Revenue growth remains highly volatile with recent gross margins compressing to as low as 2.7% in 2025Q4, indicating limited pricing power and a lack of sustainable operational scale.
| Sales/Revenue | 98.89M | 90.98M | 22.99M | 54.14M | 44.72M | 37.74M | 131.58M | 89.83M | 88.93M |
| Revenue Growth % | 309.46% | 295.8% | -57.54% | 21.07% | 18.49% | -71.32% | 46.48% | 1.01% | - |
| Cost of Goods Sold | 93.03M | 86.75M | 20.67M | 42.99M | 37.24M | 31.79M | 115.13M | 80.58M | 78.35M |
| COGS % of Revenue | - | 95.35% | 89.93% | 79.41% | 83.27% | 84.24% | 87.5% | 89.7% | 88.1% |
| Gross Profit | 5.86M | 4.23M | 2.31M | 11.15M | 7.48M | 5.95M | 16.45M | 9.25M | 10.58M |
| Gross Margin % | 5.92% | 4.65% | 10.07% | 20.59% | 16.73% | 15.76% | 12.5% | 10.3% | 11.9% |
| Gross Profit Growth % | - | 82.75% | -79.24% | 49.02% | 25.82% | -63.85% | 77.81% | -12.58% | - |
| Operating Expenses | 11.29M | 11.58M | 35.42M | 10.67M | 15.45M | 12.15M | 12.71M | 20.2M | 18.8M |
| OpEx % of Revenue | - | 12.73% | 154.08% | 19.7% | 34.55% | 32.19% | 9.66% | 22.49% | 21.14% |
| Selling, General & Admin | 10.13M | 9.93M | 27.96M | 10.67M | 15.45M | 12.15M | 12.71M | 20.2M | 18.8M |
| SG&A % of Revenue | - | 10.92% | 121.62% | 19.7% | 34.55% | 32.19% | 9.66% | 22.49% | 21.14% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.16M | 1.65M | 7.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.43M | -7.35M | -33.1M | 483.85K | -7.97M | -6.2M | 3.74M | -10.95M | -8.22M |
| Operating Margin % | -5.49% | -8.08% | -144.01% | 0.89% | -17.82% | -16.43% | 2.84% | -12.19% | -9.24% |
| Operating Income Growth % | - | 77.79% | -6941.68% | 106.07% | -28.53% | -265.72% | 134.17% | -33.27% | - |
| EBITDA | -5.55M | -5.75M | -31.56M | 2.1M | -6.6M | -5.84M | 5.22M | -10.33M | -6.13M |
| EBITDA Margin % | -5.62% | -6.32% | -137.28% | 3.87% | -14.75% | -15.48% | 3.97% | -11.5% | -6.9% |
| EBITDA Growth % | 59.85% | 81.78% | -1604.98% | 131.78% | -12.96% | -211.81% | 150.56% | -68.47% | - |
| D&A (Non-Cash Add-back) | -119.06K | 1.6M | 1.55M | 1.61M | 1.37M | 359.86K | 1.48M | 618.8K | 2.08M |
| EBIT | -5.78M | -7.35M | -31.73M | 1.95M | -5M | -1.62M | 5.65M | -12.76M | -9.15M |
| Net Interest Income | -864.92K | -827K | -1.07M | -1.51M | -1.77M | -1.81M | -3.09M | -1.51M | -1.4M |
| Interest Income | 429.74K | 539K | 500.54K | 68.85K | 61.62K | 185.58K | 121K | 434.17K | 448.31K |
| Interest Expense | 1.29M | 1.37M | 1.57M | 1.58M | 1.83M | 2M | 3.21M | 1.95M | 1.85M |
| Other Income/Expense | -978.9K | -107.59K | -194.96K | -113.26K | 1.14M | 2.58M | -1.3M | -3.21M | -2.18M |
| Pretax Income | -6.41M | -7.46M | -33.3M | 370.59K | -6.83M | -3.62M | 2.44M | -14.71M | -11M |
| Pretax Margin % | -6.48% | -8.2% | -144.86% | 0.68% | -15.28% | -9.59% | 1.86% | -16.38% | -12.37% |
| Income Tax | -1.08M | -1.14M | 1.66M | -64.19K | 41.43K | -300.66K | 1.49M | -5.73K | 1.07M |
| Effective Tax Rate % | 16.81% | 15.21% | -5% | -17.32% | -0.61% | 8.3% | 60.96% | 0.04% | -9.77% |
| Net Income | -5.33M | -6.32M | -34.96M | 434.79K | -6.87M | -3.32M | 974.05K | -14.6M | -11.93M |
| Net Margin % | -5.39% | -6.95% | -152.1% | 0.8% | -15.37% | -8.8% | 0.74% | -16.25% | -13.42% |
| Net Income Growth % | 68.6% | 81.91% | -8141.27% | 106.33% | -107.01% | -440.87% | 106.67% | -22.33% | - |
| Net Income (Continuing) | -5.33M | -6.32M | -34.96M | 434.79K | -6.87M | -3.32M | 952.89K | -14.7M | -12.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -218.94K | -141.28K | -34.23K |
| EPS (Diluted) | -0.09 | -0.13 | -0.77 | 0.01 | -0.14 | -0.07 | 0.02 | -0.32 | -0.27 |
| EPS Growth % | 70.31% | 83.12% | - | 107% | -100.29% | -440.98% | 106.41% | -18.52% | - |
| EPS (Basic) | - | -0.13 | -0.79 | 0.01 | -0.15 | -0.07 | 0.02 | -0.32 | -0.27 |
| Diluted Shares Outstanding | 56.18M | 49.98M | 45.16M | 44.5M | 47.5M | 47.5M | 47.5M | 44.98M | 44.98M |
| Basic Shares Outstanding | 56.18M | 49.98M | 44.34M | 44.5M | 44.5M | 47.5M | 47.5M | 44.98M | 44.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and Regulatory Exposure
As reported in financial statements, SMXT experienced significant revenue fluctuations, including a notable 295.8% year-over-year growth spike, which appears driven by lumpy project-based solar farm procurement in China rather than consistent, organic expansion within its core US residential installation business segment during the recent periods.
The extreme variance in quarterly revenue suggests that the company's top-line trajectory is highly sensitive to the timing of large-scale project completions. Investors should monitor whether this growth is sustainable or merely a reflection of irregular, non-recurring contract recognition that masks underlying weakness in the residential installation base.
Based on the company's reported figures, gross margins have compressed to as low as 2.7% in recent quarters, indicating that SMXT functions primarily as a low-value-add integrator with limited pricing power compared to industry peers who maintain significantly higher margins through proprietary technology or brand equity.
The inability to maintain double-digit gross margins suggests that the company is struggling to pass through hardware costs to its customers. This thin margin profile leaves virtually no buffer for operational errors or supply chain disruptions, making the business model highly susceptible to even minor inflationary pressures.
According to recent SEC filings, SMXT's operating expenses consistently exceed gross profit, resulting in persistent negative operating margins that demonstrate a failure to achieve the necessary scale to cover fixed administrative costs associated with maintaining its complex, dual-jurisdiction operational footprint across the US and China.
The lack of operating leverage implies that revenue growth is not currently translating into improved profitability. Without a significant reduction in SG&A relative to revenue, the company appears trapped in a cycle where increased activity only serves to amplify its existing net losses.
Financial data reveals a precarious cash-to-revenue ratio, with less than $800,000 in cash reserves against nearly $91 million in trailing twelve-month revenue, suggesting that the company's ability to fund ongoing operations is entirely dependent on rapid receivable turnover or immediate access to external financing sources.
This extreme lack of liquidity warrants further investigation into the company's working capital management and potential reliance on dilutive capital raises. The current cash position appears insufficient to weather any significant regulatory or market-driven delays in project completion, posing a material risk to the firm's ongoing viability.
Quick answers to the most common questions about buying SMXT stock.
For fiscal year 2025, Solarmax Technology Inc. Common Stock (SMXT) reported total revenue of $91.0M. This represents a 2.3% increase compared to $88.9M in 2017.
Solarmax Technology Inc. Common Stock (SMXT) reported a net loss of $6.3M for the fiscal year ending 2025.
Solarmax Technology Inc. Common Stock (SMXT) reported an operating income of $-7.4M, resulting in an operating profit margin of -8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Solarmax Technology Inc. Common Stock (SMXT) generated $4.2M in gross profit for the year, representing a gross profit margin of 4.6%. This demonstrates the company's core pricing power and production efficiency.