Maxeon Solar Technologies : 3Q 2021 Earnings Supplementary Slides

3Q 2021 RESULTS SUPPLEMENTAL SLIDES

November 17, 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 ability to meet short term and long term material cash requirements, our ability to complete an equity or debt offering at favorable terms, if at all, and our overall liquidity, substantial indebtedness and ability to obtain additional financing; (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; and (i) our fourth 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. 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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THIRD QUARTER HIGHLIGHTS

• Malaysia facility fully reopened with 99% vaccination rate
• Non-GAAPFinancial results within guidance ranges despite supply chain headwinds
• Up to approximately 400MW added to US Utility-Scale bookings
• Part 1 of DOE Loan Guarantee Process Completed

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Transformative Capacity and Margin

Expansion Initiatives on Track

From Upper Left clockwise: First Maxeon 6 Module; Packaged Maxeon Air Panels at Singapore R&D Lab; new P-Series cell Fab in Malaysia; P-Series Module Tools Move in

>3X CAPACITY EXPANSION PLAN ON TRACK

3GW

1GW

4Q20		3Q21					4Q21	4Q22
		Max2		Max3		Max5		Max6		Performance Line

Note: Capacity defined as internal maximum production available at end of quarter. Graph excludes access to Performance line output from HSPV joint venture, and United States Manufacturing facility under consideration.

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PROGRESS ON THREE PILLARS OF STRATEGY

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

Maxeon 6	US	Channel
• First 200MW on track to be	• P-Series ramp on schedule	• Record quarter for EU DG
online in 2021, replacing	for first shipment in 2Q22	• 40% growth in Mexico
Maxeon 2	• Booked up to approximately		channel
• On track to retrofit Maxeon 5	400MW with Texas project	•	24% year-on-year revenue
in 2022 and scale to 550MW	• Part 1 of DOE Loan		growth in DG
	Guarantee process
Maxeon 7	completed	Beyond the Panel
• Pilot line producing IBC cells	ROW	• France, Netherlands, UK and
at highest efficiencies ever	• Nearly 200MW India project		Australia to exceed 20% mix
recorded by Maxeon	shipping in 3Q and 4Q		of AC panels by end of 2021
	• Capital injection by TZS into	•	Measuring 2022
	HSPV JV to fund expansion		performance by non-panel
			revenue to include storage

5 | © 2021 Maxeon Solar Technologies