RIVERSIDE, Calif., Could 16, 2025 (GLOBE NEWSWIRE) — SolarMax Expertise, Inc. (Nasdaq SMXT) (“SolarMax” or the “Firm”), an built-in photo voltaic vitality firm, at the moment reported monetary outcomes for the quarter ended March 31, 2025.
First Quarter 2025 Monetary Highlights
- Income: $6.9 million, in contrast with $5.8 million within the first quarter of 2024.
- Gross revenue: $1.4 million, in contrast with ($0.5) million within the first quarter of 2024. Value of revenues within the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
- Complete working expense: $2.6 million, in contrast with $18.4 million within the first quarter of 2024. Working expense within the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $15.9 million.
- Web loss: $1.3 million, or $0.03 per share, in contrast with a web lack of $19.3 million, or $0.46 per share within the first quarter of 2024.
David Hsu, CEO of SolarMax, acknowledged, “We’re inspired by our progress this quarter, having achieved a 20% improve in income and enchancment in gross margin regardless of ongoing inflationary and regulatory pressures. We consider this enchancment demonstrates our group’s potential to navigate a dynamic market whereas enhancing operational effectivity and executing on price containment initiatives.”
“Whereas California’s NEM 3.0 coverage—which considerably lowered the compensation owners obtain for extra solar energy despatched to the grid—continues to influence residential photo voltaic demand within the state, we’re seeing significant traction via our supplier community and our proposed industrial initiatives,” continued Hsu. “We’re laying the groundwork for industrial and industrial photo voltaic and battery system initiatives that we consider signify a development alternative. Though now we have no executed contracts, our improvement pipeline is energetic, and we’re in search of to place SolarMax for longer-term diversification and development.”
About SolarMax Expertise Inc.
SolarMax, primarily based in California and based in 2008, is a pacesetter inside the photo voltaic and renewable vitality sector centered on making sustainable vitality each accessible and reasonably priced. SolarMax has established a powerful presence in southern California. SolarMax is seeking to generate development with strategic initiatives that intention to scale industrial photo voltaic improvement providers and LED lighting options within the US whereas increasing its residential photo voltaic operations. For extra info, go to www.solarmaxtech.com.
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Ahead Wanting Statements
This press launch comprises forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended (“Securities Act”) in addition to Part 21E of the Securities Change Act of 1934, as amended, and the Non-public Securities Litigation Reform Act of 1995, as amended, which can be supposed to be coated by the protected harbor created by these sections. Ahead-looking statements, that are primarily based on sure assumptions and describe the Firm’s future plans, methods and expectations, can typically be recognized by means of forward-looking phrases resembling “consider,” “anticipate,” “might,” “will,” “ought to,” “would,” “might,” “search,” “intend,” “plan,” “aim,” “mission,” “estimate,” “anticipate,” “technique,” “future,” “doubtless” or different comparable phrases, though not all forward-looking statements include these figuring out phrases. All statements apart from statements of historic details included on this press launch relating to the Firm’s methods, prospects, monetary situation, operations, prices, plans and targets are forward-looking statements. Necessary elements that might trigger the Firm’s precise outcomes and monetary situation to vary materially from these indicated within the forward-looking statements. Such forward-looking statements are topic to danger and uncertainties, together with, however not restricted to, together with however not restricted to the Firm’s potential to develop its industrial photo voltaic enterprise and to be accepted as a supplier of economic photo voltaic programs in the US, and its potential to recommence its operations in China the place is has not generated any income since 2021, and to reply to any modifications in governmental insurance policies referring to renewable vitality and people elements described in “Cautionary Be aware on Ahead-Wanting Statements” “Merchandise 1A. Threat Elements,” and “Merchandise 7. Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations,” within the Firm’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2024, as filed with the SEC on March 31, 2025. SolarMax undertakes no obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, after the date on which the statements are made or to mirror the prevalence of unanticipated occasions besides as required by legislation. It is best to learn this press launch with the understanding that our precise future outcomes could also be materially totally different from what we anticipate.
Contact:
For extra info, contact:
Stephen Brown, CFO
(951) 300-0711
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