Maxeon (NASDAQ:MAXN) shares experienced a significant drop of more than 26% in pre-market today subsequent to the release of the company’s Q2 results. The reported revenue of $348.4 million was notably lower than the anticipated consensus figure of $378.23 million. Additionally, EPS stood at ($0.03), compared to the Street estimate of ($0.07).

CEO Bill Mulligan attributed the decline in the global distributed generation (DG) market’s demand to various factors, including elevated interest rates, disruptions in California’s policies, and a widespread accumulation of channel inventory.

Looking ahead to Q3, Maxeon foresees revenue to fall within the range of $280 million to $320 million, which falls short of the Street estimate of $395.3 million.

For the full year, Maxeon projects its revenue to be in the range of $1.25 billion to $1.35 billion, which is below the Street estimate of $1.51 billion.

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