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. In the quarter to June 2026, revenue grew 48.8%, EPS fell 104.5%, free cash flow fell 539.2% and total debt fell 20.0%, each against the same quarter a year earlier.
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Solarmax Technology, Inc. (SMXT) Altman Z-score
Solarmax Technology, Inc.'s Altman Z-score for fiscal 2025 is −0.95, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.95 | 4.67 |
| FY2024 | −5.61 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.22) | — | −0.27 | |
| Retained earnings / total assets | (1.20) | — | −1.69 | |
| EBIT / total assets | (0.07) | — | −0.23 | |
| Market value of equity / total liabilities | 0.40 | — | 0.24 | |
| Sales / total assets | 1.00 | — | 1.00 | |
| Altman Z-score | Distress zone | −0.95 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.98 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PN PN Smart Energy Limited compare | 2.3× |
| SUNE SUNation Energy Inc. compare | −0.1× |
| SPRU Spruce Power Holding Corporation compare | −0.5× |
| ZEO Zeo Energy Corp. compare | −0.8× |
| SMXT Solarmax Technology, Inc. | −0.9× |
| SPIEQ SPI Energy Co., Ltd. compare | −4.2× |
| FTCI FTC Solar, Inc. compare | −4.6× |
| BEEM Beam Global compare | −4.7× |
| ASTI Ascent Solar Technologies Inc. compare | −112× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets