SolarMax Technology, Inc. reported its financial results for the first quarter of 2025, highlighting a revenue increase to $6.9 million from $5.8 million in the same quarter of 2024. The company also reported a net loss of $1.3 million, or $0.03 per share, compared to a significantly larger net loss of $19.3 million, or $0.46 per share, in the first quarter of 2024. This improvement was partly due to a decrease in operating expenses, which totaled $2.6 million, down from $18.4 million the previous year. The reduction in expenses is attributed to the absence of a one-time, non-cash stock-based compensation expense of $15.9 million that impacted the previous year's results. Additionally, gross profit improved to $1.4 million from a negative $0.5 million, with the cost of revenues in the first quarter of 2024 including a one-time, non-cash stock-based compensation expense of $1.3 million. Despite challenges in the residential solar market in California due to changes in compensation for excess solar power, SolarMax reported progress in its dealer network and commercial project pipeline, positioning the company for potential growth in commercial and industrial solar and battery system projects.