Solarmax Technology Inc. (SMXT) Cash Flow Statement
Where SMXT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $498,049
- Capital expenditures
- $1 0.0% of revenue
- Free cash flow
- $498,050 0.5% margin
- Returned to shareholders
- —
- Change in cash
- $7.2M cash at year-end $8.0M
Cash from operations
$498,049
Investments (net)
+$5.8M
Net borrowing (repayment)
−$3.3M
Shares issued
+$4.8M
Other financing
−$345,536
Currency & other
−$304,674
Change in cash
$7.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SMXT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SMXT cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$5.5M2017 | $498,0492025 | — | |
| Capital expenditures | $281,3252017 | $12025 | −83.3%/yr | |
| Free cash flow | −$5.8M2017 | $498,0502025 | — | |
| Free cash flow margin | −6.5%2017 | 0.5%2025 | +7.0 pts | |
| Operating cash flow / net income | −24.312020 | 8.772023 | +33.08 | |
| Stock-based compensation | $22,5012020 | $520.7M2025 | +646.2%/yr | |
| Capex / revenue | 0.3%2017 | 0.0%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMXT cash flow by activity
OperatingInvestingFinancingChange in cash
SMXT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SMXT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$6.3M | −$35.0M | $434,786 | −$6.9M | −$3.3M | $952,893 | −$14.6M | −$11.9M |
| Depreciation & amortization | $1.6M | $1.5M | $1.6M | $1.4M | $359,860 | $1.5M | $618,801 | $2.1M |
| Stock-based compensation | $520.7M | $18.5M | $0 | — | $0 | $22,501 | — | — |
| Change in working capital | $4.0M | −$4.0M | $1.9M | $3.2M | $1.3M | −$27.4M | −$6.3M | −$125,608 |
| Other non-cash items | −$519.5M | $9.7M | −$143,963 | $378,423 | −$3.6M | $1.8M | $5.4M | $4.5M |
| Cash from operating activities | $498,049 | −$9.1M | $3.8M | −$2.0M | −$5.4M | −$23.2M | −$14.9M | −$5.5M |
| Investing activities | ||||||||
| Capital expenditures | −$1 | $0 | −$27,999 | −$83,466 | $0 | −$107,103 | −$422,461 | −$281,325 |
| Investments (net) | $5.8M | −$6.3M | −$6,550 | −$280,524 | $2.0M | $11.2M | — | — |
| Acquisitions & other investing | $1 | $0 | $27,999 | $83,466 | $0 | $107,103 | $1.1M | $709,641 |
| Cash from investing activities | $5.8M | −$6.3M | −$6,550 | −$280,524 | $2.0M | $11.2M | $648,337 | $428,316 |
| Financing activities | ||||||||
| Net borrowing (repayment) | −$3.3M | −$4.6M | −$4.8M | −$7.1M | −$5.3M | — | — | — |
| Shares issued | $4.8M | $19.0M | $0 | $0 | $0 | $23.7M | $0 | $0 |
| Other financing | −$345,536 | −$995,870 | −$196,684 | −$356,329 | $266,057 | −$197,477 | $5.5M | $8.9M |
| Cash from financing activities | $1.1M | $13.3M | −$5.0M | −$7.5M | −$5.1M | $23.5M | $5.5M | $8.9M |
| Summary | ||||||||
| Net change in cash | $7.2M | −$1.8M | −$1.3M | −$9.2M | −$8.4M | $11.6M | −$9.4M | $3.9M |
| Cash at end of period | $8.0M | $1.1M | $2.9M | $4.2M | $13.4M | $21.8M | $17.4M | $26.9M |
| Free cash flow | $498,050 | −$9.1M | $3.8M | −$2.1M | −$5.4M | −$23.3M | −$15.3M | −$5.8M |
| Free cash flow margin | 0.5% | −39.7% | 7.0% | −4.6% | −14.2% | −17.7% | −17.0% | −6.5% |
| Capex / revenue | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% | 0.1% | 0.5% | 0.3% |
| Operating cash flow / net income | — | — | 8.77 | — | — | −24.31 | — | — |
| Sep '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$4.7M | −$306,684 | −$872,245 | −$2.3M | −$1.9M | −$1.3M | −$3.9M | −$9.6M | −$2.2M | −$19.3M | $84,903 | $1.5M |
| Depreciation & amortization | $307,572 | $276,249 | $407,118 | $400,875 | $398,957 | $395,308 | $380,959 | $389,099 | $383,512 | $392,576 | $400,190 | $401,955 |
| Stock-based compensation | — | — | $0 | $520,721 | $0 | $0 | −$1 | $1.3M | $0 | $17.2M | — | $0 |
| Change in working capital | $3.2M | −$4.4M | −$2.5M | $4.7M | $1.6M | $195,067 | −$472,805 | $772,667 | $434,934 | −$4.7M | $4.0M | −$656,841 |
| Other non-cash items | $130,509 | $260,145 | $468,050 | $6,104 | $83,502 | $104,733 | $2.7M | $7.3M | −$276,141 | −$4,017 | −$34,279 | −$215,887 |
| Cash from operating activities | −$969,261 | −$4.2M | −$2.5M | $3.4M | $220,702 | −$601,134 | −$1.3M | $203,618 | −$1.6M | −$6.4M | $4.5M | $994,590 |
| Investing activities | ||||||||||||
| Capital expenditures | −$4 | −$4 | $0 | −$4 | −$2 | −$4 | −$5 | −$1 | −$1 | −$27,999 | $0 | $0 |
| Investments (net) | — | $548,438 | $5.8M | $500,609 | $44,092 | $93,417 | $1.4M | −$18,156 | −$688,222 | −$7.0M | −$133 | −$325 |
| Acquisitions & other investing | −$1.0M | $4 | — | $4 | $2 | $4 | $5 | $1 | $1 | $27,999 | — | $0 |
| Cash from investing activities | −$1.0M | $548,438 | — | $500,609 | $44,092 | $93,417 | $1.4M | −$18,156 | −$688,222 | −$7.0M | — | −$325 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | −$1.1M | −$686,723 | −$2.3M | −$204,426 | −$54,384 | −$199,773 | −$291,516 | — | — | — | — |
| Shares issued | $0 | $1.1M | $422,535 | $2.4M | $1.4M | $500,000 | $373,175 | $0 | $0 | $18.6M | $0 | $0 |
| Other financing | −$3,737 | $0 | −$69,267 | −$138,135 | −$69,067 | −$69,067 | −$719,601 | −$69,068 | −$1.4M | −$3.0M | −$5.3M | −$618,033 |
| Cash from financing activities | −$3,737 | −$7,699 | −$333,455 | −$71,260 | $1.2M | $376,549 | −$546,199 | −$360,584 | −$1.4M | $15.6M | −$5.3M | −$618,033 |
| Summary | ||||||||||||
| Net change in cash | −$2.1M | −$3.7M | $2.2M | $3.8M | $1.3M | −$189,158 | −$88,791 | −$521,486 | −$3.6M | $2.4M | −$1.3M | $174,697 |
| Cash at end of period | $2.2M | $4.3M | $8.2M | $6.0M | $2.2M | $873,919 | $1.1M | $1.2M | $1.7M | $5.3M | $2.9M | $4.2M |
| Free cash flow | −$969,261 | −$4.2M | −$2.5M | $3.4M | $220,700 | −$601,134 | −$1.3M | $203,618 | −$1.6M | −$6.4M | $4.5M | $994,590 |
| Free cash flow margin | −9.5% | −28.2% | −5.4% | 11.1% | 3.2% | −8.7% | −20.4% | 3.2% | −36.4% | −111.0% | 36.6% | 7.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | 52.77 | 0.68 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SMXT cash generation
In fiscal 2025 (ended December 31, 2025), Solarmax Technology generated $0.5 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of $0.5 million, 0.5% of revenue. Cash and equivalents rose by $7.2 million over the year.
Related: SMXT income statement, SMXT balance sheet. See the SMXT stock overview for the latest quote and news.
SMXT cash flow FAQ
What is Solarmax Technology's free cash flow?
Solarmax Technology's free cash flow was $0.5 million in fiscal 2025: $0.5 million of operating cash flow minus $0.0 million of capital expenditures It was -$9.1 million a year earlier..
How much cash does Solarmax Technology generate from operations?
Solarmax Technology generated $0.5 million of cash from operating activities in fiscal 2025.
How much does Solarmax Technology spend on capital expenditures?
Solarmax Technology spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.