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SMXT

Solarmax Technology Inc. Common Stock

SMXT

Solarmax Technology Inc. Common Stock • NASDAQ
$0.92 ▼ -0.63% (-0.01)
Market Cap $44.16 M
52w High $2.70
52w Low $0.87
Dividend Yield 0%
P/E -4.86
Volume 55.36K
Outstanding Shares 47.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.603M ▲ $2.899M ▲ $-2.257M ▼ -7.375% ▲ $-0.049 ▼ $1.192B ▲
Q2-2025 $6.883M ▼ $2.373M ▼ $-1.899M ▼ -27.586% ▼ $-0.041 ▼ $-1.243M ▼
Q1-2025 $6.927M ▲ $2.575M ▼ $-1.296M ▲ -18.712% ▲ $-0.029 ▲ $-595.165K ▲
Q4-2024 $6.437M ▲ $2.731M ▼ $-3.904M ▲ -60.644% ▲ $-0.086 ▲ $-1.408M ▲
Q3-2024 $6.332M $11.285M $-9.623M -151.979% $-0.21 $-8.777M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.434M ▲ $58.663M ▲ $70.443M ▲ $-11.78M ▲
Q2-2025 $8.119M ▲ $38.244M ▼ $53.351M ▼ $-15.107M ▲
Q1-2025 $6.844M ▼ $38.591M ▼ $54.466M ▲ $-15.874M ▼
Q4-2024 $7.124M ▼ $38.63M ▼ $53.709M ▼ $-15.079M ▼
Q3-2024 $8.584M $43.046M $53.983M $-10.938M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.258M ▼ $3.397M ▲ $500.609K ▲ $-71.26K ▼ $3.806M ▲ $3.397M ▲
Q2-2025 $-1.899M ▼ $220.702K ▲ $44.092K ▼ $1.177M ▲ $1.32M ▲ $220.702K ▲
Q1-2025 $-1.296M ▲ $-601.134K ▲ $93.417K ▼ $376.549K ▲ $-189.158K ▼ $-601.134K ▲
Q4-2024 $-3.904M ▲ $-1.312M ▼ $1.376M ▲ $-546.199K ▼ $-88.791K ▲ $-1.312M ▼
Q3-2024 $-9.623M $203.618K $-18.156K $-360.584K $-521.486K $203.618K

Five-Year Company Overview

Income Statement

Income Statement SolarMax is still operating at a very small scale, with revenue that has bounced around rather than showing a clear, strong growth path. The company usually generates a modest gross profit, but its operating costs more than absorb that, leading to recurring operating and net losses. Profitability has been fragile, with some years close to break-even and the most recent year clearly back in loss-making territory. Overall, the business has not yet demonstrated stable, durable earnings power and remains in a “prove-it” phase from an income statement perspective.

Balance Sheet

Balance Sheet The balance sheet is thin and highly constrained. Total assets are small, cash is minimal, and debt makes up a large share of the capital structure. Equity has been negative for several years, which means liabilities exceed assets and there is little balance sheet cushion to absorb setbacks. This structure suggests financial fragility: the company appears reliant on lenders and other creditors, with limited room for error if projects are delayed or margins disappoint.

Cash Flow

Cash Flow Cash generation has been weak and inconsistent. Operating cash flow has tended to be negative, and free cash flow has also been negative in most years, even though spending on long‑lived assets appears limited. That indicates the core business has not yet funded itself and likely depends on external financing or shifts in working capital to stay liquid. Until operating cash flows turn reliably positive, the company’s growth plans and debt service will remain an execution risk.

Competitive Edge

Competitive Edge Competitively, SolarMax is trying to differentiate itself through vertical integration and “made in the USA” manufacturing. It combines in‑house solar panel production with full project services—design, engineering, procurement, construction, and even financing—across solar, battery storage, microgrids, and EV charging. This end‑to‑end model can be attractive to customers wanting a single partner. However, the firm operates in a crowded field with much larger, better-capitalized rivals. Its small scale, weak balance sheet, and limited track record on very large projects are important competitive vulnerabilities, even though its positioning and capabilities are strategically appealing on paper.

Innovation and R&D

Innovation and R&D The company’s main innovation story is around its in‑house SunSpark panels and integrated energy solutions. It emphasizes panel reliability and efficiency, as well as system-level offerings like battery energy storage, microgrids, and the FLEX all‑in‑one storage system. SolarMax also highlights customization—designing tailored solutions for specific residential, commercial, and utility needs—and is pursuing strategic partnerships to extend its reach. That said, public detail on formal R&D spending and concrete technology roadmaps is limited, so the depth and sustainability of its innovation edge are somewhat unclear and will need to be judged by how well new products and large projects perform over time.

Summary

Overall, SolarMax combines an interesting strategic position with a weak financial foundation. Strategically, it is vertically integrated, U.S.-based, and moving toward higher-value, utility-scale projects that bundle solar, storage, and EV infrastructure. This could place it in attractive parts of the energy transition if it executes well. Financially, however, the company remains very small, loss-making, thinly capitalized, and not yet self-funding from operations. The key watchpoints are whether it can successfully deliver large projects, grow revenue meaningfully, improve margins, and repair its balance sheet and cash flow profile, all while competing against much larger players in a volatile solar market.