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Amid uncertainty about the future, more Minnesotans seek long-acting birth controlAlthough the Chicago Blackhawks lost 3-2 to the Minnesota Wild on Friday after owning a 2-0 lead, there was something special about the contest. Sometimes, a feel-good story is needed to keep the morale high. Upon arriving at Xcel Energy Center in St. Paul, MN, Ryan Donato was wearing something special. Donato was gifted a tie that belonged to friend and former NHLer Colby Cave. Emily Cave gifted her late husband's tie to Donato and the Boston native wore it for the Black Friday matchup between the Hawks and Wild. Ryan Donato wore a tie yesterday that belonged to his late friend, Colby Cave, gifted to Donato by Colby’s wife, Emily. Donato then went on to score 2 goals ❤️ (via @emilyljcave ) pic.twitter.com/kfBbrdfdqh Cave passed away in 2020 at the age of 25. The former Boston Bruin and Edmonton Oiler suffered a brain bleed, taking him far too soon. Seeing his legacy live on in this simple gesture is certainly a heartwarming moment for the Cave family and Donato. Lo and behold, Donato had a great game, scoring both Blackhawks goals. The first goal came just minutes into the first period. Tyler Bertuzzi worked a puck out of the corner and dished to Donato in front of Marc-Andre Fleury. Donato ripped a shot past the goaltender, giving Chicago the lead. Ryan Donato gets the party started early pic.twitter.com/pUykNAbx8p In the second period, Donato cashed in on the power play. Donato clapped a shot from the left circle to collect his second goal of the game. The tally also marks Donato's 10th goal of the season, setting him on a pace to set a new career-high . Donato is having a career-best season in a contract year, building off of some momentum he generated at the end of the 2023-24 season. Ryan Donato’s second of the game is a power play tally pic.twitter.com/Z9g46wVtXx Despite Donato's stellar day, the Blackhawks blew the 2-0 lead as the Wild stormed back. Three second-period scores gave the host Wild the lead and they never looked back, holding off the Hawks and securing the 3-2 win. Although it wasn't the desired outcome, Ryan Donato's stellar individual performance appeared to be fueled by the memory of his late friend, Colby Cave . This article first appeared on On Tap Sports Net and was syndicated with permission.

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SINGAPORE , Dec. 5, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. MAXN ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the third quarter ended September 29, 2024 . Maxeon's Chief Executive Officer George Guo stated, "Third quarter results were distorted due to deliveries detained by the United States Customs and Border Protection ("CBP"), fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from our ongoing restructuring. On top of this, we continue to observe depressed prices as a result of the global oversupply and intense competition. The average market price for high efficiency and mainstream crystalline modules like our IBC products and Performance line products has dropped by approximately 43.5% and 28.6%, respectively, since January 2024 . We recently announced some of the key strategic initiatives undertaken to optimize Maxeon's business portfolio and geographic market focus. Moving forward, we intend to re-create Maxeon as a world leader in solar, focused exclusively in the United States where we believe our market presence and planned local manufacturing create a strong platform to drive growth and profitability in the future. We appreciate the support and patience of our investors as we translate our strategic thinking into concrete actions." Maxeon's Chief Financial Officer Dmitri Hu added, "As we establish our new strategy to transform Maxeon, we are highly focused on our financial position. We intend to reserve sufficient liquidity for daily operations, while we recapitalize the company to fund our restructuring and growth. However, considering the continued uncertainties around CBP detentions, we are unable to provide financial guidance for fourth quarter of 2024. We will defer holding a conference call to discuss quarterly financial results, until the ongoing restructuring is complete and we can provide a more comprehensive view of our go-forward strategy." Selected Q3 Unaudited Financial Summary (In thousands, except shipments) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Shipments, in MW 199 526 628 Revenue $ 88,560 $ 184,219 $ 227,630 Gross (loss) profit (1) (179,101) (7,785) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Net loss attributable to the stockholders (1) (393,944) (34,231) (2) (108,257) Capital expenditures 11,129 17,707 15,127 Other Financial Data (1) (In thousands) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Non-GAAP Gross (loss) profit $ (174,742) $ (5,794) $ 2,728 Non-GAAP Operating expenses 42,861 40,180 37,535 Adjusted EBITDA (225,705) (36,574) (19,923) (1) The Company's use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below. (2) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. For more information Maxeon's third quarter 2024 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations . The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov . About Maxeon Solar Technologies Maxeon Solar Technologies MAXN is Powering Positive ChangeTM. Headquartered in Singapore, Maxeon leverages nearly 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial, and power plant customers. For more information about how Maxeon is Powering Positive ChangeTM visit us at www.maxeon.com , and on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the detentions of our products by the U.S. Customs Border and Protection (CBP) for an unforeseeable amount of time, epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine and the Israel-Hamas-Iran conflict; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including anticipated fab capacity expansion and utilization and expected ramp and production timelines for the Company's next-generation Maxeon 7 and Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including statements regarding restructuring of our business portfolio, the Company's anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, improved costs and efficiencies, capacity expansion, partnership discussions with respect to the Company's next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; and (j) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets. The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the war in Ukraine ; (6) our ability to manage our key customers and suppliers; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (9) changes in regulation and public policy, including the imposition and applicability of tariffs; (10) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (11) fluctuations in our operating results and in the foreign currencies in which we operate; (12) appropriate sizing, or delays in expanding our manufacturing capacity and containing manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, to the war in Ukraine , economic recession and environmental disasters; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which may cause such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; and (15) unpredictable outcomes resulting from our litigation activities and other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors" and Form 6-K filings discussing our quarterly earnings results. Copies of these filings are available online from the SEC at www.sec.gov , or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations . All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events. Use of Non-GAAP Financial Measures We present certain non-GAAP measures such as non-GAAP gross (loss) profit, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt and equity in income of unconsolidated investees and associated gains ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss) profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation, provision for expected credit losses and restructuring charges and fees. We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies. As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures: Stock-based compensation expense . Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross (loss) profit, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation Provision for expected credit losses . This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated November 8, 2019 (the "SDA") entered into with SunPower Corporation ("SunPower") in connection with the Company's spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower's business which Maxeon did not and will not have economic benefits to, as the Company's involvement is solely through SunPower's indemnification obligations set forth in the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Restructuring charges and fees . We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Gain on extinguishment of debt . This relates to the gain that arose from the substantial modification in June 2024 of our Green Convertible Senior Notes due 2025 (the "2025 Notes") and First Lien Senior Secured Convertible Notes due 2027. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on prepaid forward and physical delivery forward . This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 2025 Notes for an aggregate principal amount of $200 million . The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the note valuation period on September 29, 2020 , and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on warrants . This relates to the mark-to-market fair value remeasurement of the exchange warrants and investor warrants. The transactions were entered into in connection with the exchange of 99.25% of the 2025 Notes with aggregate notional amount of $200 million and the 9.00% Convertible First Lien Senior Secured Notes due 2029 of $97.5 million , both entered on June 20, 2024 . The investor warrants were remeasured to fair value prior to them being exercised and were reclassified to equity, and will not be subsequently remeasured. The exchange warrants were remeasured to fair value on September 12, 2024 , and were reclassified to equity after on such date, and will not be subsequently remeasured. The fair value of the warrants was primarily affected by the Company's share price. The remeasurement loss on warrants is excluded from Adjusted EBITDA because it is not considered a core operating activity. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Equity in (income) losses of unconsolidated investees and related gains . This relates to the loss on our former unconsolidated equity investment Huansheng JV and gains on such investment on divestment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance. Reconciliation of Non-GAAP Financial Measures Three Months Ended (In thousands) September 29, 2024 June 30, 2024 October 1, 2023 Gross (loss) profit $ (179,101) $ (7,785) $ 2,728 Stock-based compensation 1,596 166 — Restructuring charges and fees 2,763 1,825 — Non-GAAP Gross (loss) profit (174,742) (5,794) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Stock-based compensation (4,293) (5,070) (4,888) Reversal of (provision for) expected credit losses 165 (11,462) — Restructuring charges and fees (106,229) (4,958) (24,139) Non-GAAP Operating expenses 42,861 40,180 37,535 Net loss attributable to the stockholders (393,944) (34,231) (*) (108,257) Interest expense, net 11,784 14,064(*) 7,734 Provision for (benefit from) income taxes 18,925 3,212 (2,554) Depreciation 15,886 10,338 14,495 Amortization 169 220 38 EBITDA (347,180) (6,397) (88,544) Stock-based compensation 5,889 5,236 4,888 (Reversal of) provision for expected credit losses (165) 11,462 — Gain on extinguishment of debt — (35,326)(*) — Restructuring charges and fees 108,992 6,783 24,139 Remeasurement loss on prepaid forward 1,793 5,751 37,137 Remeasurement loss on warrants 4,966 — — Equity in (income) losses of unconsolidated investees and related gains — (24,083) 2,457 Adjusted EBITDA (225,705) (36,574) (19,923) (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. ©2024 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for shares data) As of September 29, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 51,223 $ 190,169 Restricted short-term marketable securities 1,399 1,403 Accounts receivable, net 18,625 62,687 Inventories 149,456 308,948 Prepaid expenses and other current assets 41,412 55,812 Total current assets $ 262,115 $ 619,019 Property, plant and equipment, net 138,707 280,025 Operating lease right of use assets 17,574 22,824 Other intangible assets, net 587 3,352 Other long-term assets 22,379 68,910 Total assets $ 441,362 $ 1,002,009 Liabilities and Equity Current liabilities: Accounts payable $ 116,161 $ 153,020 Accrued liabilities 78,654 113,456 Contract liabilities, current portion 31,841 134,171 Short-term debt 2,193 25,432 Convertible debt, current portion 801 — Operating lease liabilities, current portion 7,427 5,857 Total current liabilities $ 237,077 $ 431,936 Long-term debt 855 1,203 Contract liabilities, net of current portion 48,038 113,564 Operating lease liabilities, net of current portion 20,257 19,611 Convertible debt 286,971 385,558 Deferred tax liabilities 6,994 7,001 Other long-term liabilities 46,904 38,494 Total liabilities $ 647,096 $ 997,367 Commitments and contingencies Equity: Common stock, no par value (1,522,138,260 and 53,959,109 issued and outstanding as of September 29, 2024 and December 31, 2023, respectively) $ — $ — Additional paid-in capital 1,107,063 811,361 Accumulated deficit (1,304,415) (796,092) Accumulated other comprehensive loss (13,712) (16,378) Equity attributable to the Company (211,064) (1,109) Noncontrolling interests 5,330 5,751 Total equity (205,734) 4,642 Total liabilities and equity $ 441,362 $ 1,002,009 MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Revenue $ 88,560 $ 227,630 $ 460,235 $ 894,335 Cost of revenue 267,661 224,902 661,992 781,759 Gross (loss) profit (179,101) 2,728 (201,757) 112,576 Operating expenses: Research and development 8,962 11,627 28,284 35,715 Sales, general and administrative 38,296 31,771 126,330 97,291 Restructuring charges 105,960 23,164 108,942 23,307 Total operating expenses 153,218 66,562 263,556 156,313 Operating loss (332,319) (63,834) (465,313) (43,737) Other (expense) income, net Interest expense (12,170) (10,464) (36,302) (*) (32,337) Interest income 386 2,730 1,713 6,701 Gain on extinguishment of debt — — 35,326 (*) — Other, net (30,702) (36,904) (20,828) (7,911) Other expense, net (42,486) (44,638) (20,091) (33,547) Loss before income taxes and equity in losses of unconsolidated investees (374,805) (108,472) (485,404) (77,284) (Provision for) benefit from income taxes (18,925) 2,554 (23,340) (9,323) Equity in losses of unconsolidated investees — (2,457) — (2,811) Net loss (393,730) (108,375) (508,744) (89,418) Net (income) loss attributable to noncontrolling interests (214) 118 421 (77) Net loss attributable to the stockholders $ (393,944) $ (108,257) $ (508,323) $ (89,495) Net loss per share attributable to stockholders: Basic and diluted $ (0.47) $ (2.21) $ (1.63) $ (1.98) Weighted average shares used to compute net loss per share: Basic and diluted 832,620 48,925 311,441 45,157 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024. Consequently, interest expense should be $14.6 million instead of $10.6 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (In thousands) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at December 31, 2023 53,959 $ — $ 811,361 $ (796,092) $ (16,378) $ (1,109) $ 5,751 $ 4,642 Net loss — — — (80,148) — (80,148) (56) (80,204) Issuance of common stock for stock-based compensation 725 — — — — — — — Recognition of stock-based compensation — — 7,027 — — 7,027 — 7,027 Other comprehensive income — — — — 1,019 1,019 — 1,019 Balance at March 31, 2024 54,684 $ — $ 818,388 $ (876,240) $ (15,359) $ (73,211) $ 5,695 $ (67,516) Net loss — $ — $ — $ (34,231) $ — $ (34,231) $ (579) $ (34,810) Issuance of common stock for stock-based compensation 201 — — — — — — — Issuance of common stock for settlement of obligation 821 4,140 — — 4,140 4,140 Recognition of stock-based compensation — — 5,865 — — 5,865 — 5,865 Other comprehensive loss — — — — (155) (155) — (155) Balance at June 30, 2024 55,706 — 828,393 * (910,471) * (15,514) (97,592) 5,116 (92,476) Net loss (income) — — — (393,944) — (393,944) 214 (393,730) Issuance of common stock, net of issuance cost 829,187 — 95,101 — — 95,101 — 95,101 Issuance of common stock for settlement of obligation 19,076 — 2,829 — — 2,829 — 2,829 Issuance of common stock for stock-based compensation 363 — — — — — — — Issuance of common stock through exercise of warrants 134,566 — 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 483,240 — 100,463 — — 100,463 — 100,463 Recognition of stock-based compensation — — 4,731 — — 4,731 — 4,731 Other comprehensive income — — — — 1,802 1,802 — 1,802 Balance at September 29, 2024 1,522,138 — 1,107,063 (1,304,415) (13,712) (211,064) 5,330 (205,734) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at January 1, 2023 45,033 $ — $ 584,808 $ (520,263) $ (22,108) $ 42,437 $ 5,633 $ 48,070 Net loss — — — 20,271 — 20,271 147 20,418 Issuance of common stock for stock-based compensation 377 — — — — — — — Distribution to noncontrolling interest — — — — — — — — Recognition of stock-based compensation — — 4,033 — — 4,033 — 4,033 Other comprehensive income — — — — 1,627 1,627 — 1,627 Balance at April 2, 2023 45,410 $ — $ 588,841 $ (499,992) $ (20,481) $ 68,368 $ 5,780 $ 74,148 Net (loss) income — — — (1,509) — (1,509) 48 (1,461) Issuance of common stock, net of issuance cost 7,120 — 193,491 — — 193,491 — 193,491 Issuance of common stock for stock-based compensation 116 — — — — — — — Recognition of stock-based compensation — — 6,980 — — 6,980 — 6,980 Other comprehensive loss — — — — (65) (65) — (65) Balance at July 2, 2023 52,646 — 789,312 (501,501) (20,546) 267,265 5,828 273,093 Net loss — — — (108,257) — (108,257) (118) (108,375) Issuance of common stock for stock-based compensation 134 — — — — — — Recognition of stock-based compensation — — 5,906 — — 5,906 — 5,906 Other comprehensive income — — — — 4,936 4,936 — 4,936 Balance at October 1, 2023 52,780 — 795,218 (609,758) (15,610) 169,850 5,710 175,560 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Nine Months Ended September 29, 2024 October 1, 2023 Cash flows from operating activities Net loss $ (508,744) $ (89,418) Adjustments to reconcile net loss to operating cash flows Depreciation and amortization 37,162 43,579 Stock-based compensation 18,003 17,145 Non-cash interest expense 7,850 7,042 Gain on disposal of equity in unconsolidated investees (24,083) — Equity in losses of unconsolidated investees — 2,811 Deferred income taxes 17,710 (472) Loss on impairment of property, plant and equipment 157,673 442 Loss on impairment of operating lease right of use assets 7,432 — Loss on impairment of intangible assets 2,167 — Loss on impairment of goodwill 7,879 — Loss on disposal of property, plant and equipment 260 33 Write-off of other assets 21,401 — Gain on debt extinguishment (35,326) — Remeasurement loss on prepaid forward 16,082 8,570 Remeasurement loss on warrants 4,966 — Provision for (reversal of) expected credit losses 11,504 (208) Provision for (utilization of) inventory reserves 132,474 (1,351) Other, net 1,807 271 Changes in operating assets and liabilities Accounts receivable 35,132 (37,353) Inventories 23,953 (110,646) Prepaid expenses and other assets 1,139 5,498 Operating lease right-of-use assets 4,347 3,766 Advances to suppliers — 730 Accounts payable and other accrued liabilities (31,913) (52,808) Contract liabilities (167,670) 27,404 Operating lease liabilities (4,313) (2,917) Net cash used in operating activities (263,108) (177,882) Cash flows from investing activities Purchases of property, plant and equipment (48,052) (55,796) Proceeds from disposal of equity in unconsolidated investees 24,000 — Purchases of intangible assets (10) (136) Proceeds from maturity of short-term securities — 76,000 Purchase of short-term securities — (60,000) Purchase of restricted short-term marketable securities — (10) Proceeds from maturity of restricted short-term marketable securities — 971 Proceeds from disposal of property, plant and equipment 664 — Proceeds from disposal of asset held for sale 462 — Net cash used in investing activities (22,936) (38,971) Cash flows from financing activities Proceeds from debt 51,249 148,992 Repayment of debt (74,572) (175,942) Repayment of finance lease obligations (386) (477) Net proceeds from issuance and modification of convertible notes and warrants 71,418 — Net proceeds from issuance of common stock 97,270 193,531 Net cash provided by financing activities 144,979 166,104 Effect of exchange rate changes on cash, cash equivalents and restricted cash (94) 124 Net decrease in cash, cash equivalents and restricted cash (141,159) (50,625) Cash, cash equivalents and restricted cash, beginning of period 195,511 267,961 Cash, cash equivalents and restricted cash, end of period $ 54,352 $ 217,336 Non-cash transactions Property, plant and equipment purchases funded by liabilities $ 5,755 $ 10,158 Interest paid in shares 6,969 — Interest paid by issuance of convertible notes 7,977 — Right-of-use assets obtained in exchange for lease obligations 8,025 10,743 The following table reconciles our cash and cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of September 29, 2024 and October 1, 2023 : (In thousands) September 29, 2024 October 1, 2023 Cash and cash equivalents $ 51,223 $ 208,100 Restricted cash, current portion, included in Prepaid expenses and other current assets 3,028 9,234 Restricted cash, net of current portion, included in Other long-term assets 101 2 Total cash, cash equivalents and restricted cash shown in Condensed Consolidated Statements of Cash Flows $ 54,352 $ 217,336 View original content to download multimedia: https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-third-quarter-2024-financial-results-302324375.html SOURCE Maxeon Solar Technologies, Ltd. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.SUNRISE, Fla. (AP) — Spencer Knight made 20 saves, Mackie Samoskevich scored with less than a second left in the second period, and the Florida Panthers got four goals in the third to beat the Carolina Hurricanes 6-0 on Saturday and complete a two-day sweep. Aleksander Barkov, Sam Bennett, Aaron Ekblad, Evan Rodrigues and Adam Boqvist also scored for Florida, which won 6-3 at Carolina on Friday. The Panthers have won three straight — that streak following a stretch of six losses in seven games for the Stanley Cup champions. It was Knight’s fourth career shutout, his first since Nov. 9, 2022 — also at home against Carolina. Spencer Martin made 23 saves on 28 shots for the Hurricanes, who have dropped four of their last six games (2-3-1). It was Martin’s fourth consecutive start for Carolina. Takeaways Hurricanes: This was the first time all season that the Hurricanes failed to get a point in the game immediately following a loss. Carolina was 4-0-1 after a defeat entering Saturday. Panthers: A big day for Samoskevich — his alma mater on Saturday, that game ending just before the Florida-Carolina game started. The Panthers are 5-0-0 when he scores this season. Sam Reinhart had each of the four most recent Florida goals at 19:59, before Samoskevich got his Saturday. Key moment The Panthers scored two goals 11 seconds apart in the third to make it 5-0, and Yaniv Perets replaced Martin in the Hurricanes’ net with 8:12 remaining. It was the second NHL appearance for Perets, who came on once in relief for Carolina last season. Key stat Ekblad’s goal was his first in a span of 1,045 regular-season shifts since Feb. 20. Up next Carolina starts a two-game homestand Tuesday against Seattle. Florida goes to Pittsburgh to start a two-game trip on Tuesday. ___ AP NHL:

West Virginia advances to the championship game on Sunday, while Boise State plays for third place. The Mountaineers have started 8-0 in back-to-back seasons after last year's 11-0 beginning. Quinerly also had three steals to help West Virginia reach double figures in that category in every game this season. The Mountaineers also forced 20-plus turnovers for the eighth straight game. Boise State was held to just six points in the first and third quarters. West Virginia went on two 10-0 runs in the first quarter to build a 16-point lead. The Mountaineers led by double figures the rest of the way. It was 45-23 at halftime then Quinerly scored four straight points to begin a 9-0 run that ended in a 32-point lead. Freshman Jordan Thomas, coming off her first career double-double, had 10 points and six rebounds for West Virginia. Elodie Lalotte scored 11 points for Boise State (7-1). Teryn Gardner addd 10. West Virginia was coming off an 89-54 victory over High Point on Friday to begin the tournament. The Mountaineers led by as many as 39 points and forced 22 turnovers in that one. ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketball

IBM continues gains for seven straight sessionsATLANTA (AP) — Even the woeful NFC South, where no team has a winning record, can't hide the Atlanta Falcons' offensive shortcomings. Three straight setbacks, including an ugly 17-13 loss to the Los Angeles Chargers, has left the Falcons 6-6 and feeling the pressure. Only a tiebreaker advantage over Tampa Bay has kept the Falcons atop the division. Now the Falcons must prepare to visit streaking Minnesota, which has won five straight . Veteran defensive tackle Grady Jarrett knows the Falcons must solve the flaws which have been exposed in the losing streak. “It’s now or never,” Jarrett said. “You have to flip the mindset fast.” Kirk Cousins threw four interceptions in the loss, matching his career high. Coach Raheem Morris said he didn't consider playing rookie Michael Penix Jr. against the Chargers and won't think about benching Cousins this week. Morris acknowledged the Falcons can't expect to win when turning the ball over four times. It was the latest example of Atlanta's offensive decline. In the three-game losing streak, Cousins has thrown six interceptions with no touchdowns. The Falcons were held under 20 points in each loss. If not for the rash of interceptions which has contributed to the scoring problems, more attention would be devoted to the surge of big plays on defense. The defense forced two fumbles and set a season high with five sacks, including two by Arnold Ebiketie. The Falcons ranked last in the league with only 10 sacks before finding success with their pass rush against Justin Herbert. Herbert was forced to hold the ball while looking for an open receiver, so some credit for the pass-rush success belongs to Atlanta's secondary. The Falcons gave up only two first downs in the second half and 187 yards for the game. Cousins, 36, was expected to be the reliable leader on offense after he signed a four-year, $180 million contract. The four interceptions were his most since 2014 with Washington. Cousins now will be in the spotlight for all the wrong reasons as he returns to Minnesota, his NFL home from 2018-23. Cousins has thrown 13 interceptions, one shy of his career high set in 2022. His passer rating of 90.8 is his lowest since his 86.4 mark as a part-time starter in 2014 with Washington. “Certainly when you haven’t played at the standard you want to a few weeks in a row, you know, you do want to change that, turn it around,” Cousins said. Running back Bijan Robinson had his busiest day of the season, perhaps in an attempt to take heat off Cousins. Robinson's 26 carries set a career high. He ran for 102 yards with a touchdown, his third 100-yard game of the season. He also was heavily involved as a receiver with six catches for 33 yards. With 135 yards from scrimmage, Robinson has eight games this season with more than 100 yards combined as a rusher and receiver, the second-most in the league. Tight end Kyle Pitts had no catches on only two targets. He has only six catches in the last four games after appearing to establish momentum for a big season with two seven-catch games in a span of three weeks in October. Morris noted the Falcons have “so many people that we've got to get the ball to” but noted he'd like to see Pitts more involved. Younghoe Koo's hip issues were such a concern that kicker Riley Patterson was signed to the practice squad on Friday and added to the active roster Saturday. Patterson was on the inactive list as Koo was good on two of three field goals, missing from 35 yards. Koo has made 21 of 29 attempts this season. He did not have more than five misses in any of his first five seasons with Atlanta. 70 — WR Drake London had nine receptions for 86 yards, giving him 70 catches for the season. London, a 2022 first-round draft pick, is the first player in team history with at least 65 receptions in each of his first three seasons. While Ray-Ray McCloud III led the team with a career-best 95 yards on four catches against the Chargers and Darnell Mooney has had some big games, London has been the most consistent receiver. The Falcons face a difficult test Sunday in their visit to Minnesota (10-2), which has five straight wins and is 5-1 at home. AP NFL: https://apnews.com/hub/nfl

A melee broke out at midfield of Ohio Stadium after Michigan upset No. 2 Ohio State 13-10 on Saturday. After the Wolverines' fourth straight win in the series, players converged at the block "O" to plant its flag. The Ohio State players were in the south end zone singing their alma mater in front of the student section. When the Buckeyes saw the Wolverines' flag, they rushed toward the 50-yard line. Social media posts showed Michigan offensive lineman Raheem Anderson carrying the flag on a long pole to midfield, where the Wolverines were met by dozens of Ohio State players and fights broke out. Buckeyes defensive end Jack Sawyer was seen ripping the flag off the pole and taking the flag as he scuffled with several people trying to recover the flag. A statement from the Ohio State Police Department read: "Following the game, officers from multiple law enforcement agencies assisted in breaking up an on-field altercation. During the scuffle, multiple officers representing Ohio and Michigan deployed pepper spray. OSUPD is the lead agency for games and will continue to investigate." Michigan running back Kalel Mullings on FOX said: "For such a great game, you hate to see stuff like that after the game. It's bad for the sport, bad for college football. At the end of the day, some people got to learn how to lose, man. "You can't be fighting and stuff just because you lost the game. We had 60 minutes and four quarters to do all that fighting. Now people want to talk and fight. That's wrong. It's bad for the game. Classless, in my opinion. People got to be better." Once order was restored, officers cordoned the 50-yard line, using bicycles as barriers. Ohio State coach Ryan Day in his postgame press conference said he wasn't sure what happened. "I don't know all the details of it. But I know that these guys are looking to put a flag on our field and our guys weren't going to let that happen," he said. "I'll find out exactly what happened, but this is our field and certainly we're embarrassed at the fact we lost the game, but there's some prideful guys on our team that weren't just going to let that happen." The Big Ten has not yet released a statement on the incident. --Field Level Media

WASHINGTON (AP) — The acting director of the Secret Service said Thursday that the agency is “reorganizing and reimagining” its culture and how it operates following an assassination attempt against Donald Trump on the campaign trail. Members of a bipartisan House task force investigating the attempt on Trump's life pushed Ronald Rowe on how the agency’s staffers could have missed such blatant security vulnerabilities leading up to the July 13 shooting at a rally in Butler, Pennsylvania. At one point, the hearing devolved into a shouting match between Rowe and a Republican congressman. Rowe promised accountability for what he called the agency’s “abject failure” to secure the rally in Butler, where a gunman opened fire from a nearby building. Trump was wounded in the ear, one rallygoer was killed and two others were wounded. Another assassination attempt two months later contributed to the agency’s troubles. That gunman waited for hours for Trump to appear at his golf course in Florida, but a Secret Service agent thwarted the attack by spotting the firearm poking through bushes. The task force has been investigating both attempts, but it was the July shooting that dominated Thursday’s hearing. Its inquiry is one of a series of investigations and reports that have faulted the agency for planning and communications failures. The agency’s previous director resigned, and the Secret Service increased protections for Trump before the Republican won the November election. Rowe was repeatedly asked by flabbergasted lawmakers how problems so obvious in hindsight were allowed to happen. Rep. Jason Crow, a Colorado Democrat, said it was “just wild to me” that at a time of tech advances, the Secret Service was using text messages and emails to communicate in real time about threats. He also asked Rowe why so many things went wrong that day “yet nobody said anything.” Rowe said the agency used to have a culture where people felt comfortable speaking up. “I don’t know where we lost that,” he said. “We have to get back to that.” Rowe said the agency is putting a much stronger emphasis on training — something previous investigations found was lacking — and on doing more regular reviews of events to see what went right and where improvements can be made. “We are reorganizing and reimaging this organization," Rowe told lawmakers. He said the agency needs to identify possible leaders much earlier in their careers instead of just promoting people to command positions because they have been around a long time. The hearing was largely cordial, with members of Congress stressing the bipartisan nature of their work and praising Rowe for cooperating with their investigation even as they pushed him for explanations. But at one point, Rowe and Rep. Pat Fallon, a Texas Republican, faced off — shouting over each other as other members pleaded for order. Fallon pulled out a photo of President Joe Biden, Trump and others at this year's Sept. 11 ceremony in New York and asked Rowe why he was at the event, suggesting it was to burnish his prospects at getting the director job permanently. Trump has not yet named his pick to lead the agency. “I was there to show respect for a Secret Service member that died on 9/11. Do not invoke 9/11 for political purposes!” Rowe shouted. “You wanted to be visible because you were auditioning for this job that you’re not going to get!” Fallon later shot back. Rowe roared back: "You are out of line, Congressman. You are out of line!” “You're a bully,” Fallon said. This was the task force’s second public hearing and the first time that Rowe has addressed its members in public. The panel has until Dec. 13 to release its final report. Rep. Mark Green, a Tennessee Republican, said the agency’s conduct during the July shooting seemed almost “lackadaisical.” He said some of the issues that went wrong that day were ”really basic things.” “It speaks of an apathy or a complacency that is really unacceptable in an organization like the Secret Service,” Green said. The task force conducted 46 transcribed interviews, attended over a dozen briefings and reviewed over 20,000 documents. Members also visited the site of both assassination attempts and went to the FBI’s laboratory in Quantico, Virginia, to look at evidence. Rowe said Thursday that the agency's internal investigation , whose findings were released last month, identified failures by multiple employees. He noted that the quality of the advance work — the people who scope out event locations ahead of time — did not meet agency standards. He vowed accountability for those who fell down on the job. Many of the investigations have centered on why buildings near the rally with a clear line of sight to the stage where Trump was speaking were not secured in advance. The gunman, Thomas Crooks, climbed onto the roof of one of them and opened fire before being killed by a Secret Service counter-sniper. Rowe pointed to the failure to protect the building as the most glaring oversight that day. He also was asked about the morale of agents and new hires. Rowe said applications are actually up this year — the agency made a net gain of about 200 agents during the past fiscal year, meaning both new agents were hired and veteran agents retained.Ethnic nationalities from the six geopolitical zones and groups at the end of its just concluded symposium in Kaduna have proposed an eight region structure for the country. Participants at the two days event insisted that the time has come for Nigeria to restructure, into reorganized regions. Speaking at the opening ceremony of the national symposium, the National President of the Middle Belt Forum, Dr Bitrus Pogu represented by the National Publicity Secretary, Emmanuel Alamu said the middle belt believe in the oneness of Nigeria, saying, but we believe the country need to restructure. For instance, “we in the middle belt want more states in the zone. The convener of the two day summit, Deacon Owolabi Oladejo, explained to the first series of the national symposium was held in Ibadan in 2023, saying that the essence of The Rebirth Group is to provide a platform where people of ethnic nationalities and minorities can air their views freely on the future of Nigeria. In a communique read by the chairman of the communique drafting committee, Mr Jare Ajayi noted that the proposed Regions should be given more powers over their respective affairs. “In other words, the central government is to concern itself only with issues that the federating units cannot handle. The central government should be smaller and smarter. ALSO READ: Jigawa Gov launches N10.88bn erosion control project in Dutse “Six Regions were recommended at the Ibadan Symposium – perhaps in line with the present geo-political zones. At the Kaduna Symposium however, Eight Regions were proposed. But each region would be equal to the other in status and ranking. The ethnic nationalities believes that restructuring into Regions is not meant to abrogate states that we have presently. However, posited that, “The Regions would form the Federating units to make the country to be known as United Regions of Nigeria (URN) or any other nomenclature that we find convenient “Each Region is to have its own Constitution and be autonomous. This is to ensure that they are in a proper position to operationalize self-determination. “The restructuring must be such that the community, state and local government from where certain resources come should have 70 per cent of the proceeds of the resources while 30 per cent goes to the center. “To avoid domination or even sit-tight syndrome, heads of each level of government should be rotational on the basis of the constituents within that enclave. “When the head comes from one area the deputy would be from another part. “The latter would automatically become the Head of the Government at the end of the tenure of the incumbent. “This should be done in a manner that each constituent area in the state, region and the country will have the opportunity to be head of government in turn. NIGERIAN TRIBUNE Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel nowPresident-elect Donald Trump will be inaugurated on Monday, Jan. 20 — an event that’s been in the works since before voters even filled out their ballots. Trump’s swearing-in is slated to take place on the West Front of the U.S. Capitol. The inauguration is put on by the Joint Congressional Committee on Inaugural Ceremonies , a bipartisan group tasked with planning and executing the inauguration. But the Presidential Inaugural Committee , formed after the November election, is responsible for the parade, galas and other events inauguration events not held at the Capitol. While the inauguration is open to the public, tickets are required to attend. And for that, those interested in attending the swearing-in of Trump and his vice president, Ohio Sen. JD Vance, will need to turn to their U.S. senator or congressional representative. Many elected officials, including California Sen. Alex Padilla, already have forms on their official websites for those who wish to attend. Those interested must include their name, address, email, phone number and the amount of tickets requested. Padilla’s office said it “will offer a limited number of tickets when those become available.” Californians can also request tickets from their congressional representative, many who have similar forms on their respective government websites as well as other information about the tickets. Rep. Young Kim, for instance, noted on her website that tickets just provide access to the swearing-in ceremonies. Tickets to balls and the parade are handled by the Presidential Inaugural Committee, her website said. No tickets are needed to view the inaugural parade from open locations along the route. Tickets to the swearing-in are limited, it said, and those who do not receive tickets could still watch the proceedings played on monitors along the National Mall. “January is historically cold and wet. Crowds will be very large, and you will be in the cold for several hours during the inauguration ceremony,” Kim’s website advised. “Be prepared to arrive for the ceremony early to take into consideration delays due to the large crowds.” Kim represents California’s 40th congressional district, which includes western San Bernardino and Riverside counties and eastern Orange County. Local or state Republican parties do not distribute tickets to the inauguration. Related Articles