Maxeon Solar Technologies : 2Q 2021 Earnings Supplementary Slides

2Q 2021 RESULTS SUPPLEMENTAL SLIDES

August 12, 2021

© 2021 Maxeon Solar Technologies

SAFE HARBOR STATEMENT

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) our expectations regarding pricing trends, demand and growth projections; (b) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including the duration, scope and impact on the demand for our products and the pace of recovery from the COVID-19 pandemic; (c) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (d) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability;

1. our liquidity, substantial indebtedness, and ability to obtain additional financing or renegotiate our existing financing arrangements; (f) our technology outlook, including anticipated fab utilization and expected ramp and production timelines for the Company's Maxeon 5 and 6, next- generation Maxeon 7 and Performance line solar panels, expected cost reduction, and future performance; (g) our strategic goals and plans, including partnership discussions with respect to the Company's next generation technology, and our relationships with existing customers, suppliers and partners, and our ability to achieve and maintain them; (h) expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels; (i) expected demand and market traction for Maxeon as a result of anticipated product launches; (j) our third quarter fiscal year 2021 guidance, including shipments, revenue, gross profit, non-GAAP gross profit, operating expenses, non-GAAP operating expenses, Adjusted EBITDA, capital investments, restructuring charges, out-of-market polysilicon cost, and related assumptions; (k) our expectations regarding the potential outcome, or financial or other impact on our business, as a result of the Spin-off from SunPower Corporation; and (l) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets. 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". All forward-looking statements 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.

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SECOND QUARTER HIGHLIGHTS

• 2Q results on plan; bookings support significant 3Q growth
• Cash flow from operations bolsters balance sheet
• US manufacturing capacity expansion plan accelerated
• • 3 GW cell / module factory, site selection underway
  • Loan Guarantee application under review by Department of Energy
  • Pending successful loan guarantee and enabling legislation, production as early as 2023
  • 1.8GW Malaysia / Mexicali capacity on track for early 2022 shipments

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PROGRESS ON THREE PILLARS OF STRATEGY

Leading	Focused Utility-Scale	Differentiated Global
Panel Innovation	Approach	DG Brand and Channel

Maxeon 7	US		Channel
• Successful performance	•	Shipments to Primergy's	• Record DG sales in Europe
milestones achieved in Fab4		Gemini project in 2022	• Strongest growth in Italy,
ahead of pilot line	•	US expansion plan	France and the Netherlands
installation		accelerated with application
		for DOE LGP

			Beyond the Panel
Maxeon 6			•	Performance line AC panels
• Last Maxeon 2 cell produced	ROW		launched
• First Maxeon 6 panels on	•	PPA pricing shifting positively	•	Targeting AC panels to be
track to ship in 2021	•	Bookings support significant		about 20% of non-US sales
		2022 shipments		by end of 2021

4 | © 2021 Maxeon Solar Technologies

ESG FOCUS

• Inaugural Sustainability Report Published in June, aligned with GRI and SASB
• Building on 2020 commitment to UN Global Compact

5 | © 2021 Maxeon Solar Technologies