• Income Statement
• Balance Sheet
• Cash Flow
• Ratios
• Market Data
• Valuation

	SolarMax Technology, Inc. (SMXT)
	Q4-CY2026	Q3-CY2026	Q2-CY2026	Q1-CY2026	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014
Balance Sheet Date			2026-Jun-30	2026-Mar-31	2025-Dec-31	2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31
Fiscal Period			Q2-FY2026	Q1-FY2026	Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023
Close Price of Common Stock	4.75$	2.19$	0.34$	0.70$	0.81$	1.05$	1.09$	1.20$	1.62$	0.61$	3.32$	9.11$
Market Cap of Common Stock	22,525,293$	124,625,393$	19,490,501$	37,914,320$	43,947,377$	57,018,098$	51,437,254$	54,999,190$	73,133,676$	27,619,377$	149,117,972$
QoQ%	(81.93%)	539.42%	(48.59%)	(13.73%)	(22.92%)	10.85%	(6.48%)	(24.80%)	164.79%	(81.48%)
YoY%	(48.75%)	118.57%	(62.11%)	(31.06%)	(39.91%)	106.44%	(65.51%)
Common Shares Outstanding		4,742,167	4,742,167	56,906,572	4,575,548	54,302,950	48,590,542	45,832,658	45,270,860	45,284,010	45,019,360	44,982,797	39,735,536	39,735,536		39,735,536	39,735,536
QoQ%		.00%	(91.67%)	1,143.71%	(91.57%)	11.76%	6.02%	1.24%	(.03%)	.59%	.08%	13.21%	.00%			.00%
YoY%		(91.27%)	(90.24%)	24.16%	(89.89%)	19.92%	7.93%	1.89%	13.93%	13.96%		13.21%	.00%
Price to Sales	.22x	1.22x	.19x	.38x	.48x	1.12x	1.94x	2.28x	3.18x	.96x	4.06x
Price to Earnings	-	-	-	-	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-	-	-	-	-
Total Revenue			10,243,612$	14,830,617$	46,569,474$	30,602,588$	6,883,004$	6,927,469$	6,436,900$	6,331,606$	4,454,301$	5,764,074$	12,243,783$	14,273,607$	14,753,462$	12,868,478$
QoQ%			(30.93%)	(68.15%)	52.18%	344.61%	(.64%)	7.62%	1.66%	42.15%	(22.72%)	(52.92%)	(14.22%)	(3.25%)	14.65%
YoY%			48.83%	114.08%	623.48%	383.33%	54.53%	20.18%	(47.43%)	(55.64%)	(69.81%)	(55.21%)
TTM			102,246,291$	98,885,683$	90,982,535$	50,849,961$	26,578,979$	24,150,276$	22,986,881$	28,793,764$	36,735,765$	47,034,926$	54,139,330$
TTM_QoQ%			3.40%	8.69%	78.92%	91.32%	10.06%	5.06%	(20.17%)	(21.62%)	(21.90%)	(13.12%)
TTM_YoY%			284.69%	309.46%	295.80%	76.60%	(27.65%)	(48.66%)	(57.54%)
Gross Margin			23.57%	20.54%	2.69%	3.13%	8.78%	20.49%	14.50%	19.86%	13.20%	(8.06%)	24.08%	28.36%	14.10%	16.10%
QoQ			3.02%	17.86%	(.44%)	(5.66%)	(11.70%)	5.98%	(5.36%)	6.66%	21.26%	(32.13%)	(4.29%)	14.26%	(2.00%)
YoY			14.78%	.06%	(11.82%)	(16.73%)	(4.42%)	28.54%	(9.57%)	(8.50%)	(.90%)	(24.16%)
Operating Income			(4,458,716$)	96,196$	(1,263,843$)	(2,108,232$)	(1,768,694$)	(1,155,504$)	(1,795,934$)	(10,027,306$)	(2,399,569$)	(18,880,739$)	(53,140$)	920,449$	(910,669$)	527,211$
QoQ%			(4,735.03%)	107.61%	40.05%	(19.20%)	(53.07%)	35.66%	82.09%	(317.88%)	87.29%	(35,430.18%)	(105.77%)	201.07%	(272.73%)
YoY%			(152.09%)	108.33%	29.63%	78.98%	26.29%	93.88%	(3,279.63%)	(1,189.39%)	(163.50%)	(3,681.25%)
TTM			(7,734,595$)	(5,044,573$)	(6,296,273$)	(6,828,364$)	(14,747,438$)	(15,378,313$)	(33,103,548$)	(31,360,754$)	(20,412,999$)	(18,924,099$)	483,851$
TTM_QoQ%			(53.33%)	19.88%	7.79%	53.70%	4.10%	53.55%	(5.56%)	(53.63%)	(7.87%)	(4,011.14%)
TTM_YoY%			47.55%	67.20%	80.98%	78.23%	27.76%	18.74%	(6,941.68%)
Operating Margin			(43.53%)	.65%	(2.71%)	(6.89%)	(25.70%)	(16.68%)	(27.90%)	(158.37%)	(53.87%)	(327.56%)	(.43%)	6.45%	(6.17%)	4.10%
QoQ			(44.18%)	3.36%	4.18%	18.81%	(9.02%)	11.22%	130.47%	(104.50%)	273.69%	(327.13%)	(6.88%)	12.62%	(10.27%)
YoY			(17.83%)	17.33%	25.19%	151.48%	28.17%	310.88%	(27.47%)	(164.82%)	(47.70%)	(331.66%)
Net Income			(4,655,699$)	(306,684$)	(872,245$)	(2,258,105$)	(1,898,776$)	(1,296,242$)	(3,903,595$)	(9,622,730$)	(2,164,224$)	(19,271,787$)	784,669$	(1,465,363$)	372,665$	742,815$
QoQ%			(1,418.08%)	64.84%	61.37%	(18.92%)	(46.48%)	66.79%	59.43%	(344.63%)	88.77%	(2,556.04%)	153.55%	(493.21%)	(49.83%)
YoY%			(145.20%)	76.34%	77.66%	76.53%	12.27%	93.27%	(597.48%)	(556.68%)	(680.74%)	(2,694.43%)
TTM			(8,092,733$)	(5,335,810$)	(6,325,368$)	(9,356,718$)	(16,721,343$)	(16,986,791$)	(34,962,336$)	(30,274,072$)	(22,116,705$)	(19,579,816$)	434,786$
TTM_QoQ%			(51.67%)	15.64%	32.40%	44.04%	1.56%	51.41%	(15.49%)	(36.88%)	(12.96%)	(4,603.32%)
TTM_YoY%			51.60%	68.59%	81.91%	69.09%	24.40%	13.24%	(8,141.28%)
Profit Margin			(45.45%)	(2.07%)	(1.87%)	(7.38%)	(27.59%)	(18.71%)	(60.64%)	(151.98%)	(48.59%)	(334.34%)	6.41%	(10.27%)	2.53%	5.77%
QoQ			(43.38%)	(.20%)	5.51%	20.21%	(8.87%)	41.93%	91.34%	(103.39%)	285.76%	(340.75%)	16.68%	(12.79%)	(3.25%)
YoY			(17.86%)	16.64%	58.77%	144.60%	21.00%	315.63%	(67.05%)	(141.71%)	(51.11%)	(340.12%)
Equity to Common Shareholders			(16,098,135$)	(11,407,976$)	(12,210,098$)	(11,779,570$)	(15,106,600$)	(15,874,405$)	(15,078,942$)	(10,937,624$)	(2,814,039$)	(585,238$)	(15,887,828$)	(16,301,345$)	(17,724,178$)	(15,243,727$)	(16,207,549$)
QoQ			(4,690,159$)	802,122$	(430,528$)	3,327,030$	767,805$	(795,463$)	(4,141,318$)	(8,123,585$)	(2,228,801$)	15,302,590$	413,517$	1,422,833$	(2,480,451$)	963,822$
QoQ%			(41.11%)	6.57%	(3.66%)	22.02%	4.84%	(5.28%)	(37.86%)	(288.68%)	(380.84%)	96.32%	2.54%	8.03%	(16.27%)	5.95%
YoY			(991,535$)	4,466,429$	2,868,844$	(841,946$)	(12,292,561$)	(15,289,167$)	808,886$	5,363,721$	14,910,139$	14,658,489$	319,721$
YoY%			(6.56%)	28.14%	19.03%	(7.70%)	(436.83%)	(2,612.47%)	5.09%	32.90%	84.12%	96.16%	1.97%
Dividends Paid
Additional Paid-In Capital QoQ			53,321$	1,042,513$	473,418$	5,570,685$	2,661,195$	499,438$	1$	1,325,632$	(37$)	34,777,087$
Treasury Stock			1,979,294$	1,979,294$	1,979,294$				1,979,294$		1,808,889$		1,808,889$
QoQ			0$	0$
Goodwill											7,380,885$	7,428,019$	7,584,779$				7,774,472$
QoQ%											(.64%)	(2.07%)
YoY%													(2.44%)
Other Intangible Assets
QoQ
Amortization of Intangible Assets
Total Assets			110,506,673$	106,193,906$	91,287,054$	58,663,000$	38,243,989$	38,591,425$	38,629,891$	43,045,571$	51,092,027$	54,692,062$	48,655,201$				61,478,228$
QoQ			4,312,767$	14,906,852$	32,624,054$	20,419,011$	(347,436$)	(38,466$)	(4,415,680$)	(8,046,456$)	(3,600,035$)	6,036,861$
YoY			72,262,684$	67,602,481$	52,657,163$	15,617,429$	(12,848,038$)	(16,100,637$)	(10,025,310$)				(12,823,027$)
Total Liabilities			126,604,808$	117,601,882$	103,497,152$	70,442,570$	53,350,589$	54,465,830$	53,708,833$	53,983,195$	53,906,066$	55,277,300$	64,543,029$				77,685,777$
QoQ			9,002,926$	14,104,730$	33,054,582$	17,091,981$	(1,115,241$)	756,997$	(274,362$)	77,129$	(1,371,234$)	(9,265,729$)
YoY			73,254,219$	63,136,052$	49,788,319$	16,459,375$	(555,477$)	(811,470$)	(10,834,196$)				(13,142,748$)
Current Ratio			.98x	.82x	.79x	.73x	.54x	.55x	.60x	.64x	.71x	.75x	.46x				.63x
Total Current Assets			48,312,427$	80,456,273$	75,349,113$	42,058,853$	21,541,998$	21,552,478$	20,949,859$	24,169,234$	24,696,533$	27,266,404$	19,921,585$				29,085,845$
QoQ			(32,143,846$)	5,107,160$	33,290,260$	20,516,855$	(10,480$)	602,619$	(3,219,375$)	(527,299$)	(2,569,871$)	7,344,819$
Total Current Liabilities			49,505,997$	98,018,140$	95,710,719$	57,500,890$	39,798,352$	39,020,362$	34,740,022$	37,720,021$	34,880,250$	36,393,429$	43,401,304$				46,512,666$
QoQ			(48,512,143$)	2,307,421$	38,209,829$	17,702,538$	777,990$	4,280,340$	(2,979,999$)	2,839,771$	(1,513,179$)	(7,007,875$)
Debt to Asset Ratio			1.15x	1.11x	1.13x	1.20x	1.40x	1.41x	1.39x	1.25x	1.06x	1.01x	1.33x				1.26x
Long Term Debt
QoQ
YoY
Capital Lease Obligations					1,712,329$	2,120,365$	2,513,863$	2,901,517$	3,283,414$	3,655,492$
Cash and Cash Equivalents			2,158,233$	4,307,362$	7,966,797$	5,720,283$	1,915,639$	596,251$	786,333$	871,415$	1,359,990$	4,929,781$	2,539,312$	3,290,808$	2,909,260$	7,966,192$	3,821,952$
QoQ			(2,149,129$)	(3,659,435$)	2,246,514$	3,804,644$	1,319,388$	(190,082$)	(85,082$)	(488,575$)	(3,569,791$)	2,390,469$	(751,496$)	381,548$	(5,056,932$)	4,144,240$
YoY			242,594$	3,711,111$	7,180,464$	4,848,868$	555,649$	(4,333,530$)	(1,752,979$)	(2,419,393$)	(1,549,270$)	(3,036,411$)	(1,282,640$)
Interest Expenses			248,922$	298,065$	278,315$	355,850$	362,637$	369,403$	397,042$	399,461$	384,866$	384,363$
Interest Income

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