SolarMax Technology, Inc. Files Amendment No. 1 to Form 10-K for Fiscal Year 2025

Key Highlights from the Filing

• Amendment Purpose: SolarMax Technology, Inc. (“SolarMax” or “the Company”) filed Amendment No. 1 to its Form 10-K for the year ended December 31, 2025. The amendment was filed solely to correct the date of the report of its independent registered public accounting firm, Marcum LLP. No other changes were made to the original filing.
• Audit Report: The financial statements for the year ended December 31, 2024, were audited by Marcum LLP. The audit opinion is unqualified, meaning the financial statements present fairly, in all material respects, the financial position of the Company.
• Going Concern Warning: The auditor included an explanatory paragraph regarding the Company’s ability to continue as a going concern. SolarMax has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address these issues are described in Note 2 to the financial statements.
• Filing Status and Exchange: SolarMax’s common stock (par value \$0.001 per share) is traded under the symbol SMXT on the Nasdaq Stock Market LLC.
• Share Statistics: As of March 31, 2026, the Company reported 56,906,572 shares of common stock outstanding.
• Market Capitalization: As of June 30, 2025, the aggregate market value of voting and non-voting common equity held by non-affiliates was \$50,381,290.
• Regulatory Status:
  • SolarMax is a Non-Accelerated Filer, a Smaller Reporting Company, and qualifies as an Emerging Growth Company.
  • The Company is not a shell company and is not a well-known seasoned issuer.
  • SolarMax has filed all required reports and is compliant with SEC filing requirements.
  • The Company has not made any error corrections or restatements that would require recovery analysis of incentive-based compensation.
• Internal Controls: The Company did not file a report on or attestation to its management’s assessment of the effectiveness of internal controls over financial reporting by its independent auditor.

Potential Price-Sensitive Information

Going Concern Warning:
The auditor’s warning about SolarMax’s ability to continue as a going concern is significant. The need to raise additional funds and the existence of a substantial working capital deficiency could impact investor sentiment and share value. If SolarMax is unable to secure financing or resolve its capital deficiencies, there could be material adverse effects on its operations and possibly its stock price.

No Other Material Changes:
The amendment does not introduce new financial results or business developments, nor does it update any disclosures beyond the auditor’s report date correction. The original filing remains unchanged except for the audit report date.

Regulatory Compliance:
The Company remains compliant with SEC reporting obligations and has not been involved in bankruptcy proceedings during the last five years.

Additional Corporate Details

• Business Address: 3080 12th Street, Riverside, CA 92507
• Business Phone: (951) 300-0788
• Signatures: The filing was signed by David H (Chief Executive Officer) and Stephen Brown (Chief Financial Officer) on April 14, 2026.

Summary for Investors

Shareholders should be aware:

• The correction to the audit report date is administrative and does not affect the underlying financial disclosures.
• The going concern warning is a material risk factor and may affect the Company’s ability to raise capital, execute business plans, and maintain operations. Investors should monitor subsequent SEC filings and corporate announcements for updates on SolarMax’s capital raising and operational plans.
• The Company’s status as an emerging growth and smaller reporting company may allow for reduced disclosure requirements and extended compliance timelines with certain new or revised financial accounting standards.
• No bankruptcy involvement or error restatements have been reported, which is positive from a compliance perspective.

Disclaimer

This article has been prepared for informational purposes only and does not constitute investment advice. Investors should review the full SEC filings and consult with financial professionals before making investment decisions. The presence of a going concern warning is a significant risk factor. The information is based on public filings as of April 14, 2026, and may be subject to change or update by the Company. The reporter has inferred details where necessary and encourages readers to verify all information independently.

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