SolarMax Technology, Inc.

Listed Company

SMXTCIK 0001519472NasdaqEmerging GrowthConstruction - Special Trade ContractorsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$90.98M

Net Income

$-6.33M

Total Assets

$91.29M

Equity

$-12.21M

Shares Out

56.91M

Op. Cash Flow

$498.0K

Business

SolarMax Technology, Inc. is an integrated solar and renewable energy company that designs, sells and installs photovoltaic solar energy systems and related services. It offers high-performance photovoltaic panels, inverters, racking, rechargeable battery backup systems and LED lighting products, and historically provided financing for system purchases (financing operations have been suspended since early 2020). The company operates through United States and previously active China business segments, including EPC services and project subsidiaries in China. Its operations are conducted primarily through direct sales, site evaluations, permitting and installation channels in the United States, with most installations currently in California and the China segment presently inactive.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenues	91	23	54	45
Cost of revenues (includes stock-based compensation expense of $78,411 and $1,264,690 for the years ended December 31, 2025 and 2024, respectively)	87	21	43	37
Gross profit	4	2	11	7
General and administrative (includes stock-based compensation expense of $442,310 and $17,271,494 for the years ended December 31, 2025 and 2024, respectively)	10	27	10	14
Selling and marketing	366,705	517,058	1	1
Goodwill impairment loss	0	7	0	—
Total operating expense	11	35	11	15
Operating income (loss)	−6	−33	483,851	−8
Interest income	539,439	500,540	68,853	61,617
Interest expense	−1	−2	—	—
Equity in income of unconsolidated companies	253,524	634,802	—	—
Gain (loss) on debt extinguishment	−976,219	302,729	26,821	2
Gain (loss) on early termination of lease	0	77,207	4,212	1
Other income (expense), net	385,791	−144,504	499,472	−616,117
Total other income (expense), net	−1	−194,958	−113,259	1
Income (loss) before income taxes	−7	−33	370,592	−7
Income tax provision (benefit)	−1	2	−64,194	41,432
Net income (loss)	−6	−35	434,786	−7
Basic (per share)	−0.13	−0.79	0.01	−0.17
Diluted (per share)	−0.13	−0.79	0.01	−0.17
Basic (shares)	50	44	—	—
Diluted (shares)	50	44	40	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	8	786,333	3	4	10
Accounts receivable, net	13	4	4	6	—
Receivable from SPIC, net	1	3	4	4	—
Held to maturity debt investments	522,599	6	—	—	—
Contract assets, net	46	474,280	549,118	5	—
Customer loans receivable, current, net	874,617	1	2	3	—
Inventories, net	2	1	1	3	—
Deferred project costs	2	2	—	—	—
Other receivables and current assets, net	2	2	4	4	—
Total current assets	75	21	20	29	—
Property and equipment, net	138,890	200,889	291,416	444,173	—
Operating lease right-of-use assets	2	3	5	7	—
Investments in unconsolidated companies	11	10	—	—	—
Customer loans receivable, noncurrent, net	2	3	4	7	—
Restricted cash, noncurrent	280,016	276,744	354,504	346,999	—
Other assets	909,209	926,347	880,621	937,185	—
Total assets	91	39	49	61	—
Accounts payable	60	3	3	2	—
Operating lease liabilities, current	2	2	1	2	—
Unsecured loans, current	0	3	2	2	—
Secured loans from related parties, current	6	5	11	11	—
Secured convertible notes, current	15	10	9	6	—
Accrued expenses and other payables	14	12	—	—	—
Total current liabilities	96	35	43	47	—
Operating lease liabilities, noncurrent	0	2	4	5	—
Secured loans from related parties, noncurrent, net of debt discount and issuance costs	5	7	7	—	—
Secured convertible notes, noncurrent, net of debt discount and issuance costs	339,882	7	—	—	—
Deferred tax liability	251,807	2	—	—	—
Other liabilities	2	2	3	4	—
Total liabilities	103	54	65	78	—
Preferred stock, par value $0.001 per share; 15,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	—
Common stock, par value $0.001 per share; 297,225,000 shares authorized, 56,168,067 and 46,532,355 shares issued as of December 31, 2025 and 2024, respectively, and 54,906,572 and 45,270,860 shares outstanding as of December 31, 2025 and 2024, respectively	56,168	46,532	40,984	40,984	—
Additional paid-in capital	101	92	56	56	—
Treasury stock, at cost, 1,261,495 and 1,261,495 shares at December 31, 2025 and 2024, respectively	−2	−2	—	—	—
Accumulated deficit	−110	−104	−69	−69	—
Accumulated other comprehensive loss	−1	−1	−1	−1	—
Total stockholders' deficit	−12	−15	−16	−16	−8
Total liabilities and stockholders' deficit	91	39	49	61	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net income (loss)	−6	−35	434,786	—
Depreciation and amortization expense	61,929	81,545	180,670	277,932
Amortization of loan discounts on customer loan receivables	0	−2,332	180,760	171,775
Amortization of convertible note discount and debt issuance costs	102,844	198,418	—	—
Amortization of operating lease right-of-use assets	2	1	1	1
Provision for (recovery of) credit losses and loan losses	−47,763	164,198	56,751	61,744
Provision for receivables from SPIC	659,276	659,316	—	—
Provision for excess and obsolete inventories	73,701	45,930	—	—
Provision for warranty and production guaranty	551,873	410,108	639,279	536,494
Equity in income of investment in solar project companies in excess of $0 distribution received	−253,524	−634,802	−864,132	−493,648
Deferred income tax provision	−1	2	−84,194	−92,740
Loss (gain) on disposal of property and equipment	144	−12,068	—	—
Gain on debt extinguishment related to convertible notes	−13,410	−302,729	—	—
Loss on debt extinguishment related to promissory notes	989,629	0	—	—
Gain on early termination of lease	0	−77,207	—	—
Stock-based compensation	520,721	19	0	—
Accounts Receivable	−9	−214,474	2	−3
Contract Assets	−46	74,838	—	—
Receivable from SPIC	1	0	372,247	8,078
Customer loans receivable	1	2	4	6
Inventories	−832,691	−7,101	2	−119,384
Other receivables and current assets	−284,385	1	−1	−1
Other assets	17,138	−45,726	—	—
Accounts payable	57	−718,474	1	—
Operating lease liabilities	−2	−1	−1	−1
Accrued expenses and other payables	2	−4	−3	−236,644
Other liabilities	−476,860	−1	—	—
Net cash provided by (used in) operating activities	498,049	−9	4	−2
Purchase of short-term investments	0	−8	0	—
Principal repayment on debt investments	6	1	—	—
Proceeds from disposal of property and equipment	0	20,972	21,449	91,798
Net cash provided by (used in) investing activities	6	−6	−6,550	−280,524
Accrued legal settlement	−345,536	−276,269	—	—
Proceeds from private placement sale of common stock	5	0	—	—
Gross proceeds from initial public offering, net of underwriting fees	0	19	0	—
IPO offering costs paid	0	−346,427	—	—
Proceeds from note issuances	0	900,000	—	—
Principal payments on convertible notes	−3	−6	−5	−7
Net cash provided by (used in) financing activities	1	13	−5	−7
Effect of exchange rate	−301,402	305,901	−37,862	518,737
Net increase (decrease) in cash, cash equivalents, and restricted cash	7	−2	−1	−9
Interest paid in cash	1	1	1	2
Income taxes paid in cash	170,939	158,795	177,377	4,520
Issuance of common stock in exchange of note payable	3	0	—	—
Shares returned for tax withholding on options exercised	0	170,405	0	—
Reversal of previously capitalized offering cost upon IPO	0	658,564	0	—
Convertible notes issued to non-related parties in connection with cancellation of EB-5 loans	500,000	6	1	2

Filings

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