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SolarMax Technology (SMXT) investor relations material
SolarMax Technology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for the nine months ended September 30, 2025 increased 168% year-over-year to $44.4 million, driven by a new $127.3 million industrial EPC contract with Longfellow BESS I LLC, which contributed $24.1 million in Q3 revenue.
Net loss narrowed to $5.5 million for the nine months ended September 30, 2025, compared to a $31.1 million loss in the prior year period, reflecting lower stock-based compensation and absence of goodwill impairment.
Operating expenses were reduced by 20% year-over-year, supporting improved operational efficiency.
Revenue increased 53% year-over-year to $6.9 million for Q2 2025, reflecting strong growth despite market challenges.
The company raised $7.2 million from private placements at a 25% discount to market and exchanged $2.9 million of debt for equity.
Financial highlights
Q3 2025 revenue was $30.6 million, up 383% from $6.3 million in Q3 2024, mainly due to the Longfellow EPC contract.
Solar energy and battery sales rose 28.7% year-over-year for the nine months, while LED sales increased 4.9%.
Gross profit rose 2.9% to $605,000 compared to Q2 2024.
Net cash provided by operating activities was $3.0 million for the nine months, compared to $7.8 million used in the prior year.
Operating expenses for the nine months fell 75% to $8.0 million, reflecting a $17.3 million reduction in stock-based compensation.
Outlook and guidance
The company expects modest growth in residential sales through its dealer network, but anticipates headwinds from the expiration of the federal residential solar tax credit at year-end 2025 and the impact of NEM 3.0 in California.
Management is focused on expanding commercial and industrial EPC projects to offset residential declines.
The Longfellow EPC project is expected to be completed by June 2026, with the company holding an 8% equity stake.
Strategic focus is shifting toward large-scale commercial and utility projects, with an active pipeline for future growth.
A $127.3 million EPC contract for a 430 MWh battery storage project in Texas is expected to significantly boost revenue over the next four quarters.
Longfellow contract's margin impact
Debt refinancing strategy for 2026 maturities
Future of China operations and potential exit
Mitigation for Texas EPC contract profit risks?
Residential strategy post NEM 3.0 and tax credit?
Plans to recommence China operations?
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Next SolarMax Technology earnings date
Q4 202531 Mar, 2026
Next SolarMax Technology earnings date
Q4 202531 Mar, 2026
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Frequently asked questions
SolarMax Technology, Inc. is an integrated solar energy company that operates in the United States and China. The company provides a range of services including the sale and installation of photovoltaic systems and battery backup systems. It also offers LED systems and is involved in identifying and procuring solar farm projects for resale, along with providing engineering, procurement, and construction services for these projects. SolarMax serves residential, commercial, and government clients. The company is headquartered in Riverside, California, and its shares are listed on the NASDAQ.
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