Shares of Maxeon Solar Technologies (NASDAQ: MAXN) surged in pre-market trading at the time of writing on Thursday after the solar innovation company swung to a profit in Q1 with earnings of $0.46 per diluted share versus a loss of $1.45 in the same period last year while analysts were expecting a loss of $0.43 per share.
The company’s revenues surged by 42% year-over-year to $318.3 million and surpassed analysts’ expectations of $358.6 million. Maxeon’s shipments soared by 58.6% year-over-year to 774 MW.
Looking forward, the management expects revenues to be in the range of $360 to $400 million in the second quarter with adjusted EBITDA projected to be between $24 and $34 million. For FY23, Maxeon anticipates revenue to be within a range of $1.4 billion to $1.6 billion while adjusted EBITDA is likely to be between $95 million and $120 million from its prior forecast in the range of $80 million to $100 million.
Analysts are cautiously optimistic about MAXN stock with a Moderate Buy consensus rating based on four Buys and two Holds.