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SolarMax (NASDAQ: SMXT) posts 296% revenue surge and narrows 2025 loss

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SolarMax Technology reported strong growth for fiscal 2025, with revenue rising to $91.0 million from $23.0 million in 2024, driven largely by its engineering, procurement and construction (EPC) project portfolio. Gross profit increased to $4.2 million, while total operating expenses fell to $10.5 million.

The company narrowed its net loss to $6.3 million, or $0.13 per share, a significant improvement from a $35.0 million loss, or $0.79 per share, in 2024. EPC services under a key contract generated $60.2 million, or 66% of 2025 revenue, and management highlighted three large BESS contracts in Texas and Puerto Rico representing more than $500 million in expected revenue.

Positive

  • Revenue surged to $91.0 million in 2025, up 296% from $23.0 million in 2024, reflecting rapid scaling of the company’s EPC and related activities.
  • Profitability metrics improved, with gross profit rising to $4.2 million and total operating expenses dropping to $10.5 million, helping shrink the net loss by $28.6 million year-over-year.
  • Large project pipeline includes three previously announced BESS contracts in Texas and Puerto Rico representing more than $500 million in expected revenue based on contract terms.

Negative

  • The company remains unprofitable, posting a 2025 net loss of $6.3 million, or $0.13 per share, despite significant revenue growth and cost reductions.

Insights

SolarMax posted explosive revenue growth and sharply reduced losses, anchored by EPC and large BESS contracts.

SolarMax Technology transformed its scale in 2025, lifting revenue to $91.0 million, up 296% from 2024, as EPC projects became a core driver. Gross profit nearly doubled to $4.2 million, while operating expenses fell sharply to $10.5 million, showing both growth and cost discipline.

Net loss improved to $6.3 million or $0.13 per share from $35.0 million or $0.79 per share, indicating a much smaller earnings deficit even as the business scales. A key EPC contract contributed $60.2 million, or 66% of revenue, underscoring concentration in large projects.

Management also pointed to three previously announced BESS contracts in Texas and Puerto Rico with more than $500 million in expected revenue, which frame a substantial future project pipeline. Actual financial impact will depend on execution of these large-scale energy storage projects over future periods as disclosed in subsequent company filings.

Revenue 2025 $91.0 million Fiscal year 2025, up 296% from $23.0 million in 2024
Gross profit 2025 $4.2 million Fiscal year 2025, up from $2.3 million in 2024
Total operating expense 2025 $10.5 million Fiscal year 2025, reduced from $35.4 million in 2024
Net loss 2025 $6.3 million ($0.13/share) Improved from $35.0 million ($0.79/share) in 2024
EPC revenue from key contract $60.2 million Represents 66% of 2025 revenue from EPC services under this contract
Expected revenue from BESS contracts More than $500 million Three previously announced BESS contracts in Texas and Puerto Rico
engineering, procurement and construction (EPC) financial
"expanding engineering, procurement and construction (“EPC”) project portfolio"
Engineering, procurement and construction (EPC) is a project delivery method where a single contractor designs the project, buys the major equipment and materials, and builds the facility from start to finish, like hiring one contractor to design and build a house and buy the appliances. Investors care because EPC contracts bundle technical and schedule risk with a single counterparty and often include fixed prices and deadlines, which can affect project costs, profit visibility and cash flow.
BESS contracts technical
"three previously announced strategically important BESS contracts for large-scale projects"
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Risk Factors regulatory
"those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,”"
Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.
Private Securities Litigation Reform Act of 1995 regulatory
"and the Private Securities Litigation Reform Act of 1995, as amended, that are intended"
Revenue $91.0 million +296% from $23.0 million in 2024
Gross profit $4.2 million up from $2.3 million in 2024
Total operating expense $10.5 million reduced from $35.4 million in 2024
Net loss $6.3 million ($0.13 per share) improved from $35.0 million ($0.79 per share) in 2024
Understanding 8-K Material Events →

  EXHIBIT 99.1

 

SolarMax Technology Reports Fiscal Year 2025 Financial Results

 

RIVERSIDE, CA – April 7, 2026 (GLOBE NEWSWIRE) – SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, reported financial results for the fiscal year ended December 31, 2025.

 

Fiscal Year 2025 Financial Highlights

 

 

·

Revenue: $91.0 million, up 296% from $23.0 million in 2024.

 

 

 

 

·

Gross profit: $4.2 million, up 83% from $2.3 million in 2024.

 

 

 

 

·

Total operating expense: $10.5 million, a $24.9 million reduction from $35.4 million in 2024.

 

 

 

 

·

Net loss: $6.3 million, or $0.13 per share, a $28.6 million improvement from a net loss of $35.0 million, or $0.79 per share in 2024.

 

David Hsu, CEO of SolarMax, stated, “We delivered exceptional top-line growth in fiscal 2025, with revenue increasing nearly 300% year-over-year as we began recognizing contributions from our expanding engineering, procurement and construction (“EPC”) project portfolio. During the year ended December 31, 2025, we generated revenue of $60.2 million, representing 66% of our revenue, from EPC services pursuant to this contract.  This momentum is underpinned by three previously announced strategically important BESS contracts for large-scale projects in Texas and Puerto Rico representing more than $500 million in expected revenue, based on the terms of the contracts.”

 

Hsu continued, “We remain confident in our ability to scale this platform and capitalize on the accelerating demand for energy storage infrastructure.”

 

About SolarMax Technology Inc.

 

SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California and, commencing in the third quarter of 2025, expanded its United States operations to include services for industrial EPC projects. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and provide EPC services for industrial projects and LED lighting solutions in the US while expanding its residential solar operations. For more information, visit www.solarmaxtech.com.

 

Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

 

Forward Looking Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on April 6, 2026.  SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

 

Contact:

For more information, contact:

Stephen Brown, CFO

(951) 300-0711

 

Source: View Original Filing on SEC EDGAR

FAQ

How did SolarMax (SMXT) perform financially in fiscal year 2025?

SolarMax reported strong growth in 2025, with revenue reaching $91.0 million, up 296% from 2024. Gross profit increased to $4.2 million, while total operating expenses dropped to $10.5 million, helping reduce the net loss to $6.3 million, or $0.13 per share.

What drove SolarMax’s revenue growth in 2025?

Revenue growth was driven mainly by SolarMax’s expanding engineering, procurement and construction (EPC) portfolio. A key EPC contract generated $60.2 million of revenue, representing 66% of 2025 revenue, highlighting the importance of large industrial and infrastructure projects to the company’s results.

Did SolarMax (SMXT) improve its profitability in 2025?

SolarMax improved its profitability metrics but remained unprofitable overall. The net loss narrowed to $6.3 million, or $0.13 per share, from a $35.0 million loss, or $0.79 per share, helped by higher revenue, higher gross profit, and significantly lower operating expenses.

How much did SolarMax reduce operating expenses in 2025?

Total operating expenses fell to $10.5 million in 2025, a reduction of $24.9 million from $35.4 million in 2024. This substantial decrease, alongside revenue growth, contributed to the $28.6 million year-over-year improvement in the company’s net loss position.

What are SolarMax’s major EPC and BESS project opportunities?

SolarMax generated $60.2 million, or 66% of 2025 revenue, from EPC services under a significant contract. Management also cited three previously announced BESS contracts in Texas and Puerto Rico representing more than $500 million in expected revenue based on the contract terms.

What is SolarMax’s strategic focus going forward?

SolarMax plans to scale its commercial solar development, provide EPC services for industrial projects, and expand LED lighting solutions in the U.S., while continuing to grow its residential solar operations. Management highlighted confidence in capitalizing on accelerating demand for energy storage infrastructure.

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