SMXT

Company Overview — What Does SolarMax Technology, Inc. Do?

We are an integrated solar energy company. Through our subsidiaries, we are primarily engaged in the following business activities: · Selling and installing integrated photovoltaic systems for residential and commercial customers in the United States; · Providing exterior and interior light-emitting diodes, known as LED, lighting sales and retrofitting services for governmental and commercial applications; · Identifying and procuring solar farm system projects for resale to third party developers and related services in the People’s Republic of China, which we refer to as China or the PRC, although we generated nominal revenue from our Chinese operations in 2021 subsequent to the second quarter and we did not generated any revenue from our China segment in 2022, 2023 and 2024 through the date of this prospectus, and, as of the date of this prospectus, we do not have any contracts which will generate revenue from our China segment; · Providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms and residential and commercial photovoltaic systems in China although we have not performed any significant residential or commercial services in China; · Operating and maintaining solar farm projects in China following the completion of our EPC work on the projects, although we are not currently performing such services; · Providing secured loans to purchasers of our photovoltaic systems and servicing installment sales by our customers in the United States; · Owning and funding renewable energy projects in the United States based on leases entered into prior to 2015, and generating revenue from this business through operating leases and power purchase agreements primarily with commercial users; and · Selling and installing backup battery systems for residential and commercial customers in the United States. We operate in two segments - the United States operations and the China operations. Our United States operations consists primarily of the sale and installation of photovoltaic and battery backup systems for residential and commercial customers and sales of LED systems and services to government and commercial users. Since early 2020, because we did not have the capital to support such operations, we suspended making loans to our solar customers and our finance revenue relates to revenue from our existing financing portfolio. Our China operations consist primarily of identifying and procuring solar farm projects for resale to third parties and EPC services for solar farm projects. We commenced operations in China following the completion of two acquisitions on April 28, 2015. · We acquired the ownership of Chengdu Zhonghong Tianhao Technology Co., Ltd., or Chengdu ZHTH, through a share exchange agreement among us, one of our PRC subsidiaries, and the equity owners of Chengdu ZHTH (together with its subsidiaries thereunder, “ZHTH”). · We acquired the ownership of Jiangsu Zhonghong Photovoltaic Electric Co., Ltd., or ZHPV, through a share exchange agreement between us and the holders of the stock of Accumulate Investment Co. Ltd., which we refer to as Accumulate. Accumulate owns ZHPV through a Hong Kong subsidiary. The share exchange agreement for ZHPV was amended on May 12, 2016 to revise certain terms including adjusting the total consideration retroactively to the original acquisition date of April 28, 2015. Our business in China is conducted through our subsidiaries, primarily ZHTH and ZHPV, which we acquired in April 2015, and their subsidiaries. ZHTH is engaged in project development. ZHPV’s core business is to provide EPC services. In order to build a solar farm in China it is first necessary to obtain a permit, which covers a specific location. ZHTH and ZHPV establish special subsidiaries to own and acquire a permit for a solar farm. We refer to these subsidiaries as project subsidiaries. When a buyer of a project is identified, we sell to the buyer the equity in the project subsidiary that holds the permit for that specific solar farm project, and the buyer of the project engages ZHPV for the EPC work. The purchase price for the project subsidiary is an amount approximating the project subsidiary’s net assets. Accordingly, we do not generate a material gain or loss from the sale of the project subsidiaries. The sale of the equity in the project subsidiaries is part of the normal course of our operations in China. Because Chinese government regulations prohibit the sale of the permit relating to a solar farm, it is necessary for us to sell the equity in the project subsidiary to effectuate the transfer of the ownership of the solar farm and permit to the buyer. At or prior to completion of the EPC work on the solar farm, we seek to obtain an agreement to operate and maintain the solar farm upon its completion. If we receive a contract for operations and maintenance services, these services are performed by ZHPV or a subsidiary. Unlike systems in the United States, which are installations for residential and small business users, the projects in China are generally solar farms, which are large land areas where multiple ground-mount solar tracking towers are installed. Our principal executive offices are located at 3080 12th Street, Riverside, California. SolarMax Technology, Inc. (SMXT) is classified as a micro-cap stock in the Industrials sector, specifically within the Construction industry. The company is led by CEO David Hsu, headquartered in RIVERSIDE, California. With a market capitalization of $39M, SMXT is one of the notable companies in the Industrials sector.

SolarMax Technology, Inc. (SMXT) Stock Rating — Reduce (April 2026)

As of April 2026, SolarMax Technology, Inc. receives a Reduce rating with a composite score of 26.9/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.SMXT ranks #3,677 out of 4,446 stocks in our coverage universe. Within the Industrials sector, SolarMax Technology, Inc. ranks #631 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

SMXT Stock Price and 52-Week Range

SolarMax Technology, Inc. (SMXT) currently trades at $0.51. The stock gained $0.02 (4.0%) in the most recent trading session. The 52-week high for SMXT is $2.50, which means the stock is currently trading -79.5% from its annual peak. The 52-week low is $0.61, putting the stock -15.9% above its annual trough. Recent trading volume was 456K shares, suggesting relatively thin trading activity.

Is SMXT Overvalued or Undervalued? — Valuation Analysis

SolarMax Technology, Inc. (SMXT) carries a value factor score of 27/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-sales ratio is 0.70x, compared to 0.50x for the average Industrials stock.

At current multiples, SolarMax Technology, Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

SolarMax Technology, Inc. Profitability — ROE, Margins, and Quality Score

SolarMax Technology, Inc. (SMXT) earns a quality factor score of 22/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 82.4%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at -16.5% versus the sector average of 3.3%.

On a margin basis, SolarMax Technology, Inc. reports gross margins of 13.1%, compared to 35.8% for the sector. The operating margin is -51.9% (sector: 6.2%). Net profit margin stands at -51.4%, versus 3.9% for the average Industrials stock. Revenue growth is running at 587.0% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

SMXT Debt, Balance Sheet, and Financial Health

SolarMax Technology, Inc. has a debt-to-equity ratio of -222.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 0.79x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $26M. Cash and equivalents stand at $6M.

SMXT has a beta of 0.90, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for SolarMax Technology, Inc. is 30/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

SolarMax Technology, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, SolarMax Technology, Inc. reported revenue of $51M and earnings per share (EPS) of $-0.13. Net income for the quarter was $-15M. Gross margin was 13.1%. Operating income came in at $-15M.

In FY 2025, SolarMax Technology, Inc. reported revenue of $91M and earnings per share (EPS) of $-0.13. Net income for the quarter was $-6M. Gross margin was 4.7%. Revenue grew 295.8% year-over-year compared to FY 2024. Operating income came in at $-6M.

In Q3 2025, SolarMax Technology, Inc. reported revenue of $31M and earnings per share (EPS) of $-0.04. Net income for the quarter was $-2M. Gross margin was 3.1%. Revenue grew 383.3% year-over-year compared to Q3 2024. Operating income came in at $-2M.

In Q2 2025, SolarMax Technology, Inc. reported revenue of $7M and earnings per share (EPS) of $-0.04. Net income for the quarter was $-2M. Gross margin was 8.8%. Revenue grew 54.5% year-over-year compared to Q2 2024. Operating income came in at $-2M.

Over the past 8 quarters, SolarMax Technology, Inc. has demonstrated a growth trajectory, with revenue expanding from $4M to $51M. Investors analyzing SMXT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

SMXT Dividend Yield and Income Analysis

SolarMax Technology, Inc. (SMXT) does not currently pay a dividend. This is common among smaller companies in the Construction industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

SMXT Momentum and Technical Analysis Profile

SolarMax Technology, Inc. (SMXT) has a momentum factor score of 20/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 20/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 62/100 reflects moderate short selling activity.

SMXT vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, SolarMax Technology, Inc. (SMXT) ranks #631 out of 752 stocks based on the Blank Capital composite score. This places SMXT in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing SMXT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SMXT vs S&P 500 (SPY) comparison to assess how SolarMax Technology, Inc. stacks up against the broader market across all factor dimensions.

SMXT Next Earnings Date

No upcoming earnings date has been announced for SolarMax Technology, Inc. (SMXT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy SMXT? — Investment Thesis Summary

The quantitative profile for SolarMax Technology, Inc. suggests caution. The quality score of 22/100 flags below-average profitability. The value score of 27/100 indicates premium valuation. Momentum is weak at 20/100, a headwind for near-term performance. High volatility (stability score 30/100) increases portfolio risk.

In summary, SolarMax Technology, Inc. (SMXT) earns a Reduce rating with a composite score of 26.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on SMXT stock.

Related Resources for SMXT Investors

Explore more research and tools: SMXT vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare SMXT head-to-head with peers: SMXT vs SOBO, SMXT vs TEN, SMXT vs GLDD.