Maxeon Solar Technologies, a Singapore-based solar solutions provider, reported a revenue of $184.22 million for the second quarter (Q2) of 2024, a 47.1% decrease year-over-year (YoY)with total shipments of 526 MW.

The company reported a net income of $11.66 million for the quarter, a substantial improvement from the net loss of $1.51 million in the same quarter a year ago.

Maxeon’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss for Q2 2024 was $36.57 million, from $30.24 million during Q2 2023.

The company said it is confronting intense competitive pressures, subdued distributed generation market demand, project delays and order cancellations in the large-scale business, and an unpredictable policy environment.

U.S. Customs and Border Protection (CBP) detentions of modules imported from Mexico have also proved challenging.

The CBP detentions, in particular, have effectively halted all shipments into the U.S., which accounted for over 60% of the company’s second-quarter revenue.

To address these challenges, Maxeon is taking several strategic actions, such as securing new financing and renegotiating maturing debt, establishing a Strategy and Transformation Office to drive efficiency and competitiveness, evaluating the shutdown of its Malaysian Fab 3, and re-tooling the Mexicali facility.

Maxeon completed the sale of $97.5 million of convertible notes to TZE, which has made a $100 million equity investment to become the controlling shareholder. It also converted 99% of tranche A second lien convertible bonds to equity.

Maxeon filed infringement claims against Canadian Solar, REC Solar, and Hanwha for violating three patents relating to the TOPCon (tunnel oxide passivated contact) technology it holds.

Last August, Maxeon Solar announced that a 3 GW TOPCon photovoltaic-silicon cell and shingled-cell performance line solar module manufacturing facility would be established in Albuquerque, New Mexico. The facility was expected to serve the utility-scale power project sector and the distributed generation rooftop solar applications.