Company Overview - SolarMax Technology, Inc. is an integrated solar energy company based in California, founded in 2008, focusing on making sustainable energy accessible and affordable [7] - The company has established a strong presence in California and began operations in China in 2016, aiming for robust growth through strategic initiatives in commercial solar development and LED lighting solutions [7] Project Details - SolarMax signed a non-binding term sheet for a significant commercial solar project in California, specifically a major mall in the San Jose area [1] - The project will include the development and management of a 4.17 megawatt (MW) photovoltaic solar power plant and a 2.0 MW energy storage system, along with the replacement of the mall's roof to support the new solar infrastructure [2] - The project is contingent upon the negotiation and execution of a definitive agreement with the mall owner, securing financing, and establishing agreements for the sale of generated electricity [4] Strategic Growth Plans - The CEO of SolarMax emphasized that expanding commercial solar development services in the U.S. is a key component of the company's strategic growth plans [3] - The company aims to leverage its experience in large-scale solar projects to establish a significant presence in the growing U.S. solar market, with this project representing an important milestone [3] Market Context - Solar energy is the fastest-growing source of renewable energy in the U.S., which is currently the second-largest photovoltaic (PV) market globally [5] - The U.S. Energy Information Administration forecasts that solar power generation in the U.S. will grow by 75%, from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025 [5] Development Services - SolarMax is positioning itself as a go-to provider for U.S. commercial solar projects by offering comprehensive development services, including advanced technology and customized solutions [6] - The company's commercial solar development offerings focus on a client-centric approach to project management, aiming to deliver projects on time and within budget [6]

Financial Results Announcement - SolarMax Technology, Inc. announced its financial results for the quarter ended June 30, 2024[4]. - The press release detailing the financial results was issued on August 14, 2024[4]. - The financial results include key metrics that will be detailed in Exhibit 99.1[4]. Company Classification - The company is classified as an emerging growth company[3]. Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934[6]. Leadership - David Hsu serves as the Chief Executive Officer of SolarMax Technology, Inc.[7].

RIVERSIDE, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) ("SolarMax" or the "Company"), an integrated solar energy company, today reported financial results for the quarter ended June 30, 2024. Second Quarter Highlights Revenue: $4.5 million, compared to $14.8 million in Q2 2023. Gross profit: $0.6 million, compared to $2.1 million in Q2 2023. Total operating expense: $3.0 million, compared to $3.0 million in Q2 2023. Net loss: $2.2 million ($0.05 per share), compared to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41959 | --- | --- | --- | |---------------------------------------------------------|------------------------------------------------------------------------------ ...

RIVERSIDE, Calif., Aug. 6, 2024 /PRNewswire/ -- SolarMax Technology, Inc. (Nasdaq: SMXT) ("SolarMax" or the "Company"), an integrated renewable energy company, is pleased to announce its plan to expand its business in the U.S. market, dedicated to leading the revolution with innovative smart solar systems. The company has signed a non-binding memorandum of understanding for its first major commercial solar installation project in the U.S. The proposed project, which is located in Las Vegas, would include a ...

EX-99.1 2 solarmax_ex991.htm PRESS RELEASE EXHIBIT 99.1 SolarMax Technology, Inc. Reports First Quarter 2024 Financial Results RIVERSIDE, CA – May 16, 2024 (GLOBE NEWSWIRE) – SolarMax Technology, Inc. (Nasdaq SMXT) ("SolarMax" or the "Company"), an integrated solar energy company, today reported financial results for the quarter ended March 31, 2024. First Quarter Highlights David Hsu, CEO of SolarMax, stated, "Our year-over-year comparisons were impacted by two key factors. First, the exceptional revenue w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from March 1, 2023 to March 31, 2024 Commission file number 001-41959 _________________________ Solarmax Technology, Inc. (Exact name of ...

FORM 10-K ___________________________ OR SolarMax Technology, Inc. (Exact name of registrant as specified in its charter) ___________________________ (951) 300-0788 Registrant's telephone number, including area code Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ | --- | --- | |-----------------------------|-------| | | | | Accelerated filer | ☐ | | Smaller reporting company | ☒ | | Emerging growth company | ☒ | Table of ...