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SolarMax Technology, Inc. disclosed that it received a notice from Nasdaq on March 3, 2026 stating it no longer meets the continued listing requirement to maintain a minimum bid price of $1 per share under Rule 5550(a)(2). The company has 180 calendar days, until August 31, 2026, to regain compliance by achieving a closing bid of at least $1 for ten consecutive business days. If it fails to do so, SolarMax may seek an additional compliance period by meeting other Nasdaq Capital Market initial listing standards and potentially effecting a reverse stock split. If compliance is still not regained, Nasdaq may move to delist the company’s securities, and a Staff Delisting Determination may also be issued if the closing bid price is $0.10 or less for ten consecutive trading days.
SolarMax Technology, Inc. entered into an amendment to the lease for its headquarters facilities at 3080 12th Street in Riverside, California. The amendment extends the lease expiration from December 31, 2026 to December 31, 2033.
The annual base rent during the extended term is $1,855,566 for 2026 and increases each year until it reaches $2,282,112 for 2033. SolarMax will continue to pay certain operating expenses as under the prior lease. The amendment also allocates certain construction costs between the landlord and the company and includes mutual releases between the parties.
SolarMax Technology, Inc. filed a Form 8-K to report that it issued a press release announcing its financial results for the quarter ended September 30, 2025.
The company furnished this press release as Exhibit 99.1 under Item 2.02, noting that the information is considered furnished rather than filed under the Exchange Act and is not automatically incorporated by reference into other securities 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. reported that on September 26, 2025, Dr. Wen-Ching (Stephen) Yang notified its board of directors that he will not stand for re-election as a director. Dr. Yang currently serves as chair of the audit committee and as a member of the nominating and corporate governance committee.
The company stated that Dr. Yang’s decision was not due to any disagreement with SolarMax on its operations, policies, or practices, indicating a voluntary transition rather than a dispute-driven departure.
SolarMax Technology, Inc. reported that board member Jinxi Lin has informed the board of directors that he will not stand for re-election. Lin currently serves on the board’s compensation committee, so the company will eventually need to adjust its committee composition or fill his seat. The company stated that his decision did not result from any disagreement with SolarMax on its operations, policies, or practices, indicating an orderly, non-contentious transition at the board level.
SolarMax Technology, Inc. reported that on August 14, 2025 it issued a press release announcing its financial results for the quarter ended June 30, 2025. The company furnished this press release as Exhibit 99.1 to a Form 8-K, meaning the detailed numbers and performance information are contained in that exhibit rather than in the body of the report.
The Form 8-K clarifies that the financial information in Item 2.02 and Exhibit 99.1 is being furnished, not filed, under the Securities Exchange Act of 1934, which affects how it is treated for certain legal liability purposes. The report is signed on behalf of SolarMax by Chief Executive Officer David Hsu.
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.