SolarMax Technology Announces 2024 Financial Results

SolarMax Technology, Inc. (Nasdaq: SMXT) has reported a significant decline in financial performance for the year ending December 31, 2024. The company recorded revenue of $23.0 million, a sharp drop from $54.1 million in 2023, and a net loss of $35.0 million, or $0.79 per share, compared to a net income of $434,786 in the previous year. The financial results were impacted by one-time non-cash expenses, including $17.2 million in stock-based compensation related to its IPO and a $7.5 million goodwill impairment linked to its operations in China. Despite the challenges, CEO David Hsu expressed optimism about the future, highlighting ongoing efforts to expand SolarMax’s commercial and industrial solar portfolio as a key growth opportunity. The company, founded in 2008, aims to enhance its presence in the renewable energy sector by focusing on affordable solar solutions across the United States.

SolarMax Technology Announces 2024 Financial Results

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