SolarMax Technology Financials
SolarMax Technology (SMXT) reported $91.0M in revenue for fiscal year 2025, up 295.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
SolarMax’s FY2025 rebound came from overhead normalization and higher volume, while unit economics remained unusually thin.
FY2025 revenue rebounded to$91.0M , but gross margin fell to4.7% , so each sales dollar carried less cushion than in FY2024. The operating loss still narrowed because SG&A reset to$10.2M from$27.4M , pointing to overhead normalization rather than stronger per-unit profitability.
Cash conversion improved before earnings did: FY2025 produced positive operating cash flow of
The capital structure is still tight even after some repair. Negative equity improved to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SolarMax Technology's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for SolarMax Technology, and counted as zero in the overall score.
Not available for SolarMax Technology, and counted as zero in the overall score.
SolarMax Technology scores -1.08, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($17.3M) relative to total liabilities ($103.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SolarMax Technology passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
SolarMax Technology reported a net loss of $6.3M while generating $498K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
SolarMax Technology reported an operating loss of $6.3M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
SolarMax Technology generated $91.0M in revenue in fiscal year 2025. This represents an increase of 295.8% from the prior year.
SolarMax Technology's EBITDA was -$6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 81.1% from the prior year.
SolarMax Technology reported -$6.3M in net income in fiscal year 2025. This represents an increase of 81.9% from the prior year.
SolarMax Technology earned -$0.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 83.5% from the prior year.
Cash & Balance Sheet
SolarMax Technology held $8.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
SolarMax Technology's gross margin was 4.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.4 percentage points from the prior year.
SolarMax Technology's operating margin was -6.9% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
SolarMax Technology's net profit margin was -7.0% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
SMXT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $98.9M | $91.0M+295.8% | $23.0M-57.5% | $54.1M+21.1% | $44.7M |
| Cost of Revenue | $93.0M | $86.8M+319.7% | $20.7M-51.9% | $43.0M+15.5% | $37.2M |
| Gross Profit | $5.9M | $4.2M+82.8% | $2.3M-79.2% | $11.1M+49.0% | $7.5M |
| SG&A Expenses | $10.6M | $10.2M-63.0% | $27.4M+188.6% | $9.5M-33.8% | $14.4M |
| Operating Income | -$5.0M | -$6.3M+81.0% | -$33.1M-6941.7% | $484K+106.1% | -$8.0M |
| Interest Expense | $1.3M | $1.4M-12.7% | $1.6M | N/A | N/A |
| Income Tax | -$1.1M | -$1.1M-168.2% | $1.7M+2691.9% | -$64K-254.9% | $41K |
| Net Income | -$5.3M | -$6.3M+81.9% | -$35.0M-8141.3% | $435K+106.3% | -$6.9M |
| EPS (Diluted) | — | -$0.13+83.5% | -$0.79-8000.0% | $0.01+105.9% | -$0.17 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMXT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $91.3M+136.3% | $38.6M-20.6% | $48.7M-20.9% | $61.5M |
| Current Assets | $75.3M+259.7% | $20.9M+5.2% | $19.9M-31.5% | $29.1M |
| Cash & Equivalents | $8.0M+913.2% | $786K-69.0% | $2.5M-33.6% | $3.8M |
| Inventory | $2.1M+58.3% | $1.3M-2.9% | $1.3M-60.6% | $3.4M |
| Accounts Receivable | $12.9M+205.8% | $4.2M+1.3% | $4.2M-29.6% | $5.9M |
| Goodwill | $0 | $0-100.0% | $7.6M-2.4% | $7.8M |
| Total Liabilities | $103.5M+92.7% | $53.7M-16.8% | $64.5M-16.9% | $77.7M |
| Current Liabilities | $95.7M+175.5% | $34.7M-20.0% | $43.4M-6.7% | $46.5M |
| Total Equity | -$12.2M+19.0% | -$15.1M+5.1% | -$15.9M+2.0% | -$16.2M |
| Retained Earnings | -$109.9M-6.1% | -$103.6M-50.9% | -$68.6M+0.6% | -$69.1M |
Not reported in any period shown, so not listed: Long-Term Debt.
SMXT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M | $498K+105.5% | -$9.1M-323.2% | $4.1M+307.5% | -$2.0M |
| Capital Expenditures | N/A | N/A | $0-100.0% | $28K-66.5% | $83K |
| Free Cash Flow | N/A | N/A | -$9.1M-324.7% | $4.1M+297.7% | -$2.1M |
| Investing Cash Flow | $6.3M | $5.8M+192.4% | -$6.3M-96325.4% | -$7K+97.7% | -$281K |
| Financing Cash Flow | $764K | $1.1M-91.4% | $13.3M+350.1% | -$5.3M+29.0% | -$7.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMXT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 4.7%-5.4pp | 10.1%-10.5pp | 20.6%+3.9pp | 16.7% |
| Operating Margin | -6.9% | -144.0% | 0.9%+18.7pp | -17.8% |
| Net Margin | -7.0% | -152.1% | 0.8%+16.2pp | -15.4% |
| Return on Assets | -6.9%+83.6pp | -90.5%-91.4pp | 0.9%+12.1pp | -11.2% |
| Current Ratio | 0.79+0.2x | 0.60+0.1x | 0.46-0.2x | 0.63 |
| FCF Margin | N/A | -39.7%-47.2pp | 7.5%+12.1pp | -4.6% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$12.2M), 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 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where SolarMax Technology Ranks
Frequently Asked Questions
What is SolarMax Technology's annual revenue?
SolarMax Technology (SMXT) reported $91.0M in total revenue for fiscal year 2025. This represents a 295.8% 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 grew by 295.8% year-over-year, from $23.0M to $91.0M in fiscal year 2025.
Is SolarMax Technology profitable?
No, SolarMax Technology (SMXT) reported a net income of -$6.3M in fiscal year 2025, with a net profit margin of -7.0%.
What is SolarMax Technology's EBITDA?
SolarMax Technology (SMXT) had EBITDA of -$6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is SolarMax Technology's gross margin?
SolarMax Technology (SMXT) had a gross margin of 4.7% in fiscal year 2025, 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 -6.9% in fiscal year 2025, 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 -7.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is SolarMax Technology's operating cash flow?
SolarMax Technology (SMXT) generated $498K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SolarMax Technology's total assets?
SolarMax Technology (SMXT) had $91.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What is SolarMax Technology's current ratio?
SolarMax Technology (SMXT) had a current ratio of 0.79 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is SolarMax Technology's return on assets (ROA)?
SolarMax Technology (SMXT) had a return on assets of -6.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is SolarMax Technology's debt-to-equity ratio negative or not reported?
SolarMax Technology (SMXT) has negative shareholder equity of -$12.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
SolarMax Technology (SMXT) has an Altman Z-Score of -1.08, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is SolarMax Technology's Piotroski F-Score?
SolarMax Technology (SMXT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $6.3M while generating $498K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Can SolarMax Technology cover its interest payments?
SolarMax Technology (SMXT) reported an operating loss of $6.3M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SolarMax Technology?
SolarMax Technology (SMXT) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.