SolarMax Technology Financials
This page shows SolarMax Technology (SMXT) financial statements, including the 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).
Revenue swings are large, but losses are driven by overhead resets and wafer-thin gross profit, not heavy reinvestment.
The revenue rebound from$23.0M to$91.0M came with gross-margin compression, meaning the added sales produced far less incremental profit than the top line suggests. At the same time, gross margin fell to4.7% while SG&A dropped to$10.2M , so the narrower operating loss came mainly from lower overhead rather than stronger core unit economics.
Operating cash flow turned slightly positive at
Capital intensity is low: capital spending slid from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.
SolarMax Technology has an operating margin of -6.9%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -144.0% the prior year.
SolarMax Technology's revenue surged 295.8% year-over-year to $91.0M, reflecting rapid business expansion. This strong growth earns a score of 83/100.
SolarMax Technology's current ratio of 0.79 is below the typical benchmark, resulting in a score of 10/100. This tight liquidity could limit financial flexibility if cash inflows slow.
SolarMax Technology passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, SolarMax Technology generates $-0.08 in operating cash flow ($498K OCF vs -$6.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
SolarMax Technology earns $-4.6 in operating income for every $1 of interest expense (-$6.3M vs $1.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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 against $0 in long-term debt as of fiscal year 2025.
SolarMax Technology had 55M shares outstanding in fiscal year 2025. This represents an increase of 21.3% from the prior year.
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. This is up 137.1 percentage points from the prior year.
SolarMax Technology's net profit margin was -7.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 145.1 percentage points from the prior year.
Capital Allocation
SMXT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $46.6M+52.2% | $30.6M+344.6% | $6.9M-0.6% | $6.9M+7.6% | $6.4M+1.7% | $6.3M+42.1% | $4.5M-22.7% | $5.8M |
| Cost of Revenue | $45.3M+52.9% | $29.6M+372.2% | $6.3M+14.0% | $5.5M+0.1% | $5.5M+8.5% | $5.1M+31.2% | $3.9M-37.9% | $6.2M |
| Gross Profit | $1.3M+30.8% | $956K+58.2% | $605K-57.4% | $1.4M+52.0% | $934K-25.8% | $1.3M+113.8% | $588K+226.6% | -$464K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.4M-16.3% | $2.9M+26.7% | $2.3M-7.7% | $2.5M-4.3% | $2.6M-29.2% | $3.7M+26.9% | $2.9M-84.1% | $18.3M |
| Operating Income | -$1.3M+40.1% | -$2.1M-19.2% | -$1.8M-53.1% | -$1.2M+35.7% | -$1.8M+82.1% | -$10.0M-317.9% | -$2.4M+87.3% | -$18.9M |
| Interest Expense | $278K-21.8% | $356K-1.9% | $363K-1.8% | $369K-7.0% | $397K-0.6% | $399K+3.8% | $385K+0.1% | $384K |
| Income Tax | -$449K+12.9% | -$516K-385.3% | -$106K-66.9% | -$64K-103.7% | $1.7M+2922.5% | $57K+149.5% | -$115K-2492.9% | $5K |
| Net Income | -$872K+61.4% | -$2.3M-18.9% | -$1.9M-46.5% | -$1.3M+66.8% | -$3.9M+59.4% | -$9.6M-344.6% | -$2.2M+88.8% | -$19.3M |
| EPS (Diluted) | N/A | $-0.040.0% | $-0.04-33.3% | $-0.03 | N/A | $-0.21-320.0% | $-0.05+89.1% | $-0.46 |
SMXT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $91.3M+55.6% | $58.7M+53.4% | $38.2M-0.9% | $38.6M-0.1% | $38.6M-10.3% | $43.0M-15.7% | $51.1M-6.6% | $54.7M |
| Current Assets | $75.3M+79.2% | $42.1M+95.2% | $21.5M0.0% | $21.6M+2.9% | $20.9M-13.3% | $24.2M-2.1% | $24.7M-9.4% | $27.3M |
| Cash & Equivalents | $8.0M+39.3% | $5.7M+198.6% | $1.9M+221.3% | $596K-24.2% | $786K-9.8% | $871K-35.9% | $1.4M-72.4% | $4.9M |
| Inventory | $2.1M+27.9% | $1.6M+1.6% | $1.6M-30.9% | $2.3M+76.3% | $1.3M-14.0% | $1.5M-2.7% | $1.6M+24.7% | $1.2M |
| Accounts Receivable | $12.9M-3.3% | $13.4M+287.5% | $3.5M-19.3% | $4.3M+1.2% | $4.2M-7.8% | $4.6M+3.8% | $4.4M+11.1% | $4.0M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $7.4M-0.6% | $7.4M |
| Total Liabilities | $103.5M+46.9% | $70.4M+32.0% | $53.4M-2.0% | $54.5M+1.4% | $53.7M-0.5% | $54.0M+0.1% | $53.9M-2.5% | $55.3M |
| Current Liabilities | $95.7M+66.5% | $57.5M+44.5% | $39.8M+2.0% | $39.0M+12.3% | $34.7M-7.9% | $37.7M+8.1% | $34.9M-4.2% | $36.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$12.2M-3.7% | -$11.8M+22.0% | -$15.1M+4.8% | -$15.9M-5.3% | -$15.1M-37.9% | -$10.9M-288.7% | -$2.8M-380.8% | -$585K |
| Retained Earnings | -$109.9M-0.8% | -$109.0M-2.1% | -$106.8M-1.8% | -$104.9M-1.3% | -$103.6M-3.9% | -$99.7M-10.7% | -$90.1M-2.5% | -$87.9M |
SMXT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M-174.1% | $3.4M+1439.3% | $221K+136.7% | -$601K+54.2% | -$1.3M-744.1% | $204K+112.6% | -$1.6M+74.7% | -$6.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$1.3M-744.1% | $204K | N/A | N/A |
| Investing Cash Flow | $5.2M+938.9% | $501K+1035.4% | $44K-52.8% | $93K-93.2% | $1.4M+7679.0% | -$18K+97.4% | -$688K+90.1% | -$7.0M |
| Financing Cash Flow | -$333K-367.9% | -$71K-106.1% | $1.2M+212.4% | $377K+168.9% | -$546K-51.5% | -$361K+73.4% | -$1.4M-108.7% | $15.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SMXT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.7%-0.4pp | 3.1%-5.7pp | 8.8%-11.7pp | 20.5%+6.0pp | 14.5%-5.4pp | 19.9%+6.7pp | 13.2%+21.3pp | -8.1% |
| Operating Margin | -2.7%+4.2pp | -6.9%+18.8pp | -25.7%-9.0pp | -16.7%+11.2pp | -27.9%+130.5pp | -158.4%-104.5pp | -53.9%+273.7pp | -327.6% |
| Net Margin | -1.9%+5.5pp | -7.4%+20.2pp | -27.6%-8.9pp | -18.7%+41.9pp | -60.6%+91.3pp | -152.0%-103.4pp | -48.6%+285.8pp | -334.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.0%+2.9pp | -3.9%+1.1pp | -5.0%-1.6pp | -3.4%+6.8pp | -10.1%+12.2pp | -22.4%-18.1pp | -4.2%+31.0pp | -35.2% |
| Current Ratio | 0.79+0.1 | 0.73+0.2 | 0.54-0.0 | 0.55-0.1 | 0.60-0.0 | 0.64-0.1 | 0.71-0.0 | 0.75 |
| Debt-to-Equity | -8.48-2.5 | -5.98-2.4 | -3.53-0.1 | -3.43+0.1 | -3.56+1.4 | -4.94+14.2 | -19.16+75.3 | -94.45 |
| FCF Margin | N/A | N/A | N/A | N/A | -20.4%-23.6pp | 3.2% | N/A | N/A |
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
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 debt-to-equity ratio?
SolarMax Technology (SMXT) had a debt-to-equity ratio of -8.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
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 unusual?
SolarMax Technology (SMXT) has negative shareholder equity of -$12.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Piotroski F-Score?
SolarMax Technology (SMXT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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) has an earnings quality ratio of -0.08x, considered mixed quality. 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) has an interest coverage ratio of -4.6x, meaning it can struggle to cover its interest obligations. 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 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.