SMXT

MKT CAP:$34M

Solarmax Technology Inc. Common Stock

Market Cap

$34M

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$0.60-$0.28 (-31.87%)

Apr 24, 2026

Company Details

SolarMax Technology, Inc., through its subsidiaries, operates as an integrated solar energy company in the United States and China. The company engages in the sale and installation of photovoltaic and battery backup systems; financing the s...

CEO

David Bingwen Hsu

IPO Date

Feb 27, 2024

Website

www.solarmaxtech.com

Key Metrics TTM

Revenue

$91M

+295.8% YoY

Net Income

-$6M

EPS (Diluted)

-$0.14

Free Cash Flow

$498.0K

Revenue / Share

$1.66

Gross Margin

4.6%

Operating Margin

-7.1%

Net Margin

-7.0%

FCF Margin

0.5%

P/S

0.4x

P/E

—

Earnings Reports

FY 2025

Apr 6, 2026

$91M+295.8%EPS -$0.13

Q4 2025

Apr 6, 2026

$47M+623.5%EPS -$0.02

Q3 2025

Nov 14, 2025

$31M+383.3%EPS -$0.05

Q2 2025

Aug 14, 2025

$7M+54.5%EPS -$0.04

Q1 2025

May 16, 2025

$7M+20.2%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$10M	$2M	-$790.2K
Q2 22	$9M	$505.9K	-$6M
Q3 22	$11M	$2M	-$1M
Q4 22	$14M	$3M	-$355.2K
Q1 23	$13M	$2M	$527.2K
Q2 23	$15M	$2M	-$910.7K
Q3 23	$14M	$5M	$651.6K
Q4 23	$12M	$2M	$831.7K
Q1 24	$6M	-$464.4K	-$19M
Q2 24	$4M	$588.1K	-$2M
Q3 24	$6M	$1M	-$10M
Q4 24	$6M	$933.6K	-$2M
Q1 25	$7M	$1M	-$1M
Q2 25	$7M	$604.6K	-$2M
Q3 25	$31M	$957.0K	-$2M
Q4 25	$47M	$1M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	4.0x	—
Q1 23	3.8x	—
Q2 23	3.4x	—
Q3 23	3.2x	158.3x
Q4 23	3.3x	414.4x
Q1 24	10.5x	—
Q2 24	3.4x	—
Q3 24	1.0x	—
Q4 24	3.5x	—
Q1 25	2.2x	—
Q2 25	1.8x	—
Q3 25	0.9x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$2M
Q2 22	-$3M	-$3M
Q3 22	$700.5K	$673.6K
Q4 22	$2M	$2M
Q1 23	$2M	$2M
Q2 23	-$4M	-$4M
Q3 23	$994.6K	$994.6K
Q4 23	$4M	$4M
Q1 24	-$6M	-$6M
Q2 24	-$2M	-$2M
Q3 24	$203.6K	$203.6K
Q4 24	-$1M	-$1M
Q1 25	-$601.1K	-$601.1K
Q2 25	$220.7K	$220.7K
Q3 25	$3M	$3M
Q4 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$52.6K
Q3 22	$26.9K
Q4 22	$4.0K
Q1 23	$0
Q2 23	$28.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$4
Q2 25	$0
Q3 25	$0
Q4 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+33.9%	+18.7%
Q2 23	+58.3%	+3.1%
Q3 23	+25.8%	+7.0%
Q4 23	-15.2%	-22.9%
Q1 24	-55.2%	+99.7%
Q2 24	-69.8%	-56.2%
Q3 24	-55.6%	+20.1%
Q4 24	-47.4%	-27.9%
Q1 25	+20.2%	-67.2%
Q2 25	+54.5%	+26.2%
Q3 25	+383.3%	+98.9%
Q4 25	+623.5%	+484.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$17M	298.6%
Q2 24	$0	0.0%
Q3 24	$1M	20.9%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$520.7K	1.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$3M
Q2 22	—	—	$6M
Q3 22	$3M	$356.9K	—
Q4 22	$3M	$141.3K	—
Q1 23	$1M	$250.3K	—
Q2 23	$3M	$413.5K	—
Q3 23	$4M	$299.7K	—
Q4 23	$764.6K	$194.2K	—
Q1 24	$18M	$165.2K	—
Q2 24	$3M	$86.9K	—
Q3 24	$4M	$140.0K	—
Q4 24	$3M	$124.9K	—
Q1 25	$2M	$79.0K	—
Q2 25	$2M	$70.7K	—
Q3 25	$3M	$146.0K	—
Q4 25	$2M	$71.3K	—

Revenue Segments

Quarter	Segment Reporting
Q2 25	$7M
Q3 25	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7M	$0	$7M
Q2 22	$4M	$0	$4M
Q3 22	$5M	$0	$5M
Q4 22	$4M	$0	$4M
Q1 23	$8M	$0	$8M
Q2 23	$4M	$0	$4M
Q3 23	$4M	$0	$4M
Q4 23	$3M	$0	$3M
Q1 24	$5M	$7M	$12M
Q2 24	$1M	$8M	$9M
Q3 24	$871.4K	$8M	$9M
Q4 24	$786.3K	$6M	$7M
Q1 25	$596.3K	$6M	$7M
Q2 25	$2M	$6M	$8M
Q3 25	$6M	$6M	$11M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	45M	—	—
Q2 22	45M	0.0%	—
Q3 22	45M	0.0%	—
Q4 22	45M	0.0%	—
Q1 23	45M	0.0%	0.0%
Q2 23	45M	0.0%	0.0%
Q3 23	45M	0.0%	0.0%
Q4 23	45M	+1.7%	+1.7%
Q1 24	41M	-8.4%	-6.8%
Q2 24	41M	+0.0%	-6.8%
Q3 24	45M	+8.9%	+1.5%
Q4 24	45M	+0.2%	+0.1%
Q1 25	44M	-1.9%	+7.1%
Q2 25	46M	+3.2%	+10.5%
Q3 25	46M	0.0%	+1.5%
Q4 25	55M	+19.8%	+21.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$155.0K	79
Q1 24	$73.0K	79
Q2 24	$56.4K	79
Q3 24	$80.1K	79
Q4 24	$84.7K	76
Q1 25	$91.2K	76
Q2 25	$90.6K	76
Q3 25	$402.7K	76
Q4 25	$646.8K	72

Revenue / Employee