Business
SolarMax Technology Reports 2024 Financial Results
RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024. 2024 Financial Highlights Revenue: $23.0 million, compared with $54.1 million in 2023.Gross profit: $2.3 million, compared with $11.1 million in 2023. Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.Total operati
About this update from Solarmax Technology Inc.
[{"type":"text","content":"RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024.","length":231,"tagName":"p"},{"type":"text","content":"2024 Financial Highlights","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue: $23.0 million, compared with $54.1 million in 2023.","length":60,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross profit: $2.3 million, compared with $11.1 million in 2023. Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.","length":169,"tagName":"p"}]},{"val":[{"type":"text","content":"Total operating expense: $35.4 million, which included a one-time, non-cash stock-based compensation expense of $17.2 million and a $7.5 million goodwill impairment relating to our China segment, compared with $10.7 million in 2023.","length":232,"tagName":"p"}]},{"val":[{"type":"text","content":"Net loss: $35.0 million, or $0.79 per share, compared with net income of $434,786, or $0.01 per share, in 2023.","length":111,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":572,"olType":false},{"type":"text","content":"David Hsu, CEO of SolarMax, stated, “Our 2024 results reflect a transitional year for SolarMax as we moved through a period of regulatory and market change in the residential solar segment. While revenue was lower compared to the prior year’s elevated levels, which were driven by pre-regulatory change purchasing activity. We also recognized certain one-time, non-cash expenses during the year, including goodwill impairment and stock-based compensation associated with our IPO, which are now fully reflected in our financials.”","length":529,"tagName":"p"},{"type":"text","content":"“Looking ahead, we are encouraged by the progress we’re making toward expanding our commercial and industrial solar portfolio,” continued Hsu. “These projects represent an important potential growth opportunity and reflect our continued evolution as a diversified solar solutions provider. We believe our platform is well positioned to support this next phase of development and are excited about what lies ahead although we don’t currently have any contracts for the commercial and industrial ...