SolarMax Technology Reports First Quarter 2025 Financial Results

• Revenue: $6.9 million, compared with $5.8 million in the first quarter of 2024.
• Gross profit: $1.4 million, compared with ($0.5) million in the first quarter of 2024.   Cost of revenues in the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
• Total operating expense: $2.6 million, compared with $18.4 million in the first quarter of 2024. Operating expense in the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $15.9 million.
• Net loss: $1.3 million, or $0.03 per share, compared with a net loss of $19.3 million, or $0.46 per share in the first quarter of 2024.

David Hsu, CEO of SolarMax, stated, “We are encouraged by our progress this quarter, having achieved a 20% increase in revenue and improvement in gross margin despite ongoing inflationary and regulatory pressures. We believe this improvement demonstrates our team's ability to navigate a dynamic market while enhancing operational efficiency and executing on cost containment initiatives.”

“While California’s NEM 3.0 policy—which significantly reduced the compensation homeowners receive for excess solar power sent to the grid—continues to impact residential solar demand in the state, we’re seeing meaningful traction through our dealer network and our proposed commercial projects,” continued Hsu. “We are laying the groundwork for commercial and industrial solar and battery system projects that we believe represent a growth opportunity. Although we have no executed contracts, our development pipeline is active, and we are seeking to position SolarMax for longer-term diversification and growth.”

About SolarMax Technology Inc.

SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US while expanding its residential solar operations. For more information, visit www.solarmaxtech.com.