SolarMax Technology Reports 2024 Financial Results
SolarMax Technology (NASDAQ: SMXT) reported its 2024 financial results, showing significant declines across key metrics. Revenue dropped to $23.0 million from $54.1 million in 2023, while gross profit decreased to $2.3 million from $11.1 million. The company reported a substantial net loss of $35.0 million ($0.79 per share) compared to a net income of $434,786 ($0.01 per share) in 2023.
Operating expenses increased to $35.4 million, including one-time, non-cash charges of $17.2 million in stock-based compensation and a $7.5 million goodwill impairment related to the China segment. The company attributed the performance decline to regulatory and market changes in the residential solar segment, while expressing intentions to expand into commercial and industrial solar projects, though no contracts have been secured yet.
SolarMax Technology (NASDAQ: SMXT) ha riportato i risultati finanziari per il 2024, mostrando significative diminuzioni in vari indicatori chiave. I ricavi sono scesi a 23,0 milioni di dollari rispetto ai 54,1 milioni di dollari del 2023, mentre il profitto lordo è diminuito a 2,3 milioni di dollari rispetto agli 11,1 milioni di dollari. L'azienda ha registrato una sostanziale perdita netta di 35,0 milioni di dollari (0,79 dollari per azione) rispetto a un utile netto di 434.786 dollari (0,01 dollari per azione) nel 2023.
Le spese operative sono aumentate a 35,4 milioni di dollari, includendo oneri una tantum non monetari di 17,2 milioni di dollari per compensi azionari e una svalutazione di goodwill di 7,5 milioni di dollari relativa al segmento cinese. L'azienda ha attribuito il calo delle performance a cambiamenti normativi e di mercato nel segmento solare residenziale, esprimendo nel contempo l'intenzione di espandersi nei progetti solari commerciali e industriali, sebbene non siano stati ancora garantiti contratti.
SolarMax Technology (NASDAQ: SMXT) informó sus resultados financieros de 2024, mostrando disminuciones significativas en métricas clave. Los ingresos cayeron a 23,0 millones de dólares desde 54,1 millones de dólares en 2023, mientras que la ganancia bruta disminuyó a 2,3 millones de dólares desde 11,1 millones de dólares. La empresa reportó una pérdida neta sustancial de 35,0 millones de dólares (0,79 dólares por acción) en comparación con una ganancia neta de 434.786 dólares (0,01 dólares por acción) en 2023.
Los gastos operativos aumentaron a 35,4 millones de dólares, incluyendo cargos extraordinarios no monetarios de 17,2 millones de dólares en compensación basada en acciones y una pérdida por deterioro de goodwill de 7,5 millones de dólares relacionada con el segmento de China. La empresa atribuyó la caída en el rendimiento a cambios regulatorios y de mercado en el segmento solar residencial, mientras expresaba su intención de expandirse a proyectos solares comerciales e industriales, aunque aún no se han asegurado contratos.
SolarMax Technology (NASDAQ: SMXT)는 2024년 재무 결과를 발표하며 주요 지표에서 상당한 감소를 보였습니다. 수익은 2023년의 5410만 달러에서 2300만 달러로 감소했습니다, 총 이익은 1110만 달러에서 230만 달러로 줄었습니다. 회사는 2023년의 주당 0.01달러의 순이익에 비해 주당 0.79달러의 3500만 달러의 상당한 순손실을 기록했습니다.
운영 비용은 3540만 달러로 증가했습니다, 여기에는 주식 기반 보상으로 인한 비현금성 일회성 비용 1720만 달러와 중국 부문과 관련된 750만 달러의 goodwill 손상 차손이 포함됩니다. 회사는 주거용 태양광 부문에서의 규제 및 시장 변화로 인한 성과 하락을 설명하며, 상업 및 산업 태양광 프로젝트로의 확장을 의도하고 있다고 밝혔지만, 아직 계약이 체결되지 않았습니다.
SolarMax Technology (NASDAQ: SMXT) a annoncé ses résultats financiers pour 2024, montrant des baisses significatives dans les indicateurs clés. Le chiffre d'affaires a chuté à 23,0 millions de dollars par rapport à 54,1 millions de dollars en 2023, tandis que le bénéfice brut a diminué à 2,3 millions de dollars contre 11,1 millions de dollars. L'entreprise a enregistré une perte nette substantielle de 35,0 millions de dollars (0,79 dollars par action) par rapport à un bénéfice net de 434.786 dollars (0,01 dollars par action) en 2023.
Les dépenses opérationnelles ont augmenté à 35,4 millions de dollars, y compris des charges exceptionnelles non monétaires de 17,2 millions de dollars liées à la compensation en actions et une dépréciation de goodwill de 7,5 millions de dollars liée au segment chinois. L'entreprise a attribué la baisse de performance aux changements réglementaires et de marché dans le segment solaire résidentiel, tout en exprimant son intention de s'étendre aux projets solaires commerciaux et industriels, bien qu'aucun contrat n'ait encore été sécurisé.
SolarMax Technology (NASDAQ: SMXT) hat seine Finanzzahlen für 2024 veröffentlicht, die erhebliche Rückgänge in wichtigen Kennzahlen zeigen. Der Umsatz fiel auf 23,0 Millionen Dollar, verglichen mit 54,1 Millionen Dollar im Jahr 2023, während der Bruttogewinn auf 2,3 Millionen Dollar sank von 11,1 Millionen Dollar. Das Unternehmen meldete einen erheblichen Nettoverlust von 35,0 Millionen Dollar (0,79 Dollar pro Aktie) im Vergleich zu einem Nettogewinn von 434.786 Dollar (0,01 Dollar pro Aktie) im Jahr 2023.
Die Betriebskosten stiegen auf 35,4 Millionen Dollar, einschließlich einmaliger, nicht zahlungswirksamer Aufwendungen von 17,2 Millionen Dollar für aktienbasierte Vergütungen und einer Wertminderung des Goodwills von 7,5 Millionen Dollar im Zusammenhang mit dem China-Segment. Das Unternehmen führte den Rückgang der Leistung auf regulatorische und Marktveränderungen im Bereich der Wohnsolaranlagen zurück und äußerte die Absicht, sich auf kommerzielle und industrielle Solarprojekte auszuweiten, obwohl noch keine Verträge gesichert sind.
- Company completed IPO in 2024
- Strategic shift towards commercial and industrial solar market opportunities
- Revenue declined 57.5% to $23.0 million from $54.1 million in 2023
- Gross profit dropped 79.3% to $2.3 million from $11.1 million
- Net loss of $35.0 million compared to profit in 2023
- Operating expenses increased significantly to $35.4 million from $10.7 million
- $7.5 million goodwill impairment in China segment
- No secured contracts in targeted commercial/industrial market
Insights
SolarMax Technology's 2024 financial results reveal severe deterioration across all key metrics. Revenue plummeted by
While significant one-time expenses contributed to these results—including
Particularly concerning is the gross margin compression from
The company's strategic pivot toward commercial and industrial solar projects raises red flags, as management explicitly acknowledges having no current contracts in this segment. This admission undermines confidence in the company's ability to execute its stated growth strategy in the near term.
This performance represents much more than a "transitional year"—it reflects fundamental challenges to the company's business model that raise serious questions about its path forward without more concrete recovery plans.
RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024.
2024 Financial Highlights
- Revenue:
$23.0 million , compared with$54.1 million in 2023. - Gross profit:
$2.3 million , compared with$11.1 million in 2023. Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of$1.3 million . - Total operating expense:
$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 relating to our China segment, compared with$10.7 million in 2023. - Net loss:
$35.0 million , or$0.79 per share, compared with net income of$434,786 , or$0.01 per share, in 2023.
David Hsu, CEO of SolarMax, stated, “Our 2024 results reflect a transitional year for SolarMax as we moved through a period of regulatory and market change in the residential solar segment. While revenue was lower compared to the prior year’s elevated levels, which were driven by pre-regulatory change purchasing activity. We also recognized certain one-time, non-cash expenses during the year, including goodwill impairment and stock-based compensation associated with our IPO, which are now fully reflected in our financials.”
“Looking ahead, we are encouraged by the progress we’re making toward expanding our commercial and industrial solar portfolio,” continued Hsu. “These projects represent an important potential growth opportunity and reflect our continued evolution as a diversified solar solutions provider. We believe our platform is well positioned to support this next phase of development and are excited about what lies ahead although we don’t currently have any contracts for the commercial and industrial market.”
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. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US. Our website is 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, including but not limited to the Company’s ability to develop its commercial solar business and to be accepted as a provider of commercial solar systems in the United States, and its ability to recommence its operations in China where is has not generated any revenue since 2021, and to respond to any changes in governmental policies relating to renewable energy and 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, 2024, as filed with the SEC on March 31, 2025. 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
FAQ
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