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SMXT News
SMXT Events
SolarMax Receives Nasdaq Delisting Notice
SolarMax announced that it received a notice from Nasdaq that the company does not meet requirements for the continued listing of its common stock on Nasdaq pursuant to Listing Rule 5250 because it has failed to file its Form 10-Q for the quarter ended June 30. Under the Nasdaq rules, the company has 60 calendar days from August 20, which is October 19, to submit a plan to regain compliance. If Nasdaq accepts the company's plan, Nasdaq can grant an exception of up to 180 days from the filing's due date, which would be February 16, 2027.
SolarMax Technology Inc Trading Halted, News Pending
SolarMax Technology Inc trading halted, news pending
SolarMax Signs $258.1 Million Battery Storage Project Agreement with Navboot
SolarMax Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, has entered into an engineering, procurement and construction, EPC, agreement with Navboot Holdco for a new utility-scale battery storage project in Corpus Christi, Texas. The contract is expected to generate revenues of approximately $258.1 million. Under the agreement, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning-for a 600 megawatt-hour battery energy storage system and its associated high-voltage interconnection infrastructure.
SolarMax Signs EPC Contracts with Yabucoa and Naguabo, Expected Revenue of $158.3M
SolarMax Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into two engineering, procurement and construction agreements with Yabucoa BESS LLC and Naguabo BESS LLC for new utility-scale battery energy storage system projects located in Humacao, Puerto Rico and Ceiba Municipality, Puerto Rico. The two EPC contracts are expected to generate total revenues of approximately $158.3M. In connection with the transactions, SolarMax is purchasing a 9% equity interest in each project entity. Under the agreements, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning for a combined 400 megawatt-hours of battery storage capacity.
SolarMax Announces Q3 Earnings Per Share of 4 Cents Compared to a Loss of 21 Cents Last Year
Reports Q3 revenue $30.6M vs $6.3M last year. David Hsu, CEO of SolarMax, stated, "Our third-quarter performance highlighted by the recognition of our first revenues from the Texas battery storage project announced in July. While the $24.1 million we recognized in the third quarter did not generate significant gross profit due to the accounting treatment for this engineering, procurement and construction industrial project, it represents a meaningful milestone in the execution of our marketing effort to industrial projects. We expect gross profit to begin catching up with revenue as project milestones are completed."
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