of adoption, adjustment	Accumulated Other Comprehensive Loss	Equity Attributable to the Company	Equity Attributable to the Company Cumulative effect, period of adoption, adjustment	Noncontrolling Interests
Shares beginning balance (in shares) at Jan. 02, 2022			442,000
Balances, beginning balance at Jan. 02, 2022	$ 354,875	$ (42,066)	$ 0	$ 624,261	$ (52,188)	$ (262,961)	$ 10,122	$ (11,844)	$ 349,456	$ (42,066)	$ 5,419
Net (loss) income	(267,146)					(267,424)			(267,424)		278
Issuance of common stock for stock-based compensation, net of tax withheld (in shares)			8,000
Issuance of ordinary shares for stock-based compensation, net of tax withheld	(257)			(257)					(257)
Distribution to non-controlling interests	(64)										(64)
Recognition of stock-based compensation	12,992			12,992					12,992
Other comprehensive income (loss)	(10,264)							(10,264)	(10,264)
Net loss attributable to stockholders	(267,424)
Shares ending balance (in shares) at Jan. 01, 2023			450,000
Balances, ending balance at Jan. 01, 2023	48,070		$ 0	584,808		(520,263)		(22,108)	42,437		5,633
Net (loss) income	(275,711)					(275,829)			(275,829)		118
Issuance of common stock, net of issuance cost (in shares)			82,000
Issuance of ordinary shares, net of issuance cost	204,480			204,480					204,480
Issuance of common stock for stock-based compensation (in shares)			7,000
Issuance of ordinary shares for stock-based compensation	0
Recognition of stock-based compensation	22,073			22,073					22,073
Other comprehensive income (loss)	5,730							5,730	5,730
Net loss attributable to stockholders	$ (275,829)
Shares ending balance (in shares) at Dec. 31, 2023	539,591		539,000
Balances, ending balance at Dec. 31, 2023	$ 4,642		$ 0	811,361		(796,092)		(16,378)	(1,109)		5,751
Net (loss) income	(614,574)					(614,300)			(614,300)		(274)
Issuance of common stock, net of issuance cost (in shares)			8,292,000
Issuance of ordinary shares, net of issuance cost	95,101			95,101					95,101
Issuance of common stock for settlement of obligation (in shares)			199,000
Issuance of ordinary shares for settlement of obligation	6,969			6,969					6,969
Issuance of common stock for stock-based compensation (in shares)			30,000
Issuance of ordinary shares for stock-based compensation	0
Issuance of common stock through exercise of warrants (in shares)			1,346,000
Issuance of ordinary shares through exercise of warrants	28,162			28,162					28,162
Reclassification of warrants from liability to equity	47,384			47,384					47,384
Conversion of convertible debts to equity (in shares)			6,305,000
Conversion of convertible debts to equity	119,321			119,321					119,321
Recognition of stock-based compensation	28,744			28,744					28,744
Other comprehensive income (loss)	(4,114)							(4,114)	(4,114)
Net loss attributable to stockholders	$ (614,300)
Shares ending balance (in shares) at Dec. 31, 2024	539,591		16,711,000
Balances, ending balance at Dec. 31, 2024	$ (288,365)		$ 0	$ 1,137,042		$ (1,410,392)		$ (20,492)	$ (293,842)		$ 5,477

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Jan. 01, 2023

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue from contracts with customers

^[1]

$ 509,048

$ 1,123,110

$ 1,060,113

Revenues from related parties

31,400

206,000

283,300

United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue from contracts with customers

320,626

645,112

427,111

Italy

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue from contracts with customers

60,943

139,506

126,195

Rest of world

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue from contracts with customers

$ 127,479

$ 338,492

$ 506,807

[1]

ACQUISITION OF CERTAIN ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarize the allocation of fair value of assets acquired.


	As of
	December 31, 2023
Customers relationship(1)	$	2,600
Trademarks(2)	510
Total identifiable net assets	3,110

Goodwill	7,879
	$	10,989

(1) Customer relationships represents the fair value of customer loyalty determined based on existing relationships using the income approach, specifically the multi-period excess earnings method.

(2)Trademarks represents the fair value of benefits associated with the brand and is determined based on the income approach using relief from royalty method.

COMMITMENTS AND CONTINGENCIES - Defined Benefit Pension Plans (Details) $ in Thousands		12 Months Ended
	Aug. 26, 2020	Dec. 31, 2024 USD ($) yr	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)
Other Commitments [Line Items]
Percentage of ownership before transaction	29.50%
Long-term pension liability		$ 0	$ 1,960
Net gain (loss) on long-term pension liability adjustment		$ 253	$ 592	$ (897)
Qualification age defined benefit plan, maximum \| yr		60
Disposed of by sale \| Non-US subsidiaries
Other Commitments [Line Items]
Percentage of ownership before transaction		100.00%

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts Receivable, Net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts receivable, gross(1)	$	4,269	$	63,517
Less: allowance for credit losses	—		(566)
Less: allowance for sales returns	—		(264)
Accounts receivable, net	$	4,269	$	62,687

(1)The Company maintains factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe and the United States. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our Consolidated Balance Sheets. The Company maintains the role as a collection agent for the factor agencies and as of December 31, 2024 and December 31, 2023, the cash held in escrow for the collection of such funds that has not been collected by the factor agencies is $0.1 million and $0.5 million, respectively.

Schedule of Allowance For Credit Losses And Sales Returns


(In thousands)	Balance at Beginning of Period		Charges to Expense		Deductions		Reclassified to assets held for sale		Balance at End of Period
Allowance for credit losses
Year ended December 31, 2024	$	566	$	139	$	(421)	$	(284)	$	—
Year ended December 31, 2023	807		(170)		(71)		—		566

Allowance for sales returns
Year ended December 31, 2024	$	264	$	(219)	$	—	$	(45)	$	—
Year ended December 31, 2023	110		154		—		—		264

Schedule of Inventory, Current

Inventories, net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Raw materials	$	4,767	$	37,063
Work-in-process	5,375		80,219
Finished goods	30,078		191,666
Inventories, net	$	40,220	$	308,948

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Prepaid Expenses and Other Current Assets


	As of
(In thousands)	December 31, 2024		December 31, 2023
VAT receivables, current portion	$	7,105	$	10,218
Tax receivables	22		1,580
Prepaid Forward (Note 11)	181		—
Other receivables from SunPower (Note 3)	—		3,448
Other receivables	1,167		14,278
Deferred issuance cost	—		1,528
Restricted cash	2,018		5,242
Prepaid expenses	7,688		18,055
Derivative financial instruments (Note 12)	697		313
Other prepaid expenses and other current assets	1,485		684
Prepaid expenses and other current assets	$	20,363	$	55,346

Schedule of Finite-Lived Intangible Assets

Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the intangible assets as follows:


			Useful Lives in Years
Patents			12
Trademarks			2 to 7
Customers relationship			4
Purchased technology			1 to 7

Intangible Assets, Net


(In thousands)	Gross		Accumulated Amortization		Net
As of December 31, 2024
Trademarks and purchased technology	$	2,219	$	(1,696)	$	523

As of December 31, 2023
Customer relationship	2,600		—		2,600
Trademarks and purchased technology	2,961		(2,209)		752
Total	$	5,561	$	(2,209)	$	3,352

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2024, the estimated future amortization expense related to definite-lived intangible assets is as follows:


(In thousands)
Fiscal Year
2024	$	156
2025	89
2026	80
2027	80
2028	79
Thereafter	39
Total future amortization expense	$	523

Schedule of Goodwill

The following table presents the changes in the carrying amount of goodwill of the Company through December 31, 2024.


	As of
(In thousands)	December 31, 2024		December 31, 2023
Balance at beginning of year	$	7,879	$	—
Acquisition from SolarCA LLC	—		7,879
Impairment	(7,879)		—
Balance at end of year	$	—	$	7,879

Property, Plant and Equipment


			Useful Lives in Years
Buildings			20
Leasehold improvements			1 to 20
Manufacturing equipment			7 to 10
Computer equipment			3 to 7
Solar power systems			30
Furniture and fixtures			3 to 5

Property, Plant and Equipment, Net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Manufacturing equipment	$	135,849	$	185,536
Land and buildings	130,075		148,808
Leasehold improvements	13,133		85,536
Solar power systems	724		1,318
Computer equipment	42,943		49,220
Furniture and fixtures	720		1,321
Construction-in-process	7,193		22,000
Property, plant and equipment, gross	330,637		493,739
Less: accumulated depreciation and impairment	(257,779)		(213,714)
Property, plant and equipment, net	$	72,858	$	280,025

Schedule of Other Assets

Other Long-term Assets


	As of
(In thousands)	December 31, 2024		December 31, 2023
Equity investments without readily determinable fair value (Note 10)	$	4,000	$	4,000
Equity method investments (Note 10)	—		—
Prepaid Forward (Note 11)	—		16,298
Prepayment for capital expenditure	1,449		35,150
Restricted cash	95		100
Land rights	—		4,728
Receivables from SunPower, less current portion (Note 3)	—		6,220
Security deposits	3,380		2,414
Other long-term assets	$	8,924	$	68,910

Schedule of Accrued Liabilities

Accrued Liabilities


	As of
(In thousands)	December 31, 2024		December 31, 2023
Employee compensation and employee benefits	$	10,981	$	23,165
Short-term warranty reserves	1,239		3,333
Restructuring reserve (Note 8)	4,456		25,429
Accrued interest payable	6,229		12,151
Other payables to SunPower (Note 3)	—		2,198
VAT payables	55		3,108
Derivative financial instruments (Note 12)	3		2,456
Legal accruals	18,347		8,489
Taxes payable	1,548		4,572
Payable to factor agencies	—		504
Refund liabilities to TotalEnergies, current portion (Note 3)	—		10,127
Deposit from TZE for sale of entities (Note 4)	40,000		—
Short-term security deposit payable	—		1,990
Liquidated damage provision(1)	773		8,361
Provision for loss on firm purchase commitment	—		2,644
Other	3,093		4,929
Accrued liabilities	$	86,724	$	113,456

(1)Amount relates to estimated exposure arising from delays of delivery of modules under the terms and conditions for some of our supply contracts.

Other Noncurrent Liabilities

Other Long-term Liabilities


	As of
(In thousands)	December 31, 2024		December 31, 2023
Long-term warranty reserves	$	3,913	$	22,178
Unrecognized tax benefits	11,561		5,451
Long-term security deposit payable	4		91
Long-term pension liability	—		1,960
Refund liabilities to TotalEnergies, net of current portion (Note 3)	—		8,102
Other	73		712
Other long-term liabilities	$	15,551	$	38,494

(1)Included in the warranty reserve was the long-term system warranty reserve of $4.5 million as of December 31, 2023, relating to SunPower’s business which was previously indemnified by SunPower under the Separation and Distribution Agreement and accordingly, the Company has recorded the corresponding receivables under “Other long-term assets” on the Consolidated Balance Sheets. As a result of the filing of Chapter 11 by SunPower in August 2024, the Company has made a full provision of such receivables due to the uncertainty surrounding the collection of such balances. Th associated warranty obligation is recognized in the books of the entities that the Company has divested on March 31, 2025 for its “rest-of-the-world” distributed generation business through the sale of 100% of the equity interests in certain direct and non-direct non-U.S. subsidiaries of the Company to TZE, accompanied by the sale to TZE of certain assets relating to such business. Accordingly, this has been reclassified to “Liabilities classified as held for sale” on the Consolidated Balance Sheets. Please refer to Note 19. Balances classified as held for sale and Note 20. Subsequent events for further information

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss


	As of
(In thousands)	December 31, 2024		December 31, 2023
Cumulative translation adjustment	$	(24,752)	$	(19,450)
Unrecognized gain on long-term pension liability adjustment	4,260		4,513
Net unrealized loss on derivative instruments	—		(1,441)
Accumulated other comprehensive loss	$	(20,492)	$	(16,378)

COMMITMENTS AND CONTINGENCIES - Lessee Quantitative Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 7,671	$ 5,236
Cash paid for amounts included in the measurement of lease liabilities
Cash paid for operating leases	9,174	5,941
Right-of-use assets obtained in exchange for lease obligations	$ 20,107	$ 10,929	$ 5,639
Weighted-average remaining lease term (in years) – operating leases	4 years 3 months 18 days	3 years 10 months 24 days
Weighted-average discount rate – operating leases	15.90%	6.50%

INCOME TAXES - Components of Current and Deferred Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
(Loss) income before income taxes and equity in losses of unconsolidated investees
Domestic	$ 479,612	$ (384,890)	$ (307,284)
Foreign	(1,076,234)	111,364	81,401
Loss before income taxes and equity in losses of unconsolidated investees	(596,622)	(273,526)	(225,883)
Current tax (expense) benefits
Domestic	(607)	(463)	134
Foreign	(17,700)	3,525	(23,727)
Current income tax (expense) benefit	(18,307)	3,062	(23,593)
Deferred tax benefit
Domestic	0	16	0
Foreign	355	(2,452)	(8,598)
Deferred income tax (expense) benefit	355	(2,436)	(8,598)
(Provision for) benefits from income taxes	$ (17,952)	$ 626	$ (32,191)

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 26, 2020	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Derivative [Line Items]
(Loss) gain on derivatives		$ (500)	$ (2,900)	$ (1,500)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other, net	Other, net	Other, net
Cumulative gain (loss) related to cash flow hedges		$ 0	$ (1,400)
Cash flow hedge, gain (loss), before reclassification after tax		1,700	(5,100)
Cash flow hedge, gain (loss), reclassification after tax		300	(9,200)
Net change in derivatives (Note 12)		$ 1,441	4,077	$ (8,207)
Percentage of ownership before transaction	29.50%
Disposed of by sale \| Non-US subsidiaries
Derivative [Line Items]
Percentage of ownership before transaction		100.00%
Foreign currency forward option contracts \| Designated as hedging instrument \| Hedging instrument for revenue
Derivative [Line Items]
Notional value		$ 0	$ 111,800
Maturity term or less			10 months
Foreign currency forward exchange contracts \| Not designated as hedging instrument
Derivative [Line Items]
Notional value		$ 12,000	$ 26,300
Maturity term or less		9 months

ACQUISITION OF CERTAIN ASSETS

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION OF CERTAIN ASSETS

On October 6, 2023, the Company paid the purchase price consideration of $11.0 million through the issuance of 1,100,000 ordinary shares, no par value, to SolarCA, a directly owned subsidiary of CSLR pursuant to the September 19, 2023 Purchase Agreement with SolarCA and CSLR with respect to the certain assets. Consequently, SolarCA held 2.08% of the outstanding shares of the Company as of acquisition date. The financial results of SolarCA LLC prior to the acquisition date are not material to the consolidated financial results of the Company.

The Company has determined that the acquisition constitutes a business acquisition as defined by ASC 805, Business Combinations. Accordingly, the assets acquired were recorded at their acquisition date estimated fair value, while the transaction costs associated with the acquisition were expensed as incurred pursuant to the purchase method of accounting in accordance with ASC 805.

The Company’s purchase price allocation was based on an evaluation of the appropriate fair values by an independent appraiser. Fair values were determined based on the requirements of ASC 820, Fair Measurements.

Acquired assets with finite lives will be amortized using the straight-line method of the respective lives of each assets and goodwill will be tested for impairment at least annually (Note 6. Balance Sheet Components - Goodwill). The following table summarize the allocation of fair value of assets acquired.


	As of
	December 31, 2023
Customers relationship(1)	$	2,600
Trademarks(2)	510
Total identifiable net assets	3,110

Goodwill	7,879
	$	10,989

(1) Customer relationships represents the fair value of customer loyalty determined based on existing relationships using the income approach, specifically the multi-period excess earnings method.

(2)Trademarks represents the fair value of benefits associated with the brand and is determined based on the income approach using relief from royalty method.

DEBT AND CREDIT SOURCES - New 1L Notes (Details)
$ / shares in Units, share in Millions

1 Months Ended

12 Months Ended

Jun. 20, 2024

USD ($)

$ / shares

Aug. 17, 2022

USD ($)

$ / shares

Jul. 17, 2020

Apr. 30, 2021

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Jan. 01, 2023

USD ($)

Aug. 30, 2024

$ / shares

May 31, 2024

USD ($)

Debt Instrument [Line Items]

Threshold trading days | d

Net proceeds from issuance of ordinary shares

$ 169,700,000

$ 96,446,000

$ 193,491,000

$ 0

Remeasurement loss on warrants

4,966,000

$ 0

Convertible debt

^[1]

273,766,000

385,558,000

Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)

Debt Instrument [Line Items]

Issuance of common stock through exercise of warrants (in shares) | shares

1,345,663

Maxeon | Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)

Debt Instrument [Line Items]

Percentage of ownership after transaction

23.53%

Convertible debt

Debt Instrument [Line Items]

Convertible notes

306,958,000

207,000,000

Assets pledged as collateral

351,100,000

New 1L Notes and Investor Warrants | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 97,500,000

Existing 1L Notes

Debt Instrument [Line Items]

Convertible debt

166,200,000

190,900,000

Existing 1L Notes | Level 3

Debt Instrument [Line Items]

Convertible debt, fair value

136,600,000

Existing 1L Notes | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 207,000,000.0

209,500,000

207,000,000.0

$ 25,000,000

Interest rate percentage

7.50%

Interest percentage, interest paid in cash

0.0750

0.035

Interest percentage, interest paid in cash and in-kind

0.0850

0.040

Conversion price (USD per share) | $ / shares

$ 23.13

Unamortized debt issuance cost

43,300,000

16,100,000

If-converted value (below) in excess of principal

(111,200,000)

(142,800,000)

New 1L Notes

Debt Instrument [Line Items]

Convertible debt

68,700,000

New 1L Notes | Level 3

Debt Instrument [Line Items]

Convertible debt, fair value

65,500,000

New 1L Notes | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 72,000,000

$ 97,500,000

Interest rate percentage

9.00%

Interest percentage, interest paid in cash

0.060

Interest percentage, interest paid in cash and in-kind

0.030

Conversion price (USD per share) | $ / shares

$ 164.22

$ 16.08

Threshold percentage of stock price trigger

130.00%

Threshold trading days | d

Unamortized debt issuance cost

30,300,000

If-converted value (below) in excess of principal

(51,800,000)

New 1L Notes | Convertible debt | Minimum

Debt Instrument [Line Items]

Threshold trading days | d

New 1L Notes | Convertible debt | Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)

Debt Instrument [Line Items]

Consideration paid to third-party

$ 2,500,000

Investor warrants

Debt Instrument [Line Items]

Remeasurement loss on warrants

$ (1,300,000)

Investor warrants | Convertible debt

Debt Instrument [Line Items]

Convertible notes

$ 25,500,000

Investor warrants | Convertible debt | Number of shares

Debt Instrument [Line Items]

Measurement input | share

1.2

Investor warrants | Convertible debt | Share price

Debt Instrument [Line Items]

Measurement input | $ / shares

23.00

Investor warrants | New 1L Notes

Debt Instrument [Line Items]

Exercise price of warrants (in USD per share) | $ / shares

$ 1

Number of securities called by warrants (in number of shares) | shares

1,345,663

Issuance of common stock through exercise of warrants (in shares) | shares

1,345,663

Net proceeds from issuance of ordinary shares

$ 1,300,000

[1]

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement (observable inputs are the preferred basis of valuation):

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1.

•Level 3—Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

We measure certain assets and liabilities at fair value on a recurring basis. There were no transfers between fair value measurement levels during the presented periods. We did not have any assets or liabilities measured at fair value on a recurring basis requiring Level 3 inputs as of December 31, 2024 or December 31, 2023.

The following table summarizes our assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2024 and December 31, 2023:


	December 31, 2024				December 31, 2023
(In thousands)	Total Fair Value		Level 2		Total Fair Value		Level 2
Assets
Prepaid expenses and other current assets
Prepaid Forward	181		181		—		—
Derivative financial instruments (Note 12)	697		697		313		313
	$	878	$	878	$	313	$	313

Other long-term assets
Prepaid Forward	—		—		$	16,298	$	16,298
Total assets	$	878	$	878	$	16,611	$	16,611

Liabilities
Accrued liabilities
Derivative financial instruments (Note 12)	3		3		2,456		2,456
Total liabilities	$	3	$	3	$	2,456	$	2,456

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

We measure certain investments and non-financial assets (including property, plant and equipment) at fair value on a non-recurring basis in periods after initial measurement in circumstances when the fair value of such asset is impaired below its recorded cost. As of December 31, 2024 and December 31, 2023, there were no material items recorded at fair value on a non-recurring basis, except for the convertible notes and related instruments entered in fiscal year 2024. Please refer to Note 11. Debt and Credit Source for further information.

Held-to-Maturity Debt Securities

Our restricted debt security, classified as held-to-maturity, is the Philippine government bond that we maintain and used as collateral for business transactions within the Philippines. This bond has a maturity date of less than a year and is classified as “Restricted short-term marketable securities” in our Consolidated Balance Sheets. As of December 31, 2023, these bonds had a carrying value of $1.4 million.

We recorded such held-to-maturity investments at amortized cost based on our ability and intent to hold the securities until maturity. We monitor for changes in circumstances and events that would affect our ability and intent to hold such securities until the recorded amortized costs are recovered. No other-than-temporary impairment loss was incurred during the period presented.

Non-Marketable Equity Investments

Our non-marketable equity investments are securities in privately-held companies without readily determinable market values. On January 1, 2018, we adopted ASU 2016-01 and elected to adjust the carrying value of our non-marketable equity securities to cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of December 31, 2024 and December 31, 2023, we had $4.0 million in investments accounted for under the measurement alternative method.

Equity Method Investments

Our investments accounted for under the equity method are described in Note 10. Equity Investments. We monitor these investments, which were included within “Other long-term assets” in our Consolidated Balance Sheets, for impairment and record reductions in the carrying values when necessary. Circumstances that indicate an other-than-temporary decline include Level 3 measurements such as the valuation ascribed to the issuing company in subsequent financing rounds, decreases in quoted market prices, and declines in the results of operations of the issuer.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Valuation Allowance [Line Items]
Unrecognized tax benefits	$ 7,570	$ (1,332)	$ (3,455)
Benefit from income taxes	(17,952)	626	(32,191)
Foreign operating loss carryforwards	205,000
Domestic operating loss carryforwards	1,089,200
Net operating losses that can be carried forward indefinitely	1,269,900
Research tax credits	1,900
Valuation allowance	234,932	71,827
Undistributed earnings of foreign subsidiaries	126,200
Unrecognized tax benefits that would impact effective tax rate	27,500	21,600	$ 33,900
Accrued interest and penalties	700	500
Penalties and interest expense	200
Penalties and interest credit		$ 400
SunPower Malaysia Manufacturing Sdn Bhd
Valuation Allowance [Line Items]
Operating loss carryforwards subject to expiration	23,900
Maxeon Japan KK
Valuation Allowance [Line Items]
Operating loss carryforwards subject to expiration	430
France, Malta, South Africa, Singapore, Spain, Mexico and Philippines
Valuation Allowance [Line Items]
Valuation allowance	$ 234,900

BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

Accounts Receivable, Net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Accounts receivable, gross(1)	$	4,269	$	63,517
Less: allowance for credit losses	—		(566)
Less: allowance for sales returns	—		(264)
Accounts receivable, net	$	4,269	$	62,687

In connection with the factoring arrangements, we sold accounts receivable invoices amounting to $124.9 million and $498.4 million in fiscal years 2024 and 2023, respectively. As of December 31, 2023, total uncollected accounts receivable from end customers was $49.4 million. As of December 31, 2024, all the factored invoices relate to those entities or assets for which the the Company is divesting for its “rest-of-the-world” distributed generation business through the sale of 100% of the equity interests in certain direct and non-direct non-U.S. subsidiaries of the Company to TZE. Refer to Note 19 Balances classified as held for sale for further information. Such divestment was completed on March 31, 2025. Refer to Note 20 Subsequent events for further information.


(In thousands)	Balance at Beginning of Period		Charges to Expense		Deductions		Reclassified to assets held for sale		Balance at End of Period
Allowance for credit losses
Year ended December 31, 2024	$	566	$	139	$	(421)	$	(284)	$	—
Year ended December 31, 2023	807		(170)		(71)		—		566

Allowance for sales returns
Year ended December 31, 2024	$	264	$	(219)	$	—	$	(45)	$	—
Year ended December 31, 2023	110		154		—		—		264

Inventories, net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Raw materials	$	4,767	$	37,063
Work-in-process	5,375		80,219
Finished goods	30,078		191,666
Inventories, net	$	40,220	$	308,948

As of December 31, 2024 and December 31, 2023, the Company had inventory reserves arising from excess and obsolescence, quality and unfavorable pricing against cost. The Company had reserves to reflect the inventories at lower of cost and net realizable value of $155.1 million and $30.5 million, respectively.

Prepaid Expenses and Other Current Assets


	As of
(In thousands)	December 31, 2024		December 31, 2023
VAT receivables, current portion	$	7,105	$	10,218
Tax receivables	22		1,580
Prepaid Forward (Note 11)	181		—
Other receivables from SunPower (Note 3)	—		3,448
Other receivables	1,167		14,278
Deferred issuance cost	—		1,528
Restricted cash	2,018		5,242
Prepaid expenses	7,688		18,055
Derivative financial instruments (Note 12)	697		313
Other prepaid expenses and other current assets	1,485		684
Prepaid expenses and other current assets	$	20,363	$	55,346

Intangible Assets, Net


(In thousands)	Gross		Accumulated Amortization		Net
As of December 31, 2024
Trademarks and purchased technology	$	2,219	$	(1,696)	$	523

As of December 31, 2023
Customer relationship	2,600		—		2,600
Trademarks and purchased technology	2,961		(2,209)		752
Total	$	5,561	$	(2,209)	$	3,352

Aggregate amortization expense for intangible assets totaled $0.7 million and $0.2 million and $0.3 million for fiscal years 2024, 2023, and 2022 respectively. During fiscal year 2024, the Company has fully impaired the net carrying amount of the customer relationship of $2.2 million due to the non-realization of the associated benefits to this asset.

As of December 31, 2024, the estimated future amortization expense related to definite-lived intangible assets is as follows:


(In thousands)
Fiscal Year
2024	$	156
2025	89
2026	80
2027	80
2028	79
Thereafter	39
Total future amortization expense	$	523

Goodwill

As of December 31, 2023, the carrying amount of goodwill was $7.9 million and it relates to the acquisition of certain assets from SolarCA LLC (See Note 18. Acquisition of certain assets for more details). Goodwill is primarily attributable to expected synergies and the assembled workforce acquired.

The Company performed an impairment assessment on the goodwill and concluded that it was more likely that the fair value was less than its carrying amount. Accordingly, full impairment loss of goodwill was recognized for fiscal years 2024. The following table presents the changes in the carrying amount of goodwill of the Company through December 31, 2024.


	As of
(In thousands)	December 31, 2024		December 31, 2023
Balance at beginning of year	$	7,879	$	—
Acquisition from SolarCA LLC	—		7,879
Impairment	(7,879)		—
Balance at end of year	$	—	$	7,879

Property, Plant and Equipment, Net


	As of
(In thousands)	December 31, 2024		December 31, 2023
Manufacturing equipment	$	135,849	$	185,536
Land and buildings	130,075		148,808
Leasehold improvements	13,133		85,536
Solar power systems	724		1,318
Computer equipment	42,943		49,220
Furniture and fixtures	720		1,321
Construction-in-process	7,193		22,000
Property, plant and equipment, gross	330,637		493,739
Less: accumulated depreciation and impairment	(257,779)		(213,714)
Property, plant and equipment, net	$	72,858	$	280,025

Aggregate depreciation expense for property, plant and equipment totaled $42.1 million and $55.7 million and $56.5 million for fiscal years 2024, 2023 and 2022 respectively.

During fiscal year 2024, the Company has recorded impairment of property, plant and equipment of $156.6 million, Included in such amount is $98.9 million, representing the impairment of associated property, plant and equipment in connection to September 2024 Restructuring Plan. The remaining amount relates to impairment of property, plant and equipment for other assets as the recoverable value was assessed to be lower than the book value.

Other Long-term Assets


	As of
(In thousands)	December 31, 2024		December 31, 2023
Equity investments without readily determinable fair value (Note 10)	$	4,000	$	4,000
Equity method investments (Note 10)	—		—
Prepaid Forward (Note 11)	—		16,298
Prepayment for capital expenditure	1,449		35,150
Restricted cash	95		100
Land rights	—		4,728
Receivables from SunPower, less current portion (Note 3)	—		6,220
Security deposits	3,380		2,414
Other long-term assets	$	8,924	$	68,910

Accrued Liabilities


	As of
(In thousands)	December 31, 2024		December 31, 2023
Employee compensation and employee benefits	$	10,981	$	23,165
Short-term warranty reserves	1,239		3,333
Restructuring reserve (Note 8)	4,456		25,429
Accrued interest payable	6,229		12,151
Other payables to SunPower (Note 3)	—		2,198
VAT payables	55		3,108
Derivative financial instruments (Note 12)	3		2,456
Legal accruals	18,347		8,489
Taxes payable	1,548		4,572
Payable to factor agencies	—		504
Refund liabilities to TotalEnergies, current portion (Note 3)	—		10,127
Deposit from TZE for sale of entities (Note 4)	40,000		—
Short-term security deposit payable	—		1,990
Liquidated damage provision(1)	773		8,361
Provision for loss on firm purchase commitment	—		2,644
Other	3,093		4,929
Accrued liabilities	$	86,724	$	113,456

(1)Amount relates to estimated exposure arising from delays of delivery of modules under the terms and conditions for some of our supply contracts.

Other Long-term Liabilities


	As of
(In thousands)	December 31, 2024		December 31, 2023
Long-term warranty reserves	$	3,913	$	22,178
Unrecognized tax benefits	11,561		5,451
Long-term security deposit payable	4		91
Long-term pension liability	—		1,960
Refund liabilities to TotalEnergies, net of current portion (Note 3)	—		8,102
Other	73		712
Other long-term liabilities	$	15,551	$	38,494

Accumulated Other Comprehensive Loss


	As of
(In thousands)	December 31, 2024		December 31, 2023
Cumulative translation adjustment	$	(24,752)	$	(19,450)
Unrecognized gain on long-term pension liability adjustment	4,260		4,513
Net unrealized loss on derivative instruments	—		(1,441)
Accumulated other comprehensive loss	$	(20,492)	$	(16,378)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	16,711,109	16,711,109
Common stock, shares outstanding (in shares)	539,591	539,591

DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts	$ 697	$ 313
Net Amounts Presented	697	313
Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset	697	313
Derivative liabilities
Gross Amounts	3	2,456
Net Amounts Presented	3	2,456
Gross Amounts Not Offset in the Consolidated Balance Sheet, but Have Rights to Offset	$ 3	$ 2,456

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of basic and diluted net loss per share attributable to stockholders:


	Fiscal Year Ended
(In thousands, except per share data)	December 31, 2024	December 31, 2023	January 1, 2023
Net loss:
Net loss attributable to stockholders	(614,300)	(275,829)	(267,424)

Number of shares:
Basic and diluted weighted-average common shares(1)	6,399	464	409

Basic and diluted net loss per share(1)	(96.00)	(594.46)	(653.85)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following is a summary of outstanding potentially dilutive securities that was excluded from diluted net loss per share attributable to stockholders in the following periods:


	Fiscal Year Ended
(In thousands)	December 31, 2024	December 31, 2023	January 1, 2023
Restricted stock units	5	16	9
Green Convertible Notes	—	110	110
Exchange Notes	2,744	—	—
Exchange warrants	6,558	—	—
Existing 1L Notes	13,026	89	89
New 1L Notes	6,063	—	—
Prepaid forward	25	25	25

BALANCE SHEET COMPONENTS - Allowance For Credit Loss and Sales Returns (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Allowance for credit losses
Balance at Beginning of Period	$ 566	$ 807
Charges to Expense	139	(170)
Deductions	(421)	(71)
Reclassified to assets held for sale	(284)	0
Balance at End of Period	0	566
Allowance for sales returns
Balance at Beginning of Period	264	110
Charges to Expense	(219)	154
Deductions	0	0
Reclassified to assets held for sale	(45)	0
Balance at End of Period	$ 0	$ 264

SEGMENT AND GEOGRAPHICAL INFORMATION - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 72,858	$ 280,025
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	61,145	133,119
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	1,933	72,572
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	0	59,485
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	0	30
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	4,284	11,857
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	5,455	2,905
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 41	$ 57

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 31, 2024
Patents
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	12 years
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	2 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	7 years
Customers relationship
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	4 years
Purchased technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	1 year
Purchased technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful lives in years	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES - Narrative (Details) - USD ($) $ in Millions	Aug. 30, 2024	Aug. 26, 2020
Related Party Transaction [Line Items]
Consideration received on transaction		$ 298.0
Number of shares issued in transaction (in shares)		89,157
TZE SG
Related Party Transaction [Line Items]
Consideration received on transaction		$ 298.0
Number of shares issued in transaction (in shares)		8,915,692
TZE SG \| Maxeon
Related Party Transaction [Line Items]
Percentage of ownership after transaction	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranties (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2024
Product Warranty Liability [Line Items]
Extended warranty term	40 years
Warranty benefit, change in estimate		$ 7.5
Warranty benefit, decrease in product replacement costs		$ 5.3
Decrease in basic net loss per share relating to product warranties (in usd per share)		$ 1.17
Decrease in diluted net loss per share relating to product warranties (in usd per share)		$ 1.17
Minimum
Product Warranty Liability [Line Items]
Standard warranty term		5 years
Maximum
Product Warranty Liability [Line Items]
Standard warranty term		20 years
Solar power systems
Product Warranty Liability [Line Items]
Standard warranty term		25 years
SunPower Settlement Agreement
Product Warranty Liability [Line Items]
Warranty benefit, change in estimate		$ 2.2

DEBT AND CREDIT SOURCES - Significant Inputs in the Valuation Models (Details) - Convertible debt	Dec. 31, 2024	Sep. 12, 2024	Jun. 20, 2024
Exchange Notes \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	3.08		3.57
Exchange Notes \| Expected average volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0000		1.0569
Exchange Notes \| Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2870		0.6091
Exchange Notes \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0		0
Exchange Notes \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0405		0.0432
Exchange warrants \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		3.38	3.57
Exchange warrants \| Expected average volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1.2400	0.9917
Exchange warrants \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0	0
Exchange warrants \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.0343	0.0419
Existing 1L Notes \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4.71		5.16
Existing 1L Notes \| Expected average volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0000		1.1396
Existing 1L Notes \| Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2870		0.6091
Existing 1L Notes \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0		0
Existing 1L Notes \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0404		0.0427
New 1L Notes \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4.47		5.00
New 1L Notes \| Expected average volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0000		1.1396
New 1L Notes \| Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2870		0.6091
New 1L Notes \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0		0
New 1L Notes \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0404		0.0427

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”) - Financing Transactions with TZE (Details)					1 Months Ended	12 Months Ended
	Aug. 30, 2024 USD ($) $ / shares shares	Jun. 20, 2024 USD ($) board_seat $ / shares shares	Apr. 13, 2021 $ / shares shares	Aug. 26, 2020 USD ($) shares	Apr. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	May 31, 2024 USD ($)	May 19, 2023 $ / shares	Aug. 17, 2022 USD ($)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares				89,157
Shares issued, price per share (in USD per share) \| $ / shares										$ 2,800
Net proceeds from issuance of convertible debt						$ 70,125,000	$ 0	$ 187,232,000
Conversion of convertible debts to equity						119,321,000
Net proceeds from issuance of ordinary shares					$ 169,700,000	$ 96,446,000	193,491,000	$ 0
Consideration received on transaction				$ 298,000,000.0
Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)
Related Party Transaction [Line Items]
Number of board designees \| board_seat		1
Maxeon
Related Party Transaction [Line Items]
Number of board designees \| board_seat		2
Maxeon \| Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)
Related Party Transaction [Line Items]
Percentage of ownership after transaction		23.53%
Maxeon \| Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Related Party Transaction [Line Items]
Ownership percentage of non-controlling owner	69.30%					59.60%
Convertible debt
Related Party Transaction [Line Items]
Convertible notes						$ 306,958,000	207,000,000
Existing 1L Notes \| Convertible debt
Related Party Transaction [Line Items]
Convertible notes						$ 209,500,000	207,000,000.0		$ 25,000,000		$ 207,000,000.0
Interest rate percentage		7.50%									7.50%
Conversion ratio percentage											0.97
Original debt		$ 25,000,000.0
Interest percentage, interest paid in cash and in-kind		0.0850									0.040
Interest percentage, interest paid in cash		0.0750									0.035
New 1L Notes and Investor Warrants \| Convertible debt
Related Party Transaction [Line Items]
Convertible notes		$ 97,500,000
New 1L Notes \| Convertible debt
Related Party Transaction [Line Items]
Convertible notes		$ 72,000,000					$ 97,500,000
Interest rate percentage		9.00%
Net proceeds from issuance of convertible debt		$ 70,000,000.0
Conversion of convertible debts to equity		$ 25,000,000.0
Interest percentage, interest paid in cash and in-kind		0.030
Interest percentage, interest paid in cash		0.060
New 1L Notes \| Convertible debt \| Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)
Related Party Transaction [Line Items]
Consideration paid to third-party		$ 2,500,000
Amended 1L Notes \| Convertible debt \| Maxeon \| Zhonghuan Singapore Investment and Development Pte. Ltd. (“TZE SG”)
Related Party Transaction [Line Items]
Percentage owned		1
Investor warrants \| New 1L Notes
Related Party Transaction [Line Items]
Exercise price of warrants (in USD per share) \| $ / shares		$ 1
Number of securities called by warrants (in number of shares) \| shares		1,345,663
Issuance of common stock through exercise of warrants (in shares) \| shares		1,345,663
Net proceeds from issuance of ordinary shares		$ 1,300,000
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares			18,700
Price per share (USD per share) \| $ / shares			$ 1,800
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZE) \| 2024 TZE Private Placement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares	82,919
Price per share (USD per share) \| $ / shares	$ 1,206
Consideration received on transaction	$ 100,000,000

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	Jan. 02, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOMES TAXES

Benefits from (Provision for) Income Taxes

The components of current and deferred income tax credit (expense) reflected in the Consolidated Statements of Operations are as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
(Loss) income before income taxes and equity in losses of unconsolidated investees
Domestic	$	479,612	$	(384,890)	$	(307,284)
Foreign	(1,076,234)		111,364		81,401
	$	(596,622)	$	(273,526)	$	(225,883)

(Provision for) benefits from income taxes:
Current tax (expense) benefits
Domestic	$	(607)	$	(463)	$	134
Foreign	(17,700)		3,525		(23,727)
	(18,307)		3,062		(23,593)

Deferred tax benefit
Domestic	—		16		—
Foreign	355		(2,452)		(8,598)
	355		(2,436)		(8,598)

(Provision for) benefits from income taxes	$	(17,952)	$	626	$	(32,191)

The benefits from (provision for) income taxes differs from the amounts obtained by applying the statutory Singapore tax rate of 17% to income before taxes as shown below:


	Fiscal Year
(In thousands)	2024			2023			2022
Statutory rate	17		%	17		%	17		%
Tax benefit at statutory rate	$	101,427		$	46,500		$	38,400
Foreign tax rate differential	(22,110)			(41,357)			(45,985)

Change in valuation allowance	(85,719)			(10,746)			(30,595)
Unrecognized tax benefits	(7,570)			1,332			3,455
Tax credits carryforward	(1,730)			2,797			—
Other	(2,250)			2,100			2,534
(Provision for) benefits from income taxes	$	(17,952)		$	626		$	(32,191)

In the year ended December 31, 2024, the change in effective tax rates was contributed by provision made on uncertain tax position of a jurisdiction amounting $7.6 million. There was also a significant valuation allowance recognized against our deferred tax assets which increased the tax expense, as part of the tax expense under “Other”, was for Swiss capital tax and recognition of deferred tax. The change in the effective tax rate was also affected by the mix of the tax rates in the various jurisdictions in which the Company’s entities generate taxable income.

Tax incentives include a preferential tax rate on gross income attributable to activities covered by Philippines Economic Zone Authority registrations in the Philippines. The Philippine net income attributable to all other activities will be taxed at the statutory Philippines corporate income tax rate, currently 25%. The earlier income tax holiday in the Philippines, granted for manufacturing lines, has since ended on January 1, 2020.

SunPower Malaysia Manufacturing Sdn. Bhd. enjoys a tax incentive in Malaysia where we manufacture our solar power products, subject to certain terms and conditions imposed by MIDA. The current tax incentive in Malaysia was granted to our former joint venture (now a wholly owned subsidiary). The full tax exemption for the third and final five-year tranche of this incentive was reinstated in fiscal year 2023, subject to meeting certain conditions, and will expire on June 30, 2026. Following cessation of Malaysia manufacturing operation in 2024, the company had seek to terminate the incentive ahead of its original expiration date. We have yet to receive confirmation from Malaysia authority on this request and due to the uncertainty of this outcome we have recognised an uncertain tax position for the year ended December 31, 2024.

Maxeon Singapore received a Development and Expansion Incentive - International Headquarters Award (“DEI-IHQ”) from the Singapore Economic Development Board (“EDB”) with effect from January 1, 2021 and will allow qualifying activities to be taxed at a concessionary tax rate, subject to certain terms and conditions imposed by EDB. Maxeon Singapore requested to terminate the tax incentive and the request was granted via notification by EDB dated 25 June 2024. Hence, we have applied the statutory Singapore corporate income tax rate of 17% for the year ended December 31, 2024.

Deferred Tax Assets and Liabilities

Long-term deferred tax assets and liabilities are presented in the Consolidated Balance Sheets as follows:


	As of
(In thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$	212,403	$	64,596
Tax credits carryforward	685		2,559
Reserves and accruals	20,049		17,380
Lease liabilities	6,193		4,724
Fixed assets	14,163		1,538
Identified intangible fixed assets	501
Others	2,172		1,744
Total deferred tax assets	256,166		92,541
Valuation allowance	(234,932)		(71,827)
Total deferred tax assets, net of valuation allowance	21,234		20,714
Deferred tax liabilities:
Intangible assets and accruals	(1,957)		(585)
Reserves and accruals	(17,101)		(20,891)
Right-of-use assets	(5,146)		(4,295)
Fixed asset	(1,584)		(1,581)
Other	(760)		(363)
Total deferred tax liabilities	(26,548)		(27,715)
Net deferred tax liabilities	$	(5,314)	$	(7,001)

The Company’s deferred tax assets primarily relate to timing differences that are expected to reverse and net operating losses. The foreign and domestic net operating losses are $205.0 million and $1,089.2, respectively. As of December 31, 2024, net operating losses were primarily comprised of: $23.9 million and $0.43 million from SPMY and SPJA, respectively, which expire in years 2033 through 2034 and 1,269.9 which can be carried forward indefinitely and are available for offset against future tax liabilities.

The Company has $1.9 million of U.S. research tax credits, which would expire in 2044 if not utilized.

Valuation Allowance

In determining whether it is more likely than not that deferred tax assets are recoverable, the assessment is required to be done on a jurisdiction by jurisdiction basis; we believe that sufficient uncertainty exists with regard to the realizability of these assets such that a valuation allowance is necessary. Factors considered in providing a valuation allowance include the lack of a significant history of consistent profits, the lack of consistent profitability in the solar industry, the limited capacity of carrybacks to realize these assets, and other factors. Based on the absence of sufficient positive objective evidence, we are unable to assert that it is more likely than not that we will generate sufficient taxable income to realize net deferred tax assets. Should we achieve a certain level of profitability in the future, we may be able to reverse the valuation allowance which would result in a non-cash income statement benefit of $234.9 million.

Reinvestment of Unremitted Earnings

The Company may be subject to foreign withholding and other taxes on these undistributed earnings and may need to record a deferred tax liability for any outside basis difference. However, as of December 31, 2024, the calculated deferred tax liability is immaterial, thus, not booked.

As of December 31, 2024, the Company has undistributed earnings of certain foreign subsidiaries of approximately $126.2 million that remain indefinitely reinvested, and as such has not recognized a deferred tax liability. The Company determined that any outside basis differences were immaterial as at December 31, 2024.

Unrecognized Tax Benefits

Current accounting guidance contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal years 2024, 2023, and 2022 is as follows:


	Fiscal Year
(In thousands)	2024		2023		2022
Balance at beginning of period	$	21,641	$	33,861	$	34,695
Additions for tax positions related to the current year	7,751		(10,971)		10,971

Reduction of tax position relating to settlement with taxing authorities	—		—		(2,252)
Reductions for tax positions from prior years/statute of limitations expirations	(1,736)		(1,498)		(9,249)
Foreign exchange loss (gain)	(133)		249		(304)
Balance at end of period	$	27,523	$	21,641	$	33,861

The unrecognized tax benefits for fiscal years 2024, 2023, and 2022 are $27.5 million, $21.6 million, and $33.9 million respectively, that if recognized, would impact our effective tax rate. Certain components of the unrecognized tax benefits are recorded against deferred tax asset balances.

We believe that events that could occur in the next 12 months and cause a change in unrecognized tax benefits include, but are not limited to, the following:

•commencement, continuation or completion of examinations of our tax returns by foreign taxing authorities; and

•expiration of statutes of limitation on our tax returns.

The calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Uncertainties include, but are not limited to, the impact of legislative, regulatory and judicial developments, transfer pricing and the application of withholding taxes. We regularly assess our tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which we do business. We determined that an estimate of the range of reasonably possible change in the amounts of unrecognized tax benefits within the next 12 months cannot be made.

Classification of Interests and Penalties

We accrue interest and penalties on tax contingencies which are classified as “Provision for income taxes” in our Consolidated Statements of Operations. Accrued interest and penalties as of December 31, 2024 and December 31, 2023 was $0.7 million and $0.5 million, respectively. Meanwhile, the interest and penalties recognized in “(Provision for) benefits from Income Taxes” in the Consolidated Statements of Operations for fiscal year 2024 and 2023 was a charge of $0.2 million and a credit of $0.4 million, respectively.

Tax Years and Examination

Tax returns are filed in each jurisdiction in which we are registered to do business. In many countries in which we file tax returns, a statute of limitations period exists. After the statute of limitations period expires, the respective tax authorities may no longer assess additional income tax for the expired period. Similarly, we are no longer eligible to file claims for refund for any tax that we may have overpaid. We have a tax examination in Switzerland (tax year 2019 to 2023), Philippines (tax year 2021) and Singapore (tax year 2021) as of December 31, 2024.

We do not expect the examinations to result in a material assessment outside of existing reserves. If a material assessment in excess of current reserves results, the amount that the assessment exceeds current reserves will be a current period charge to earnings.

- Definition

The entire disclosure for income tax.

+ References

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Derivative financial instruments (Note 12)	$ 697	$ 313
Prepaid Forward	0	16,298
Liabilities
Derivative financial instruments (Note 12)	3	2,456
Recurring basis
Assets
Prepaid Forward	181	0
Derivative financial instruments (Note 12)	697	313
Prepaid expenses and other current assets	878	313
Prepaid Forward	0	16,298
Total assets	878	16,611
Liabilities
Derivative financial instruments (Note 12)	3	2,456
Total liabilities	3	2,456
Recurring basis \| Level 2
Assets
Prepaid Forward	181	0
Derivative financial instruments (Note 12)	697	313
Prepaid expenses and other current assets	878	313
Prepaid Forward	0	16,298
Total assets	878	16,611
Liabilities
Derivative financial instruments (Note 12)	3	2,456
Total liabilities	$ 3	$ 2,456

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (“TZE”)

12 Months Ended

Dec. 31, 2024

TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO. LTD. (FORMERLY KNOWN AS TIANJIN ZHONGHUAN SEMICONDUCTOR CO., LTD.) (“TZE”)

TRANSACTIONS WITH SUNPOWER AND TOTALENERGIES

Transactions with SunPower

Sales to SunPower

Agreements with SunPower

The below table summarizes our transactions with SunPower, up to August 30, 2024, which is the date that SunPower is no longer a related party, in relation to these agreements:


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Charges from product collaboration agreement	$	—	$	1,861	$	17,035
Net credit from transition services agreement	—		(78)		(3,019)

We had the following balances related to transactions with SunPower as of December 31, 2023:


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	584
Other receivables from SunPower (Note 6)	3,448
Other receivables, non-current	6,220
Accounts payable	1,798
Accrued liabilities (Note 6)	2,198

Transactions with TotalEnergies


	As of
(In thousands)	December 31, 2023
Accounts receivable	$	13,390
Other receivables, current	794
Accounts payable	232
Contract liabilities, current portion	218
Contract liabilities, net of current portion	—
Refund liabilities (Note 6)	18,229


	Fiscal Year Ended
(In thousands)	December 31, 2024		December 31, 2023		January 1, 2023
Revenue	$	2,289	$	99,694	$	76,216