# SolarMax Technology, Inc. (SMXT)

> Source: Nexqual · https://nexqual.com/SMXT · data as of 2026-10-23 16:14 UTC · cite as "Nexqual, SolarMax Technology, Inc. (SMXT), nexqual.com/SMXT" · informational, not investment advice.

**Price:** USD 4.37 (-3.32% today) · US market open, as of October 23, 2026 at 16:14 UTC; quotes may be delayed. Prev close 4.52 · day 4.36–4.44 · 52w 1.82–15.24 · market cap $20.7M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $102M, net income -$8.1M (-7.9% margin) (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -63.9% vs S&P 500 +14.4%; 5Y -92.5% vs S&P 500 +77.0%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $44.7M | $54.1M | $23.0M | $91.0M | $102M |
| Gross profit | $7.5M | $11.1M | $2.3M | $4.2M | — |
| Operating income | -$8.0M | $484K | -$33.1M | -$6.3M | -$7.7M |
| Net income | -$6.9M | $435K | -$35.0M | -$6.3M | -$8.1M |
| EPS (diluted) | -$2.04 | $0.12 | -$9.48 | -$1.56 | — |
| Free cash flow | -$2.1M | $4.1M | -$9.1M | — | — |
| Gross margin | 16.7% | 20.6% | 10.1% | 4.6% | — |
| Operating margin | -17.8% | 0.9% | -144.0% | -6.9% | -7.6% |
| Net margin | -15.4% | 0.8% | -152.1% | -7.0% | -7.9% |
| Revenue growth | — | +21.1% | -57.5% | +295.8% | — |
| Cash + short-term investments | $3.8M | $2.5M | $7.1M | — | — |
| Total debt | $13.3M | $28.0M | $24.5M | $20.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/Sales 0.1x · Earnings yield -39.05% · Net cash $14.7M · EV $6.0M

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-02-26) |
|---|---|---|
| Total return | -63.9% | -92.5% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -64.0% | -62.4% |
| Volatility (annualized) | 112.9% | 141.5% |
| Max drawdown | -85.3% (Nov 2025→Sep 2026) | -98.7% (Apr 2024→Sep 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.32 +2.15% · ARRY (Array Technologies, Inc.) USD 3.18 -3.79% · CSIQ (Canadian Solar Inc.) USD 9.22 -0.00% · SHLS (Shoals Technologies Group, Inc.) USD 7.59 -1.88% · RUN (Sunrun Inc.) USD 7.55 -1.95% · SEDG (SolarEdge Technologies, Inc.) USD 33.19 +0.76%

## More
Full page: https://nexqual.com/SMXT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SMXT's own 10-K filed 2026-04-06 (https://www.sec.gov/Archives/edgar/data/1519472/000164033426000651/solarmax_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Tesla (TSLA) | "Battery systems are available from a number of suppliers, including Tesla, Enphase and LG." |
| Customer | AMD (AMD) | "We have not generated any revenue from AMD since 2019." |
| Customer | Investment Corporation Guizhou Jinyuan Weining Energy | "Subsequent to December 31, 2021 through the date of this annual report, we did not generate revenues from China, and we are not engaged in any negotiations with SPIC or any other potential customer, and we are not engage…" |
| Customer | SolarMax Renewable Energy Provider | "SolarMax Renewable Energy Provider, Inc., a California corporation ("SREP"), was established on July 19, 2011 and is engaged in the business of developing, selling and installing integrated photovoltaic systems and energ…" |
| Customer | SolarMax Financial | "Because we believe the high cost of buying and installing solar energy systems remains a major barrier for a typical residential customer, we had developed financing programs to enable customers who meet our credit stand…" |
| Partner | Longfellow BESS I | "On July 31, 2025, we entered into an EPC agreement with Longfellow, to develop a BESS facility." |
| Partner | Naguabo BESS | "Pursuant to an EPC agreement with Naguabo BESS LLC, a Texas limited liability company ("Naguabo"), we will develop a BESS facility in Ceiba Municipality, Puerto Rico." |
| Partner | Yabucoa BESS | "Pursuant to an EPC agreement with Yabucoa BESS LLC, a Texas limited liability company ("Yabucoa"), we will develop a BESS facility in Humacao Municipality, Puerto Rico." |
| Partner | Navboot Holdco | "Pursuant to an EPC agreement with Navboot Holdco, LLC, a Delaware limited liability company ("Navboot"), we will develop a BESS facility in Corpus Christi, Texas." |
| Related party | Changzhou Almaden | "Approximately 95% of our China revenue in 2019 was generated from Changzhou Almaden Co., Ltd., which was a related party that we refer to in this annual report as AMD." |
| Related party | SMX Property | "On October 10, 2022, SMX Property, LLC, a related party and the former owner of our Riverside headquarters, made unsecured loans to us of $944,077 and $414,581, for which we issued its 8% promissory notes due October 10,…" |

## Company outlook (8-K filed 2026-10-09)

- "SolarMax has established a strong presence in southern California and, commencing in the third quarter of 2025, expanded its operations to include EPC services for EPC projects."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |