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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**_________________________**\n\n \n\n**FORM 10-Q**\n\n**_________________________**\n\n**(Mark One)**\n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n \n\n**OR**\n\n \n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**Commission file number 001-41959**\n\n**_________________________**\n\n \n\n**SolarMax Technology, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n**_________________________**\n\n \n\n**Nevada**\n\n \n\n**26-2028786**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n \n\n \n\n**3080 12th Street**\n\n**Riverside, California**\n\n \n\n**92507**\n\n(Address of Principal Executive Offices)\n\n \n\n(Zip Code)\n\n \n\n**(951) 300-0788**\n\nRegistrant’s telephone number, including area code\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.001 per share\n\nSMXT\n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\n \n\nYes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\n \n\nYes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes ☐    No ☒\n\n \n\nAPPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY\n\nPROCEEDINGS DURING THE PRECEDING FIVE YEARS:\n\n \n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.\n\n \n\nYes ☐    No ☐\n\n \n\n(APPLICABLE ONLY TO CORPORATE REGISTRANTS)\n\n \n\nThe number of the registrant’s common stock outstanding as of May 11, 2026, was 56,906,572.\n\n \n\n \n\n \n\n \n\n**Table of Contents**\n\n \n\n \n\n \n\n \n\n**Page**\n\n \n\n**Part I. Financial Information**\n\n \n\n \n\n \n\n[Item 1.](#i1)\n\n[Index to Consolidated Financial Statements](#i1)\n\n \n\n4\n\n \n\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#bs)\n\n \n\n4\n\n \n\n \n\n[Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#so)\n\n \n\n5\n\n \n\n \n\n[Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025](#si)\n\n \n\n6\n\n \n\n \n\n[Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three months ended March 31, 2026 and 2025](#sc)\n\n \n\n7\n\n \n\n \n\n[Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#cf)\n\n \n\n8\n\n \n\n[Item 2.](#i2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i2)\n\n \n\n38\n\n \n\n[Item 3.](#i3)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i3)\n\n \n\n52\n\n \n\n[Item 4.](#i4)\n\n[Controls and Procedures](#i4)\n\n \n\n52\n\n \n\n**Part II. Other Information**\n\n \n\n \n\n \n\n[Item 2.](#p2i2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#p2i2)\n\n \n\n53\n\n \n\n[Item 5.](#p2i5)\n\n[Other Information](#p2i5)\n\n \n\n53\n\n \n\n[Item 6.](#p2i6)\n\n[Exhibits](#p2i6)\n\n \n\n54\n\n \n\n**Signatures**\n\n \n\n 55\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n \n\n**FORWARD-LOOKING STATEMENTS**\n\n \n\nThis report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements.\n\n \n\nAlthough forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings “Forward-Looking Statements,” “Item 1A. Risks Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2025, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q and in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.\n\n \n\nWe file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.\n\n \n\nWe undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n \n\n**Part I - Financial Information**"}