[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

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]

Core Insights - SolarMax Technology, Inc. reported a 20% increase in revenue for Q1 2025, reaching $6.9 million compared to $5.8 million in Q1 2024, alongside an improvement in gross margin despite inflationary and regulatory challenges [3][7] - The company is focusing on commercial and industrial solar and battery system projects as a growth opportunity, despite the negative impact of California's NEM 3.0 policy on residential solar demand [3] - SolarMax aims to expand its commercial solar development services and LED lighting solutions while continuing to grow its residential solar operations [4] Financial Performance - Revenue for Q1 2025 was $6.9 million, up from $5.8 million in Q1 2024 [7] - Gross profit improved to $1.4 million from a loss of $0.5 million in Q1 2024, which included a one-time, non-cash stock-based compensation expense of $1.3 million [7] - Total operating expenses decreased significantly to $2.6 million from $18.4 million in Q1 2024, which was impacted by a one-time, non-cash stock-based compensation expense of $15.9 million [7] - The net loss for Q1 2025 was $1.3 million, or $0.03 per share, compared to a net loss of $19.3 million, or $0.46 per share in Q1 2024 [7]

Financial Performance - Revenues for the three months ended March 31, 2025, were $6,927,469, representing an increase of 20.2% compared to $5,764,074 for the same period in 2024[19] - Gross profit for the same period was $1,419,071, a significant improvement from a gross loss of $464,407 in Q1 2024[19] - The net loss for the three months ended March 31, 2025, was $1,296,242, compared to a net loss of $19,271,787 in the same period of 2024, indicating a substantial reduction in losses[21] - For the three months ended March 31, 2025, the net loss was $1,296,242, a significant improvement compared to a net loss of $19,271,787 for the same period in 2024, indicating a reduction in losses by approximately 93.3%[25] - The company reported a basic net income (loss) per share of $(0.03) for Q1 2025, compared to $(0.46) for Q1 2024[19] Operating Expenses and Cash Flow - Operating expenses decreased to $2,574,575 in Q1 2025 from $18,416,332 in Q1 2024, reflecting a reduction of approximately 86%[19] - The company reported net cash used in operating activities of $601,134 for the three months ended March 31, 2025, compared to $6,400,294 for the same period in 2024, showing a reduction in cash outflow by approximately 90.6%[25] - Cash and cash equivalents at the end of the period were $596,251, down from $4,929,781 at the end of the same period in 2024, reflecting a decrease of approximately 87.9%[28] - The company had a cash balance of $873,919 at the end of March 2025, compared to $5,286,291 at the end of March 2024, indicating a decrease of approximately 83.5%[28] Assets and Liabilities - Total current assets increased to $21,552,478 as of March 31, 2025, up from $20,949,859 as of December 31, 2024[16] - Total liabilities rose to $54,465,830 as of March 31, 2025, compared to $53,708,833 as of December 31, 2024, marking an increase of approximately 1.4%[16] - The accumulated deficit increased to $(104,882,547) as of March 31, 2025, from $(103,586,305) as of December 31, 2024[16] - Total stockholders' deficit was $(15,874,405) as of March 31, 2025, compared to $(15,078,942) as of December 31, 2024[16] Revenue Recognition - The company recognizes revenue from EPC services over time, with revenue measured based on actual costs incurred compared to total estimated costs[85] - For solar energy and battery storage system sales, revenue is recognized over time as control transfers to the customer, starting at installation[92] - The company uses cost-based input methods for revenue recognition, reflecting the relationship between actual costs incurred and total estimated costs[95] - The company recognizes revenue from product sales at the point of transfer of control, typically upon shipment or delivery[101] - For energy sold under Power Purchase Agreements (PPAs), revenue is recognized based on the volume of energy delivered and the price stated in the PPA[104] Customer and Market Insights - The company did not generate any revenue from its China segment since 2021, with all revenue for the three months ended March 31, 2025, coming from the United States segment[31] - The company has not entered into new loans since early 2020, with revenues primarily derived from its existing loan portfolio[106] - The company has no customers accounting for 10% or more of revenues for the three months ended March 31, 2025, indicating a diversified customer base[182] Warranty and Liabilities - The Company provides a 25-year workmanship warranty for solar and battery systems sold in the U.S., covering installation defects[67] - The warranty for LED products ranges from one year for labor to up to seven years for certain products sold to governmental municipalities[70] - The warranty liability balance at the end of the period was $2,163,579, up from $2,087,698 at the end of the previous year, reflecting an increase in warranty provisions[179] Stock and Compensation - The company reported stock-based compensation of $17,210,288 in the prior year, which was not present in the current year, indicating a significant change in compensation structure[25] - The chief executive officer's annual salary for 2025 is $760,062, reflecting an increase from $737,924 in 2024[197] - The company recognized a compensation cost of $17.2 million related to stock options for the three months ended March 31, 2024, due to the completion of its initial public offering[209] Future Outlook and Concerns - Management is focused on expanding the customer base for commercial solar installations in the United States and negotiating the exchange of approximately $6.0 million of related party loans for convertible notes[41] - There is substantial doubt regarding the Company's ability to continue as a going concern within one year from the date of the financial statements due to recurring operating losses and negative cash flows[42] - The Company did not have any agreements or negotiations for its China segment as of March 31, 2025, and may require additional capital in the future[42]

Core Viewpoint - SolarMax Technology, Inc. experienced a transitional year in 2024, with lower revenue due to regulatory changes in the residential solar segment, while focusing on expanding its commercial and industrial solar portfolio for future growth [3][7]. Financial Performance - Revenue for 2024 was $23.0 million, a significant decrease from $54.1 million in 2023 [7]. - Gross profit fell to $2.3 million from $11.1 million in the previous year [7]. - Total operating expenses reached $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 related to the China segment [7]. - The company reported a net loss of $35.0 million, equating to $0.79 per share, compared to a net income of $434,786, or $0.01 per share, in 2023 [7]. Strategic Focus - The company aims to grow its commercial solar development services and LED lighting solutions in the U.S. as part of its strategic initiatives [4]. - SolarMax is optimistic about its potential growth opportunities in the commercial and industrial solar market, despite currently lacking contracts in this area [3].

Financial Results - SolarMax Technology, Inc. reported its financial results for the fiscal year ended December 31, 2024, on March 31, 2025[6]. - The financial results announcement does not include specific performance metrics or user data in the provided documents[6]. Company Classification and Compliance - The company is classified as an emerging growth company under the Securities Act of 1933[5]. - The company has not opted for an extended transition period for new financial accounting standards[5]. - The report is not deemed "filed" under the Exchange Act, limiting its legal implications[7]. Leadership and Transparency - The report was signed by CEO David Hsu, indicating the company's leadership's commitment to transparency[11]. Company Information - The company's principal executive offices are located in Riverside, California[2]. - The trading symbol for SolarMax Technology, Inc. is SMXT, listed on The Nasdaq Stock Market LLC[4]. Press Release and Documentation - The press release detailing the financial results is included as Exhibit 99.1 in the current report[6]. - There is no mention of new products, technologies, market expansion, or acquisitions in the available content[6].

Financial Performance - The company generated approximately $20.2 million in gross proceeds from its initial public offering in March 2024, with net proceeds of about $18.6 million after deducting underwriting discounts and expenses[26]. - The company reported a revenue growth of 15% year-over-year, reaching $1.2 billion in Q3 2023[1]. - User base increased by 20% to 5 million active users, with a retention rate of 85%[2]. - The company expects revenue guidance for Q4 2023 to be between $1.3 billion and $1.5 billion, representing a growth of 10% to 25%[3]. - New product launch scheduled for Q1 2024, anticipated to contribute an additional $200 million in revenue[4]. - Investment in R&D increased by 30% to $150 million, focusing on AI and machine learning technologies[5]. - The company has implemented cost-cutting measures expected to save $50 million annually[9]. - Customer satisfaction scores improved to 90%, reflecting enhanced service quality and user experience[10]. Market and Industry Trends - The U.S. solar market is projected to exceed $125 billion by 2030, with solar accounting for approximately 16% of the country's electricity generation[37]. - The solar energy industry is experiencing intense competition, with many small companies and no single provider holding a significant market share in California[73]. - Federal tax incentives for solar PV systems installed between 2022 and 2032 have been increased to 30% of the installation cost, with a gradual reduction to 26% in 2033 and 22% in 2034[82]. - The California Energy Commission mandates the installation of solar arrays on new single-family residences and multi-family buildings starting in 2020[85]. - The introduction of "Net Metering 3.0" has changed the credit calculation for solar energy system owners, aligning it more closely with wholesale electricity rates[92]. - The economic viability of combining solar panel systems with battery storage has improved, potentially accelerating the payback period for these installations[93]. Company Operations and Strategy - The company has suspended financing for solar systems since early 2020 due to a lack of capital, impacting its finance revenue[21]. - The company has not generated any revenue from its China segment since mid-2021, and all revenue for 2022, 2023, and 2024 was from the U.S. segment[22]. - The company is seeking to offset a decline in residential solar sales in California by marketing larger systems to commercial users, although it currently lacks contracts for major commercial projects[23]. - The company has installed solar systems at more than 12,000 homes and businesses, primarily focusing on grid-tied systems[38][41]. - The permitting process for installations typically takes four to eight weeks, requiring 40% of the total purchase price upon completion[46]. - The average negotiation period for larger commercial projects ranges from six to twelve months[45]. - The company plans to hire additional sales personnel to expand its marketing efforts and reach more prospective customers[70]. - The company has shifted marketing focus from traditional radio advertisements to sponsorships and public relations initiatives[43]. Regulatory and Compliance Issues - The company must comply with various federal, state, and local regulations, including those related to consumer protection and financing operations[75]. - The California Consumer Privacy Act (CCPA) requires companies to have data tracking systems in place and allows consumers to request their data and opt out of data sharing[95]. - The company believes it is not required to file with the CSRC based on its majority income and asset location in the United States, and did not make such a filing for its initial public offering in February 2024[193]. - The CSRC's new regulations effective March 31, 2023, require PRC companies listed abroad to make certain filings, with potential significant penalties for non-compliance[193]. - A material weakness in internal control over financial reporting was identified, related to the permit-to-operate field, which resulted in a material audit adjustment to revenue[535]. - Remediation measures for the identified material weakness were implemented and tested, concluding that the weakness has been remediated as of December 31, 2024[536][537]. - The company maintains that its internal controls over financial reporting are effective as of December 31, 2024, providing reasonable assurance regarding the reliability of financial reporting[538]. - The company has not experienced any changes in internal control over financial reporting that materially affect its operations during the fourth quarter of December 31, 2024[539]. - The company recognizes that no control system can provide absolute assurance against misstatements due to error or fraud[540]. Challenges and Risks - The company has faced challenges due to California's NEM 3.0 regulations, which have resulted in reduced solar energy sales since their introduction in 2024[37]. - The company faces risks from potential reductions in government incentives and rebates, which could adversely affect demand for solar energy products[90]. - Tariffs on imported solar cells and modules have been set at 30%, declining by 5% each year for four years, impacting the pricing of solar panels[89]. - The solar energy industry in China is highly competitive, with increasing competition from both state-owned and private companies[109]. - Government policies significantly impact the solar industry, with a yearly decrease in payment rates announced for solar projects[110].

Financial Performance - SolarMax Technology, Inc. reported financial results for Q3 2024, with a revenue of $15 million, representing a 20% increase year-over-year [8]. - The company achieved a net income of $2 million for the quarter, compared to a net loss of $1 million in the same period last year, marking a significant turnaround [8]. - SolarMax's gross margin improved to 30%, up from 25% in the previous year, reflecting better cost management [8]. - The company reported a backlog of orders valued at $5 million, indicating strong future revenue potential [8]. Customer Growth - User data indicates a growth in customer base by 15%, reaching a total of 10,000 active users [8]. Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 25% for Q4 2024, driven by increased demand for solar technology [8]. Investment and Development - SolarMax is investing in new product development, with a budget allocation of $1 million for R&D in innovative solar solutions [8]. - SolarMax is exploring potential acquisition opportunities to enhance its technology portfolio and expand its service offerings [8]. Market Expansion - The company plans to expand its market presence by entering two new states by the end of 2024, aiming to increase market share [8]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, targeting a 10% reduction in costs by Q1 2025 [8].