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Side-by-side financial comparison of SolarMax Technology, Inc. (SMXT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $46.6M, roughly 2.0× SolarMax Technology, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -1.9%, a 26.9% gap on every dollar of revenue. On growth, SolarMax Technology, Inc. posted the faster year-over-year revenue change (623.5% vs 23.3%).
SolarMax Technology, Inc. develops, manufactures and sells high-efficiency solar PV modules and clean energy systems. It serves residential, commercial and industrial clients in North America and key Asia-Pacific markets, offering installation and after-sales support to boost low-carbon energy use.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
SMXT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.6M | $92.9M |
| Net Profit | $-872.2K | $23.2M |
| Gross Margin | 2.7% | 78.7% |
| Operating Margin | -2.7% | 24.1% |
| Net Margin | -1.9% | 25.0% |
| Revenue YoY | 623.5% | 23.3% |
| Net Profit YoY | 77.7% | 17.3% |
| EPS (diluted) | $-0.02 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $46.6M | $92.9M | ||
| Q3 25 | $30.6M | $67.5M | ||
| Q2 25 | $6.9M | $63.2M | ||
| Q1 25 | $6.9M | $52.6M | ||
| Q4 24 | $6.4M | $75.4M | ||
| Q3 24 | $6.3M | $57.9M | ||
| Q2 24 | — | $52.7M | ||
| Q1 24 | — | $51.3M |
| Q4 25 | $-872.2K | $23.2M | ||
| Q3 25 | $-2.3M | $5.1M | ||
| Q2 25 | $-1.9M | $-553.0K | ||
| Q1 25 | $-1.3M | $-11.2M | ||
| Q4 24 | $-3.9M | $19.8M | ||
| Q3 24 | $-9.6M | $-901.0K | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | 2.7% | 78.7% | ||
| Q3 25 | 3.1% | 73.5% | ||
| Q2 25 | 8.8% | 73.7% | ||
| Q1 25 | 20.5% | 69.0% | ||
| Q4 24 | 14.5% | 77.6% | ||
| Q3 24 | 19.9% | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -2.7% | 24.1% | ||
| Q3 25 | -6.9% | 5.1% | ||
| Q2 25 | -25.7% | -3.2% | ||
| Q1 25 | -16.7% | -24.3% | ||
| Q4 24 | -27.9% | 24.5% | ||
| Q3 24 | -158.4% | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -1.9% | 25.0% | ||
| Q3 25 | -7.4% | 7.5% | ||
| Q2 25 | -27.6% | -0.9% | ||
| Q1 25 | -18.7% | -21.4% | ||
| Q4 24 | -60.6% | 26.3% | ||
| Q3 24 | -152.0% | -1.6% | ||
| Q2 24 | — | -8.9% | ||
| Q1 24 | — | -7.5% |
| Q4 25 | $-0.02 | $0.46 | ||
| Q3 25 | $-0.04 | $0.10 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $-0.03 | $-0.23 | ||
| Q4 24 | $-0.07 | $0.40 | ||
| Q3 24 | $-0.21 | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.0M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.2M | $354.6M |
| Total Assets | $91.3M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.0M | $137.5M | ||
| Q3 25 | $5.7M | $135.4M | ||
| Q2 25 | $1.9M | $116.9M | ||
| Q1 25 | $6.8M | $112.9M | ||
| Q4 24 | $7.1M | $116.2M | ||
| Q3 24 | $8.6M | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $-12.2M | $354.6M | ||
| Q3 25 | $-11.8M | $321.9M | ||
| Q2 25 | $-15.1M | $306.8M | ||
| Q1 25 | $-15.9M | $295.5M | ||
| Q4 24 | $-15.1M | $292.0M | ||
| Q3 24 | $-10.9M | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $91.3M | $488.0M | ||
| Q3 25 | $58.7M | $453.3M | ||
| Q2 25 | $38.2M | $435.6M | ||
| Q1 25 | $38.6M | $424.6M | ||
| Q4 24 | $38.6M | $432.7M | ||
| Q3 24 | $43.0M | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | — | $356.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.5M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.5M | $15.0M | ||
| Q3 25 | $3.4M | $22.1M | ||
| Q2 25 | $220.7K | $8.2M | ||
| Q1 25 | $-601.1K | $6.6M | ||
| Q4 24 | $-1.3M | $22.2M | ||
| Q3 24 | $203.6K | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | 0.0% | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SMXT
| Yabucoa | $35.9M | 77% |
| Other | $10.7M | 23% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
