Maxeon Solar Technologies Ltd (NASDAQ:MAXN) Q2 2023 Earnings Conference Call August 10, 2023 5:00 PM ET

Company Participants

Robert Lahey - Head, IR

William Mulligan - CEO

Kai Strohbecke - CFO

Peter Aschenbrenner - Chief Strategy Officer

Conference Call Participants

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Philip Shen - ROTH MKM Partners

Brian Lee - Goldman Sachs Group

Andrew Percoco - Morgan Stanley

Kevin Pollard - Pickering Energy Partners

Donovan Schafer - Northland Capital Markets

Graham Price - Raymond James & Associates

Operator

Good day, ladies and gentlemen. Welcome to the Maxeon Solar Technologies Second Quarter 2023 Earnings Call. [Operator Instructions].

I would now like to turn the conference over to our host, Mr. Robert Lahey of Maxeon Solar Technologies. Sir, you may begin.

Robert Lahey

Thank you, operator. Good day, everyone, and welcome to Maxeon's Second Quarter 2023 Earnings Conference Call.

With us today are Chief Executive Officer, Bill Mulligan; Chief Financial Officer, Kai Strohbecke; and Chief Strategy Officer, Peter Aschenbrenner. Let me cover a few housekeeping items before I turn the call over to Bill.

As a reminder, a replay of this call will be available later today on the Investor Relations page of Maxeon's website. During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation, today's press release, the 6-K and other SEC filings. Please see those documents for additional information regarding those factors that may affect these forward-looking statements.

To enhance this call, we have also posted a supplemental slide deck on the Events and Presentations page of Maxeon's Investor Relations website.

Also, we will reference certain non-GAAP measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's earnings press release, both of which are available on Maxeon's Investor Relations website for a presentation of the most directly comparable GAAP measure as well as the relevant GAAP to non-GAAP reconciliations.

With that, let me turn the call over to Maxeon's CEO, Bill Mulligan.

William Mulligan

Thanks, Rob. Maxeon delivered a solid second quarter with revenue growth 9% sequentially and 46% year-on-year. This growth was driven largely by our increasing exposure to the U.S. utility-scale sector. In spite of significant price pressure in the distributed generation market, we maintained strong ASPs that allowed us to achieve gross profit and adjusted EBITDA above our guidance midpoint.