SolarMax Technology, Inc. reported its financial results for the fiscal year ended December 31, 2025, showing increased revenue and a narrower net loss compared with the prior year.
The company posted revenue of $91.0 million for fiscal 2025, up from $23.0 million in 2024. Net loss totaled $6.3 million, compared with a loss of $35.0 million a year earlier, reflecting a reduction in operating expenses and higher project-related income.
The results reflect a shift in revenue mix, as the company expanded its engineering, procurement, and construction (EPC) activities during the year. EPC services accounted for a majority of total revenue, according to the company’s disclosure.
#Revenue Growth Driven by EPC Segment
SolarMax attributed the increase in revenue primarily to its EPC business, which generated $60.2 million, or about 66% of total revenue in 2025. The company began scaling this segment as part of a broader expansion into industrial energy projects in the United States.
Gross profit rose to $4.2 million from $2.3 million in the prior year. At the same time, total operating expenses declined significantly to $10.5 million, compared with $35.4 million in 2024. The reduction in expenses contributed to the improvement in net loss.
Chief Executive Officer David Hsu said the company’s revenue growth was linked to the execution of its EPC project portfolio and the recognition of revenue tied to those contracts. He also pointed to ongoing demand for energy storage infrastructure as a factor influencing the company’s strategic direction.
#Energy Storage Contracts and Project Pipeline
SolarMax has previously disclosed battery energy storage system (BESS) contracts tied to projects in Texas and Puerto Rico, representing more than $500 million in expected revenue based on contract terms. These projects are part of a broader pipeline that the company expects will support future revenue, although timing and execution remain subject to project milestones and other conditions.
The company indicated that its expansion into EPC services began in the third quarter of 2025, marking a strategic shift beyond its traditional residential solar operations. SolarMax has historically focused on solar installations in Southern California but is now targeting larger industrial and infrastructure-related opportunities.
This transition aligns with broader trends in the renewable energy sector, where companies are increasingly combining solar generation with energy storage systems to address grid reliability and demand fluctuations. Large-scale storage projects, in particular, have gained traction in regions with high renewable penetration and regulatory support for grid modernization.
#Industry Context and Forward Outlook
The growth in SolarMax’s EPC segment comes as the U.S. renewable energy market continues to expand, supported by policy incentives and increased investment in clean energy infrastructure. Energy storage, including BESS projects, has become a key component of this expansion, enabling utilities and developers to manage intermittent power generation.
However, execution risks remain. Revenue tied to large-scale EPC and storage projects often depends on construction timelines, permitting, financing, and supply chain conditions. The company noted that forward-looking statements regarding future performance and project outcomes are subject to uncertainties and risks outlined in its regulatory filings.
SolarMax stated that it intends to continue scaling its EPC platform while expanding its commercial solar development services and maintaining its residential solar operations. The company also identified LED lighting solutions as part of its broader service offering in the U.S. market.
While the 2025 results show a shift toward higher revenue and reduced losses, the company’s longer-term financial performance will depend on its ability to execute on contracted projects and manage costs as it expands into larger-scale infrastructure segments.