SolarMax Technology, Inc. (“SolarMax” or the “Company”), an integrated solar energy company, reported financial results for the quarter ended June 30, 2024.
Second Quarter Highlights
Revenue: $4.5 million, compared to $14.8 million in Q2 2023.
Gross profit: $0.6 million, compared to $2.1 million in Q2 2023.
Total operating expense: $3.0 million, compared to $3.0 million in Q2 2023.
Net loss: $2.2 million ($0.05 per share), compared to a net loss of $1.9 million ($0.05 per share) in Q2 2023.
David Hsu, CEO of SolarMax, stated, “Our second quarter performance reflects some of the same external factors that influenced our first quarter. Last year’s exceptionally high revenues were largely driven by an unusual surge in demand as residential customers accelerated their solar system purchases to take advantage of favorable rebate conditions before the regulatory changes in California took effect in April 2023. This created a temporary boost in our 2023 numbers. Since we completed these orders in 2023, our 2024 revenues reflected a significant drop from the 2023 numbers. Additionally, our revenues were impacted by the increased borrowing costs associated with higher interest rates, which resulted in a decline in consumer investment in solar across the industry.”
“Despite these short-term challenges, we are focused on executing our long-term growth strategy, and we continue to see strong underlying demand for our solar solutions as consumers and businesses alike increasingly turn to renewable energy to meet their power needs,” continued Hsu. “Moreover, subsequent to the quarter end, we took significant steps to expand our commercial solar project portfolio with a non-binding memorandum of understanding for a large-scale solar development project in Las Vegas and a non-binding term sheet for a similar project at a major mall in San Jose, California. We anticipate our commercial solar development projects will play an increasing role in our revenue growth in the quarters ahead.”
