The company's financial position is characterized by a persistent negative equity base that deteriorated to a $11.4 million deficit by 2026Q1, compounded by a current ratio of 0.79 that suggests insufficient liquidity to cover short-term obligations.
| Total Current Assets | 77M | 75.35B | 20.95M | 19.92M | 29.09M | 42.48M | 59.62M | 70.6M | 54.69M |
| Cash & Short-Term Investments | 4.31M | 7.12M | 7.12M | 2.54M | 3.82M | 13.08M | 21.74M | 17.44M | 26.88M |
| Cash Only | 4.31M | 786.33K | 786.33K | 2.54M | 3.82M | 13.08M | 21.74M | 17.44M | 26.88M |
| Short-Term Investments | 0 | 522.6M | 6.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 69.34M | 60.93B | 9.39M | 11.63M | 18.42M | 21.98M | 32.05M | 48.38M | 22.75M |
| Days Sales Outstanding | 56.32K | 244.43K | 149.07 | 78.38 | 150.36 | 212.61 | 88.89 | 196.58 | 93.39 |
| Inventory | 2.73M | 2.06B | 1.3M | 1.34M | 3.4M | 3.36M | 2.1M | 4.03M | 4.5M |
| Days Inventory Outstanding | 2.03K | 8.67K | 23 | 11.39 | 33.38 | 38.53 | 6.65 | 18.24 | 20.97 |
| Other Current Assets | 619.85K | 1.7B | 2.47M | 3.11M | 3.44M | 4.06M | 3.74M | 7.84M | 7.05M |
| Total Non-Current Assets | 29.2M | 15.94B | 17.68M | 28.73M | 32.39M | 29.54M | 36.52M | 40.42M | 40.34M |
| Property, Plant & Equipment | 11.93M | 1.78M | 3.38M | 5.7M | 7.33M | 650.61K | 987.72K | 1.72M | 2.25M |
| Fixed Asset Turnover | 21.41x | 51.17x | 6.80x | 9.49x | 6.10x | 58.01x | 133.22x | 52.35x | 39.55x |
| Goodwill | 0 | 0 | 0 | 7.58M | 7.77M | 8.43M | 0 | 7.8M | 8.24M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 8.21M | 0 | 0 |
| Long-Term Investments | 10.75B | 10.71B | 10.02M | 9.7M | 9.05M | 20.28M | 27.08M | 29.71M | 28.06M |
| Other Non-Current Assets | 4.34M | 5.22B | 4.28M | 5.75M | 8.13M | 156.62K | 233.61K | 1.16M | 1.7M |
| Total Assets | 106.19M | 91.29B | 38.63M | 48.66M | 61.48M | 72.02M | 96.14M | 111.02M | 95.03M |
| Asset Turnover | 0.00x | 0.00x | 0.60x | 1.11x | 0.73x | 0.52x | 1.37x | 0.81x | 0.94x |
| Asset Growth % | 236398.27% | 236211.96% | -20.6% | -20.86% | -14.63% | -25.09% | -13.41% | 16.82% | - |
| Total Current Liabilities | 98.02M | 95.71B | 34.74M | 43.4M | 46.51M | 48.63M | 69.32M | 62.53M | 37.87M |
| Accounts Payable | 60.97M | 59.57B | 2.67M | 3.38M | 2.23M | 3.98M | 22.39M | 30.48M | 12.54M |
| Days Payables Outstanding | 58.52K | 250.62K | 47.07 | 28.73 | 21.87 | 45.73 | 70.98 | 138.08 | 58.41 |
| Short-Term Debt | 19.07M | 16.36B | 18.03M | 22.04M | 18.83M | 20.43M | 29.16M | 19.16M | 18.28M |
| Deferred Revenue (Current) | 4.4M | 0 | 1.62M | 384.23K | 9.41M | 1.39M | 1.8M | 750 | 445.38K |
| Other Current Liabilities | 14.95M | 5.5B | 3.28M | 7.97M | 2.39M | 18.33M | 9.94M | 10.87M | 4.95M |
| Current Ratio | 0.79x | 0.79x | 0.60x | 0.46x | 0.63x | 0.87x | 0.86x | 1.13x | 1.44x |
| Quick Ratio | 0.76x | 0.77x | 0.57x | 0.43x | 0.55x | 0.80x | 0.83x | 1.06x | 1.33x |
| Cash Conversion Cycle | -168.92 | 2.49K | 125 | 61.04 | 161.86 | 205.41 | 24.56 | 76.74 | 55.96 |
| Total Non-Current Liabilities | 19.58M | 7.79B | 18.97M | 21.14M | 31.17M | 31.83M | 32.25M | 46.91M | 45.91M |
| Long-Term Debt | 6.32M | 339.88M | 13.53M | 14.27M | 22.15M | 28.1M | 28.31M | 45.16M | 44.38M |
| Capital Lease Obligations | 12.18M | 0 | 1.71M | 4.08M | 5.47M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 254.27M | 251.81M | 1.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.16M | 7.19B | 2.11M | 2.79M | 3.55M | 3.31M | 3.45M | 1.17M | 834.22K |
| Total Liabilities | 117.6M | 103.5B | 53.71M | 64.54M | 77.69M | 80.46M | 101.57M | 109.44M | 83.78M |
| Total Debt | 36.27M | 34.84M | 34.84M | 41.88M | 47.98M | 48.53M | 57.47M | 64.32M | 62.66M |
| Net Debt | 31.96M | 34.06M | 34.06M | 39.35M | 44.16M | 35.45M | 35.74M | 46.89M | 35.77M |
| Debt / Equity | -3.18x | - | - | - | - | - | - | 40.59x | 5.57x |
| Debt / EBITDA | -6.53x | - | - | 19.97x | - | - | 11.00x | - | - |
| Net Debt / EBITDA | -5.76x | - | - | 18.76x | - | - | 6.84x | - | - |
| Interest Coverage | -4.47x | -5.38x | -20.27x | 1.24x | -2.74x | -0.81x | 1.76x | -6.56x | -4.94x |
| Total Equity | -11.41M | -12.21B | -15.08M | -15.89M | -16.21M | -8.45M | -5.44M | 1.58M | 11.26M |
| Equity Growth % | -81290.89% | -80874.5% | 5.09% | 1.97% | -91.87% | -55.35% | -443.11% | -85.92% | - |
| Book Value per Share | -0.20 | -244.32 | -0.33 | -0.36 | -0.34 | -0.18 | -0.11 | 0.04 | 0.25 |
| Total Shareholders' Equity | -11.41M | -12.21B | -15.08M | -15.89M | -16.21M | -8.45M | -5.22M | 1.73M | 11.29M |
| Common Stock | 58.17K | 56.17M | 46.53K | 40.98K | 40.98K | 40.98K | 40.98K | 68.73K | 66.84K |
| Retained Earnings | -110.22M | -109.91B | -103.59M | -68.62M | -69.06M | -62.19M | -58.87M | -50.34M | -35.74M |
| Treasury Stock | -1.98M | -1.98B | -1.98M | -1.81M | -1.81M | -1.81M | -1.81M | -1.8M | -1.8M |
| Accumulated OCI | -1.41M | -1.42B | -1.45M | -1.28M | -1.17M | -280.53K | -591.1K | -1.21M | -583.27K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -218.94K | -141.28K | -34.23K |
Critical Liquidity and Solvency
As reported in financial statements, SMXT's equity position has remained consistently negative, deteriorating from a deficit of $585.2K in 2024Q1 to a substantial $11.4M deficit by 2026Q1, signaling a structural inability to retain earnings or generate sufficient capital to offset ongoing operational losses.
The persistent negative equity suggests that the company is effectively operating on borrowed capital and external funding rather than internal value creation. Investors should monitor whether this trend of deepening deficits necessitates further dilutive equity raises to maintain basic solvency.
Based on the company's reported figures, total debt has fluctuated between $28.3M and $41.9M over the last ten quarters, creating a precarious leverage profile where debt obligations significantly outweigh the company's negative book value, thereby heightening the risk of default during periods of operational stress.
The reliance on debt to fund operations in the absence of positive equity indicates a high-risk capital structure that leaves little room for error. The company's inability to reduce debt levels despite revenue growth suggests that financing costs may continue to exert downward pressure on net margins.
According to recent SEC filings, SMXT maintains a current ratio that has consistently hovered below 1.0, reaching a low of 0.44 in 2023Q4, which indicates that the company lacks sufficient liquid assets to cover its short-term liabilities without relying on rapid, uncertain project-based cash inflows.
The extremely thin cash buffer, often falling below $1 million, leaves the company highly vulnerable to even minor delays in project milestones or regulatory shifts. This liquidity profile suggests that the firm is perpetually one operational disruption away from a potential funding crisis.
As disclosed in financial statements, the rapid disappearance of goodwill—dropping from $7.6M in 2023Q4 to zero by 2025Q1—suggests significant impairment of past acquisitions, which may indicate that previous growth strategies failed to deliver the expected long-term economic value to the balance sheet.
The total write-down of intangible assets warrants further investigation into the quality of the company's historical investment decisions. This impairment, combined with the lack of meaningful PPE growth, implies that the business model remains asset-light in a way that may lack the necessary infrastructure to support sustainable, high-margin operations.
Quick answers to the most common questions about buying SMXT stock.
As of 2025, Solarmax Technology Inc. Common Stock (SMXT) had total assets of $91.29B including $75.35B in current assets.
Solarmax Technology Inc. Common Stock (SMXT) carries total debt of $34.8M, offset by $7.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Solarmax Technology Inc. Common Stock (SMXT) has total shareholders' equity (book value) of $-12210.1M ($-244.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Solarmax Technology Inc. Common Stock (SMXT) reported a current ratio of 0.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.