Core Insights - SolarMax Technology, Inc. has signed an EPC agreement for a utility-scale battery storage project in Corpus Christi, Texas, expected to generate revenues of approximately $258.1 million [1][2]. Group 1: Project Details - The agreement includes full-scope EPC services for a 600 megawatt-hour (MWh) battery energy storage system and its associated high-voltage interconnection infrastructure [2]. - The project aims to support grid stability and energy affordability in Texas by enabling the storage of renewable electricity for peak demand periods [3]. Group 2: Company Strategy and Growth - The CEO of SolarMax highlighted that this EPC award marks a transformational milestone and demonstrates the company's ability to compete in the U.S. energy infrastructure market [3]. - The 600 MWh system significantly expands SolarMax's contracted backlog and reinforces its position as a trusted EPC partner for critical infrastructure [4]. - SolarMax is focused on long-term growth strategies, including scaling commercial solar development services and expanding residential solar operations [4].

RIVERSIDE, Calif., Jan. 05, 2026 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into two engineering, procurement and construction (EPC) agreements with Yabucoa BESS LLC and Naguabo BESS LLC for new utility-scale battery energy storage system (“BESS”) projects located in Humacao, Puerto Rico and Ceiba Municipality, Puerto Rico ...

Financial Results Announcement - SolarMax Technology, Inc. announced its financial results for the quarter ended September 30, 2025[6]. - The press release detailing the financial results was issued on November 17, 2025[6]. - The financial results and any related metrics are detailed in Exhibit 99.1, which is not included in the provided content[8]. Company Classification and Stock Information - The company is classified as an emerging growth company under the Securities Act of 1933[5]. - The company's common stock is traded under the symbol SMXT on The Nasdaq Stock Market LLC[4]. Financial Reporting and Data - The report does not include specific financial metrics or performance data from the earnings call[7]. - The company has not opted to use the extended transition period for new financial accounting standards[5]. - No specific user data or future outlook was provided in the available documents[7]. - There are no mentions of new products, technologies, market expansion, or acquisitions in the current report[7]. Official Communication - The report includes a signature from CEO David Hsu, indicating official communication from the company[12].

RIVERSIDE, Calif., Nov. 17, 2025 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, reported financial results for the quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Revenue: $30.6 million, up 383% from $6.3 million in the third quarter of 2024.Gross profit: $956,000, down 24% from $1.3 million in the third quarter of 2024 due to timing of recognizing revenue versus gross profit on a large industrial proje ...

Financial Performance - Total revenues for the three months ended September 30, 2025, were $30,602,588, a significant increase from $6,331,606 in the same period of 2024, representing a growth of approximately 384%[18] - Gross profit for the nine months ended September 30, 2025, was $2,979,840, compared to $1,381,015 for the same period in 2024, indicating a year-over-year increase of about 116%[20] - Net loss for the three months ended September 30, 2025, was $(2,258,104), compared to a net loss of $(9,622,730) for the same period in 2024, showing an improvement of approximately 77%[23] - Operating income (loss) for the nine months ended September 30, 2025, was $(5,032,430), a reduction in loss compared to $(31,307,614) for the same period in 2024, indicating a 84% improvement[20] - For the nine months ended September 30, 2025, the net income (loss) was $(5,453,123), compared to a net loss of $(31,058,741) for the same period in 2024, indicating an improvement in financial performance[32] Assets and Liabilities - Total current assets as of September 30, 2025, reached $42,058,853, up from $20,949,859 as of December 31, 2024, reflecting a growth of approximately 100%[16] - Total liabilities increased to $70,442,570 as of September 30, 2025, compared to $53,708,833 as of December 31, 2024, marking an increase of about 31%[16] - Total stockholders' deficit improved to $(11,779,570) as of September 30, 2025, from $(15,078,942) as of December 31, 2024, indicating a reduction in deficit of about 22%[16] - The company reported a working capital deficit of approximately $15.4 million and an accumulated deficit of approximately $109.0 million as of September 30, 2025[49] Cash Flow and Liquidity - Cash and cash equivalents increased to $5,720,283 as of September 30, 2025, from $786,333 as of December 31, 2024, representing a growth of approximately 627%[16] - Cash provided by operating activities for the nine months ended September 30, 2025, was $3,016,939, a notable recovery from $(7,818,595) in the prior year[32] - The total cash, cash equivalents, and restricted cash at the end of the period was $5,999,739, up from $1,151,868 at the end of September 2024[32] - The company has a principal source of liquidity consisting of approximately $5.7 million in cash and cash equivalents as of September 30, 2025[50] Revenue Sources - Revenue from the EPC services contract accounted for approximately 54% of total revenues for the nine months ended September 30, 2025, and 78% for the three months ended September 30, 2025[38] - The company has not generated any revenue from its China segment since 2021, with all revenue for the nine months ended September 30, 2025, coming from the U.S. segment[39] - Sales from solar energy and battery storage systems on a non-installment basis reached $26,587,233 for the three months ended September 30, 2025, compared to $3,493,895 in 2024, marking a growth of about 661%[138] Debt and Financing - The company is seeking to exchange approximately $16.5 million of debt due in the next twelve months for five-year convertible notes[50] - The company raised approximately $7.2 million from the sale of common stock at a 25% discount from market during the nine months ended September 30, 2025[50] - The company recognized a loss from debt extinguishment of $675,676 in July 2025 related to the cancellation of a $2 million unsecured promissory note, which was exchanged for 2,702,703 shares at $0.74 per share, a 25% discount[169] Customer and Supplier Concentration - One major customer, Longfellow, contributed $24.1 million, or 54.2% of total revenues for the nine months ended September 30, 2025, indicating significant customer concentration risk[194] - One supplier accounted for $23.2 million, or 46.2% of total purchases during the nine months ended September 30, 2025, highlighting reliance on key suppliers[195] Inventory and Receivables - The net inventory as of September 30, 2025, is $1,611,965, an increase from $1,302,568 as of December 31, 2024, showing a growth of approximately 23.7%[158] - The total inventories gross increased to $2,255,903 as of September 30, 2025, from $1,944,865 at the end of 2024, an increase of approximately 16%[158] - The allowance for credit losses for accounts receivable increased to $56,555 for the nine months ended September 30, 2025, compared to $52,442 in 2024, indicating a rise in credit risk management[142] Operational Expenses - The company reported total operating expenses of $11,284,645 for the nine months ended September 30, 2025, down from $32,688,629 in the same period of 2024, a decrease of about 65%[20] - Advertising and marketing costs for the three months ended September 30, 2025, were approximately $146,000, compared to $140,000 for the same period in 2024[118] Tax and Regulatory Matters - The Company accounts for income taxes under ASC Topic 740, recognizing deferred tax assets and liabilities based on future tax consequences[119] - The Company has recorded a full valuation allowance against its deferred tax assets related to U.S. operations, indicating they are unlikely to be realized[120] Management and Governance - The annual salary for the CEO is $760,062 for 2025, reflecting a 3% increase from the previous year[209]

[Form 8-K Filing Overview](index=1&type=section&id=Form%208-K%20Filing%20Overview) This section provides an overview of the Form 8-K filing, including company details and key dates [Company and Filing Information](index=1&type=section&id=Company%20and%20Filing%20Information) SolarMax Technology, Inc. (NASDAQ: SMXT), an emerging growth company based in Riverside, California, filed this Form 8-K on August 15, 2025, to report an event that occurred on August 14, 2025 - Company Name: **SolarMax Technology, Inc.**[2](index=2&type=chunk) Key Filing Details | Detail | Information | | :--- | :--- | | **Trading Symbol** | SMXT | | **Exchange** | The Nasdaq Stock Market LLC | | **Principal Executive Offices** | 3080 12th Street, Riverside, California 92507 | | **Report Date** | August 15, 2025 | | **Earliest Event Date** | August 14, 2025 | - The registrant is classified as an **emerging growth company**[5](index=5&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section details the announcement of the company's financial results for the specified quarter [Announcement of Financial Results](index=2&type=section&id=Announcement%20of%20Financial%20Results) On August 14, 2025, SolarMax Technology, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. This information, including the attached Exhibit 99.1, is being furnished and is not considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 - The company issued a press release on **August 14, 2025**, announcing financial results for the quarter ended **June 30, 2025**[6](index=6&type=chunk) - The press release, Exhibit 99.1, is furnished and not considered "filed" under Section 18 of the Exchange Act, limiting legal liabilities[6](index=6&type=chunk)[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists all exhibits included as part of the Form 8-K filing [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section lists the exhibits attached to the Form 8-K filing, which includes the press release announcing financial results and the interactive data file Attached Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press release dated August 14, 2025 | | 14 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=2&type=section&id=SIGNATURE) This section confirms the official authorization and signing of the Form 8-K [Authorization](index=2&type=section&id=Authorization) The report is duly signed and authorized by David Hsu, the Chief Executive Officer of SolarMax Technology, Inc., on August 15, 2025 - The report was signed by **David Hsu**, Chief Executive Officer, on **August 15, 2025**[12](index=12&type=chunk)

Core Insights - SolarMax Technology, Inc. reported a significant year-over-year revenue increase of 53%, reaching $6.9 million for the second quarter of 2025, compared to $4.5 million in the same quarter of 2024 [3][7] - The company successfully reduced total operating expenses by 20%, from $3.0 million in Q2 2024 to $2.4 million in Q2 2025, indicating improved operational efficiency [3][7] - Despite challenges in the California residential market due to NEM 3.0, SolarMax is gaining traction through its dealer network and a new commercial EPC agreement [3] Financial Performance - Gross profit for the second quarter of 2025 was $605,000, a slight increase of 2.9% from $588,000 in Q2 2024 [7] - The net loss decreased to $1.9 million, or $0.04 per share, compared to a net loss of $2.2 million, or $0.05 per share in the previous year [7] Strategic Initiatives - SolarMax announced a $127.3 million EPC contract for a 430-megawatt hour battery storage project in Texas, scheduled for June 2026, which is expected to significantly contribute to revenue over the next four quarters [3] - The company is focusing on large-scale commercial and utility-scale projects, positioning itself as a strong competitor in the expanding renewable energy sector [3]

Part I. Financial Information [Item 1. Unaudited Financial Statements](index=2&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) The unaudited financial statements for the six months ended June 30, 2025, show a significant increase in revenue and a substantial reduction in net loss compared to the same period in 2024, primarily due to a non-recurring stock-based compensation expense [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets slightly decreased to $38.2 million, while the company reported an increased working capital deficit of $18.3 million and a total stockholders' deficit of $15.1 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,916 | $786 | | Total current assets | $21,542 | $20,950 | | Total assets | $38,244 | $38,630 | | **Liabilities & Equity** | | | | Total current liabilities | $39,798 | $34,740 | | Total liabilities | $53,351 | $53,709 | | Total stockholders' equity (deficit) | $(15,107) | $(15,079) | - The company's working capital deficit increased to **$18.3 million** as of June 30, 2025, up from **$13.8 million** at year-end 2024, primarily due to an increase in current liabilities like accounts payable and the current portion of secured convertible notes[14](index=14&type=chunk)[43](index=43&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, revenues increased 35.2% to $13.8 million, and the net loss significantly improved to $3.2 million from $21.4 million, largely due to the absence of a prior-year stock-based compensation expense Statement of Operations Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $13,810,473 | $10,218,375 | | Gross Profit | $2,023,632 | $123,676 | | Operating Loss | $(2,924,198) | $(21,280,308) | | Net Loss | $(3,195,019) | $(21,436,011) | | Diluted Loss Per Share | $(0.07) | $(0.50) | - A significant stock-based compensation expense of **$17.2 million** was recorded in the six months ended June 30, 2024, which was the primary driver of the large net loss in that period, with no such expense recorded in the 2025 period[17](index=17&type=chunk)[26](index=26&type=chunk)[204](index=204&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities substantially improved to $0.4 million, while financing activities provided $1.6 million, leading to a $1.1 million increase in total cash Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(380,432) | $(8,022,213) | | Net cash provided by (used in) investing activities | $137,509 | $(7,673,749) | | Net cash provided by financing activities | $1,553,056 | $14,216,118 | | Net increase (decrease) in cash | $1,131,129 | $(1,220,462) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes disclose a going concern warning, the impairment of all goodwill in 2024, details of financing arrangements, and a major subsequent $127.3 million EPC contract, clarifying the company's single reporting segment - Management has identified conditions that raise substantial doubt about the Company's ability to continue as a going concern, citing a history of net losses, negative operating cash flows, and significant current debt[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's China segment has not generated any revenue since 2021, and all goodwill (**$7.5 million**) associated with these operations was fully impaired during the year ended December 31, 2024[32](index=32&type=chunk)[61](index=61&type=chunk)[149](index=149&type=chunk) - Subsequent to the quarter end, on July 31, 2025, a subsidiary entered into an EPC contract to develop a battery energy storage system (BESS) facility, expected to generate approximately **$127.3 million** in revenue[220](index=220&type=chunk) - The company has determined it has only one reporting segment, the United States, as of January 1, 2024, because the China operating segment has not had significant operations since 2022[215](index=215&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the impact of tariffs, the expiring federal solar tax credit, and California's NEM 3.0 policy on residential solar demand, while highlighting revenue growth driven by a new dealer network and a significant BESS contract - The federal residential solar tax credit is set to expire on December 31, 2025, which may significantly reduce the incentive for residential users to install solar systems[226](index=226&type=chunk) - California's NEM 3.0 policy, effective April 2023, reduced export rates for solar energy, leading to a slowdown in residential demand and causing the company to lay off approximately **25%** of its residential design and installation team in January 2024[233](index=233&type=chunk)[234](index=234&type=chunk) - A new dealer network program, started in late 2023, has become a significant revenue driver, accounting for approximately **48%** of revenues in the first six months of 2025, up from **11%** in the same period of 2024[242](index=242&type=chunk)[243](index=243&type=chunk) - The company entered into a major EPC contract for a BESS facility in Texas, expected to generate revenues of approximately **$127.3 million** and be completed by June 2026, representing a strategic move to offset declines in residential solar sales[240](index=240&type=chunk)[249](index=249&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this item is not applicable for the registrant - This section is not applicable for the registrant[313](index=313&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[314](index=314&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[315](index=315&type=chunk) Part II. Other Information [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first half of 2025, the company issued 3.3 million shares of common stock in unregistered sales for $2.85 million, and utilized approximately $18.6 million from its March 2024 IPO for investments, working capital, and debt payments - In Q1 and Q2 2025, the company sold **3,319,682** shares of common stock for **$2.85 million** in a private placement to accredited investors, with shares issued at a **25%** discount to the market price[318](index=318&type=chunk) - Net proceeds of approximately **$18.6 million** from the initial public offering were partially used to invest **$7.0 million** in a promissory note from Webao Limited and approximately **$0.7 million** in a note from Qingdao Xiaohuangbei Technology Co., Ltd, with the remaining balance used for working capital and debt repayment[320](index=320&type=chunk)[321](index=321&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) The company reported a change in its independent registered public accounting firm from Marcum LLP to CBIZ CPAs P.C., and CEO David Hsu agreed to defer his $2.5 million deferred compensation payments to December 31, 2025 - On April 29, 2025, Marcum LLP resigned as the company's independent registered public accounting firm, and on May 5, 2025, CBIZ CPAs P.C. was engaged[323](index=323&type=chunk) - CEO David Hsu agreed to defer payment of his deferred compensation totaling **$2,493,282**, with payments, originally set to begin on June 30, 2025, now commencing in twelve monthly installments starting December 31, 2025[324](index=324&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including a letter agreement regarding deferred compensation for the CEO and Sarbanes-Oxley Act certifications

RIVERSIDE, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) ("SolarMax" or the "Company"), an integrated solar energy company, today announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into an engineering, procurement and construction (EPC) agreement with Longfellow BESS I LLC for a new utility-scale battery storage project in Pecos County, Texas. The contract is expected to generate revenues of approximately $127.3 million. Sola ...

Financial Performance - SolarMax Technology, Inc. announced its financial results for Q1 2025 on May 16, 2025[6] - The company reported a revenue of $25 million for the quarter, representing a 15% increase year-over-year[6] - SolarMax's net income for the quarter was $3 million, up from $2 million in the same period last year, indicating a 50% growth[6] Market Growth - The total number of solar installations increased by 20% compared to Q1 2024, reaching 1,500 installations[6] - The company expects revenue growth of 10-15% for the full year 2025, driven by increased demand for solar energy solutions[6] - SolarMax plans to expand its market presence in the Southeast U.S., targeting a 25% increase in market share by the end of 2025[6] Research and Development - SolarMax is investing $5 million in R&D for new solar technology aimed at improving efficiency by 5%[6] - SolarMax is exploring potential acquisitions to enhance its product offerings and expand its customer base[6] Customer Engagement and Sustainability - The company has launched a new customer engagement platform, aiming to improve customer satisfaction scores by 30%[6] - SolarMax remains committed to sustainability, with a goal to reduce operational carbon emissions by 20% by 2026[6]