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SolarMax (Nasdaq: SMXT) Q1 2026 revenue surges 114% as net loss narrows

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8-K

Rhea-AI Filing Summary

SolarMax Technology reported strong year-over-year improvement for the three months ended March 31, 2026. Revenue rose to $14.8 million, up 114% from $6.9 million a year earlier, driven largely by engineering, procurement and construction services for its first large-scale energy storage initiative.

Gross profit increased to $3.0 million, up 115% from $1.4 million, while total operating expenses rose modestly to $3.0 million from $2.6 million. The company reduced its net loss to $0.3 million, or $0.01 per share, improving from a $1.3 million loss, or $0.03 per share, in the prior-year quarter.

Management highlighted continued execution across its EPC platform and growing demand for integrated solar and storage infrastructure, and stated it remains focused on expanding its project pipeline and positioning the business for long-term growth.

Positive

  • Revenue more than doubled to $14.8 million, up 114% from $6.9 million in the prior-year quarter, driven by EPC services on large-scale energy storage projects.
  • Profitability metrics improved, with gross profit rising 115% to $3.0 million and net loss shrinking to $0.3 million from $1.3 million, reflecting better operating efficiency as the EPC platform scales.

Negative

  • None.

Insights

Q1 2026 shows rapid growth with sharply reduced losses.

SolarMax delivered rapid top-line expansion, with revenue reaching $14.8 million, up 114% from $6.9 million. Management links this to engineering, procurement and construction work on its first large-scale energy storage initiative begun in Q3 2025, signaling traction in higher-value projects.

Gross profit rose to $3.0 million, up 115%, roughly keeping pace with revenue growth, while operating expenses increased only modestly to $3.0 million. This combination narrowed the net loss to $0.3 million from $1.3 million, indicating better operating efficiency as EPC services scale.

The company emphasizes expanding its EPC project pipeline and integrated solar-plus-storage offerings in response to growing demand. Future disclosures in its 2026 quarterly and annual reports will clarify whether this growth and margin improvement are sustainable as it adds more large-scale energy storage and commercial solar projects.

Revenue $14.8 million Three months ended March 31, 2026; up 114% from $6.9 million in Q1 2025
Gross profit $3.0 million Q1 2026; up 115% from $1.4 million in Q1 2025
Total operating expense $3.0 million Q1 2026; increased from $2.6 million in Q1 2025
Net loss $0.3 million Q1 2026; improved from $1.3 million net loss in Q1 2025
Earnings per share $0.01 loss per share Q1 2026; improved from $0.03 loss per share in Q1 2025
engineering, procurement and construction financial
"as a result of engineering, procurement and construction (“EPC”) services on our first large-scale energy storage initiative"
A contract model where a single firm is responsible for designing a project, buying the necessary materials and equipment, and building it to completion — like hiring one general contractor to plan, shop for, and construct a house. Investors care because these contracts concentrate responsibility and risk in one party: a fixed-price, turnkey deal can offer predictable revenue and clearer timelines, but cost overruns, delays or quality problems can directly affect a contractor’s profits and a project owner’s returns.
energy storage initiative technical
"services on our first large-scale energy storage initiative which services commenced in the third quarter of 2025"
EPC platform financial
"Our first quarter performance reflects continued execution across our EPC platform, improving operating efficiency"
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act"
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.
Revenue $14.8 million +114% YoY
Gross profit $3.0 million +115% YoY
Total operating expense $3.0 million +$0.4 million YoY
Net loss $0.3 million Improved from $1.3 million YoY
Understanding 8-K Material Events →

EXHIBIT 99.1

   

SolarMax Technology Reports First Quarter 2026 Financial Results

 

RIVERSIDE, CA – May 18, 2026 (GLOBE NEWSWIRE) – SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, reported financial results for the three months ended March 31, 2026.

 

First Quarter 2026 Financial Highlights

 

 

·

 Revenue: $14.8 million, up 114% from $6.9 million in the first quarter of 2025.

 

·

 Gross profit: $3.0 million, up 115% from $1.4 million in the first quarter of 2025.

 

·

 Total operating expense: $3.0 million, a $0.4 million increase from $2.6 million in the first quarter of 2025.

 

·

 Net loss: $0.3 million, or $0.01 per share, a $1.0 million improvement from a net loss of $1.3 million, or $0.03 per share in the first quarter of 2025.

 

“SolarMax entered 2026 with strong operational momentum, delivering significant year-over-year improvement in our financial result as a result of engineering, procurement and construction (“EPC”) services on our first large-scale energy storage initiative which services commenced in the third quarter of 2025,” stated David Hsu, CEO of SolarMax. “Our first quarter performance reflects continued execution across our EPC platform, improving operating efficiency and ongoing progress on our EPC services for large-scale energy storage projects. As demand for integrated solar and storage infrastructure continues to grow, we remain focused on expanding our project pipeline and positioning the Company for long-term growth.”

 

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 operations to include EPC services for EPC projects. SolarMax is looking to generate rowth 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 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form 10-Q for the quarter ended March 31, 2026, which was filed with the SEC on May 15, 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) revenue perform in the first quarter of 2026?

SolarMax reported strong revenue growth in Q1 2026, reaching $14.8 million, up 114% from $6.9 million in Q1 2025. Management attributes this surge mainly to engineering, procurement and construction services on its first large-scale energy storage initiative.

What was SolarMax (SMXT) net loss for the quarter ended March 31, 2026?

SolarMax reduced its Q1 2026 net loss to $0.3 million, or $0.01 per share. This is a significant improvement compared with a net loss of $1.3 million, or $0.03 per share, in the first quarter of 2025, reflecting better operating performance.

How did SolarMax (SMXT) gross profit and operating expenses change in Q1 2026?

In Q1 2026, SolarMax’s gross profit increased to $3.0 million from $1.4 million, a 115% rise. Total operating expenses grew modestly to $3.0 million from $2.6 million, indicating expenses rose much more slowly than revenue and gross profit.

What business segments are driving SolarMax (SMXT) growth in early 2026?

Growth is being driven primarily by engineering, procurement and construction (EPC) services for large-scale energy storage projects. These services commenced in the third quarter of 2025 and are now contributing meaningfully to revenue and improved year-over-year financial results.

What strategic focus did SolarMax (SMXT) highlight alongside its Q1 2026 results?

SolarMax emphasized focusing on expanding its project pipeline and positioning the company for long-term growth. It aims to scale commercial solar development, provide EPC services for industrial projects and LED lighting, and expand residential solar operations in the United States.

Where does SolarMax (SMXT) primarily operate and when did it expand into EPC services?

SolarMax has established a strong presence in southern California and focuses on solar and renewable energy solutions. The company expanded its operations to include EPC services for projects beginning in the third quarter of 2025, supporting its recent revenue growth.

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