SolarMax Technology Reports 2024 Financial Results

SolarMax Technology Reports 2024 Financial Results

Benzinga
March 31, 2025

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 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.

Net loss: $35.0 million, or $0.79 per share, compared with net income of $434,786, or $0.01 per share, in 2023.

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."

"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 ...

https://www.benzinga.com/pressreleases/25/03/g44574138/solarmax-technology-reports-2024-financial-results

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