SolarMax Technology (SMXT)
Market Price (3/1/2026): $0.7095 | Market Cap: $37.4 MilSector: Information Technology | Industry: Semiconductors
SolarMax Technology (SMXT)
Market Price (3/1/2026): $0.7095Market Cap: $37.4 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 77% | Weak multi-year price returns2Y Excs Rtn is -126%, 3Y Excs Rtn is -163% | Penny stockMkt Price is 0.7 |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% | |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable & Green Buildings. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | 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 -29% | |
| High stock price volatilityVol 12M is 109% | ||
| 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 77% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% |
| 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 -126%, 3Y Excs Rtn is -163% |
| Penny stockMkt Price is 0.7 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| 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 -29% |
| High stock price volatilityVol 12M is 109% |
| 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 25% since 11/30/2025 because of the following key factors:
1. Continued Negative Earnings and Profitability Concerns. Despite reporting improved net loss in its Q3 2025 financial results (reported November 17, 2025) of $2.3 million, or $0.04 per share, SolarMax Technology continues to operate with negative earnings. The company's P/E ratio of -3.74 indicates ongoing losses, and earnings have declined by 46% per year over the past five years, reflecting persistent profitability challenges.
2. Lack of Strong Analyst Confidence and Coverage. SolarMax Technology has received a consensus "Sell" rating, based on the single research report available in the past 90 days. The absence of broader analyst coverage and insufficient data to forecast future growth and revenue contribute to market uncertainty and likely deters investor confidence.
Show more
1. Continued Negative Earnings and Profitability Concerns. Despite reporting improved net loss in its Q3 2025 financial results (reported November 17, 2025) of $2.3 million, or $0.04 per share, SolarMax Technology continues to operate with negative earnings. The company's P/E ratio of -3.74 indicates ongoing losses, and earnings have declined by 46% per year over the past five years, reflecting persistent profitability challenges.
2. Lack of Strong Analyst Confidence and Coverage. SolarMax Technology has received a consensus "Sell" rating, based on the single research report available in the past 90 days. The absence of broader analyst coverage and insufficient data to forecast future growth and revenue contribute to market uncertainty and likely deters investor confidence.
Show more
Stock Movement Drivers
Fundamental Drivers
The -23.0% change in SMXT stock from 11/30/2025 to 2/28/2026 was primarily driven by a -23.0% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.92 | 0.71 | -23.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 51 | 0.0% |
| P/S Multiple | 1.0 | 0.7 | -23.0% |
| Shares Outstanding (Mil) | 53 | 53 | 0.0% |
| Cumulative Contribution | -23.0% |
Market Drivers
11/30/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| SMXT | -23.0% | |
| Market (SPY) | 0.4% | 27.2% |
| Sector (XLK) | -3.0% | 28.2% |
Fundamental Drivers
The -39.7% change in SMXT stock from 8/31/2025 to 2/28/2026 was primarily driven by a -63.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.18 | 0.71 | -39.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 51 | 91.3% |
| P/S Multiple | 2.0 | 0.7 | -63.8% |
| Shares Outstanding (Mil) | 46 | 53 | -13.1% |
| Cumulative Contribution | -39.7% |
Market Drivers
8/31/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| SMXT | -39.7% | |
| Market (SPY) | 6.6% | 30.5% |
| Sector (XLK) | 5.9% | 28.9% |
Fundamental Drivers
The -38.7% change in SMXT stock from 2/28/2025 to 2/28/2026 was primarily driven by a -59.5% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.16 | 0.71 | -38.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 51 | 76.6% |
| P/S Multiple | 1.8 | 0.7 | -59.5% |
| Shares Outstanding (Mil) | 45 | 53 | -14.3% |
| Cumulative Contribution | -38.7% |
Market Drivers
2/28/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| SMXT | -38.7% | |
| Market (SPY) | 16.5% | 15.0% |
| Sector (XLK) | 23.6% | 15.6% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2023 to 2/28/2026| Return | Correlation | |
|---|---|---|
| SMXT | ||
| Market (SPY) | 79.6% | 10.8% |
| Sector (XLK) | 107.4% | 10.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SMXT Return | - | - | - | -80% | -49% | -14% | -91% |
| Peers Return | -14% | 9% | -4% | -33% | 23% | 0% | -26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| SMXT Win Rate | - | - | - | 45% | 25% | 50% | |
| Peers Win Rate | 46% | 52% | 44% | 42% | 47% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SMXT Max Drawdown | - | - | - | -92% | -54% | -24% | |
| Peers Max Drawdown | -34% | -48% | -39% | -43% | -46% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/27/2026 (YTD)
How Low Can It Go
SMXT has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.0% | -25.4% |
| % Gain to Breakeven | 51.6% | 34.1% |
| Time to Breakeven | 278 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.5% | -33.9% |
| % Gain to Breakeven | 46.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.1% | -19.8% |
| % Gain to Breakeven | 31.8% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.6% | -56.8% |
| % Gain to Breakeven | 115.3% | 131.3% |
| Time to Breakeven | 1,183 days | 1,480 days |
Compare to RUN, SPWR, FLNC, FSLR, ENPH
In The Past
SPDR Select Sector Fund's stock fell -34.0% during the 2022 Inflation Shock from a high on 12/27/2021. A -34.0% loss requires a 51.6% 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 1-2 brief analogies for SolarMax Technology (SMXT):
- Like SunPower, but also developing utility-scale solar farms.
- Like Tesla's solar division, but also building large utility-scale solar farms.
AI Analysis | Feedback
- Solar Photovoltaic (PV) System Design and Installation: Provides end-to-end services for designing and installing solar power systems for residential, commercial, and industrial clients.
- Solar System Maintenance and Monitoring: Offers ongoing services to ensure optimal performance and longevity of installed solar energy systems.
- Solar Project Development: Engages in the planning and execution of large-scale solar energy projects, often for commercial or utility clients.
- Solar Financing Solutions: Provides various financing options, including leases, power purchase agreements (PPAs), and loans, to make solar energy more accessible.
AI Analysis | Feedback
SolarMax Technology (SMXT) Major Customers
Based on SolarMax Technology's latest financial filings (most recent 10-K), the company does not have any single customer that accounts for 10% or more of its total revenues. This indicates a diversified customer base rather than a reliance on a few major named entities.
SolarMax Technology serves a variety of customers across different segments, primarily falling into the following categories:
- Residential Consumers: Individual homeowners who purchase and install solar energy systems for their residences. This represents a significant portion of their business-to-consumer (B2C) operations, particularly for rooftop solar installations.
- Commercial Businesses: A diverse group of businesses and organizations that acquire and install solar energy systems for their commercial properties, as well as those seeking electric vehicle (EV) charging solutions for their facilities or fleets. These are business-to-business (B2B) customers.
- Utility-Scale Project Developers & Public Sector Entities: This category includes developers and operators of larger-scale solar farm projects, as well as potentially municipalities or large institutional clients seeking EV charging infrastructure solutions. These are primarily business-to-business (B2B) relationships focused on larger infrastructure and energy projects.
AI Analysis | Feedback
nullAI Analysis | Feedback
David Bingwen Hsu, Chairman and Chief Executive Officer
David Bingwen Hsu co-founded SolarMax Technology in 2008. He has over 20 years of experience in sales, international business development, and management within the automotive and energy industries. Mr. Hsu has been instrumental in leading teams to develop, manage, and arrange financing for significant solar projects overseas, overseeing the construction of more than 400 megawatts of solar capacity.
Stephen P. Brown, Chief Financial Officer and Secretary
Stephen P. Brown was appointed Chief Financial Officer of SolarMax Technology in May 2017. He possesses over 30 years of experience leading financial divisions in both public and private companies. Prior to joining SolarMax, Mr. Brown served as the Chief Financial Officer for STAAR Surgical, Hoya Surgical Optics, and the Advanced Sterilization Products division of Johnson & Johnson. He also founded Degree Baby Products, a privately held company that was subsequently sold to Johnson & Johnson after six years of operation.
Ching Liu, Executive Vice President, Chief Strategy Officer, Director, and Treasurer
Ching Liu is a co-founder of SolarMax Technology, which was established in 2008. She brings over 20 years of experience in global private equity investments and is recognized as an expert in asset-based financing and asset management for both private investors and institutions. Before co-founding SolarMax, Ms. Liu held several key positions in the financial sector, including Vice-President of Wealth Management at Merrill Lynch, Pierce Fenner & Smith, Vice President of Premier Banking at Wells Fargo, and a Retail Branch Manager at Bank of America.
AI Analysis | Feedback
Here are the key risks to SolarMax Technology (SMXT):Key Risks to SolarMax Technology (SMXT)
- Liquidity Constraints and Financial Instability: SolarMax Technology faces significant financial challenges, including negative operating cash flow, a stockholders' equity deficit, and a reliance on equity financing. The company's financial sustainability is a critical concern, with reports indicating a negative operating cash flow and a substantial stockholders' equity deficit. This financial fragility raises concerns about potential dilution for investors and the company's ability to maintain sufficient liquidity.
- Nasdaq Delisting Risk: The company has received multiple notifications from The Nasdaq Stock Market regarding its non-compliance with listing standards. Specifically, SolarMax Technology has failed to meet the minimum market value requirement and the minimum bid price per share requirement. Failure to regain compliance within the allotted periods could lead to the delisting of its securities from the Nasdaq Global Market.
- Project Execution and Policy Shift Risks: SolarMax Technology's strategic shift towards utility-scale projects, such as a large battery storage project in Texas, carries substantial execution risks related to timely completion and profitability. Furthermore, the company is vulnerable to changes in governmental policies and incentives within the renewable energy sector, such as the termination of federal residential solar tax credits, which could disrupt its revenue streams.
AI Analysis | Feedback
California's Net Energy Metering (NEM) 3.0 policy change, effective April 2023. This regulatory shift significantly reduces the financial benefits for new residential solar customers exporting excess power to the grid. For SolarMax Technology, which heavily operates in the California residential solar market, this policy directly impacts the economic viability of standalone solar installations, requiring a fundamental shift towards solar-plus-storage solutions and altering customer acquisition strategies and profitability.
AI Analysis | Feedback
SolarMax Technology (SMXT) operates in several key markets within the renewable energy sector, primarily focusing on the United States for its solar, energy storage, and EV charging solutions, and North America for its LED lighting products and services. The addressable markets for their main offerings are as follows:
U.S. Solar Energy Market
- The U.S. solar PV market size was estimated at USD 29.68 billion in 2022 and is projected to grow to USD 96.6 billion by 2030, with a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030.
- Another estimate places the U.S. solar power market size at USD 53.45 billion in 2024, expected to reach USD 123.86 billion by 2032, growing at a CAGR of 11.19% from 2025 to 2032.
- In terms of installed capacity, the United States solar power market was valued at 177 GW in 2024 and is estimated to reach 657.62 GW by 2033, exhibiting a CAGR of 14.2% from 2025 to 2033.
- The U.S. solar energy market, in terms of installed base, is expected to grow from 203.85 GW in 2025 to 412 GW by 2030, at a CAGR of 15.11%.
U.S. Energy Storage Market
- The U.S. battery energy storage system market size was estimated at USD 711.9 million in 2023 and is expected to grow at a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030.
- More broadly, the U.S. energy storage market is projected to reach USD 138.6 billion in 2025 and is expected to grow rapidly to USD 1,371.6 billion by 2034, registering a strong CAGR of 29.0%.
- Another report states the U.S. energy storage market was estimated at USD 106.7 billion in 2024 and is expected to reach USD 1.49 trillion by 2034, growing at a CAGR of 29.1% from 2025 to 2034.
- In terms of installed base, the United States energy storage market is expected to grow from 49.52 gigawatts in 2025 to 131.75 gigawatts by 2030, at a CAGR of 21.62%.
U.S. Electric Vehicle (EV) Charging Market
- The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024 and is projected to grow at a CAGR of 30.3% from 2025 to 2030, reaching USD 24.07 billion by 2030.
- Another assessment values the U.S. Electric Vehicle EV Charging Infrastructure market at USD 15.67 billion in 2024, projected to grow to USD 45.23 billion by 2035.
- The U.S. EV charging market was valued at USD 5.48 billion in 2024 and is projected to reach USD 56.73 billion by 2034, growing at a CAGR of 26.1%.
- The number of EV charge points in the U.S. is forecast to rise from about 4 million currently to 35 million in 2030.
U.S. LED Lighting Market
- The U.S. LED lighting market is projected to grow from USD 19.1 billion in 2024 to USD 61.4 billion by 2035, reflecting a CAGR of 11.2% from 2025 to 2035.
- Other estimates place the U.S. LED lighting market revenue at USD 15,051.4 million in 2024, expected to reach USD 21,796.8 million by 2030 with a CAGR of 6.9% from 2025 to 2030.
- Another report states the U.S. LED lighting market size at USD 19.22 billion in 2025, forecast to reach USD 23.53 billion by 2030, reflecting a 5.06% CAGR.
- The U.S. LED lighting market size was valued at USD 9.3 billion in 2025 and is estimated to reach USD 12.7 billion by 2034, exhibiting a CAGR of 3.49% from 2026 to 2034.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for SolarMax Technology (SMXT) over the next 2-3 years:
- Expansion into Large-Scale Commercial and Industrial (C&I) Solar Projects and Utility-Scale Battery Storage: SolarMax Technology is strategically shifting its focus towards large-scale commercial and industrial solar projects and utility-scale battery storage solutions. CEO David Hsu has highlighted this strategic pivot as a significant growth opportunity for the company as it evolves into a diversified solar solutions provider.
- Execution of the $127.3 Million EPC Battery Storage Project in Texas: A major driver of revenue growth is the recently announced $127.3 million Engineering, Procurement, and Construction (EPC) contract for a 430-MWh battery storage project in Texas. This substantial project is scheduled for completion in June 2026 and is expected to contribute significantly to the company's revenue in the coming quarters.
- Broader U.S. Residential Solar Market Expansion: Despite facing headwinds in the California residential market due to regulatory changes (NEM 3.0), SolarMax Technology is focusing on expanding its residential solar operations across the broader United States. The company aims to capitalize on the overall projected growth of the U.S. solar market.
- Leveraging the Growing U.S. Solar Market: The U.S. solar market is projected for substantial growth, with an estimated compound annual growth rate (CAGR) of 17% through 2025 and a market value expected to reach $125 billion by 2030. SolarMax Technology intends to capitalize on this expanding market by utilizing its experience in developing and managing solar projects, advanced technology, and a customer-centric approach, supported by an active pipeline of opportunities in large-scale renewable energy projects.
AI Analysis | Feedback
Share Issuance
- SolarMax Technology completed an initial public offering (IPO) in February 2024, raising $18 million by offering 4.5 million shares at $4.00 per share.
- In June and July 2025, the company approved the issuance of 5,712,402 shares of common stock to five investors, which generated $4,380,000 for working capital.
- The number of outstanding shares increased by 9.47% within one year.
Outbound Investments
- SolarMax Technology holds 30% stakes in three solar power companies in China, which were project subsidiaries performing EPC services, with a book value of $9.2 million as of March 2024.
- In August 2025, the company purchased an 8% interest in Longfellow BESS I LLC, related to a $127.3 million EPC contract for a large battery storage project in Texas.
- In 2024, $7 million from the IPO proceeds was invested into 8% promissory notes of a Hong Kong-based company named Webao.
Capital Expenditures
- Capital expenditures were reported as approximately $0.03 million in fiscal year 2023 and $0.08 million in fiscal year 2022.
- Amortization and depreciation costs in August 2025 were noted as indicative of heavy capital expenditure.
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 |
|---|---|---|---|---|---|---|---|
| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | 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 | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.39 |
| Mkt Cap | 2.6 |
| Rev LTM | 1,895 |
| Op Inc LTM | -17 |
| FCF LTM | -19 |
| FCF 3Y Avg | -88 |
| CFO LTM | -19 |
| CFO 3Y Avg | -24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.5% |
| Rev Chg 3Y Avg | 24.3% |
| Rev Chg Q | 117.0% |
| QoQ Delta Rev Chg LTM | 14.5% |
| Op Mgn LTM | -5.4% |
| Op Mgn 3Y Avg | -14.6% |
| QoQ Delta Op Mgn LTM | 3.7% |
| CFO/Rev LTM | -1.5% |
| CFO/Rev 3Y Avg | -3.0% |
| FCF/Rev LTM | -2.1% |
| FCF/Rev 3Y Avg | -5.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.6 |
| P/S | 1.1 |
| P/EBIT | 0.7 |
| P/E | 2.9 |
| P/CFO | 5.1 |
| Total Yield | 0.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -3.4% |
| D/E | 0.5 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -23.5% |
| 3M Rtn | -23.9% |
| 6M Rtn | -6.4% |
| 12M Rtn | 12.3% |
| 3Y Rtn | -32.8% |
| 1M Excs Rtn | -27.2% |
| 3M Excs Rtn | -24.6% |
| 6M Excs Rtn | -11.5% |
| 12M Excs Rtn | -12.7% |
| 3Y Excs Rtn | -105.0% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 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 | $0.71 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/27/2024 | |
| Distance from 52W High | -57.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.81 | $1.00 |
| DMA Trend | down | down |
| Distance from DMA | -12.1% | -28.9% |
| 3M | 1YR | |
| Volatility | 104.1% | 109.2% |
| Downside Capture | 383.33 | 136.89 |
| Upside Capture | 208.44 | 65.46 |
| Correlation (SPY) | 27.1% | 14.8% |
SMXT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.24 | 3.05 | 2.65 | 2.06 | 0.83 | -0.56 |
| Up Beta | 3.37 | -0.64 | 0.13 | 0.55 | 0.67 | -0.55 |
| Down Beta | 1.26 | 2.99 | 3.34 | 2.20 | 1.04 | 0.17 |
| Up Capture | 189% | 425% | 227% | 153% | 47% | 14% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 7 | 19 | 29 | 58 | 106 | 219 |
| Down Capture | 499% | 372% | 315% | 242% | 118% | 110% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 14 | 22 | 32 | 61 | 121 | 248 |
[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 | -47.3% | 109.4% | -0.17 | - |
| Sector ETF (XLK) | 20.8% | 27.5% | 0.67 | 16.5% |
| Equity (SPY) | 16.5% | 19.4% | 0.66 | 15.5% |
| Gold (GLD) | 81.3% | 25.7% | 2.29 | -1.3% |
| Commodities (DBC) | 13.4% | 16.9% | 0.58 | -1.0% |
| Real Estate (VNQ) | 7.3% | 16.6% | 0.25 | 11.3% |
| Bitcoin (BTCUSD) | -22.0% | 44.9% | -0.42 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMXT | |
|---|---|---|---|---|
| SMXT | -38.7% | 139.2% | -0.24 | - |
| Sector ETF (XLK) | 16.7% | 24.8% | 0.61 | 10.2% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 10.9% |
| Gold (GLD) | 23.5% | 17.1% | 1.12 | 2.1% |
| Commodities (DBC) | 10.6% | 19.0% | 0.44 | -0.1% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 6.6% |
| Bitcoin (BTCUSD) | 4.0% | 57.0% | 0.29 | 4.6% |
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 | -21.7% | 139.2% | -0.24 | - |
| Sector ETF (XLK) | 22.5% | 24.2% | 0.85 | 10.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 10.9% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 2.1% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | -0.1% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 6.6% |
| Bitcoin (BTCUSD) | 65.8% | 66.8% | 1.05 | 4.6% |
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 |
| 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 | 2 | 3 | 2 |
| Median Positive | 5.5% | 15.8% | 17.2% |
| Median Negative | -8.3% | -5.6% | -43.6% |
| Max Positive | 9.0% | 19.6% | 64.7% |
| Max Negative | -14.9% | -10.1% | -70.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 10/15/2019 | 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 |
Prefer one of these to Trefis? Tell us why.