SolarMax posts FY2023 net income of $0.4M vs loss of $6.9M; revenue up 21%

SolarMax Technology, Inc.

2024-Q1 EPS reported -$0.46 revenue$5,764,074

Revenue reached $54.1M, a 21% increase over 2022, driven by US market demand.
Gross profit rose 49% to $11.1M; gross margin expanded to 21% from 17%.
Total operating expense decreased 31% to $10.7M, improving profitability.
Net income of $0.4M, reversing a $6.9M net loss in the prior year.
CEO cites operational efficiency and recent IPO as foundation for future growth.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SolarMax Technology, Inc. reported fiscal year ended December 31, 2023 results: revenue $54.1 million, net income $0.4 million.

Period: fiscal year ended December 31, 2023
Revenue: $54.1 million
Net income: $0.4 million
Result: reported results

Exact text from the filing

an integrated solar energy company, today reported financial results for its fiscal year ended December 31, 2023. Fiscal Year 2023 Financial Highlights · Revenue increased to $54.1 million, up 21% from 2022 · Gross profit increased to $11.1 million, up 49% from 2022 · Gross margin improved to 21%, up from 17% in 2022 · Total operating expense decreased to $10.7

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Source: SEC EDGAR

accession 0001640334-24-000681

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