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Annual figures as reported in 10-K / 20-F / 40-F filings.
CREG · CIK 0000721693

SMART POWERR CORP.

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

CREG logo
Services-Business Services, NEC
Company profile
Nasdaq · CREGHQ Xi'An City, Shaanxi Province, ChinaIncorporated in NVFiscal year ends Dec 31Non-accelerated filer Smaller reporting company
Revenue
$263K
▼ −69.7% vs FY2019
Net income
−$2.9M
▼ −86.0% vs FY2024
Operating cash flow
$66.9M
▲ +721.6% vs FY2024
Diluted EPS
−$0.19
▼ −5.6% vs FY2024

Revenue

Annual, as reported

010M20M’14’15’16’17’19’25$263K

Net income

Losses shown in terracotta

−50M−25M0’14’16’18’20’22’24’25−$2.9M

Recent quarters

momentum · last 12 quarters
Revenue — Mar ’26 quarter
$108K
▲ +425.3% vs Mar ’25
Net income — Mar ’26 quarter
−$547K
▲ +38.1% vs Mar ’25
Revenue — trailing 12 months
$350K
Diluted EPS — trailing 12 months
−$0.13
▲ +45.8% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

0500K1M1.5MSep ’17Mar ’18Sep ’18Jun ’19Jun ’25Dec ’25Mar ’26$108K

Quarterly net income

Losses shown in terracotta

−1M−500K0Jun ’23Dec ’23Jun ’24Dec ’24Jun ’25Dec ’25Mar ’26−$547K
QuarterRevenueRev. YoYGross marginNet incomeNet marginDiluted EPS
Mar ’26$108K425.3%50.5%−$547K−505.2%−$0.03
Dec ’25$89K—41.6%−$470K−529.4%$0.03
Sep ’25$91K—48.7%−$300K−330.7%−$0.08
Jun ’25$62K—42.8%−$1.2M−2000.9%−$0.05
Mar ’25$21K—42.8%−$884K−4288.3%−$0.09
Jun ’19$81K−94.1%————
Mar ’19$795K−44.1%————
Sep ’18$1.1M−31.9%100.0%———

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

-1000%-500%0%’14’15’16’17’19’25
Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

-75%-50%-25%0%’14’16’18’20’22’24
Return on equityReturn on assets

Cash flow

cash generation

Operating cash flow

Net cash from operations

−50M050M’14’16’18’20’22’24’25$66.9M

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

05M10M15M’14’16’18’20’22’24’2515M

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

0100M200M’14’16’18’20’22’24’25$143.1M

Growth rates

compounding, annualized
Revenue CAGR
−36.4%
10y
Share count change (split-adjusted)
+491.9%
5y
+1726.8%
10y

Key ratios

derived per fiscal year
Fiscal yearGross marginOp. marginNet marginROEROACurrent ratio
FY202544.4%−1148.8%−1104.7%−2.0%−1.8%14.07×
FY2024———−1.5%−1.3%9.25×
FY2023———−0.7%−0.5%5.72×
FY2022———−4.0%−3.2%5.71×
FY2021———−9.8%−8.0%6.41×
FY2020———4.4%3.0%2.77×
FY2019—−1049.9%−1011.3%−11.2%−7.1%1.78×
FY2018———−76.1%−38.5%0.99×
FY2017100.0%89.5%−113.1%−4.7%−3.2%1.35×
FY201698.3%−1023.1%−1077.3%−31.4%−22.9%1.38×
FY201513.2%98.2%75.5%8.6%5.8%1.18×
FY201425.8%142.6%100.8%9.5%5.3%1.71×

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2025$263K$117K−$3.0M−$2.9M−$0.19$66.9M—$157.6M$14.5M$143.1M$40K—
FY2024——−$1.1M−$1.6M−$0.18−$10.8M—$121.2M$16.5M$104.7M$25K—
FY2023——−$798K−$747K−$0.10−$68.1M—$136.5M$27.2M$109.2M$32K—
FY2022——−$3.9M−$4.5M−$0.61−$352K—$139.1M$28.3M$110.8M$138.8M—
FY2021——−$808K−$12.2M−$2.18−$1.6M—$153.3M$28.5M$124.8M$152.0M—
FY2020——$5.8M$4.1M$1.58$82.2M—$137.1M$45.0M$92.2M$107.8M—
FY2019$867K—−$9.1M−$8.8M−$5.61−$14.6M—$123.8M$45.2M$78.6M$16.2M—
FY2018——−$58.0M−$66.0M−$76.22$2.2M—$171.4M$88.3M$86.7M$53.2M—
FY2017$6.5M$6.5M$5.8M−$7.3M−$8.80−$285K—$231.5M$76.5M$155.5M$49.8M—
FY2016$4.5M$4.4M−$45.9M−$48.3M−$58.10$39.5M—$210.7M$57.2M$153.6M$47.8M—
FY2015$24.4M$3.2M$23.9M$18.4M$22.10$63.9M—$316.9M$103.2M$213.5M$53.4M—
FY2014$19.7M$5.1M$28.0M$19.8M$28.00−$35.1M—$375.3M$167.2M$207.9M$35.9M—

Latest filings

the most recent regulatory filings
8-KCURRENT REPORT2026-06-23 ↗8-KCURRENT REPORT2026-05-22 ↗424B5PROSPECTUS SUPPLEMENT2026-05-20 ↗10-QQUARTERLY REPORT2026-05-15 ↗8-KCURRENT REPORT2026-05-07 ↗8-KCURRENT REPORT2026-04-16 ↗10-KANNUAL REPORT2026-03-31 ↗EFFECTSEC filing2026-02-13 ↗CORRESPSEC filing2026-02-11 ↗UPLOADSEC filing2026-01-07 ↗

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