NASDAQ : SMXT
SolarMax Technology, Inc. — Financial statements
Technology · Solar · United States
Last price 4.86 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 23.05M
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Financial statements
SolarMax Technology, Inc. (SMXT) reported revenue of 102.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 102.25M | 90.98M | 22.99M | 54.14M | 44.72M | 37.74M |
| Cost of Revenue | 94.58M | 86.75M | 19.41M | 42.99M | 37.24M | 31.79M |
| Gross Profit | 7.67M | 4.23M | 3.58M | 11.15M | 7.48M | 5.95M |
| Selling, General & Admin | 11.14M | 10.53M | 10.68M | 10.67M | 15.45M | 12.15M |
| Operating Expenses | 11.14M | 10.53M | 10.68M | 10.67M | 15.45M | 12.15M |
| Operating Income | -3.47M | -6.30M | -7.11M | 483.85K | -7.97M | -6.20M |
| Interest Expense | -1.18M | -1.37M | -1.57M | -1.69M | -1.83M | -2.00M |
| Interest & Investment Income | 212.07K | 539.44K | 698.54K | 376.85K | 323.62K | 185.58K |
| Earnings From Equity Investments | -157.97K | 253.52K | 634.80K | 864.13K | 493.65K | 869.11K |
| Currency Exchange Gain (Loss) | 368.00K | 447.00K | -332.00K | -266.00K | -938.00K | 300.00K |
| Other Non Operating Income (Expenses) | 12.31K | 3.79K | -1.50K | 307.47K | 59.88K | 336.69K |
| EBT Excluding Unusual Items | -4.22M | -6.42M | -7.67M | 75.56K | -9.86M | -6.51M |
| Impairment of Goodwill | -7.46M | |||||
| Gain (Loss) on Sale of Assets | 143.00 | -65.00K | 21.00K | |||
| Legal Settlements | -4.26M | -30.00K | 76.00K | |||
| Other Unusual Items | -608.62K | -976.22K | -18.16M | 31.03K | 3.03M | 2.81M |
| Pretax Income | -9.09M | -7.46M | -33.30M | 370.59K | -6.83M | -3.62M |
| Income Tax Expense | -997.08K | -1.13M | 1.66M | -64.19K | 41.43K | -300.66K |
| Earnings From Continuing Operations | -8.09M | -6.33M | -34.96M | 434.79K | -6.87M | -3.32M |
| Net Income | -8.09M | -6.33M | -34.96M | 434.79K | -6.87M | -3.32M |
| Net Income to Common | -8.09M | -6.33M | -34.96M | 434.79K | -6.87M | -3.32M |
| Shares Outstanding (Basic) | 4.63M | 4.16M | 3.70M | 3.31M | 3.31M | 3.31M |
| Shares Outstanding (Diluted) | 4.63M | 4.16M | 3.70M | 3.34M | 3.31M | 3.31M |
| EPS (Basic) | -1.75 | -1.52 | -9.46 | 0.13 | -2.08 | -1.00 |
| EPS (Diluted) | -1.78 | -1.56 | -9.48 | 0.12 | -2.08 | -1.00 |
| Free Cash Flow | -4.28M | 498.05K | -9.13M | 4.06M | -2.06M | -5.35M |
| Free Cash Flow Per Share | -0.92 | 0.12 | -2.47 | 1.22 | -0.62 | -1.62 |
| Gross Margin | 7.50% | 4.65% | 15.57% | 20.59% | 16.73% | 15.76% |
| Operating Margin | -3.39% | -6.92% | -30.91% | 0.89% | -17.82% | -16.43% |
| Profit Margin | -7.92% | -6.95% | -152.10% | 0.80% | -15.37% | -8.80% |
| Free Cash Flow Margin | -4.18% | 0.55% | -39.72% | 7.51% | -4.60% | -14.18% |
| EBITDA | -3.42M | -6.23M | -7.02M | 664.52K | -7.69M | -5.84M |
| EBITDA Margin | -3.35% | -6.85% | -30.56% | 1.23% | -17.20% | -15.48% |
| D&A For EBITDA | 50.72K | 61.93K | 81.55K | 180.67K | 277.93K | 359.86K |
| EBIT | -3.47M | -6.30M | -7.11M | 483.85K | -7.97M | -6.20M |
| EBIT Margin | -3.39% | -6.92% | -30.91% | 0.89% | -17.82% | -16.43% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.16M | 7.97M | 786.33K | 2.54M | 3.82M | 9.89M |
| Short-Term Investments | 522.60K | 6.34M | ||||
| Cash & Short-Term Investments | 2.16M | 8.49M | 7.12M | 2.54M | 3.82M | 9.89M |
| Accounts Receivable | 36.86M | 60.35M | 6.41M | 7.37M | 14.51M | 16.27M |
| Other Receivables | 2.07M | 1.05M | 2.98M | 3.76M | 4.30M | 5.70M |
| Receivables | 38.93M | 61.40M | 9.39M | 11.14M | 18.81M | 24.00M |
| Inventory | 3.24M | 2.34M | 1.97M | 2.64M | 3.40M | 3.36M |
| Prepaid Expenses | 651.26K | 949.80K | 626.82K | 1.34M | 1.38M | 802.87K |
| Restricted Cash | 3.20M | |||||
| Other Current Assets | 3.34M | 2.17M | 1.84M | 2.26M | 1.67M | 1.24M |
| Total Current Assets | 48.31M | 75.35M | 20.95M | 19.92M | 29.09M | 42.48M |
| Property, Plant & Equipment | 11.62M | 1.78M | 3.38M | 5.70M | 7.33M | 650.61K |
| Long-Term Investments | 10.75M | 10.71M | 10.02M | 9.70M | 9.05M | 9.30M |
| Goodwill | 7.58M | 7.77M | 8.43M | |||
| Long-Term Accounts Receivable | 38.62M | 2.26M | 3.08M | 4.32M | 6.84M | 10.66M |
| Long-Term Deferred Tax Assets | 189.23K | 107.63K | 18.61K | |||
| Other Long-Term Assets | 1.20M | 1.19M | 1.20M | 1.24M | 1.28M | 476.97K |
| Total Assets | 110.51M | 91.29M | 38.63M | 48.66M | 61.48M | 72.02M |
| Accounts Payable | 8.65M | 59.57M | 2.67M | 3.38M | ||
| Accrued Expenses | 4.61M | 5.65M | 5.25M | 8.44M | 7.23M | 8.48M |
| Short-Term Debt | 2.90M | 2.00M | 4.23M | 5.98M | ||
| Current Portion of Long-Term Debt | 20.65M | 20.15M | 15.13M | 20.04M | 16.83M | 18.43M |
| Current Portion of Leases | 1.02M | 1.71M | 1.57M | 1.50M | 1.52M | |
| Current Income Taxes Payable | 236.09K | 348.52K | 147.78K | 145.94K | 171.06K | 172.86K |
| Current Unearned Revenue | 4.04M | 1.39M | ||||
| Other Current Liabilities | 14.33M | 8.28M | 7.08M | 7.90M | 12.48M | 14.17M |
| Total Current Liabilities | 49.51M | 95.71M | 34.74M | 43.40M | 46.51M | 48.63M |
| Long-Term Debt | 3.73M | 5.34M | 13.53M | 14.27M | 22.15M | 28.10M |
| Long-Term Leases | 10.63M | 1.71M | 4.08M | 5.47M | ||
| Long-Term Deferred Tax Liabilities | 202.54K | 251.81K | 1.62M | |||
| Other Long-Term Liabilities | 62.54M | 2.19M | 2.11M | 2.79M | 3.55M | 3.74M |
| Total Liabilities | 126.60M | 103.50M | 53.71M | 64.54M | 77.69M | 80.46M |
| Common Stock | 4.85K | 56.17K | 46.53K | 40.98K | 40.98K | 40.98K |
| Additional Paid-In Capital | 102.19M | 101.04M | 91.89M | 55.79M | 55.79M | 55.79M |
| Retained Earnings | -114.87M | -109.91M | -103.59M | -68.62M | -69.06M | -62.19M |
| Treasury Stock | -1.98M | -1.98M | -1.98M | -1.81M | -1.81M | -1.81M |
| Comprehensive Income & Other | -1.44M | -1.42M | -1.45M | -1.28M | -1.17M | -280.53K |
| Total Common Equity | -16.10M | -12.21M | -15.08M | -15.89M | -16.21M | -8.45M |
| Shareholders' Equity | -16.10M | -12.21M | -15.08M | -15.89M | -16.21M | -8.45M |
| Total Liabilities & Equity | 110.51M | 91.29M | 38.63M | 48.66M | 61.48M | 72.02M |
| Total Debt | 36.03M | 27.20M | 34.84M | 41.88M | 50.21M | 52.51M |
| Net Cash (Debt) | -33.87M | -18.71M | -27.72M | -39.35M | -46.39M | -42.63M |
| Net Cash Per Share | -7.32 | -4.49 | -7.50 | -11.80 | -14.01 | -12.87 |
| Filing Date Shares Outstanding | 4.74M | 4.74M | 3.82M | 3.77M | 3.31M | 3.33M |
| Total Common Shares Outstanding | 4.74M | 4.58M | 3.77M | 3.31M | 3.31M | 3.31M |
| Working Capital | -1.19M | -20.36M | -13.79M | -23.48M | -17.43M | -6.15M |
| Book Value Per Share | -3.39 | -2.67 | -4.00 | -4.80 | -4.89 | -2.55 |
| Tangible Book Value | -16.10M | -12.21M | -15.08M | -23.47M | -23.98M | -16.88M |
| Tangible Book Value Per Share | -3.39 | -2.67 | -4.00 | -7.09 | -7.24 | -5.10 |
| Machinery | 2.12M | 2.11M | 2.10M | 2.37M | 2.46M | 2.52M |
| Leasehold Improvements | 2.30M | 2.29M | 2.29M | 2.34M | 2.35M | 2.37M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -8.09M | -6.33M | -34.96M | 434.79K | -6.87M | -3.32M |
| Depreciation & Amortization | 1.39M | 1.60M | 1.55M | 1.61M | 1.37M | 359.86K |
| Other Amortization | 89.68K | 102.84K | 198.42K | 180.76K | 171.78K | 137.48K |
| Loss (Gain) From Sale of Assets | -65.00K | 144.00 | -14.40K | -75.36K | -227.34K | -313.94K |
| Asset Writedown & Restructuring Costs | 7.46M | |||||
| Loss (Gain) on Equity Investments | 157.97K | -253.52K | -634.80K | -864.13K | -493.65K | -529.67K |
| Stock-Based Compensation | 520.72K | 520.72K | 18.54M | |||
| Provision & Write-off of Bad Debts | -85.50K | -47.76K | 164.20K | 56.75K | 61.74K | -241.33K |
| Other Operating Activities | 767.66K | 860.69K | 2.57M | 930.26K | 865.89K | -2.70M |
| Change in Accounts Receivable | -68.57M | -54.33M | -139.64K | 5.69M | -421.55K | 5.49M |
| Change in Inventory | -100.98K | -832.69K | -7.10K | 1.95M | -119.38K | -1.35M |
| Change in Accounts Payable | 65.24M | 56.90M | -718.47K | 1.15M | -2.58M | -18.67M |
| Change in Unearned Revenue | -4.04M | 2.65M | -417.34K | |||
| Change in Other Net Operating Assets | 4.46M | 2.30M | -3.13M | -2.94M | 3.62M | 16.20M |
| Operating Cash Flow | -4.28M | 498.05K | -9.13M | 4.09M | -1.97M | -5.35M |
| Capital Expenditures | -28.00K | -83.47K | ||||
| Sale of Property, Plant & Equipment | 20.97K | 21.45K | 91.80K | 39.89K | ||
| Divestitures | 3.52M | |||||
| Investment in Securities | 5.23M | 5.84M | -6.34M | 107.11K | ||
| Other Investing Activities | -288.86K | -1.64M | ||||
| Investing Cash Flow | 5.23M | 5.84M | -6.32M | -6.55K | -280.52K | 2.03M |
| Short-Term Debt Issued | 900.00K | |||||
| Long-Term Debt Issued | 1.86M | |||||
| Total Debt Issued | 900.00K | 1.86M | ||||
| Long-Term Debt Repaid | -3.26M | -5.55M | -4.85M | -7.14M | -7.19M | |
| Net Debt Issued (Repaid) | -4.11M | -3.26M | -4.65M | -4.85M | -7.14M | -5.33M |
| Issuance of Common Stock | 3.90M | 4.75M | 18.95M | |||
| Other Financing Activities | -207.40K | -345.54K | -995.87K | -472.95K | -356.33K | 266.06K |
| Financing Cash Flow | -416.15K | 1.15M | 13.31M | -5.32M | -7.50M | -5.07M |
| Foreign Exchange Rate Adjustments | -292.73K | -301.40K | 305.90K | -37.86K | 518.74K | -58.48K |
| Net Cash Flow | 245.03K | 7.18M | -1.83M | -1.28M | -9.23M | -8.45M |
| Free Cash Flow | -4.28M | 498.05K | -9.13M | 4.06M | -2.06M | -5.35M |
| Free Cash Flow Margin | -4.18% | 0.55% | -39.72% | 7.51% | -4.60% | -14.18% |
| Free Cash Flow Per Share | -0.92 | 0.12 | -2.47 | 1.22 | -0.62 | -1.62 |
| Levered Free Cash Flow | -23.06M | 3.11M | 13.69M | 4.83M | 2.38M | 11.84M |
| Unlevered Free Cash Flow | -22.41M | 3.86M | 14.47M | 5.71M | 3.35M | 12.95M |
| Cash Interest Paid | 1.28M | 1.38M | 1.36M | |||
| Cash Income Tax Paid | 220.21K | 170.94K | 158.79K | 177.38K | 4.52K | 371.70K |
| Change in Working Capital | 1.04M | 4.04M | -3.99M | 1.82M | 3.15M | 1.25M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.92M | 44.57M | 73.36M | |||
| Enterprise Value | 53.79M | 61.43M | 100.15M | |||
| Last Close Price | 4.20 | 9.85 | 19.44 | |||
| PS Ratio | 0.19 | 0.49 | 3.19 | |||
| PB Ratio | -3.65 | -4.87 | ||||
| P/FCF Ratio | 89.49 | |||||
| P/OCF Ratio | 89.49 | |||||
| EV/Sales Ratio | 0.53 | 0.68 | 4.36 | |||
| EV/FCF Ratio | 123.35 | |||||
| Debt / Equity Ratio | -2.24 | -2.23 | -2.31 | -2.64 | -3.10 | -6.22 |
| Debt / EBITDA Ratio | 27.15 | |||||
| Debt / FCF Ratio | 54.62 | 10.31 | ||||
| Net Debt / Equity Ratio | -2.10 | -1.53 | -1.84 | -2.48 | -2.86 | -5.05 |
| Net Debt / EBITDA Ratio | -9.90 | -3.00 | -3.95 | 59.21 | -6.03 | -7.30 |
| Net Debt / FCF Ratio | -7.92 | 37.57 | -3.04 | 9.68 | -22.57 | -7.97 |
| Asset Turnover | 1.38 | 1.40 | 0.53 | 0.98 | 0.67 | 0.45 |
| Inventory Turnover | 37.53 | 40.23 | 8.42 | 14.22 | 11.02 | 11.66 |
| Quick Ratio | 0.83 | 0.73 | 0.47 | 0.32 | 0.49 | 0.66 |
| Current Ratio | 0.98 | 0.79 | 0.60 | 0.46 | 0.62 | 0.87 |
| Return on Assets (ROA) | -2.92% | -6.06% | -10.18% | 0.55% | -7.46% | -4.61% |
| Return on Invested Capital (ROIC) | -10.03% | -155.42% | 4.79% | -41.56% | -24.70% | |
| Return on Capital Employed (ROCE) | -5.70% | 142.30% | -182.70% | 9.20% | -53.30% | -26.50% |
| Earnings Yield | -42.32% | -14.19% | -47.66% | |||
| FCF Yield | -21.48% | 1.12% | -12.45% | |||
| Buyback Yield / Dilution | -22.36% | -12.71% | -10.79% | -0.73% | 1.06% |