Here are the 10-K annual reports from Solarmax Technology Inc. (SMXT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SMXT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SMXT filings page.
SolarMax Technology, Inc. filed an amendment to its annual report primarily to correct the date on the independent auditor’s report from Marcum LLP. The amendment does not change any other disclosures and should be read together with the original filing.
Marcum’s audit opinion on the year ended December 31, 2024 includes an explanatory paragraph about substantial doubt about SolarMax’s ability to continue as a going concern, citing significant working capital deficiency, past losses and a need to raise additional funds. At June 30, 2025, non‑affiliate equity market value was reported as $50.38 million, and 56.9 million common shares were outstanding as of March 31, 2026.
SolarMax Technology, Inc. describes a sharp strategic shift toward large battery energy storage system (BESS) EPC projects while remaining in a fragile financial position. In 2025 it generated $60.2 million of revenue, about 66% from a single 430 MWh Texas BESS contract with Longfellow BESS I, LLC.
The company signed three additional fixed‑price BESS EPC agreements on December 31, 2025, expected to produce about $122.3 million, $35.9 million, and $258.1 million of revenue in Puerto Rico and Texas. At the same time, SolarMax reported a $6.3 million net loss, a $20.4 million working capital deficit, and a going‑concern warning.
SolarMax is in default on $14.3 million of EB‑5 related convertible notes and faces potential acceleration at a 12% default interest rate, secured by key subsidiaries’ receivables and inventory. It also discloses a previously unreported default as a significant internal‑control deficiency, now remediated. The company notes Nasdaq non‑compliance due to its sub‑$1.00 share price and ongoing dependence on external financing, while legacy residential solar and financing activities in California continue to slow under NEM 3.0 policy changes.