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Friday 6 November 2026
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Solarmax Technology, Inc.
SMXT Technology Solar
Solarmax Technology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $91.0 million, up 295.8% from fiscal 2024.
- Revenue
- +48.8%
- EPS
- −104.1%
- Free cash flow
- −539.2%
- Total debt
- −20.0%
Quarter to June 2026, against a year earlier
3.95
0.16
+4.22%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 45 | 54 | 23 | 91 | 102 | +26.7% | — | — | — | — | |
| Gross margin, % | — | — | — | — | — | — | 16.73 | 20.59 | 10.07 | 4.65 | 7.50 | (12.1) pt | ||||||
| EBT | — | — | — | — | — | — | (7) | 0 | (33) | (7) | (9) | +3.0% | ||||||
| EBT margin, % | — | — | — | — | — | — | (15.28) | 0.68 | (144.86) | (8.20) | (8.89) | +7.1 pt | ||||||
| Net income | — | — | — | — | — | — | (7) | 0 | (35) | (6) | (8) | (2.7%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 13.51 | 16.36 | 6.22 | 21.85 | 21.56 | +17.4% | |||||
| Earnings | — | — | — | — | — | — | (2.08) | 0.12 | (9.48) | (1.56) | (1.77) | (9.1%) | ||||||
| Cash flow | — | — | — | — | — | — | (0.60) | 1.24 | (2.47) | 0.12 | (0.90) | n/m | ||||||
| Capex | — | — | — | — | — | — | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | (0.59) | 1.23 | (2.47) | 0.12 | (0.90) | n/m | ||||||
| Book value | — | — | — | — | — | — | (4.90) | (4.80) | (4.08) | (2.93) | (3.39) | (15.7%) | ||||||
| Shares, m | — | — | — | — | — | — | 3 | 3 | 4 | 4 | 4 | +7.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 731.15 | 731.15 | 0.00 | 0.00 | 0.00 | 365.6 | |||||
| P/S | — | — | — | — | — | — | 5.87 | 5.87 | 3.12 | 0.45 | 0.18 | 3.8 | ||||||
| P/B | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| EV/Sales | — | — | — | — | — | — | 6.49 | 6.49 | 4.19 | 0.64 | 0.39 | 4.5 | ||||||
| EV/FCF | — | — | — | — | — | — | 84.09 | 84.09 | (10.57) | 111.77 | (9.44) | 67.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (2) | 4 | (9) | 0 | (4) | n/m | |||||
| Capex | — | — | — | — | — | — | 0 | 0 | 0 | — | 0 | +59.1% | ||||||
| Free cash flow | — | — | — | — | — | — | (2) | 4 | (9) | 0 | (4) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (17) | (23) | (14) | (20) | (1) | +5.3% | |||||
| Net debt | — | — | — | — | — | — | 37 | 34 | 24 | 17 | 22 | (23.0%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | (16) | (16) | (15) | (12) | (16) | (9.0%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 0.79 | (80.11) | (9.74) | (10.88) | (9.7) pt | |||||
| ROIC | — | — | — | — | — | — | (23.77) | 1.69 | (221.13) | (82.15) | (78.95) | (58.4) pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | (2.71) | 225.81 | 46.36 | 51.87 | +46.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 117 | 79 | 76 | 72 | — | (14.9%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.38 | 0.69 | 0.30 | 1.26 | — | +49.0% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 2 Nov 2026
Solarmax Technology, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PN PN Smart Energy Limited | $35.1M | — | — | — | — | — | — | — | Compare |
| SPRU Spruce Power Holding Corporation | $24.5M | — (loss-making) | — (loss-making) | −8.75% (below 0%: shrinking) | n/m | −43.41% (below 0%: shrinking) | 67.84% | 32.21% | Compare |
| FTCI FTC Solar, Inc. | $23.4M | — (loss-making) | — (loss-making) | +26.06% (above 0%: growing) | n/m | +136.87% (above 0%: growing) | 5.79% | (26.03%) | Compare |
| SMXT Solarmax Technology, Inc. | $18.0M | — (loss-making) | — | +48.82% (above 0%: growing) | n/m | −539.19% (below 0%: shrinking) | 23.56% | (43.53%) | |
| BEEM Beam Global | $16.2M | — (loss-making) | — (loss-making) | +21.02% (above 0%: growing) | n/m | −141.34% (below 0%: shrinking) | 17.83% | (34.99%) | Compare |
| ASTI Ascent Solar Technologies Inc. | $14.5M | — (loss-making) | — (loss-making) | +460.00% (above 0%: growing) | n/m | +1.36% (above 0%: growing) | (68.91%) | (2,043.59%) | Compare |
| ZEO Zeo Energy Corp. | $14.2M | — (loss-making) | — | −10.68% (below 0%: shrinking) | n/m | +75.65% (above 0%: growing) | 47.15% | (18.49%) | Compare |
| SUNE SUNation Energy Inc. | $13.0M | — (loss-making) | — (loss-making) | −37.52% (below 0%: shrinking) | n/m | −692.81% (below 0%: shrinking) | 26.09% | (39.00%) | Compare |
| MAXNQ Maxeon Solar Technologies, Ltd. | $12.9M | — (loss-making) | — (loss-making) | −78.66% (below 0%: shrinking) | n/m | −4.20% (below 0%: shrinking) | (97.63%) | (228.07%) | Compare |
| Median of peers | $15.3M | — | — | −8.75% | — | −4.20% | 17.83% | (34.99%) |
Pay and ownership Proxy statement filed 14 October 2025
Ownership
Directors and executive officers, together
25.40%
David Hsu2
8.60%
Jinxi Lin3
6.60%
Changzhou Almaden Co. Ltd.3
6.60%
Ching Liu4
5.30%
Simon Yuan5
5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement