SolarMax Technology, Inc.

SolarMax Technology, Inc. announced that Steve Chen resigned from its Board of Directors on March 18, 2026. Mr. Chen's departure was attributed to health reasons. He also served as a member of the Corporate Governance and Nominating Committee.

SolarMax Technology, Inc. reported strong financial results for the first quarter of 2026, with revenue increasing by 114% to $14.8 million. The company significantly improved its net loss, narrowing it to $0.3 million, or $0.01 per share, compared to a $1.3 million loss in the prior year. CEO David Hsu attributed the performance to strong operational momentum and the commencement of large-scale energy storage EPC services.

SolarMax Technology reported a significant increase in Q1 2026 revenue to $14.83 million, up from $6.93 million in Q1 2025, and reduced its net loss to $0.31 million from $1.30 million. Despite improved operational performance, the company faces substantial doubt about its ability to continue as a going concern due to a working capital deficit of $17.6 million, an accumulated deficit of $110.2 million, and default on $13.7 million in convertible notes. Additionally, SolarMax received a Nasdaq notice for failing to meet the $1.00 bid price requirement. The company is shifting its primary business to large-scale battery energy storage systems (BESS) EPC services.

SolarMax Technology, Inc. (SMXT) filed an 8-K to furnish a presentation (Exhibit 99.1) that it intends to use in certain meetings and presentations starting April 27, 2026. The presentation contains forward-looking statements regarding the company's future plans, strategies, and expectations, and is subject to various risks and uncertainties. These risks include the market for industrial solar energy projects, regulatory environment, ability to secure contracts, and maintaining Nasdaq listing requirements.

SolarMax Technology, Inc. filed an Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The filing confirms the company's status as a non-accelerated filer, a smaller reporting company, and an emerging growth company. It also indicates that the registrant has filed all required reports during the preceding 12 months.

SolarMax Technology reported a significant increase in revenue for fiscal year 2025, reaching $91.0 million, a 296% increase compared to $23.0 million in 2024. This substantial growth indicates strong performance and market traction for the company, which could positively influence investor sentiment.