Maxeon Solar Technologies Ltd (NASDAQ:MAXN) Q3 2023 Earnings Conference Call November 15, 2023 5:00 PM ET

Company Participants

Robert Lahey - Head of Investor Relations

Bill Mulligan - Chief Executive Officer

Kai Strohbecke - Chief Financial Officer

Peter Aschenbrenner - Chief Strategy Officer

Conference Call Participants

Alex Vrabel - Bank of America

Brian Lee - Goldman Sachs

Pavel Molchanov - Raymond James

Philip Shen - ROTH MKM

Donovan Schafer - Northland Capital Markets

William Grippin - UBS

Andrew Percoco - Morgan Stanley

Operator

Good day ladies and gentlemen. Welcome to Maxeon Solar Technologies' Third Quarter 2023 earnings call. Currently all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.

And now I would like to turn the call over -- one moment.

Robert Lahey

Thank you, operator. Good day, everyone, and welcome to Maxeon's Third Quarter 2023 Earnings Conference Call. With us today are Chief Executive, 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 annual 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.

Bill Mulligan

Thanks, Rob. Maxeon experienced dramatically different trajectories in our two businesses during the third quarter. Our US utility scale revenue was up 10% versus the previous quarter and we are on track to exit the year with fully ramped manufacturing facilities a sold-out backlog at higher prices that we expect to make material margin contributions in 2024 and the achievement of important milestones with respect to our planned US factory.