SolarMax Technology Reports Second Quarter 2026 Financial Results, Revenue Up 49% Year Over Year

2026-10-08

Investivoq

SolarMax reports Q2 2026 revenue of $10.2 million, despite a $4.3 million legal expense affecting net loss.

Investivoq AI Summary

SolarMax Technology, Inc. reported strong financial results for the second quarter and first half of 2026, with revenue increasing by 49% to $10.2 million compared to the same quarter in 2025, and gross profit rising significantly to $2.4 million. Despite this growth, the company faced a net loss of $4.7 million, primarily due to a $4.3 million one-time legal expense associated with its China operations. CEO David Hsu emphasized the improvement in gross margin and the company's focus on engineering, procurement, and construction (EPC) projects, which are seen as vital for long-term growth and shareholder value. SolarMax, based in California, continues to expand its operations and aims to enhance its services in commercial solar development and industrial projects.

Potential Positives

Revenue increased by 49% year-over-year, demonstrating significant growth for SolarMax.
Gross profit rose to $2.4 million, a notable increase of 299% compared to the same quarter in 2025.
The company is strategically expanding its operations to include engineering, procurement, and construction (EPC) services, setting a foundation for long-term growth.

Potential Negatives

Despite a revenue increase of 49%, the company reported a significantly higher net loss of $4.7 million, which is an increase from $1.9 million in the same quarter last year.
The $4.3 million legal judgment expense related to the company's China segment indicates potential ongoing legal risks that could impact future financial performance.
Total operating expenses increased considerably, which might raise concerns about cost management given the substantial one-time expense incurred.

FAQ

What were SolarMax's second quarter 2026 revenue results?

SolarMax reported revenue of $10.2 million for the second quarter of 2026, a 49% increase from $6.9 million in Q2 2025.

How did gross profit change in Q2 2026?

The gross profit for Q2 2026 was $2.4 million, up 299% from $605,000 in the same quarter of 2025.

What impact did legal expenses have on net loss?

A one-time legal judgment expense of $4.3 million contributed to a net loss of $4.7 million in the second quarter of 2026.

What strategic initiatives is SolarMax pursuing?

SolarMax focuses on engineering, procurement, and construction (EPC) projects while expanding into large-scale energy storage services.

When did SolarMax expand its EPC services?

SolarMax expanded its EPC services for projects starting in the third quarter of 2025.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

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$SMXT Hedge Fund Activity

We have seen 13 institutional investors add shares of $SMXT stock to their portfolio, and 8 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

GEODE CAPITAL MANAGEMENT, LLC added 377,789 shares (+inf%) to their portfolio in Q2 2026, for an estimated $1,582,180
BLACKROCK, INC. removed 109,081 shares (-99.9%) from their portfolio in Q2 2026, for an estimated $38,069
NORTHERN TRUST CORP removed 100,285 shares (-92.4%) from their portfolio in Q2 2026, for an estimated $419,993
XTX TOPCO LTD removed 99,456 shares (-95.8%) from their portfolio in Q2 2026, for an estimated $416,521
SUSQUEHANNA INTERNATIONAL GROUP, LLP added 82,726 shares (+inf%) to their portfolio in Q2 2026, for an estimated $346,456
TWO SIGMA INVESTMENTS, LP removed 61,828 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $258,935
JANE STREET GROUP, LLC added 58,733 shares (+inf%) to their portfolio in Q2 2026, for an estimated $245,973

To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

Full Release

RIVERSIDE, Calif., Oct. 08, 2026 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, reported financial results for the three months and the six months ended June 30, 2026.

Second Quarter 2026 Financial Highlights

Revenue: $10.2 million, up 49% from $6.9 million in the second quarter of 2025.
Gross profit: $2.4 million, up 299% from $605,000 in the second quarter of 2025.
Total operating expense: $6.9 million, which included a one-time expense of $4.3 million legal judgment relating to our China segment, compared with $2.4 million in the second quarter of 2025.
Net loss: $4.7 million, or $0.98 per share, compared with a net loss of $1.9 million, or $0.50 per share in the second quarter of 2025.

“Our second quarter results demonstrate continued year-over-year progress, with revenue increasing 49% and gross profit rising to $2.4 million,” stated David Hsu, CEO of SolarMax. “While a one-time $4.3 million legal judgment expense relating to our China segment contributed to a higher net loss, we achieved substantial improvement in gross profit and gross margin compared with the prior-year period. Our focus remains on our engineering, procurement and construction (“EPC”) projects, managing costs carefully and pursuing additional opportunities in large-scale energy storage. We believe our expansion into industrial EPC services provides a foundation for long-term growth and shareholder value.”

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 and, commencing in the third quarter of 2025, expanded its operations to include EPC services for EPC projects. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and provide EPC services for industrial projects and LED lighting solutions in the US while expanding its residential solar operations. For more information, visit 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, our ability to commence services on other EPC contracts entered into in December 2025 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, 2025, as filed with the SEC on April 6, 2026 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form 10-Q for the quarter ended June 30, 2026, which was filed with the SEC on October 8, 2026. 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