Maxn to terminate EY as company’s registered accounting firm

Maxn to terminate EY as company’s registered accounting firm

Maxeon Solar Technologies (MAXN), a leading player in the solar energy industry, has announced a significant change in its accounting firm. The company has decided to terminate its relationship with Ernst & Young LLP (EY) as its independent registered public accounting firm, effective August 29, 2025. This decision was approved by the company's audit committee and is not due to any disagreements on accounting principles or practices [1].

The company plans to appoint Marcum Asia as its new auditor, pending shareholder approval at the 2025 annual general meeting. The reports from EY for the years ending December 31, 2024, and 2023 did not contain any adverse opinions, except for an explanatory paragraph regarding the company’s ability to continue as a going concern. This change in auditors comes amidst Maxeon Solar Technologies facing significant financial challenges, as reflected in a low financial performance score [1].

The most recent analyst rating on MAXN stock is a Sell with a $4.00 price target. According to Spark, TipRanks’ AI Analyst, MAXN is rated as Neutral, reflecting the need for caution due to financial instability and the absence of earnings guidance or notable corporate events [1].

Maxeon Solar Technologies is headquartered in Singapore and is listed on NASDAQ under the ticker MAXN. The company focuses on the production and supply of solar panels and related technologies. As of July 2025, the average trading volume for MAXN is 194,263 shares, with a current market cap of $71.81 million [1].

References:
[1] https://www.tipranks.com/news/company-announcements/maxeon-solar-technologies-changes-auditor-ahead-of-2025