S
SolarMax Technology, Inc.
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 is an integrated solar and renewable energy company that designs, installs, and sells photovoltaic and battery backup systems for residential and commercial customers in California. The company provides engineering, procurement, and construction (EPC) services for large-scale battery energy storage systems (BESS) and operates a dealer network for residential solar installations. Primary markets include California residential and commercial sectors, plus contract work in Texas and Puerto Rico for utility-scale BESS projects.
Summary from 10-K filed 2026-04-06
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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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Frequently asked questions
What is SolarMax Technology, Inc.'s CIK number?
SolarMax Technology, Inc.'s SEC CIK number is 0001519472 (1519472). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find SolarMax Technology, Inc.'s SEC filings?
All of SolarMax Technology, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did SolarMax Technology, Inc. last report earnings?
SolarMax Technology, Inc. (SMXT) most recently filed an earnings 8-K with the SEC on May 18, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001640334-26-000920). This is SolarMax Technology, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is SolarMax Technology, Inc.'s most recent earnings 8-K?
SolarMax Technology, Inc.'s latest earnings 8-K (Item 2.02) was filed May 18, 2026 under accession 0001640334-26-000920. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View SolarMax Technology, Inc.'s latest earnings 8-K →
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