SolarMax Technology, Inc. reported total revenues of $6.93 million for the first quarter ended March 31, 2025, marking a 20.2% increase compared to $5.76 million in the same period of 2024. This growth was primarily driven by a 24.8% year-over-year increase in solar energy and battery sales, which rose by $1.2 million.
The company achieved a significant improvement in profitability, with gross profit rising to $1.42 million from $464,000 in Q1 2024, and gross margin expanding to 20.5% from 8.1%. Operating expenses saw a dramatic decrease to $2.57 million from $18.42 million in Q1 2024, largely due to the absence of a $15.9 million stock compensation expense recognized in the prior year.
As a result of these factors, SolarMax's consolidated operating loss narrowed significantly to $1.16 million, compared to a loss of $18.88 million in Q1 2024. The consolidated net loss improved to $1.30 million, or $0.03 per share, from a net loss of $19.27 million, or $0.46 per share, in the comparable prior-year period.
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