Smart Powerr shifts from waste-energy to energy storage, raises $32M, advances $99M in loans

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

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  Company changed self-description from present-tense 'are a pioneer' in waste-energy recycling to past-tense 'were once a pioneer', signaling exit from legacy operations. All references to serving nonferrous metal plants and the BOT operating model removed.

  Business: Current Operations verify on EDGAR →
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  Auditor inspection status reversed: current filing states Enrome LLP IS subject to PCAOB inspection inability determinations, contradicting prior year's claim that it was NOT subject. This affects audit quality confidence and HFCAA delisting risk.

  Risk Factors: Auditor Inspection verify on EDGAR →
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  First revenue of $262K recognized from 10-year O&M contract, but net loss widened 86% to $2.9M as operating expenses nearly tripled to $3.1M (driven by $949K financing costs and $832K stock comp). Company raised $32M equity and advanced $157M in new loans while collecting $58M.

  MD&A: Financial Performance verify on EDGAR →