SolarMax Technology, Inc. (NASDAQ: SMXT)

SolarMax Technology, Inc. is an integrated solar and renewable energy company focused on the design, installation, and sale of photovoltaic and battery energy storage systems in the United States. The company generates electricity from sunlight through solar panels and converts direct current to alternating current for use in residential and commercial applications. Its core activities include engineering, procurement, and construction (EPC) services for solar and battery storage projects, as well as the sale and installation of integrated solar energy systems. SolarMax Technology, Inc. primarily operates in California and has expanded into utility-scale battery energy storage system projects in Texas and Puerto Rico.

SolarMax Technology, Inc. generates revenue through multiple streams including EPC services for battery energy storage systems, sale and installation of residential and commercial solar and battery backup systems, LED lighting integration projects, and financing activities from its legacy loan portfolio. The company earned $60.2 million in revenue during the year ended December 31, 2025, primarily from EPC services under a contract with Longfellow BESS I, LLC for a 430 MWh battery storage project in Texas. Additional revenue comes from the sale of solar panels, inverters, battery systems, and LED products to residential and commercial customers, as well as interest income from financed solar system sales. The company also provides installation services and maintenance agreements for its systems.

The company operates through the following segments: SolarMax Renewable Energy Provider, Inc., SolarMax LED, Inc., SolarMax Financial, Inc., and SMX Capital, Inc.

• SolarMax Renewable Energy Provider, Inc. is engaged in developing, selling, and installing integrated photovoltaic systems and energy storage systems for residential and commercial customers in the United States and performs EPC services pursuant to commercial agreements.

• SolarMax LED, Inc. is engaged in commercial LED light integration projects, customized governmental special projects, commercial consulting projects, and battery storage system projects in the U. S.

• SolarMax Financial, Inc. was engaged in providing secured installment financing to purchasers of residential and commercial photovoltaic systems and servicing installment sales for SREP and LED customers, though it has not provided financing since 2020 and earns revenue only from its existing portfolio.

• SMX Capital, Inc. is engaged in owning and funding renewable energy projects in the U. S. through operating leases and power purchase agreements, primarily in commercial markets, and operates via a 30% equity interest in three companies, with its primary business being the ownership and maintenance of systems under existing leases since 2014.

SolarMax Technology, Inc. operates in a competitive renewable energy industry where it faces competition from established companies such as Sungrow, Tesla, and NextEra Energy in the battery energy storage sector, and numerous small and large solar energy providers in the broader solar market. The company differentiates itself through its technical expertise, in-house project management team, supply chain resilience with tier-1 vendors, and ability to integrate solar generation with storage for stable energy performance. It maintains a focus on delivering reliable BESS and solar solutions tailored to customer operational requirements.

SolarMax Technology, Inc. serves residential and commercial customers in the United States, particularly homeowners and businesses in California seeking solar energy systems and battery backup solutions. The company also works with commercial clients for large-scale battery energy storage projects, including Longfellow BESS I, LLC in Texas, Naguabo BESS, LLC and Yabucoa BESS, LLC in Puerto Rico, and Navboot Holdco, LLC in Corpus Christi, Texas. Additionally, it serves governmental and municipal customers through its LED lighting projects and has installed systems at more than 12,000 homes and businesses.