Solarmax Technology Inc. (SMXT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMXT SEC filings page.
Solarmax Technology Inc. (SMXT) reported $98.9M in revenue over the twelve months to Mar 31, 2026, up 309.5% from the prior twelve months. 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).
Sales rebounded sharply in FY2025, but thinner margins and negative equity show growth has not yet translated into financial strength.
Revenue nearly quadrupled from FY2024 to FY2025 while gross margin fell from10.1% to4.7% , so the recovery brought more activity but weaker economics per sale. Despite a net loss of$6.3M , FY2025 operating cash flow was positive at$498K , while receivables increased sharply; cash therefore did not track reported earnings cleanly.
Balance-sheet pressure remains structural: negative equity of
Selling, general and administrative expense fell from
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 Inc.'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.
Solarmax Technology Inc. held $8.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $498K of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Solarmax Technology Inc. scores 86/100 among other emerging companies.
Solarmax Technology Inc. had 57M shares outstanding at the end of fiscal year 2025, against 46M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Solarmax Technology Inc. scores 45/100 among other emerging companies.
Not available for Solarmax Technology Inc., and counted as zero in the overall score.
Solarmax Technology Inc. reported revenue of $91.0M in fiscal year 2025, against $23.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Solarmax Technology Inc. scores 71/100 among other emerging companies.
Not available for Solarmax Technology Inc., and counted as zero in the overall score.
Solarmax Technology Inc.'s cash, cash equivalents and investments came to $8.0M at the end of fiscal year 2025, against $103.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Solarmax Technology Inc. scores 14/100 among other emerging companies.
Solarmax Technology Inc. scores -1.12, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.2M) 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 Inc. 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 Inc. 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 Inc. 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 Inc. generated $14.8M in revenue in Q1 2026. This represents an increase of 114.1% from the same quarter a year earlier. Against the prior quarter it is down 68.2%.
Solarmax Technology Inc.'s EBITDA was $109K in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 109.6% from the same quarter a year earlier. Against the prior quarter it is up 108.7%.
Solarmax Technology Inc. reported -$307K in net income in Q1 2026. This represents an increase of 76.3% from the same quarter a year earlier. Against the prior quarter it is up 64.8%.
Solarmax Technology Inc. earned -$0.01 per diluted share (EPS) in Q1 2026. This represents an increase of 66.7% from the same quarter a year earlier. Against the prior quarter it is up 50.0%.
Cash & Balance Sheet
Solarmax Technology Inc. held $4.3M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Solarmax Technology Inc.'s gross margin was 20.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.9 percentage points.
Solarmax Technology Inc.'s operating margin was 0.7% in Q1 2026, reflecting core business profitability. This is up 17.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.
Solarmax Technology Inc.'s net profit margin was -2.1% in Q1 2026, showing the share of revenue converted to profit. This is up 16.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
Not reported for Q1 2026.
Capital Allocation
None of these metrics is reported for Q1 2026.
SMXT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.8M+114.1% | $46.6M+623.5% | $30.6M+383.3% | $6.9M+54.5% | $6.9M+20.2% | $6.4M-47.4% | $6.3M-55.6% | $4.5M-69.8% |
| Cost of Revenue | $11.8M+113.9% | $45.3M+723.5% | $29.6M+484.2% | $6.3M+62.4% | $5.5M-11.6% | $5.5M-40.8% | $5.1M-50.4% | $3.9M-69.5% |
| Gross Profit | $3.0M+114.7% | $1.3M+33.9% | $956K-23.9% | $605K+2.8% | $1.4M+405.6% | $934K-68.3% | $1.3M-68.9% | $588K-71.7% |
| SG&A Expenses | $2.9M+16.5% | $2.4M-6.3% | $2.9M-20.7% | $2.3M-20.6% | $2.5M-86.3% | $2.6M-7.1% | $3.7M+30.1% | $2.9M+12.5% |
| Operating Income | $96K+108.3% | -$1.3M+29.6% | -$2.1M+79.0% | -$1.8M+26.3% | -$1.2M+93.9% | -$1.8M-3279.6% | -$10.0M-1189.4% | -$2.4M-163.5% |
| EBITDA | $109K+109.6% | -$1.2M+29.8% | -$2.1M+79.1% | -$1.8M+26.2% | -$1.1M+94.0% | -$1.8M-10673.9% | -$10.0M-1138.0% | -$2.4M-175.6% |
| Interest Expense | $298K-19.3% | $278K-29.9% | $356K-10.9% | $363K-5.8% | $369K-3.9% | $397K | $399K | $385K |
| Income Tax | -$6K+90.1% | -$449K-126.2% | -$516K-1007.4% | -$106K+7.5% | -$64K-1425.4% | $1.7M+905.9% | $57K+140.3% | -$115K-123.4% |
| Net Income | -$307K+76.3% | -$872K+77.7% | -$2.3M+76.5% | -$1.9M+12.3% | -$1.3M+93.3% | -$3.9M-4697.7% | -$9.6M-756.7% | -$2.2M-16.5% |
| EPS (Basic) | -$0.01+66.7% | -$0.02+75.0% | -$0.04+81.0% | -$0.04+20.0% | -$0.03+93.5% | -$0.08 | -$0.21-625.0% | -$0.05 |
| EPS (Diluted) | -$0.01+66.7% | -$0.02+75.0% | -$0.04+81.0% | -$0.04+20.0% | -$0.03+93.5% | -$0.08 | -$0.21-625.0% | -$0.05 |
| Diluted Shares (Avg) | 56M+26.5% | N/A | 53M+16.7% | 46M+10.5% | 44M+7.1% | N/A | 45M+12.8% | 41M |
Not reported in any period shown, so not listed: R&D Expenses.
SMXT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $106.2M+175.2% | $91.3M+136.3% | $58.7M+36.3% | $38.2M-25.1% | $38.6M-29.4% | $38.6M-20.6% | $43.0M | $51.1M |
| Current Assets | $80.5M+273.3% | $75.3M+259.7% | $42.1M+74.0% | $21.5M-12.8% | $21.6M-21.0% | $20.9M+5.2% | $24.2M | $24.7M |
| Cash & Equivalents | $4.3M+622.4% | $8.0M+913.2% | $5.7M+556.4% | $1.9M+40.9% | $596K-87.9% | $786K-69.0% | $871K-73.5% | $1.4M-53.3% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $6.2M-10.7% | $6.3M | $7.7M | $7.7M |
| Inventory | $1.7M-25.2% | $2.1M+58.3% | $1.6M+6.4% | $1.6M+1.9% | $2.3M+84.0% | $1.3M-2.9% | $1.5M | $1.6M |
| Accounts Receivable | $12.3M+186.8% | $12.9M+205.8% | $13.4M+191.6% | $3.5M-21.9% | $4.3M+7.6% | $4.2M+1.3% | $4.6M | $4.4M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0 | $7.4M |
| Total Liabilities | $117.6M+115.9% | $103.5M+92.7% | $70.4M+30.5% | $53.4M-1.0% | $54.5M-1.5% | $53.7M-16.8% | $54.0M | $53.9M |
| Current Liabilities | $98.0M+151.2% | $95.7M+175.5% | $57.5M+52.4% | $39.8M+14.1% | $39.0M+7.2% | $34.7M-20.0% | $37.7M | $34.9M |
| Non-Current Liabilities | $19.6M+26.8% | $7.8M-59.0% | $12.9M-20.4% | $13.6M-28.8% | $15.4M-18.2% | $19.0M-10.3% | $16.3M | $19.0M |
| Total Equity | -$11.4M+28.1% | -$12.2M+19.0% | -$11.8M-7.7% | -$15.1M-436.8% | -$15.9M-2612.5% | -$15.1M+5.1% | -$10.9M+32.9% | -$2.8M+84.1% |
| Retained Earnings | -$110.2M-5.1% | -$109.9M-6.1% | -$109.0M-9.4% | -$106.8M-18.6% | -$104.9M-19.3% | -$103.6M-50.9% | -$99.7M | -$90.1M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.2M-596.5% | -$2.5M-92.1% | $3.4M+1568.5% | $221K+113.6% | -$601K+90.6% | -$1.3M-129.3% | $204K-79.5% | -$1.6M+56.7% |
| Depreciation & Amortization | $13K-31.0% | $13K+28.8% | $13K-18.8% | $16K-36.0% | $19K-20.8% | $10K-72.3% | $16K-63.6% | $25K-49.0% |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | $0-100.0% | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$1.3M-129.3% | $204K-79.5% | N/A |
| Investing Cash Flow | $548K+487.1% | $5.2M+277.9% | $501K+2857.3% | $44K+106.4% | $93K+101.3% | $1.4M+1034716.5% | -$18K-5486.5% | -$688K-2334.8% |
| Financing Cash Flow | -$8K-102.0% | -$333K+38.9% | -$71K+80.2% | $1.2M+186.7% | $377K-97.6% | -$546K+89.8% | -$361K+41.7% | -$1.4M+3.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SMXT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5%+0.1pp | 2.7%-11.8pp | 3.1%-16.7pp | 8.8%-4.4pp | 20.5%+28.5pp | 14.5%-9.6pp | 19.9%-8.5pp | 13.2%-0.9pp |
| Operating Margin | 0.7%+17.3pp | -2.7%+25.2pp | -6.9% | -25.7%+28.2pp | -16.7% | -27.9%-27.5pp | -158.4% | -53.9%-47.7pp |
| Net Margin | -2.1%+16.6pp | -1.9%+58.8pp | -7.4% | -27.6%+21.0pp | -18.7% | -60.6%-61.3pp | -152.0% | -48.6%-36.0pp |
| Return on Assets | -0.3%+3.1pp | -1.0%+9.2pp | -3.9%+18.5pp | -5.0%-0.7pp | -3.4%+31.9pp | -10.1%-10.3pp | -22.4% | -4.2% |
| Current Ratio | 0.82+0.3x | 0.79+0.2x | 0.73+0.1x | 0.54-0.2x | 0.55-0.2x | 0.60+0.1x | 0.64 | 0.71 |
| Asset Turnover | 0.140.0x | 0.51+0.3x | 0.52+0.4x | 0.18+0.1x | 0.18+0.1x | 0.17-0.1x | 0.15 | 0.09 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -20.4%-57.0pp | 3.2%-3.8pp | N/A |
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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Solarmax Technology Inc. SMXT | FY2025 | $91.0M | -$6.3M | -7.0% | $11.2M | 36/100 |
| Maxeon Solar Technologies, Ltd. MAXN | FY2024 | $509.0M | -$614.3M | N/A | $19.1M | 7/100 |
| VivoPower International PLC VVPR | FY2025 | $61K | -$12.8M | N/A | $34.8M | — |
| Emeren Group Ltd American SOL | FY2024 | $92.1M | -$12.5M | -13.6% | $99.6M | 61/100 |
| SunPower Inc. SPWR | FY2025 | $300.0M | -$45.4M | -15.1% | $62.6M | 32/100 |
| FTC Solar, Inc. FTCI | FY2025 | $99.7M | -$79.6M | -79.8% | $35.5M | 42/100 |
Where Solarmax Technology Inc. Ranks
Frequently Asked Questions
What is Solarmax Technology Inc.'s annual revenue?
Solarmax Technology Inc. (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 Inc.'s revenue growing?
Solarmax Technology Inc. (SMXT) revenue grew by 295.8% year-over-year, from $23.0M to $91.0M in fiscal year 2025.
Is Solarmax Technology Inc. profitable?
No, Solarmax Technology Inc. (SMXT) reported a net income of -$6.3M in fiscal year 2025, with a net profit margin of -7.0%.
What is Solarmax Technology Inc.'s EBITDA?
Solarmax Technology Inc. (SMXT) had EBITDA of -$6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Solarmax Technology Inc.'s gross margin?
Solarmax Technology Inc. (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 Inc.'s operating margin?
Solarmax Technology Inc. (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 Inc.'s net profit margin?
Solarmax Technology Inc. (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 Inc.'s operating cash flow?
Solarmax Technology Inc. (SMXT) generated $498K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Solarmax Technology Inc.'s total assets?
Solarmax Technology Inc. (SMXT) had $91.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Solarmax Technology Inc.'s current ratio?
Solarmax Technology Inc. (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 Inc.'s return on assets (ROA)?
Solarmax Technology Inc. (SMXT) had a return on assets of -6.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Solarmax Technology Inc.'s P/E ratio?
Solarmax Technology Inc. (SMXT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $11.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Solarmax Technology Inc.'s price-to-sales ratio?
Solarmax Technology Inc. (SMXT) trades at 0.1x sales, its market capitalization divided by revenue of $98.9M revenue, trailing 12 months to March 31, 2026. The market capitalization is $11.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Solarmax Technology Inc.'s debt-to-equity ratio negative or not reported?
Solarmax Technology Inc. (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 Inc.'s Altman Z-Score?
Solarmax Technology Inc. (SMXT) has an Altman Z-Score of -1.12, 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 Inc.'s Piotroski F-Score?
Solarmax Technology Inc. (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 Inc.'s earnings high quality?
Solarmax Technology Inc. (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 Inc. cover its interest payments?
Solarmax Technology Inc. (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 Inc.?
Solarmax Technology Inc. (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.