SolarMax Technology (SMXT)
Market Price (5/4/2026): $0.6264 | Market Cap: $34.2 MilSector: Information Technology | Industry: Semiconductors
SolarMax Technology (SMXT)
Market Price (5/4/2026): $0.6264Market Cap: $34.2 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 296% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable & Green Buildings. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -170% | Penny stockMkt Price is 0.6 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 69x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% High stock price volatilityVol 12M is 110% Key risksSMXT key risks include [1] significant financial instability and a stockholders' equity deficit, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 296% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable & Green Buildings. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -170% |
| Penny stockMkt Price is 0.6 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 69x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| High stock price volatilityVol 12M is 110% |
| Key risksSMXT key risks include [1] significant financial instability and a stockholders' equity deficit, Show more. |
Qualitative Assessment
AI Analysis | Feedback
SolarMax Technology (SMXT) stock has lost about 35% since 1/31/2026 because of the following key factors:
1. Auditor's "Going Concern" Warning Raised Significant Financial Doubts.
SolarMax Technology's independent auditor issued an explanatory paragraph in their report on the fiscal year ended December 31, 2025, highlighting "substantial doubt about SolarMax's ability to continue as a going concern." This concern stemmed from a reported significant working capital deficiency of $20.4 million and continued historical losses, necessitating the company to raise additional funds.
2. Non-Compliance with Nasdaq's Minimum Bid Price Requirement Led to Delisting Risk.
On March 3, 2026, SolarMax Technology received a notice from Nasdaq stating that its common stock no longer met the exchange's continued listing requirement of a minimum bid price of $1.00 per share. The company has a 180-calendar-day period, until August 31, 2026, to regain compliance, otherwise, it faces potential delisting. This news introduced considerable uncertainty regarding the stock's future on the exchange.
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1. Auditor's "Going Concern" Warning Raised Significant Financial Doubts.
SolarMax Technology's independent auditor issued an explanatory paragraph in their report on the fiscal year ended December 31, 2025, highlighting "substantial doubt about SolarMax's ability to continue as a going concern." This concern stemmed from a reported significant working capital deficiency of $20.4 million and continued historical losses, necessitating the company to raise additional funds.
2. Non-Compliance with Nasdaq's Minimum Bid Price Requirement Led to Delisting Risk.
On March 3, 2026, SolarMax Technology received a notice from Nasdaq stating that its common stock no longer met the exchange's continued listing requirement of a minimum bid price of $1.00 per share. The company has a 180-calendar-day period, until August 31, 2026, to regain compliance, otherwise, it faces potential delisting. This news introduced considerable uncertainty regarding the stock's future on the exchange.
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Stock Movement Drivers
Fundamental Drivers
The -32.5% change in SMXT stock from 1/31/2026 to 5/3/2026 was primarily driven by a -61.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.93 | 0.63 | -32.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 91 | 78.9% |
| P/S Multiple | 1.0 | 0.4 | -61.0% |
| Shares Outstanding (Mil) | 53 | 55 | -3.3% |
| Cumulative Contribution | -32.5% |
Market Drivers
1/31/2026 to 5/3/2026| Return | Correlation | |
|---|---|---|
| SMXT | -32.5% | |
| Market (SPY) | 3.6% | 25.4% |
| Sector (XLK) | 12.6% | 36.9% |
Fundamental Drivers
The -37.0% change in SMXT stock from 10/31/2025 to 5/3/2026 was primarily driven by a -78.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.99 | 0.63 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 91 | 242.3% |
| P/S Multiple | 1.7 | 0.4 | -78.1% |
| Shares Outstanding (Mil) | 46 | 55 | -16.0% |
| Cumulative Contribution | -37.0% |
Market Drivers
10/31/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| SMXT | -37.0% | |
| Market (SPY) | 5.5% | 21.6% |
| Sector (XLK) | 8.0% | 27.0% |
Fundamental Drivers
The -46.9% change in SMXT stock from 4/30/2025 to 5/3/2026 was primarily driven by a -84.0% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.18 | 0.63 | -46.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23 | 91 | 295.8% |
| P/S Multiple | 2.3 | 0.4 | -84.0% |
| Shares Outstanding (Mil) | 46 | 55 | -16.1% |
| Cumulative Contribution | -46.9% |
Market Drivers
4/30/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| SMXT | -46.9% | |
| Market (SPY) | 30.4% | 11.1% |
| Sector (XLK) | 55.1% | 13.0% |
Fundamental Drivers
nullnull
Market Drivers
4/30/2023 to 5/3/2026| Return | Correlation | |
|---|---|---|
| SMXT | ||
| Market (SPY) | 78.7% | 10.9% |
| Sector (XLK) | 119.1% | 10.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SMXT Return | - | - | - | -80% | -49% | -26% | -92% |
| Peers Return | -14% | 9% | -4% | -33% | 23% | -27% | -46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| SMXT Win Rate | - | - | - | 45% | 25% | 25% | |
| Peers Win Rate | 46% | 52% | 44% | 42% | 47% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SMXT Max Drawdown | - | - | - | -92% | -54% | -40% | |
| Peers Max Drawdown | -34% | -48% | -39% | -43% | -46% | -32% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RUN, SPWR, FLNC, FSLR, ENPH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | SMXT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.7% | -18.8% |
| % Gain to Breakeven | 20.1% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
In The Past
SolarMax Technology's stock fell -16.7% during the 2025 US Tariff Shock. Such a loss loss requires a 20.1% gain to breakeven.
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In The Past
SolarMax Technology's stock fell -16.7% during the 2025 US Tariff Shock. Such a loss loss requires a 20.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SolarMax Technology (SMXT)
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.
AI Analysis | Feedback
Here are a few brief analogies for SolarMax Technology (SMXT):
- Like Sunrun for residential and commercial solar and battery installations, plus commercial LED lighting.
- Essentially, a regional Sunrun (for solar and battery systems) that also provides commercial LED retrofitting services.
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- Residential & Commercial Solar PV Systems: Selling and installing integrated photovoltaic systems for residential and commercial customers in the United States.
- Battery Backup Systems: Selling and installing backup battery systems for residential and commercial customers in the United States.
- LED Lighting Sales & Retrofitting: Providing exterior and interior LED lighting products and retrofitting services for governmental and commercial applications.
- Solar Project Financing Services: Providing secured loans to purchasers of photovoltaic systems and servicing installment sales by customers in the United States.
- Renewable Energy Project Ownership & Management: Owning and funding renewable energy projects in the United States, generating revenue from operating leases and power purchase agreements.
- China Solar Farm Project Development & Resale: Identifying and procuring solar farm system projects for resale to third-party developers in China, typically by selling equity in project subsidiaries.
- China Solar Farm EPC Services: Providing engineering, procuring, and construction services for solar farms and photovoltaic systems in China.
- China Solar Farm Operations & Maintenance: Operating and maintaining solar farm projects in China following the completion of EPC work.
AI Analysis | Feedback
SolarMax Technology (SMXT) serves a diverse customer base primarily within its United States operations. The company does not list specific major customer companies by name, but rather describes categories of customers it serves.
Its major customer categories are:
- Residential Customers: Individuals purchasing and installing integrated photovoltaic (solar) systems and backup battery systems for their homes.
- Commercial Customers: Businesses and organizations that purchase and install photovoltaic (solar) systems, backup battery systems, acquire LED lighting solutions, and engage in operating leases or power purchase agreements for renewable energy projects.
- Governmental Customers: Government entities and agencies that utilize SolarMax Technology's services for exterior and interior LED lighting sales and retrofitting.
While the company historically had operations in China focused on selling solar farm projects to third-party developers and providing EPC services to those buyers (which would be "other companies"), the provided background states that the China segment generated nominal revenue in 2021, and no revenue in 2022, 2023, and 2024 through the date of the prospectus. As such, the company's current primary customer base is described by the categories above in the United States.
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David Hsu, Chief Executive Officer and Chairman
Mr. David Bingwen Hsu is a co-founder of SolarMax Technology, Inc. and has served as its Chief Executive Officer and Director since February 2008, also holding the position of Chairman. He is recognized as a widely-respected entrepreneur.
Stephen P. Brown, Chief Financial Officer and Secretary
Mr. Stephen P. Brown has served as the Chief Financial Officer and Secretary of SolarMax Technology, Inc. since May 2017. He possesses 20 years of experience in sales, international business development, and management within the automotive and energy industries. Mr. Brown's past roles include serving as CFO of STAAR Surgical, Hoya Surgical Optics, and Advanced Sterilization Products, a division of Johnson & Johnson, gaining experience in financial divisions in both public and private companies.
Ching Liu, Executive Vice President, Chief Strategy Officer, Director, and Treasurer
Ms. Ching Liu co-founded SolarMax Technology, Inc. in 2008. She currently holds the titles of Executive Vice President, Chief Strategy Officer, Director, and Treasurer.
Dee R. Balch, Senior Vice President and Chief Accounting Officer
Ms. Dee R. Balch serves as the Senior Vice President and Chief Accounting Officer for SolarMax Technology, Inc.
Bin Lu, Head of China Segment
Mr. Bin Lu is the Head of the China Segment for SolarMax Technology, Inc.
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Key Risks to the Business of SolarMax Technology (SMXT)
- Inability to Generate Revenue from China Operations: SolarMax Technology has not generated any revenue from its China segment in 2022, 2023, and 2024 through the date of the prospectus, and as of the prospectus date, it does not have any contracts that will generate revenue from this segment. This indicates a complete cessation of revenue generation from a business segment that involved significant acquisitions and was intended for solar farm project development and EPC services, representing a substantial operational and financial setback for that part of the business.
- Suspension of Lending Activities in the United States Due to Capital Constraints: Since early 2020, SolarMax Technology has suspended making loans to its solar customers in the United States due to a lack of capital to support such operations. The company's finance revenue now solely relates to its existing financing portfolio. This suspension of lending significantly hinders the company's ability to facilitate new sales of photovoltaic systems to residential and commercial customers in its primary market, potentially impacting growth and competitiveness.
- Reliance on Legacy Revenue Streams for Financing and Renewable Energy Projects: A portion of SolarMax Technology's revenue is derived from its existing financing portfolio for solar customers and from renewable energy projects in the United States based on leases entered into prior to 2015. This suggests that certain revenue streams are not actively being replenished with new financing activities or new project leases, indicating a potential long-term stagnation or decline in these specific business areas if new initiatives are not undertaken.
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SolarMax Technology (SMXT) operates in several key addressable markets within the United States, including residential and commercial solar photovoltaic (PV) systems, battery backup systems, and LED lighting sales and retrofitting services for governmental and commercial applications. The addressable markets for SolarMax Technology's main products and services in the U.S. are as follows:- U.S. Residential Solar PV Market: This market was estimated at USD 7.45 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2030, reaching an estimated USD 17.68 billion by 2030.
- U.S. Commercial Solar PV Market: In 2025, the commercial solar segment saw 2,345 MWdc of new capacity installed, marking a 6% increase from 2024 and setting a new annual record.
- U.S. Battery Energy Storage System Market (Residential and Commercial): The overall U.S. battery energy storage system market, which includes both residential and commercial applications, was valued at USD 3.62 billion in 2025. This market is anticipated to grow significantly, reaching approximately USD 36.47 billion by 2035, exhibiting a CAGR of 25.99% from 2026 to 2035.
- U.S. LED Lighting Retrofit Market (Governmental and Commercial): Focusing on retrofit projects for commercial and governmental applications, the U.S. LED retrofit market was valued at USD 985.7 million in 2024. The broader U.S. LED lighting market, which includes retrofits, generated a revenue of USD 18,089.4 million in 2025 and is expected to reach USD 31,545.1 million by 2033, growing at a CAGR of 7.3% from 2026 to 2033. Retrofit installations constituted a significant portion, accounting for 78.65% of the U.S. LED lighting market size in 2025.
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SolarMax Technology (SMXT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives in its United States operations:
- Growth in large-scale commercial and utility-scale solar and battery storage EPC projects: SolarMax Technology has strategically shifted towards securing significant Engineering, Procurement, and Construction (EPC) contracts for large-scale commercial and utility-scale battery storage projects in the United States. This is evidenced by a $127.3 million EPC contract for a 430-megawatt hour battery storage project in Texas, anticipated to substantially boost revenue by June 2026. Further contracts include a $258.1 million EPC contract for a 600 MWh battery storage project in Texas and $158 million in EPC contracts for 400 MWh battery storage projects in Puerto Rico. The company is actively developing its pipeline for commercial and industrial solar and battery system projects.
- Expansion of residential solar installations in the United States: Despite challenges in the residential solar market due to policy changes like California's NEM 3.0, SolarMax Technology continues to focus on expanding its residential solar operations within the U.S. The company is seeing "meaningful traction through its dealer network" and exploring new financing options to appeal to residential customers amidst higher interest rates.
- Increased sales and retrofitting services for LED lighting in the United States: SolarMax Technology's investor relations information and strategic initiatives indicate a continued focus on scaling its LED lighting solutions in the US, encompassing both sales and retrofitting services for governmental and commercial applications.
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Share Issuance
- SolarMax Technology completed its initial public offering (IPO) in March 2024, generating approximately $18.6 million in net proceeds.
- The IPO involved the issuance of 4,500,000 shares of common stock at a price of $4.00 per share, with trading commencing on Nasdaq on February 27, 2024.
- In March 2025, the company issued an additional 561,798 shares of common stock to an accredited investor, raising $500,000 to support working capital.
Inbound Investments
- The company received approximately $18.6 million in net proceeds from its initial public offering in March 2024.
- An investment of $500,000 was made in March 2025 through the issuance of 561,798 shares of common stock to an accredited investor, intended for working capital.
Capital Expenditures
- SolarMax Technology reported $0 in capital expenditures for Q3 2024.
- For the full year 2024, the company's capital expenditures were $0.
- Capital expenditures amounted to $0.03 million in 2023.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SolarMax Technology Earnings Notes | 12/16/2025 | |
| With SolarMax Technology Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to SMXT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.62 |
| Mkt Cap | 2.3 |
| Rev LTM | 1,976 |
| Op Inc LTM | -17 |
| FCF LTM | -7 |
| FCF 3Y Avg | -23 |
| CFO LTM | -7 |
| CFO 3Y Avg | -22 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 36.2% |
| Rev Chg 3Y Avg | 24.7% |
| Rev Chg Q | 73.6% |
| QoQ Delta Rev Chg LTM | 8.3% |
| Op Inc Chg LTM | 43.0% |
| Op Inc Chg 3Y Avg | -42.3% |
| Op Mgn LTM | -3.2% |
| Op Mgn 3Y Avg | -12.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | -2.3% |
| CFO/Rev 3Y Avg | -7.3% |
| FCF/Rev LTM | -2.3% |
| FCF/Rev 3Y Avg | -7.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.3 |
| P/S | 0.8 |
| P/Op Inc | -4.5 |
| P/EBIT | -5.5 |
| P/E | 2.3 |
| P/CFO | 1.6 |
| Total Yield | -0.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -4.8% |
| D/E | 0.5 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.8% |
| 3M Rtn | -31.9% |
| 6M Rtn | -37.0% |
| 12M Rtn | 18.2% |
| 3Y Rtn | -34.9% |
| 1M Excs Rtn | -19.6% |
| 3M Excs Rtn | -36.1% |
| 6M Excs Rtn | -41.8% |
| 12M Excs Rtn | -7.7% |
| 3Y Excs Rtn | -116.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Sales on non-installment basis | 50 | 40 | 27 | 26 |
| Light-emitting diode (LED) projects | 3 | 3 | 1 | 5 |
| Financing related | 1 | 1 | 1 | 2 |
| Operating lease revenues | 0 | 0 | 0 | 0 |
| Power purchase agreement revenues | 0 | 0 | 0 | 0 |
| Third-party leasing arrangements | 0 | 0 | 0 | 1 |
| Revenue of People's Republic of China (PRC) Segment | 8 | |||
| Sales on installment basis | 0 | 2 | ||
| Power purchase agreements and other | 2 | |||
| Solar farm projects | 94 | |||
| Total | 54 | 45 | 38 | 132 |
Price Behavior
Price Behavior
| Market Price | $0.63 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/27/2024 | |
| Distance from 52W High | -62.3% | |
| 50 Days | 200 Days | |
| DMA Price | $0.67 | $0.90 |
| DMA Trend | down | down |
| Distance from DMA | -6.2% | -30.4% |
| 3M | 1YR | |
| Volatility | 81.5% | 110.5% |
| Downside Capture | 1.38 | 0.78 |
| Upside Capture | 20.86 | 27.79 |
| Correlation (SPY) | 23.8% | 10.9% |
SMXT Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.34 | 0.72 | 1.35 | 1.46 | 0.97 | 0.30 |
| Up Beta | 0.62 | 0.18 | 0.61 | -0.11 | 0.56 | 0.69 |
| Down Beta | 32.46 | 3.74 | 2.60 | 3.00 | 2.22 | 0.39 |
| Up Capture | -128% | -28% | 19% | 73% | 26% | 12% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 21 | 28 | 60 | 110 | 240 |
| Down Capture | -855% | 82% | 221% | 184% | 131% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 22 | 36 | 65 | 120 | 270 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMXT | |
|---|---|---|---|---|
| SMXT | -48.4% | 110.0% | -0.18 | - |
| Sector ETF (XLK) | 55.3% | 20.5% | 2.04 | 13.1% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 11.3% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | 0.0% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -6.1% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 9.0% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 15.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMXT | |
|---|---|---|---|---|
| SMXT | -40.3% | 135.5% | -0.26 | - |
| Sector ETF (XLK) | 18.6% | 24.8% | 0.67 | 10.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 10.9% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 2.6% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | -0.5% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 6.9% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 5.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMXT | |
|---|---|---|---|---|
| SMXT | -22.7% | 135.5% | -0.26 | - |
| Sector ETF (XLK) | 23.6% | 24.4% | 0.88 | 10.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 10.9% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 2.6% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | -0.5% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 6.9% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 5.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/7/2026 | -11.5% | -14.6% | |
| 11/17/2025 | 1.5% | -4.2% | -16.4% |
| 8/15/2025 | 6.9% | 19.6% | 4.9% |
| 4/1/2025 | -1.7% | -10.1% | 0.0% |
| 11/18/2024 | 4.2% | 15.8% | 29.5% |
| 8/15/2024 | 9.0% | -5.6% | -70.8% |
| 4/18/2024 | -14.9% | 10.6% | 64.7% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 4 |
| # Negative | 3 | 4 | 2 |
| Median Positive | 5.5% | 15.8% | 17.2% |
| Median Negative | -11.5% | -7.8% | -43.6% |
| Max Positive | 9.0% | 19.6% | 64.7% |
| Max Negative | -14.9% | -14.6% | -70.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 04/06/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/16/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 02/28/2024 | 424B4 |
| 06/30/2023 | 09/11/2023 | S-1/A |
| 03/31/2023 | 08/07/2023 | S-1/A |
| 09/30/2022 | 01/20/2023 | S-1/A |
| 06/30/2022 | 10/28/2022 | S-1/A |
| 03/31/2022 | 08/12/2022 | S-1/A |
| 09/30/2019 | 12/04/2019 | S-1/A |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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