SolarMax Technology SEC Filings

SolarMax Technology, Inc. (SMXT) filed its Q3 2025 report showing sharply higher revenue and a narrower loss alongside a continued going concern warning. Revenue reached $30.6 million for the quarter, up from $6.3 million a year ago, and $44.4 million for the nine months versus $16.6 million last year. The company posted a quarterly net loss of $2.26 million (improved from $9.62 million), and a nine‑month net loss of $5.45 million (better than $31.06 million).

Growth was driven by a new U.S. industrial EPC contract that accounted for 78% of Q3 revenue and 54% year‑to‑date. Cash and equivalents increased to $5.7 million from $0.8 million at year‑end, aided by $4.33 million from a private placement and exchanging $2.9 million of notes for equity. Despite progress, the company reported total liabilities of $70.4 million, a working capital deficit of roughly $15.4 million, an accumulated deficit of $109.0 million, and a stockholders’ deficit of $11.8 million. Management notes substantial doubt about continuing as a going concern, citing about $16.5 million of debt due within twelve months and plans to seek exchanges into five‑year convertible notes.

SolarMax Technology, Inc. (SMXT) reported unregistered sales of equity securities. In June and July 2025, the company approved and issued an aggregate 5,712,402 shares of common stock to five investors at $0.74–$0.83 per share, which the company states represented 75% of the market price on each investment date. Total proceeds were $4,380,000 and are being used for working capital.

The company noted that July 31, 2025 is when the number of shares approved exceeded 5% of its outstanding shares. No broker participated. The transactions were conducted as private placements and the company cites an exemption from registration under Section 4(a)(2) of the Securities Act.

SolarMax Technology, Inc. (SMXT) announced its 2025 annual meeting of stockholders, to be held virtually on November 10, 2025 at 5:00 P.M. Pacific time. Stockholders will vote on two items: (1) election of five directors for one-year terms and (2) ratification of CBIZ CPAs P.C. as independent registered public accounting firm for the year ending December 31, 2025.

The Board nominated David Hsu, Simon Yuan, Wei Yuan Chen, Lei Zhang, Ph.D., and Steve Chen. The Board unanimously recommends voting “FOR” all nominees and “FOR” auditor ratification. The meeting will be accessible via live webcast at https://www.cstproxy.com/solarmaxtech/2025, with internet, telephone, mail, and in‑meeting voting options.

The record date is October 6, 2025; each share has one vote, and there were 54,302,950 shares of common stock outstanding on the record date. Directors are elected by a majority of votes cast; auditor ratification requires a majority of shares present in person or by proxy and entitled to vote.

Solarmax Technology, Inc. (SMXT) reports a challenging quarter with an accumulated deficit of approximately $106.8 million and a stockholders' deficit of about $15.1 million. Cash and cash equivalents were roughly $1.9 million, and the company raised approximately $2.9 million from the sale of common stock during the six months ended June 30, 2025. Shares outstanding were 48,590,542 as of June 30, 2025.

Management disclosed conditions that raise substantial doubt about the company’s ability to meet obligations within one year, citing recurring operating losses, negative operating cash flows, and significant near-term debt. About $20.9 million of debt is due within twelve months; the company is negotiating exchanges of that short-term debt and related-party loans for five-year convertible notes but cannot predict success. The company received payments from project counterparties (totaling RMB 28.2 million reported in stages, about $3.9 million received through July 2025) and has extensions on certain promissory notes through late 2025. Management expects existing cash plus anticipated operating cash will be sufficient for working capital for at least one year only if proposed exchanges and collections occur.