Solarmax Technology reports 2Q revenue of $10.2M

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 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," "coul