SolarMax Technology Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
SolarMax Technology has an operating margin of -144.0%, meaning the company retains $-144 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 0.9% the prior year.
SolarMax Technology's revenue declined 57.5% year-over-year, from $54.1M to $23.0M. This contraction results in a growth score of 0/100.
SolarMax Technology's current ratio of 0.60 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.
While SolarMax Technology generated -$9.1M in operating cash flow, capex of $0 consumed most of it, leaving -$9.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
SolarMax Technology passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, SolarMax Technology generates $0.26 in operating cash flow (-$9.1M OCF vs -$35.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows SolarMax Technology (SMXT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
SolarMax Technology generated $23.0M in revenue in fiscal year 2024. This represents a decrease of 57.5% from the prior year.
SolarMax Technology's EBITDA was -$33.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5069.3% from the prior year.
SolarMax Technology generated -$9.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 324.7% from the prior year.
SolarMax Technology reported -$35.0M in net income in fiscal year 2024. This represents a decrease of 8141.3% from the prior year.
SolarMax Technology earned $-0.79 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 8000.0% from the prior year.
SolarMax Technology held $786K in cash against $0 in long-term debt as of fiscal year 2024.
SolarMax Technology had 45M shares outstanding in fiscal year 2024. This represents an increase of 13.9% from the prior year.
SolarMax Technology's gross margin was 10.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 10.5 percentage points from the prior year.
SolarMax Technology's operating margin was -144.0% in fiscal year 2024, reflecting core business profitability. This is down 144.9 percentage points from the prior year.
SolarMax Technology's net profit margin was -152.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 152.9 percentage points from the prior year.
SolarMax Technology invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
SMXT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30.6M+344.6% | $6.9M-0.6% | $6.9M+7.6% | $6.4M+44.5% | $4.5M-22.7% | $5.8M-52.9% | $12.2M-14.2% | $14.3M |
| Cost of Revenue | $29.6M+372.2% | $6.3M+14.0% | $5.5M+0.1% | $5.5M+42.3% | $3.9M-37.9% | $6.2M-33.0% | $9.3M-9.1% | $10.2M |
| Gross Profit | $956K+58.2% | $605K-57.4% | $1.4M+52.0% | $934K+58.7% | $588K+226.6% | -$464K-115.8% | $2.9M-27.2% | $4.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.9M+26.7% | $2.3M-7.7% | $2.5M-4.3% | $2.6M-10.1% | $2.9M-84.1% | $18.3M+550.3% | $2.8M-0.8% | $2.8M |
| Operating Income | -$2.1M-19.2% | -$1.8M-53.1% | -$1.2M+35.7% | -$1.8M+25.2% | -$2.4M+87.3% | -$18.9M-35430.2% | -$53K-105.8% | $920K |
| Interest Expense | $356K-1.9% | $363K-1.8% | $369K-7.5% | $399K+3.8% | $385K+0.1% | $384K | N/A | N/A |
| Income Tax | -$516K-385.3% | -$106K-66.9% | -$64K-103.7% | $1.7M+1594.6% | -$115K-2492.9% | $5K+102.3% | -$213K-51.2% | -$141K |
| Net Income | -$2.3M-18.9% | -$1.9M-46.5% | -$1.3M+66.8% | -$3.9M-80.4% | -$2.2M+88.8% | -$19.3M-22798.6% | $85K-94.2% | $1.5M |
| EPS (Diluted) | $-0.040.0% | $-0.04-33.3% | $-0.03+57.1% | $-0.07-40.0% | $-0.05+89.1% | $-0.46 | N/A | $0.04 |
SMXT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $58.7M+53.4% | $38.2M-0.9% | $38.6M-0.1% | $38.6M-24.4% | $51.1M-6.6% | $54.7M+12.4% | $48.7M | N/A |
| Current Assets | $42.1M+95.2% | $21.5M0.0% | $21.6M+2.9% | $20.9M-15.2% | $24.7M-9.4% | $27.3M+36.9% | $19.9M | N/A |
| Cash & Equivalents | $5.7M+198.6% | $1.9M+221.3% | $596K-24.2% | $786K-42.2% | $1.4M-72.4% | $4.9M+94.1% | $2.5M-22.8% | $3.3M |
| Inventory | $1.6M+1.6% | $1.6M-30.9% | $2.3M+76.3% | $1.3M-16.4% | $1.6M+24.7% | $1.2M-6.9% | $1.3M | N/A |
| Accounts Receivable | $13.4M+287.5% | $3.5M-19.3% | $4.3M+1.2% | $4.2M-4.3% | $4.4M+11.1% | $4.0M-4.7% | $4.2M | N/A |
| Goodwill | $0 | $0 | $0 | $0-100.0% | $7.4M-0.6% | $7.4M-2.1% | $7.6M | N/A |
| Total Liabilities | $70.4M+32.0% | $53.4M-2.0% | $54.5M+1.4% | $53.7M-0.4% | $53.9M-2.5% | $55.3M-14.4% | $64.5M | N/A |
| Current Liabilities | $57.5M+44.5% | $39.8M+2.0% | $39.0M+12.3% | $34.7M-0.4% | $34.9M-4.2% | $36.4M-16.1% | $43.4M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$11.8M+22.0% | -$15.1M+4.8% | -$15.9M-5.3% | -$15.1M-435.8% | -$2.8M-380.8% | -$585K+96.3% | -$15.9M+2.5% | -$16.3M |
| Retained Earnings | -$109.0M-2.1% | -$106.8M-1.8% | -$104.9M-1.3% | -$103.6M-15.0% | -$90.1M-2.5% | -$87.9M-28.1% | -$68.6M | N/A |
SMXT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.4M+1439.3% | $221K+136.7% | -$601K+54.2% | -$1.3M+19.1% | -$1.6M+74.7% | -$6.4M-242.9% | $4.5M+350.5% | $995K |
| Capital Expenditures | N/A | N/A | N/A | $0 | N/A | N/A | $0 | $0 |
| Free Cash Flow | N/A | N/A | N/A | -$1.3M | N/A | N/A | $4.5M+350.5% | $995K |
| Investing Cash Flow | $501K+1035.4% | $44K-52.8% | $93K-93.2% | $1.4M+299.9% | -$688K+90.1% | -$7.0M-5252175.9% | -$133+59.1% | -$325 |
| Financing Cash Flow | -$71K-106.1% | $1.2M+212.4% | $377K+168.9% | -$546K+59.7% | -$1.4M-108.7% | $15.6M+391.4% | -$5.3M-764.7% | -$618K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SMXT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.1%-5.7pp | 8.8%-11.7pp | 20.5%+6.0pp | 14.5%+1.3pp | 13.2%+21.3pp | -8.1%-32.1pp | 24.1%-4.3pp | 28.4% |
| Operating Margin | -6.9%+18.8pp | -25.7%-9.0pp | -16.7%+11.2pp | -27.9%+26.0pp | -53.9%+273.7pp | -327.6%-327.1pp | -0.4%-6.9pp | 6.5% |
| Net Margin | -7.4%+20.2pp | -27.6%-8.9pp | -18.7%+41.9pp | -60.6%-12.1pp | -48.6%+285.8pp | -334.3%-335.0pp | 0.7%-9.6pp | 10.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -3.9%+1.1pp | -5.0%-1.6pp | -3.4%+6.8pp | -10.1%-5.9pp | -4.2%+31.0pp | -35.2%-35.4pp | 0.2% | N/A |
| Current Ratio | 0.73+0.2 | 0.54-0.0 | 0.55-0.1 | 0.60-0.1 | 0.71-0.0 | 0.75+0.3 | 0.46 | N/A |
| Debt-to-Equity | -5.98-2.4 | -3.53-0.1 | -3.43+0.1 | -3.56+15.6 | -19.16+75.3 | -94.45-90.4 | -4.06 | N/A |
| FCF Margin | N/A | N/A | N/A | -20.4% | N/A | N/A | 36.6%+29.6pp | 7.0% |
Note: Shareholder equity is negative (-$15.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.60), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is SolarMax Technology's annual revenue?
SolarMax Technology (SMXT) reported $23.0M in total revenue for fiscal year 2024. This represents a -57.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SolarMax Technology's revenue growing?
SolarMax Technology (SMXT) revenue declined by 57.5% year-over-year, from $54.1M to $23.0M in fiscal year 2024.
Is SolarMax Technology profitable?
No, SolarMax Technology (SMXT) reported a net income of -$35.0M in fiscal year 2024, with a net profit margin of -152.1%.
What is SolarMax Technology's earnings per share (EPS)?
SolarMax Technology (SMXT) reported diluted earnings per share of $-0.79 for fiscal year 2024. This represents a -8000.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is SolarMax Technology's EBITDA?
SolarMax Technology (SMXT) had EBITDA of -$33.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is SolarMax Technology's gross margin?
SolarMax Technology (SMXT) had a gross margin of 10.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is SolarMax Technology's operating margin?
SolarMax Technology (SMXT) had an operating margin of -144.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is SolarMax Technology's net profit margin?
SolarMax Technology (SMXT) had a net profit margin of -152.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is SolarMax Technology's free cash flow?
SolarMax Technology (SMXT) generated -$9.1M in free cash flow during fiscal year 2024. This represents a -324.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is SolarMax Technology's operating cash flow?
SolarMax Technology (SMXT) generated -$9.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are SolarMax Technology's total assets?
SolarMax Technology (SMXT) had $38.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are SolarMax Technology's capital expenditures?
SolarMax Technology (SMXT) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does SolarMax Technology have outstanding?
SolarMax Technology (SMXT) had 45M shares outstanding as of fiscal year 2024.
What is SolarMax Technology's current ratio?
SolarMax Technology (SMXT) had a current ratio of 0.60 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is SolarMax Technology's debt-to-equity ratio?
SolarMax Technology (SMXT) had a debt-to-equity ratio of -3.56 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SolarMax Technology's return on assets (ROA)?
SolarMax Technology (SMXT) had a return on assets of -90.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is SolarMax Technology's cash runway?
Based on fiscal year 2024 data, SolarMax Technology (SMXT) had $786K in cash against an annual operating cash burn of $9.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is SolarMax Technology's debt-to-equity ratio negative or unusual?
SolarMax Technology (SMXT) has negative shareholder equity of -$15.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is SolarMax Technology's Piotroski F-Score?
SolarMax Technology (SMXT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SolarMax Technology's earnings high quality?
SolarMax Technology (SMXT) has an earnings quality ratio of 0.26x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is SolarMax Technology?
SolarMax Technology (SMXT) scores 1 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.