Solarmax Technology Inc. (SMXT) Balance Sheet
SMXT balance sheet, 2025
December 31, 2025 · U.S. dollars$91.3M assets = $103.5M liabilities + −$12.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$12.2M).
Both columns are drawn to the same scale: what SMXT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SMXT financial health
Descriptive bands, not a rating. Fiscal 2025.
SMXT balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $95.0M2017 | $91.3M2025 | −0.6%/yr | |
| Total liabilities | $83.8M2017 | $103.5M2025 | +3.1%/yr | |
| Shareholders’ equity | $11.3M2017 | −$12.2M2025 | — | |
| Cash & short-term investments | $26.9M2017 | $8.5M2025 | −15.2%/yr | |
| Total debt | $62.7M2017 | $27.2M2025 | −11.2%/yr | |
| Net cash (debt) | −$35.8M2017 | −$18.7M2025 | +$17.1M | |
| Working capital | $16.8M2017 | −$20.4M2025 | −$37.2M | |
| Book value per share | $3.012017 | −$2.932025 | — | |
| Current ratio | 1.442017 | 0.792025 | −0.66 | |
| Debt / equity | 5.552017 | 37.272018 | +31.72 | |
| Shares outstanding | 3.7M2017 | 4.2M2025 | +1.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMXT assets
SMXT liabilities and equity
SMXT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SMXT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $8.5M | $7.1M | $2.5M | $3.8M | $13.1M | $21.7M | $17.4M | $26.9M |
| Cash & equivalents | $8.0M | $786,333 | $2.5M | $3.8M | $13.1M | $21.7M | $17.4M | $26.9M |
| Short-term investments | $522,599 | $6.3M | $0 | — | $0 | $499,938 | — | — |
| Receivables | $61.4M | $9.4M | $11.6M | $18.4M | $22.0M | $32.0M | $48.4M | $22.8M |
| Inventory | $2.1M | $1.3M | $1.3M | $3.4M | $3.4M | $2.1M | $4.0M | $4.5M |
| Other current assets | $3.4M | $3.1M | $4.4M | $3.4M | $4.1M | $3.7M | $758,891 | $553,351 |
| Total current assets | $75.3M | $20.9M | $19.9M | $29.1M | $42.5M | $59.6M | $70.6M | $54.7M |
| Property, plant & equipment (net) | $1.8M | $3.4M | $5.7M | $7.3M | $650,610 | $987,718 | $1.7M | $2.2M |
| Goodwill & intangible assets | $0 | $0 | $7.6M | $7.8M | $8.4M | $16.4M | $7.8M | $8.2M |
| Long-term investments | $10.7M | $10.0M | $9.7M | $9.1M | $9.3M | $121,534 | $0 | $0 |
| Other non-current assets | $3.4M | $4.3M | $5.7M | $8.2M | $11.2M | $19.0M | $30.9M | $29.9M |
| Total assets | $91.3M | $38.6M | $48.7M | $61.5M | $72.0M | $96.1M | $111.0M | $95.0M |
| Liabilities | ||||||||
| Accounts payable | $59.6M | $2.7M | $3.4M | $2.2M | $4.0M | $22.4M | $30.5M | $12.5M |
| Short-term debt | $21.9M | $19.6M | $23.5M | $20.4M | $20.4M | $29.2M | $19.2M | $18.3M |
| Deferred revenue | $3.0M | $1.6M | $384,232 | $9.4M | $1.4M | $1.8M | $750 | $445,383 |
| Total current liabilities | $95.7M | $34.7M | $43.4M | $46.5M | $48.6M | $69.3M | $62.5M | $37.9M |
| Long-term debt | $5.3M | $13.5M | $14.3M | $22.2M | $28.1M | $28.3M | $0 | $0 |
| Lease obligations | $1.7M | $3.3M | $5.6M | $7.0M | $0 | — | — | — |
| Other long-term liabilities | $2.4M | $5.4M | $6.9M | $9.0M | $3.7M | $3.9M | $46.9M | $45.9M |
| Total liabilities | $103.5M | $53.7M | $64.5M | $77.7M | $80.5M | $101.6M | $109.4M | $83.8M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $56,168 | $46,532 | $40,984 | $40,984 | $40,984 | $40,984 | $68,733 | $66,844 |
| Retained earnings (deficit) | −$109.9M | −$103.6M | −$68.6M | −$69.1M | −$62.2M | −$58.9M | −$50.3M | −$35.7M |
| Accumulated other comprehensive income | −$1.4M | −$1.4M | −$1.3M | −$1.2M | −$280,530 | −$591,103 | −$1.2M | −$583,270 |
| Total shareholders' equity | −$12.2M | −$15.1M | −$15.9M | −$16.2M | −$8.4M | −$5.2M | $1.7M | $11.3M |
| Key figures | ||||||||
| Total debt | $27.2M | $34.8M | $41.9M | $48.0M | $48.5M | $57.5M | $64.3M | $62.7M |
| Net cash (debt) | −$18.7M | −$27.7M | −$39.3M | −$44.2M | −$35.4M | −$35.7M | −$46.9M | −$35.8M |
| Working capital | −$20.4M | −$13.8M | −$23.5M | −$17.4M | −$6.2M | −$9.7M | $8.1M | $16.8M |
| Tangible book value | −$12.2M | −$15.1M | −$23.5M | −$24.0M | −$16.9M | −$21.6M | −$6.1M | $3.0M |
| Book value per share | −$2.93 | −$4.01 | −$4.28 | −$4.09 | −$2.13 | −$1.32 | $0.46 | $3.01 |
| Shares outstanding | 4.2M | 3.8M | 3.7M | 4.0M | 4.0M | 4.0M | 3.7M | 3.7M |
| Current ratio | 0.79 | 0.60 | 0.46 | 0.63 | 0.87 | 0.86 | 1.13 | 1.44 |
| Quick ratio | 0.73 | 0.48 | 0.33 | 0.48 | 0.72 | 0.78 | 1.05 | 1.31 |
| Debt / equity | — | — | — | — | — | — | 37.27 | 5.55 |
| Equity / assets | −13.4% | −39.0% | −32.7% | −26.4% | −11.7% | −5.4% | 1.6% | 11.9% |
| Sep '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.2M | $4.3M | $8.5M | $11.4M | $8.1M | $6.8M | $7.1M | $8.6M | $9.0M | $11.9M | $2.5M | $3.8M |
| Cash & equivalents | $2.2M | $4.3M | $8.0M | $5.7M | $1.9M | $596,251 | $786,333 | $871,415 | $1.4M | $4.9M | $2.5M | $3.8M |
| Short-term investments | — | $522,599 | $522,599 | $5.7M | $6.2M | $6.2M | $6.3M | $7.7M | $7.7M | $7.0M | — | — |
| Receivables | $38.9M | $69.3M | $12.9M | $26.0M | $8.4M | $10.0M | $9.4M | $10.7M | $10.9M | $10.4M | $4.2M | $18.1M |
| Inventory | $1.6M | $2.7M | $2.1M | $1.6M | $1.6M | $2.3M | $2.0M | $2.4M | $1.6M | $1.2M | $1.3M | $3.7M |
| Other current assets | $5.6M | $619,849 | $51.9M | $3.0M | $3.5M | $2.4M | $2.5M | $2.5M | $3.2M | $3.7M | $11.9M | $2.0M |
| Total current assets | $48.3M | $77.0M | $75.3M | $42.1M | $21.5M | $21.6M | $20.9M | $24.2M | $24.7M | $27.3M | $19.9M | $27.6M |
| Property, plant & equipment (net) | $11.6M | $11.9M | $1.8M | $2.2M | $2.6M | $3.0M | $3.4M | $3.8M | $4.2M | $4.5M | $5.7M | $6.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.38B | $7.4M | $7.6M | $7.4M |
| Long-term investments | $0 | $10.6M | $10.7M | $10.6M | $10.3M | $10.1M | $10.0M | $10.3M | $9.7M | $9.6M | $9.7M | $9.4M |
| Other non-current assets | $50.6M | $6.7M | $3.4M | $3.8M | $3.8M | $4.0M | $4.3M | $4.8M | $0 | $5.9M | $5.7M | $8.9M |
| Total assets | $110.5M | $106.2M | $91.3M | $58.7M | $38.2M | $38.6M | $38.6M | $43.0M | $51.1M | $54.7M | $48.7M | $59.3M |
| Liabilities | ||||||||||||
| Accounts payable | $8.7M | $61.0M | $59.6M | $26.1M | $3.9M | $3.9M | $2.7M | $2.7M | $2.1M | $2.0M | $3.4M | $4.2M |
| Short-term debt | $21.7M | $19.1M | — | $18.2M | $22.5M | $22.6M | $19.6M | $21.5M | $19.4M | $21.4M | — | $21.2M |
| Deferred revenue | $4.6M | $3.1M | — | $2.5M | $1.9M | $1.8M | $1.6M | $2.0M | $2.1M | $269,169 | — | $6.3M |
| Total current liabilities | $49.5M | $98.0M | $95.7M | $57.5M | $39.8M | $39.0M | $34.7M | $37.7M | $34.9M | $36.4M | $43.4M | $51.2M |
| Long-term debt | $0 | $6.3M | $5.3M | $9.7M | $9.6M | $10.6M | $13.5M | $11.8M | $14.0M | $13.4M | $14.3M | $17.3M |
| Lease obligations | — | $11.9M | $1.7M | $2.1M | $2.5M | $2.9M | $3.3M | $3.7M | $4.0M | $4.4M | $5.6M | $5.9M |
| Other long-term liabilities | $77.1M | $13.3M | $2.4M | $3.2M | $4.0M | $4.9M | $5.4M | $4.5M | $5.0M | $5.5M | $6.9M | $7.2M |
| Total liabilities | $126.6M | $117.6M | $103.5M | $70.4M | $53.4M | $54.5M | $53.7M | $54.0M | $53.9M | $55.3M | $64.5M | $75.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,847 | $58,168 | — | $55,565 | $49,852 | $47,094 | $46,532 | $46,532 | $46,268 | $46,231 | — | $40,984 |
| Retained earnings (deficit) | −$114.9M | −$110.2M | −$109.9M | −$109.0M | −$106.8M | −$104.9M | −$103.6M | −$99.7M | −$90.1M | −$87.9M | −$68.6M | −$68.7M |
| Accumulated other comprehensive income | −$1.4M | −$1.4M | — | −$1.4M | −$1.4M | −$1.4M | −$1.4M | −$1.4M | −$1.6M | −$1.5M | — | −$1.6M |
| Total shareholders' equity | −$16.1M | −$11.4M | −$12.2M | −$11.8M | −$15.1M | −$15.9M | −$15.1M | −$10.9M | −$2.8M | −$585,238 | −$15.9M | −$16.3M |
| Key figures | ||||||||||||
| Total debt | $36.0M | $36.3M | $5.3M | $28.3M | $33.0M | $34.4M | $34.8M | $35.4M | $36.0M | $37.7M | $14.3M | $42.9M |
| Net cash (debt) | −$33.9M | −$32.0M | $3.1M | −$16.9M | −$24.9M | −$27.6M | −$27.7M | −$26.8M | −$26.9M | −$25.7M | −$11.7M | −$39.1M |
| Working capital | −$1.2M | −$21.0M | −$20.4M | −$15.4M | −$18.3M | −$17.5M | −$13.8M | −$13.6M | −$10.2M | −$9.1M | −$23.5M | −$23.6M |
| Tangible book value | −$16.1M | −$11.4M | −$12.2M | −$11.8M | −$15.1M | −$15.9M | −$15.1M | −$10.9M | −$7.38B | −$8.0M | −$23.5M | −$23.7M |
| Book value per share | −$3.39 | −$2.44 | — | −$3.08 | −$3.96 | −$4.29 | −$4.00 | −$2.91 | −$0.81 | −$0.17 | — | −$4.40 |
| Shares outstanding | 4.7M | 4.7M | — | 3.8M | 3.8M | 3.7M | 3.8M | 3.8M | 3.5M | 3.5M | — | 3.7M |
| Current ratio | 0.98 | 0.79 | 0.79 | 0.73 | 0.54 | 0.55 | 0.60 | 0.64 | 0.71 | 0.75 | 0.46 | 0.54 |
| Quick ratio | 0.83 | 0.75 | 0.22 | 0.65 | 0.41 | 0.43 | 0.48 | 0.51 | 0.57 | 0.61 | 0.15 | 0.43 |
| Equity / assets | −14.6% | −10.7% | −13.4% | −20.1% | −39.5% | −41.1% | −39.0% | −25.4% | −5.5% | −1.1% | −32.7% | −27.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 6, 2026); data from EODHD.
SMXT financial position
At the end of fiscal 2025 (December 31, 2025), Solarmax Technology had total assets of $91.3 million (up 136.3% from a year earlier), total liabilities of $103.5 million and shareholders' equity of -$12.2 million. It held $8.5 million in cash and short-term investments against $27.2 million of debt, net debt of $18.7 million. Its current ratio was 0.79. In the latest quarter (ended September 30, 2026) total assets were $110.5 million and equity -$16.1 million.
Related: SMXT income statement, SMXT cash flow statement, SMXT key metrics. See the SMXT stock overview for the latest quote and news.
SMXT balance sheet FAQ
What are Solarmax Technology's total assets?
Solarmax Technology reported total assets of $91.3 million at the end of fiscal 2025 (December 31, 2025), compared with $38.6 million a year earlier.
How much debt does Solarmax Technology have?
Solarmax Technology had $27.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Solarmax Technology have?
Solarmax Technology held $8.5 million in cash and short-term investments at the end of fiscal 2025; with $27.2 million of debt that is net debt of $18.7 million.
What is Solarmax Technology's book value?
Solarmax Technology's shareholders' equity (book value) was -$12.2 million at the end of fiscal 2025, or −$2.93 per share.
What is Solarmax Technology's current ratio?
Solarmax Technology had current assets of $75.3 million and current liabilities of $95.7 million, a current ratio of 0.79 (current liabilities exceed current assets).