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–GD’s European volume record with new Beyond the Panel releases–

–First U. S. utility-scale shipmentsU. S. delivered effectively–

SINGAPORE, May 26, 2022 /PRNewswire/ — Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) (“Maxeon” or “the Company”), a global leader in solar channel and channel innovation, announced its monetary effects for the first quarter ended April 3, 2022.

Maxeon CEO Jeff Waters said, “We start 2022 with some other record-breaking CEO functionality in Europe and the unveiling of our SunPower One ecosystem that we will begin launching in parts of the world this year. Our module sales increased by more than 75% year-on-year In Europe and in some countries, our combined sales of AC modules exceeded 40% compared to the previous year. In the United States, we are recently negotiating delivery terms for 2024 and are very pleased to see the first boxes of modules leave our facility in Mexico. reach our client’s assignment site.

While supply chain situations remain challenging, we continue to work on executing our key transformation projects, namely increasing our Maxeon 6 and performance levels for the U. S. market, which are critical to enabling us to return to profitability in 2023. Maxeon 6 is expected to be completely in excess of 500 MW in the current part of 2022 and the capacity of the Performance line for the US market is expected to be completely higher than 2022. Maxeon’s transformation led through Maxeon 7, increasing garage sales, direct access to the U. S. residential market. U. S. and capacity expansion in North America. “

Unaudited financial summary of the selected first quarter

(In thousands, shipments)

Q1 fiscal 2022

Q4 fiscal 2021

Fiscal Q1 2021

Shipping, in MW

488

577

379

Income

$223,081

$221,479

$165,417

Gross profit (loss) (1)

(12 964)

(10 545)

1 051

GAAP Operating Expenses

37 410

35 518

37 207

GAAP Net Loss attributable to Shareholders(1)

(59 112)

(73 332)

(38 814)

Capital expenditures

21 682

37 393

10 958

Other monetary data(1), (2)

(Thousands)

Q1 fiscal 2022

Q4 fiscal 2021

Q1 fiscal 2021

Non-GAAP gross profit (loss)

$ (12,542)

(10 056)

$1,274

Non-GAAP Expenses

34 367

33 423

35 067

Adjusted EBITDA(3)

(33,590)

(32 777)

(23 520)

(1) The company’s GAAP and non-GAAP effects were affected by the effects of certain elements. See the “Additional Information on GAAP and Non-GAAP Results” segment below.

(2) The Use of Non-GAAP Monetary Information by the Company, adding a reconciliation with U. S. GAAP. In the U. S. , it is set out in the “Use of Non-GAAP Financial Measures” segment below.

(3) Adjusted EBITDA for the 3 months ending 2 January 2022 and four Months April 2021 came with an equity adjustment in the losses of unconsolidated issuers. For a reconciliation of adjusted EBITDA to GAAP net loss for the 3 months ended January 2, 2022 and April 4, 2021, please see our Forms 6-K provided to the SEC on March 24, 2022 and May 20, 2021, respectively.

Additional Results Affecting GAAP and Non-GAAP

Three months completed

(Thousands)

Monetary item concerned

April 3, 2022

January 2, 2022

April 4, 2021

Incremental polysilicon above the market(1)

Cost of income

7 388

11 542

11 618

Loss due to excess incidental polysilicon(2), (3)

Cost of income

8 328

2 621

1 720

(1) Corresponds to the difference between our contractual charge for polysilicon under long-term constant source agreements with our supplier and the value of the polysilicon available on the market, as shown through the publicly available data at the beginning of each. quarter, multiplied by the volume of modules sold in the quarter.

(2) In order to reduce stocks and current capital, we have periodically chosen to sell polysilicon stocks acquired under long-term constant source agreements on the market at costs below our purchase price, resulting in a loss.

(3) For the 3 months ended April 3, 2022, the loss from excess polysilicon ancillary sales also included $5. 9 million from the loss in the company’s acquisition commitment similar to the excess polysilicon third-party ancillary sales to be realized in the quarter ended July. 3, 2022.

Outlook for the 2022 quarter

For the quarter of 2022, the Company expects the following results:

(In millions, deliveries)

Perspectives

Shipping, in MW

460 – 490 megawatts

Income

$215 – $230

Gross loss(1)

$15 – $25

Non-GAAP gross loss(1), (2)

$15 – $25

Operating expenses

$39 ± $1

Non-GAAP Expenses(3)

$36 ± $1

Adjusted EBITDA(1), (4)

$(37) – $(47)

Capital Expenditures(5)

$20 – $24

Cost of polycrystalline silicon off the market(1)

$3 – $4

(1) The outlook for gross loss, non-GAAP gross loss and adjusted EBITDA includes off-market polysilicon.

(2) The company’s non-GAAP gross loss is affected by the effects of the adjustment of the share-based remuneration expense. The Company provides a reconciliation between its gross loss and its non-GAAP gross loss outlook, as the outlook is rounded to the nearest million and therefore the adjustment results in a difference from the non-GAAP gross loss outlook.

(3) The Company’s non-GAAP operating expenses are affected by the effects of the adjustment of stock-based reimbursement expenses and restructuring expenses and expenses.

(4) The Company provides a reconciliation between its adjusted EBITDA projection and directly comparable maximum GAAP measures without undue effort, as it cannot expect with moderate certainty the final results of future revaluation gain or loss.

(5) Capital expenditure is basically spent on upgrading production to Maxeon 6 at our Malaysia plant, purchasing mobile and modular appliances for our 1. 8 GW Performance Line capacity for the US. In the U. S. , as well as developing the Maxeon 7 generation and operating a pilot line.

These expected effects for the current quarter of 2022 are preliminary, unaudited and constitute the most recent information that can be provided to management. an effect of the COVID-19 pandemic and the global economic environment. See the Forward-Looking Statements segment below. Management reviews and estimates are subject to replacement without notice.

For information

Maxeon’s monetary effects and control comments for the first quarter of 2022 can be obtained on Form 6-K by accessing the Finance page.

Conference Call Details

The Company will hold a convention call on May 26, 2022 at 5:30 p. m. U. S. Eastern Time/ May 27, 2022 at 5:30 a. m. m. , Singapore time, to talk about the effects and provide an update on the activity. Details of the convention convening are below.

Call: North America (Toll-Free): 1 (833) 301-1154 International: 1 (914) 987-7395 Singapore: 65-3165-4607 Conference ID: 6144536

There will be a simulcast of the convention call on Maxeon’s online page in https://corp. maxeon. com/events-and-presentations.

Auditors must log in or log in 10 minutes in advance. A replay will be available online within 24 hours of the event.

A repeat of the convention call can be obtained by phone to the following numbers until June 2, 2022. To access the replay, provide the following numbers:

North America (Toll-Free): 1 (855) 859-2056 / 1 (800) 585-8367 International: 1 (404) 537-3406 Conference ID: 6144536

About Maxeon Solar Technologies

Maxeon Solar Technologies Ltd (NASDAQ: MAXN) forces Positive ChangeTM. Based in Singapore, Maxeon designs and manufactures solar panels with the Maxeon® and SunPower® logo, and has sales operations in more than one hundred countries, operating under the SunPower logo in select countries. in the Unidos. La States is a leader in solar innovation with access to more than 1000 patents and two best-in-class solar panel product lines. 1,400 trusted partners and distributors. Maxeon, a pioneer in sustainable solar manufacturing, is based on 35 years of experience in the solar industry and awards for its technology. To learn more about how Maxeon is driving positive change, visit us at https:// www. maxeon. com/, LinkedIn, and Twitter.

Forward-Looking Statements

This press release comprises forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and adds, among others, statements regarding: (a) our expectations regarding value trends, demand and projections of expansion; (b) potential disruptions to our operations and supply chain that could result from epidemics, herbal bugs, or military conflict, aggregating the duration, scope, and impact on demand for our products, market disruptions due to war in Ukraine and the speed of recovery from the COVID-19 pandemic; (c) the expected timing of the product launch and our expectations regarding acceleration, visitor acceptance, and sales and expansion opportunities; (d) our short-term and long-term strategic plans and expectations, aggregating our planned rates of concentration and investment, market expansion, product concentration and generation, and projected earnings expansion and ability; (e) our ability to meet significant short-term and long-term cash requirements, aggregating our obligations under the long-term polysilicon source agreement, our ability to complete concessional or fair provisioning debt, if any, and our overall liquidity, really ample leverage and ability to offload more funding; (f) our generation outlook, adding expected factory usage and expected ramp and production times for the company’s Maxeon 5 and 6 solar panels, the next-generation Maxeon 7 and Performance line, expected price discounts and functionality long-term; (g) our strategic goals and plans, aggregating partnership discussions related to the Company’s next generation generation, and our relationships with existing visitors, vendors and partners, and our ability to achieve and maintain them; (h) our expectations related to our long-term functionality and profits resulting from contract orders, bookings, backlogs, and pipelines in our sales channels; (i) our direction for the current quarter of fiscal year 2022, aggregating shipments, earnings, gross margin, non-GAAP gross margin, operating expenses, non-GAAP parent adjusted EBITDA operating expenses, capital expenditures, non-market polysilicon charge and relevant pricing assumptions; and (j) our projected effective tax rate and valuation reserve adjustments similar to our deferred tax assets.

Forward-looking statements can also be known through words such as “may,” “could,” “could,” “will,” “objective,” “expects,” “anticipates,” “future,” “intends,” “plans. “”, “believes”, “esteems” and statements. Among other things, management’s quotes in this press release and Maxeon’s business operations and customers imply forward-looking statements.

These forward-looking statements are based on our existing assumptions, expectations and ideals and involve very extensive risks and uncertainties that could cause actual effects, appearance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements are not promises of long-term durability and are subject to a number of pitfalls. Readers deserve not to place undue reliance on such forward-looking statements, as there can be no assurance that the plans, projects or expectations on which they are based will materialize. Factors that may also cause or contribute to such differences include, but are not limited to: (1) demanding situations in the execution of transactions essential to our strategic plans, aggregating regulatory situations and other demanding situations that may arise; (2) our liquidity, really extensive indebtedness and ability to unload more financing for our projects, consumers and operations; (3) our ability to manage increases in supply chain costs and operating expenses; (4) potential disruptions to our operations and supply chain that could result from damage to or destruction of services operated through our suppliers, difficulties recruiting or retaining key personnel, disease outbreaks, herbal bugs that add the effects of the COVID-19 pandemic or the war in Ukraine; (5) our ability to manage our major customers and suppliers; (6) the good fortune of our continued research and progression efforts and our ability to commercialize new products and sites, adding evolved products and sites through strategic alliances; (7) festival in the sun and energy industry in general and downward pressure on sales values ​​and wholesale energy values; (8) adjustments in regulations and public policies, adding the imposition and application of fees; (9) our ability to comply with various tax exemption requirements, as well as regulatory adjustments or findings that affect the availability of economic incentives that sell the use of solar energy and the availability of tax incentives or taxes imposed; (10) fluctuations in our operating effects; (11) properly size our production capacity and involve production and logistics difficulties that may arise; (12) unforeseen events have an effect on visitor numbers and sales hours due to, among other factors, the spread of COVID-19, the war in Ukraine, and other environmental errors; (13) demanding situations in the management of our acquisitions, joint ventures and partnerships, adding our ability to successfully manage acquired assets and supplier relationships; (14) the reaction of securities or industry analysts to our quarterly forecasts which, combined with our effects of operations, could possibly cause them to stop publishing studies or reports about us, or negatively change their recommendations related to our non-unusual inventory, which could have an adverse effect on the market position value of our common inventory and the trading volume of our inventory; and (15) unpredictable effects resulting from our litigation or other litigation activities. A detailed discussion of these and other hazards affecting our business is included in the documents we file with the Securities and Exhibitions Commission (“SEC”) from time to time, including our most recent report on Form 20-F, specifically under the title “Risk Factors”. Copies of those SEC filings can be obtained online at www. sec. gov or in the SEC Filings segment of our Investor Relations online page at https://corp. maxeon. com/investor-relationships . All forward-looking statements included in this press release are based on information that has already been provided to us, and we do not assume any legal responsibility to update those forward-looking statements based on new forms or long-term events.

Use of Non-GAAP Financial Measures

We provide secure non-GAAP measures, such as non-GAAP gross profit (loss), non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for stock-based redemption, restructuring fees (credits) and expenses, revaluation loss (gain) on prepaid futures and anticipated physical deliveries, loss on debt extinction, impairment and equity in losses of unconsolidated issuers (“ADJUSTED EBITDA”) for supplement our bound monetary effects provided pursuant to GAAP. GAAP gross profit (loss) is explained as gross profit (loss) stock-based redemption. Non-GAAP operating expenses are explained as stock-based reimbursement operating expenses and fees (credits) and restructuring expenses.

We believe that non-GAAP gross profit (loss), non-GAAP operating expenses, and adjusted EBITDA provide greater transparency in viewing control and evaluating the ongoing operating functionality of the business by removing parts that controls are not. representative of our ongoing business and possibly distort our longer-term operating trends. Those measures are useful to help improve comparison of our effects of operations during other reporting periods on a consistent basis and with our competitors, other than parts that are infrequent or unrelated to the Company’s core business, such as presented previously. We also use those non-GAAP measures internally to compare our old and existing business, functionality, and monetary effects, as well as for strategic decision-making and forecasting long-term effects. Given our use of non-GAAP measures, those measures may be vital to investors’ understanding of our operating effects as seen through the eyes of control. These non-GAAP measures are not GAAP-ready and are not intended to update GAAP financial data, deserve to be considered in combination with GAAP measures, and may differ from non-GAAP measures used by other companies.

As presented in the “Reconciliation of Non-GAAP Financial Measures” section, non-GAAP monetary measures exclude one or more of the following to reach non-GAAP measures:

Share-based remuneration charge. Stock-based redemption is primarily related to incentive allocations in stocks. Stock-based reimbursement is a non-cash expense that depends on market forces that is difficult to expect and is excluded from non-GAAP, non-GAAP gross profit (loss), operating expenses and adjusted EBITDA. Management believes that this adjustment to stock-based redemption spending provides investors with a basis for measuring our core functionality, adding the ability to compare our functionality with that of other companies, without the variation of skill from one period to another created through stock-based redemption.

Charges (credits) and restructuring prices. We incur restructuring fees (credits) and pricing similar to reorganization plans to realign resources in accordance with our overall strategy and overall operating power and charge structure. Restructuring expenses (credits) and pricing are excluded from non-GAAP operating expenses and adjusted EBITDA as they are not considered core operating activities. While we have engaged in restructuring activities and initiatives, beyond activities they have been discrete occasions founded on unique sets of business objectives. As such, the Control believes that it is appropriate to exclude restructuring prices (credits) and expenses from our non-GAAP monetary measures, as they do not reflect the existing effects of operations, nor do those expenses contribute to a meaningful assessment of our performance beyond the transaction.

Loss (gain) due to revaluation in prepaid futures contracts and anticipated physical deliveries. This relates to the revaluation of the fair market price of privately negotiated prepaid advance transactions and physical deliveries. The transactions were completed by the issuance on July 17, 2020 of 6. 50% Green Senior Convertible Notes due 2025 for a total principal amount of $200 million. The prepaid forward contract is remeasured at the fair price at the end of each reporting era, with fair price changes identified in earnings. The fair price of the advance prepaid contract is affected primarily through the Company’s percentage price. The early physical delivery was repriced to fair at the end of the note’s valuation era on September 29, 2020, and was repriced to fair after remeasurement, and will not be remeasured thereafter. The fair price of early physical delivery was affected primarily through the Company’s percentage price. Revaluation loss (gain) on prepaid futures and physically delivered futures is excluded from Adjusted EBITDA as it is not considered a core operating activity. As such, the control believes it is appropriate to exclude mark-to-market changes from our Adjusted EBITDA as they do not reflect ongoing operating effects and the loss (gain) does not make a significant contribution to or assessment of our performance beyond the operation.

Deficiencia. Il is the impairment of assets registered through our equity-owned entity, Huansheng Photovoltaic (Jiangsu) Co. , Ltd (“Huansheng JV”). Impairment of assets is excluded from our monetary measure of adjusted EBITDA as it stands non-cash and does not reflect the existing effects of operations. As such, the control believes it is appropriate to exclude those expenses as they do not contribute to a meaningful evaluation of our performance beyond the operation.

Equity in the losses of unconsolidated issuing companies. This considers the loss in our unconsolidated Huansheng JV stake. This is excluded from our monetary measure of adjusted EBITDA as it is not monetary in nature and does not reflect our core operating performance. As such, Control believes it is appropriate to exclude those expenses as they do not contribute to a meaningful evaluation of our performance.

Reconciliation of Non-GAAP Financial Measures

Three months completed

(Thousands)

April 3, 2022

January 2, 2022

April 4, 2021

Gross profit (loss)

$ (12,964)

$ (10,545)

$1,051

Stock-based compensation

422

489

223

Non-GAAP gross profit (loss)

(12 542)

(10 056)

1 274

GAAP Operating Expenses

37 410

35 518

37 207

Stock-based compensation

(2 275)

(1 545)

(1 281)

Restructuring fees and costs

(768)

(550)

(859)

Non-GAAP Operating Expenses

34 367

33 423

35 067

GAAP Net Loss attributable to Shareholders

(59 112)

(73 332)

(38 814)

Interest expense, net

4 786

6 511

7 612

Provision for (profit) from the source of income taxes

825

(1 016)

2 262

Depreciation

12 898

11 930

9 217

Amortization

90

185

sixty-five

EBITDA

(40 513)

(55 722)

(19 658)

Disability

—

5 058

—

Stock-based compensation

2 697

2 034

1,504

Charges (credits) and restructuring costs

768

(378)

859

Loss (gain) from revaluation in futures

397

9 827

(8,355)

Equity in losses of unconsolidated holdings

3,061

6 404

2,130

Adjusted EBITDA(1)

(33,590)

(32,777)

(23 520)

(1) Adjusted EBITDA for the 3 months ending 2 January 2022 and four Months April 2021 came with an equity adjustment for the losses of unconsolidated issuers. For a reconciliation of adjusted EBITDA to GAAP net loss for the 3 months ended January 2, 2022 and April 4, 2021, please see our Forms 6-K provided to the SEC on March 24, 2022 and May 20, 2021, respectively.

Non-GAAP Perspective Reconciliation

(in millions)

prospects

operating expenses

$39 ± $1

Stock-based compensation

(2)

Restructuring fees and costs

(1)

Non-GAAP expenses

$36 ± $1

©2022 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 SHEET

(unaudited)

(In thousands, for inventory data)

Of

April 3, 2022

January 2, 2022

Active

Current assets:

Cash and money equivalents

$                176,679

$                 166,542

     Restricted short-term marketable securities

1,049

1,079

     Accounts receivable, net

52,113

39,730

     Inventories

262,773

212,820

     Advances to suppliers, current portion

39,311

51,045

     Prepaid expenses and other current assets

72,080

61,904

Total current assets

$                604,005

$                 533,120

Property, plant and equipment, net

394 688

386 630

Rights of use of leased goods

16,027

15,397

Other intangible assets, net

331

420

Advances to suppliers, net of current portion

1,407

716

Deferred tax assets

5,092

5 183

Other long-term assets

78,257

115 077

Total assets

$1,099,807

$              1,056,543

Liabilities and Equity

Current liabilities:

Accounts payable

$259,992

$270,475

Accrued obligations

91 452

78 680

Contract liabilities, portion

50,782

44,059

     Short-term debt

48,008

25,355

Operating lease debts, fee

2 742

2 467

Full responsibility

$452,976

$                 421,036

Long-term debt

74

213

Contractual liabilities, of the existing portion

131,064

58,994

Operating lease liabilities, of existing participation

13 815

13,464

Convertible debt

188,698

145 772

Deferred tax liabilities

1,150

1,150

Other long-term liabilities

57,822

61,039

Total responsibilities

$845,599

$                 701,668

Commitments and contingencies

Equity:

     Common stock, no par value (44,601,070 and 44,246,603 issued and outstanding as of      April 3, 2022 and January 2, 2022, respectively)

$                          —

Ps

issue premium

573 536

624,261

     Accumulated deficit

(311,951)

(262 961)

     Accumulated other comprehensive loss

(12,647)

(11,844)

Assets attributable to the Corporation

248,938

349,456

     Noncontrolling interests

5 270

5,419

Total equity

254,208

354,875

Total liabilities and equity

$1,099,807

$1,056,543

MAXEON SOLAR TECHNOLOGIES, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, consistent with participation)

Three Months Ended

April 3, 2022

April 4, 2021

Income

$223,081

$                  165,417

Cost of revenue

236 045

164 366

Gross profit (loss)

(12,964)

(34,324)

     Provision for income taxes

(825)

(98)

Net loss attributable to the stockholders

$                       (1.45)

     Diluted

40,650

(In thousands)

Shares

Accumulated Deficit

Accumulated Other Comprehensive Loss

Equity Attributable to the Company

Interests

Total Equity

$        (262,961)

Net loss

(59,197)

—

—

—

Accounting for Stock-Based Compensation

—

—

1 466

—

—

1 466

—

1 466

The integral result

—

—

—

—

(803)

(803)

—

(803)

Balance as of April 3, 2022

44 601

Ps

$573,536

$ (311,951)

$ (12,647)

$248,938

$5,270

$254,208

Share

Amount

issue premium

Accumulated deficit

Comprehensive result for the year to date

Assets attributable to the Corporation

Non-majority interests

Total equity

Balance as of January 3, 2021

33 995

Ps

$451,474

$ (8,441)

$ (10,391)

$432,642

$6,645

$439,287

Net loss

—

—

—

(38 814)

—

(38 814)

98

(38 716)

Issuance of non-unusual shares for share-based remuneration, net of withholding tax

229

—

(2 550)

—

—

(2 550)

—

(2 550)

Recognition of action-based compensation

—

—

1 570

—

—

1 570

—

1 570

The integral result

—

—

—

—

(79)

(79)

—

(79)

Balance as of April 4, 2021

34 224

Ps

$450,494

$ (47,255)

$ (10,470)

$392,769

$6,743

$399,512

MAXEON SOLAR TECHNOLOGIES, LTD.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(unaudited)

(Thousands)

Three months completed

April 3, 2022

April 4, 2021

Cash flows from activities

Net loss

$ (59,197)

$ (38,716)

Adjustments to reconcile loss with money used in operational activities

Depreciation and amortization

12 988

9 292

Stock-based compensation

2 697

1 504

Non-monetary expenditure

1 336

3 494

Equity in losses of unconsolidated holdings

3 061

2 130

Deferred taxes

91

(919)

Loss due to disposal of property, plant and equipment

213

—

Loss (gain) from revaluation in futures

397

(8 355)

Other, net

430

1 047

Evolution of assets and liabilities

Accounts receivable

(12 821)

15 203

Contractual assets

532

311

Inventories

(50 058)

(29 793)

Expenses and assets paid in advance

(5 172)

(446)

Assets under operating lease

627

598

Advances to suppliers

11 043

9 405

Accounts payable and accrued liabilities

30 344

(17 464)

Contractual liabilities

78 805

2 612

Operating debts

(631)

(726)

Net money through (used in) operational activities

14 685

(50 823)

Cash for performing an investment activity

Purchases of tangible capital goods

(21 682)

(10 958)

Cash paid for the disposition of property, plant and equipment

(11)

—

Net money used in investment activities

(21 693)

(10 958)

Cash from funding activities

Proceeds of debt

66 318

50 083

Payment of the debt

(43 598)

(62 816)

Repayment of financial obligations

(178)

(180)

Payment of tax withholding obligations for the issuance of non-unusual percentages on the acquisition of limited percentage holdings

(2)

(2 550)

Distribution to minority interests

(64)

—

Net money through (used in) financing activities

22 476

(15 463)

Effect of exchange rate adjustments on money, money equivalents and allocated money

64

105

Net accumulation (decrease) of money, money equivalents and allocated money

15 532

(77 139)

Cash, cash equivalents and allocated money, start of the period

192 232

209 572

Cash, cash equivalents and allocated money, end of period

$207,764

$132,433

Non-monetary transactions

Purchases of tangible capital goods financed through liabilities

$31,948

$23,537

Right-of-use assets received for lease obligations

1 257

—

The following table reconciles our money and allocated money equivalents reported on our condensed consolidated balance sheets and the money, money equivalents and allocated money reported in our condensed consolidated statements of money flows as of April 3, 2022 and April 4, 2021:

(Thousands)

April 3, 2022

April 4, 2021

Cash and money equivalents

$176,679

$131,417

Assigned cash, existing quota, included in Anticipated expenses and existing assets

7 009

489

Cash allocated, from the existing portion, included in other long-term assets

24 076

527

Total money, money equivalents and allocated money presented in the consolidated summary cash flow statements

$207,764

$132,433

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SOURCE Maxeon Solar Technologies, Ltd.