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SMXT on Nasdaq

SolarMax Technology, Inc.

In its 2026 annual report the company says: “We are an integrated solar and renewable energy company.”4 It is headquartered in Riverside, United States.2 Its shares trade on Nasdaq under the symbol SMXT.2

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Last updated Oct 21, 2026.

Overview

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  • TickerSMXT on Nasdaq2
  • IndustryConstruction - Special Trade Contractors2
  • HeadquartersRiverside, United States2
  • Incorporated inNV3
  • Business address3080 12Th Street, Riverside, Ca 925073
  • Filer category, Emerging growth company3
  • Legal formProfit Corporation2
  • LEI549300XOTR3IDJBNZM162
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O THE CORPORATE PLACE, INC., 89104 Las Vegas, United States2
  • Registered withBusiness Center (Secretary of State), E0025972008-62

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We are an integrated solar and renewable energy company. A solar energy system retains the direct current (DC) electricity from the sun and converts it to alternating current (AC) electricity that can be used to power residential homes and commercial businesses. The solar business is based on the ability of the users of solar energy systems to save on energy costs and reduce their carbon imprint as compared with power purchased from the local electricity utility company. We were founded in 2008 to engage in the solar business in the United States, where our business is primarily conducted.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.6%Gross margin5
-6.9%Operating margin5
-7.0%Net margin5
295.8%Revenue growth, 20255

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue95¢$86.8M
  • Other costs2¢$1.7M
  • Interest2¢$1.4M
  • Income tax1¢$1.1M

Out of $91.0M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$498.0K

Out of $498.0K of cash from operations.5

Financial statements

Revenue675$91.0M in 2025+103% since 2022
0$25.0M$50.0M$75.0M$100.0M2022: $44.7M$44.7M20222023: $54.1M$54.1M2023+21%2024: $23.0M$23.0M2024−58%2025: $91.0M$91.0M2025+296%
Gross profit675$4.2M in 2025−43% since 2022
0$5.0M$10.0M$15.0M2022: $7.5M$7.5M20222023: $11.1M$11.1M2023+49%2024: $2.3M$2.3M2024−79%2025: $4.2M$4.2M2025+83%
Operating income675-$6.3M in 2025−21% since 2022
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2022: -$8.0M-$8.0M20222023: $483.9K$483.9K20232024: -$33.1M-$33.1M20242025: -$6.3M-$6.3M2025−81%
Net income675-$6.3M in 2025−8% since 2022
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2022: -$6.9M-$6.9M20222023: $434.8K$434.8K20232024: -$35.0M-$35.0M20242025: -$6.3M-$6.3M2025−82%
Fiscal year20212022202320242025
Revenue$44.7M6$54.1M7$23.0M5$91.0M5
Cost of revenue$37.2M6$43.0M7$20.7M5$86.8M5
Gross profit$7.5M6$11.1M7$2.3M5$4.2M5
Operating expenses$15.5M6$10.7M7$35.4M5$10.5M5
Operating income-$8.0M6$483.9K7-$33.1M5-$6.3M5
Interest$1.6M5$1.4M5
Income before tax-$6.8M6$370.6K7-$33.3M5-$7.5M5
Income tax$41.4K6-$64.2K7$1.7M5-$1.1M5
Net income-$6.9M6$434.8K7-$35.0M5-$6.3M5
Earnings per share-$0.176$0.017-$0.795-$0.135
Earnings per share (diluted)-$0.176$0.017-$0.795-$0.135
Shares (weighted, basic)39.7M shares639.7M shares744.3M shares7
Shares (weighted, diluted)39.7M shares640.0M shares744.3M shares550.0M shares5

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Corporate structure

SolarMax Technology, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SolarMax Technology, Inc.

  • Ching Liu Filed SCHEDULE 13G on SolarMax Technology, Inc., latest Feb 25, 2025
  • Bingwen David Hsu Filed SCHEDULE 13G on SolarMax Technology, Inc., latest Feb 14, 2025
  • Simon Yuan Filed SCHEDULE 13G on SolarMax Technology, Inc., latest Feb 11, 2025
  • SolarMax Technology, Inc. Riverside, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SolarMax Technology, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.7M5 Dec 31, 2025$6.1M5 Dec 31, 2024−6.4%
Accumulated depreciation$5.5M5 Dec 31, 2025$5.8M5 Dec 31, 2024−5.5%
Property and equipment, net$138.9K5 Dec 31, 2025$200.9K5 Dec 31, 2024−30.9%
Finance-lease assets$478.0K7 Dec 31, 2024$478.0K6 Dec 31, 20230%
Operating-lease assets (leased space)$1.6M5 Dec 31, 2025$3.2M5 Dec 31, 2024−48.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.0M5 Dec 31, 2025$786.3K5 Dec 31, 2024+913.2%
Marketable securities, current$6.3M7 Dec 31, 2024$07 Dec 31, 2023
Stakes in other companies (equity method)$522.6K5 Dec 31, 2025$6.3M5 Dec 31, 2024−91.8%
Loans, net of allowance$3.1M5 Dec 31, 2025$4.4M5 Dec 31, 2024−28.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$05 Dec 31, 2025$05 Dec 31, 2024

Inventory

ItemLatestA year beforeChange
Inventory, total$2.1M5 Dec 31, 2025$1.3M5 Dec 31, 2024+58.3%

Properties, in its own words

We lease our offices and do not own any real estate. The following table set forth information as to the real property leased by us:

Location · Square Feet · Current Annual Rent · Expiration Date

The rest of Item 2

3080 12th Street, Riverside, CA (1) · 158,693 · 1,855,566 · 12/31/33

Unit A905, 9th Floor, Block A, No.1-72, Lane 2855, Huqingping Highway, Zhaoxiang Town, Qingpu District, Shanghai, China · 5,920 · 23,517 · 10/30/28

(1) · This property is owned by 3080 Landlord pursuant to a net lease extension dated January 28, 2026. Rent for 2026 is at the annual rate of $1,855,566 and increases 3% per year.

We believe our current facilities are adequate for the foreseeable future. If we require additional or substitute space, we believe that we will be able to obtain such space on acceptable, commercially reasonable terms.

Item 2 of the 10-K filed Apr 6, 2026.4

Leadership

Who has led SolarMax Technology, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bingwen David Hsu2025–now

Chief financial officer

  1. Stephen P. Brown2024–now
2025
Board members and other officers (2)

Timeline

  1. Oct 9, 20268-K Results of operations13
  2. Aug 21, 20268-K Listing notice or transfer14
  3. Aug 11, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed15
  4. Aug 5, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed16
  5. Jul 28, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed17
  6. Jun 30, 20268-K Listing notice or transfer18
  7. May 19, 20268-K Executive or director change19
  8. May 18, 20268-K Results of operations20
  9. Apr 27, 20268-K Regulation FD disclosure21
  10. Apr 7, 20268-K Results of operations22
  11. Mar 10, 20268-K Listing notice or transfer23
  12. Feb 3, 20268-K Entered a material agreement24
  13. Feb 14, 2025New chief executive Bingwen David Hsu becomes CEO10

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202625

When it reported results

  1. Oct 9, 2026Reported quarterly or annual results13
  2. May 18, 2026Reported quarterly or annual results20
  3. Apr 7, 2026Reported quarterly or annual results22
  4. Nov 17, 2025Reported quarterly or annual results26
  5. Aug 15, 2025Reported quarterly or annual results27
  6. May 19, 2025Reported quarterly or annual results28
  7. Apr 1, 2025Reported quarterly or annual results29
  8. Nov 18, 2024Reported quarterly or annual results30

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

101 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 33 major events, 5 insider forms, 3 large holders, 48 other. The latest 20:

  1. Oct 9, 20268-K EDGAR
  2. Oct 8, 202610-Q EDGAR
  3. Aug 21, 20268-K EDGAR
  4. Aug 17, 2026NT 10-Q EDGAR
  5. Aug 11, 20268-K EDGAR
  6. Aug 5, 20268-K EDGAR
  7. Jul 28, 20268-K EDGAR
  8. Jun 30, 20268-K EDGAR
  9. May 19, 20268-K EDGAR
  10. May 18, 20268-K EDGAR
  11. May 15, 202610-Q EDGAR
  12. Apr 27, 20268-K EDGAR
  13. Apr 14, 202610-K/A EDGAR
  14. Apr 7, 20268-K EDGAR
  15. Apr 6, 202610-K EDGAR
  16. Mar 31, 2026NT 10-K EDGAR
  17. Mar 10, 20268-K EDGAR
  18. Feb 3, 20268-K EDGAR
  19. Jan 6, 20268-K EDGAR
  20. Nov 17, 20258-K EDGAR

The 101 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024David Hsu,62$737.9K34
2024Stephen Brown,66$350.0K$468.5K34
2023Chief executive officer1$716.4K$771.5K34
2023Chief financial officer$350.0K$376.9K34

SEC filer profile

How SolarMax Technology, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSolarMax Technology, Inc.1
  • CIK0001519472
  • Employer ID (EIN)26-20287864
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1700 Construction - Special Trade Contractors1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address3080 12Th Street, Riverside, CA 925071
  • Phone(951) 300-07881
  • Shares outstanding4,742,167 as of Sep 30, 20269
  • Public float$50.4M as of Jun 30, 20254
  • AuditorMarcum LLP, Costa Mesa, CA PCAOB ID 688; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMay 5, 20111
  • Filings117 in all: 8-K (33), S-1/A (19), CORRESP (13), UPLOAD (9), 10-Q (8), 3 (5), FWP (4), 10-K (3)1
    All 22 form types

    DRS/A (3), SCHEDULE 13G (3), D (2), DRS (2), NT 10-K (2), NT 10-Q (2), S-1 (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERT (1), DEF 14A (1), EFFECT (1), RW (1)

  • Latest filingsAnnual report (10-K) Apr 6, 2026
    Quarterly report (10-Q) Oct 8, 2026
    Proxy statement (DEF 14A) Oct 14, 2025
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareSMXTNasdaq

From the cover page of the 10-K filed Apr 6, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks SolarMax Technology, Inc. names in Item 1A of its 10-K filed Apr 6, 2026: 46 risks under these headings, as written.4

  • Risks Related to Our Business
  • We sustained losses since our organization, our financial statements have a going concern footnote and we cannot assure you that we can or will operate profitably.
  • We have a working capital deficit of $20.4 million at December 31, 2025 and require substantial funding for our operations.
  • We are in default on $14.3 million principal amount of our convertible notes, which may result in the acceleration of the notes, and we will require funds to pay the notes.
  • We cannot assure you that we will be able to operate our BESS systems business profitably.
  • We have relied on loans through the United States government’s EB-5 program, which loans need to be refinanced when they become due, either at maturity or upon accelerate of defaulted notes, and we cannot assure you that the limited partners will accept our proposed terms of the refinancing or, if we cannot refinance these loans that we will have the funds to pay the loans or be able to raise such funds on reasonable, if any, terms.
  • We require significant funds to pay our other debt obligations, including obligations to management.
  • We did not generate any revenue for our Chinese segment since 2021 and we cannot assure you that we will not have to discontinue our Chinese operations.
  • Our failure to control our costs could impair our financial results.
  • Changes in utility regulations and pricing could impair the market for our products.
  • Our business may be affected by increases in the price of solar energy products, including price increases resulting from the United States’ trade and tariff policies and the war against Iran.
  • Changes in net metering regulations in California is likely to result has resulted in a reduced level of benefits, which is impairing the market for residential solar products.
The other 35 risks
  • We may be subject to cybersecurity risks.
  • We may be subject to liability if private information that we receive is not secure or if we violate privacy laws and regulations.
  • Pandemics and epidemics, natural disasters, war, terrorist activities, political unrest, the relationship between China and the United States and other outbreaks could disrupt our delivery and operations, which could materially and adversely affect our business, financial condition, and results of operations.
  • Our business would be impaired if we lose our licenses, if more stringent government regulations are enacted or if we fail to comply with the growing number of regulations pertaining to solar energy and consumer financing industries.
  • A material decrease in the retail price of electricity from the local utility company or from other sources would affect our ability to generate revenues.
  • Changes in regulations relating to fossil fuel can impact the market for renewable energy, including solar.
  • Solar energy and other forms of renewable energy compete with other forms of energy and the attractiveness of solar energy reflects the cost of electricity from the local grid.
  • Within the solar energy market, we face intense and increasing competition in the market of solar energy system providers, which exposes us to the risk of reduction of our market penetration and of our gross margin.
  • The results of our operations may vary significantly from quarter to quarter.
  • Because we are dependent on our chief executive officer, the loss of his services and our failure to hire additional qualified key personnel could harm our business.
  • In order to develop our business, we need to identify, hire and retain qualified sales, installation and other personnel.
  • Although our employees in the United States are co-employed by a professional employer organization, we may be liable for the failure of the organization to comply with our obligations under applicable law.
  • Since we act as a general contractor in the United States, we face typical risks of a construction company.
  • Compliance with occupational safety and health requirements and best practices can be costly, and noncompliance with such requirements may result in potentially significant monetary penalties, operational delays and adverse publicity.
  • The availability and price of silicon raw materials may affect our gross margins and profitability.
  • Because we derive most of our residential solar system revenue from sales of our solar energy systems in California, we depend on the economic and regulatory climate and weather and other conditions in California.
  • Because we provide a production guarantee for some solar systems in California, we may incur additional costs if the output of our systems does not meet the required minimums.
  • Our warranty costs may exceed our warranty reserve.
  • Because of the rapid development of solar panels and other components for solar systems, we may be subject to inventory obsolescence.
  • If we seek to expand our business through acquisition, we may not be successful in identifying acquisition targets or integrating their businesses with our existing business.
  • Our business is largely dependent upon government subsidies and incentives.
  • United States trade policy affects our ability to purchase domestic solar panel and pricing generally.
  • Two of our directors are located outside of the United States; therefore, investors may not be able to enforce federal securities laws or their other legal rights against those directors located outside the United States.
  • Risks Related to our Common Stock
  • We had a significant deficiency in our internal controls over financial statements presentation and disclosure which was remediated as of December 31, 2025. Although such significant deficiency does not constitute a material weakness in our internal controls, it may have an adverse impact on the market price of, and the market for, our common stock.
  • An active, liquid and orderly trading market for our common stock may not be maintained, and our stock price is volatile.
  • The price of our common stock may be affected by a number of factors.
  • Our amended and restated articles of incorporation and amended and restated bylaws and our employment agreement with our chief executive officer, as well as Nevada law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
  • Provisions of our bylaws and Nevada law could deter a change of our management, which could discourage or delay offers to acquire us.
  • A portion of the compensation to our senior executive officers may not be deductible, which may increase our taxes
  • Because our bylaws limit the court in which you may bring an action against us, you may have difficulty enforcing any rights which you may claim.
  • Because we do not intend to pay dividends on our common stock for the foreseeable future, your only opportunity to achieve a return on your investment is if the price of our common stock appreciates.
  • Future sales of our common stock in the public market could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
  • We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
  • For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Because our directors and executive officers own or have the right to vote approximately 20.9% of our outstanding common stock, they may be able to elect all directors, approve all matters requiring stockholder approval and block any action which may be beneficial to stockholders.

Legal proceedings

In the ordinary course of our business, we and our subsidiaries are involved in various legal proceedings involving contractual relationships, product liability claims, and a variety of other matters. We do not believe there are any such pending legal proceedings that will have a material impact on our financial position or results of operations.

We previously initiated arbitration proceedings against SPIC, the state-owned company related to the receivable balances of several photovoltaic EPC projects that we completed in 2020 and 2021. In April 2025, the arbitration tribunal issued awards in favor of us and subsequently we were able to collect approximately RMB 42.5 million ($6.0 million) of the receivable balance. At December 31, 2025, the unpaid receivable balance was RMB 7.0 million ($1.0 million) and we received no payments since December 31, 2025. We initiated another enforcement proceeding to collect the balance of the arbitration awards. In connection with the enforcement actions, the court has frozen certain bank accounts and real estate assets of the related SPIC subsidiaries and has issued enforcement notices requiring the Xingyi Power Supply Bureau to withhold electricity sales proceeds generated by the photovoltaic power plants. As of December 31, 2025, no cash recoveries had been received. Based on discussions with legal counsel and the enforcement court, we expect that collections will occur through the withholding of electricity revenues generated by the projects. While we believe recovery is probable, the timing and amount of collections remain subject to enforcement procedures and operating performance of the power plants. We continue to monitor the status of the enforcement proceedings and will update our assessment of collectability as additional information becomes available.

The opening of Item 3, Legal Proceedings.4

Sources

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