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].
SolarMax Technology Reports 2024 Financial Results