SolarMax Technology, Inc. SMXT
We are an integrated solar and renewable energy company. A solar energy system retains the direct current (DC) electricity from the sun and converts it to alternating current (AC) electricity that can be used to power residential homes and commercial businesses. The solar business is based on the ability of the users of solar energy systems to save on energy costs and reduce their carbon imprint as compared with power purchased from the local electricity utility company. We were founded in 2008 to engage in the solar business in the United States, where our business is primarily conducted.
The photovoltaic market in the United States has experienced significant growth with the help of the Inflation Reduction Act, with solar accounting for approximately 16% of the country's electricity generation. Solar remains the fastest-growing renewable energy source in the U.S., with projections estimating that total installed solar capacity will exceed 250 GW by 2030, contributing substantially to the nation's clean energy goals. The U.S. solar market is expected to be valued at over $125 billion by 2030 as investment in large-scale utility projects and distributed generation continues to expand. However, the market for solar energy may be affected by federal and state regulations and policies, including state regulations such as California's NEM 3.0, which has resulted in reduced solar energy sales since its introduction in 2024, and any federal policies that favor petroleum-based energy and nuclear energy at the expense of renewable energy such as solar and wind, which are discouraged.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $91.0M | $23.0M | $54.1M | $44.7M | — |
| Cost of revenue | $86.8M | $20.7M | $43.0M | $37.2M | — |
| Gross profit | $4.2M | $2.3M | $11.1M | $7.5M | — |
| SG&A | $10.2M | $27.4M | $9.5M | $14.4M | — |
| Total operating expenses | $10.5M | $35.4M | $10.7M | $15.5M | — |
| Operating income | -$6.3M | -$33.1M | $483.9K | -$8.0M | — |
| Interest expense | $1.4M | $1.6M | — | — | — |
| Pre-tax income | -$7.5M | -$33.3M | $370.6K | -$6.8M | — |
| Income tax | $1.1M | $1.7M | $64.2K | $41.4K | — |
| Net income | -$6.3M | -$35.0M | $434.8K | -$6.9M | — |
| EPS, basic | -0.13 | -0.79 | 0.01 | -0.17 | — |
| EPS, diluted | -0.13 | -0.79 | 0.01 | -0.17 | — |
| Shares, diluted (wtd. avg.) | 50.0M | 44.3M | 40.0M | 39.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $8.0M | $786.3K | $2.5M | $3.8M | $9.9M |
| Short-term investments | — | $6.3M | $0 | — | — |
| Receivables | $12.9M | $4.2M | $4.2M | $5.9M | — |
| Inventory | $2.1M | $1.3M | $1.3M | $3.4M | — |
| Total current assets | $75.3M | $20.9M | $19.9M | $29.1M | — |
| Property, plant and equipment | $138.9K | $200.9K | $291.4K | $444.2K | — |
| Goodwill | $0 | $0 | $7.6M | $7.8M | $8.4M |
| Total assets | $91.3M | $38.6M | $48.7M | $61.5M | — |
| Accounts payable | $59.6M | $2.7M | $3.4M | $2.2M | — |
| Short-term debt | $20.2M | $18.0M | $20.7M | — | — |
| Total current liabilities | $95.7M | $34.7M | $43.4M | $46.5M | — |
| Total liabilities | $103.5M | $53.7M | $64.5M | $77.7M | — |
| Retained earnings | -$109.9M | -$103.6M | -$68.6M | -$69.1M | — |
| Total equity | -$12.2M | -$15.1M | -$15.9M | -$16.2M | -$8.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $498.0K | -$9.1M | $4.1M | -$2.0M | — |
| Depreciation and amortisation | $62.0K | $82.0K | $144.0K | $277.9K | — |
| Stock-based compensation | $520.7K | $18.5M | $0 | — | — |
| Capital expenditure | — | $0 | $28.0K | $83.5K | — |
| Investing cash flow | $5.8M | -$6.3M | -$6.5K | -$280.5K | — |
| Financing cash flow | $1.1M | $13.3M | -$5.3M | -$7.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001640334-26-000720.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $44.7M | $54.1M | $23.0M | $91.0M |
| Gross profit | — | $7.5M | $11.1M | $2.3M | $4.2M |
| Net income | — | -$6.9M | $434.8K | -$35.0M | -$6.3M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Delisting notice Item 3.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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