SolarMax Technology, Inc. [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-18	Dec-31-17
	S-1/A	S-1/A	S-1/A	S-1/A
Revenues:
PRC			58.7	55.1
US			31.1	33.8
Total revenues	37.7	131.6	89.8	88.9
Revenue growth [+]	-71.3%		1.0%
PRC			6.5%
US			-8.0%
Cost of goods sold	31.8	115.1	80.6	78.3
Gross profit	5.9	16.4	9.3	10.6
Gross margin	15.8%	12.5%	10.3%	11.9%
Selling, general and administrative [+]	12.1	12.7	20.2	18.8
Sales and marketing	1.2	1.3	3.4	3.3
General and administrative	10.9	11.5	16.8	15.5
Research and development			30.9	55.0
Equity in earnings	0.3	0.0	-0.5	-1.3
Other operating expenses			-30.9	-55.0
EBIT [+]	-5.9	3.8	-11.4	-9.5
EBIT growth	-256.5%		20.5%
EBIT margin	-15.6%	2.9%	-12.7%	-10.7%
Non-recurring items [+]			0.5	0.6
Asset impairment			0.5	0.6
Interest expense, net [+]			1.5	1.4
Interest expense			1.9	1.9
Interest income			0.4	0.4
Other income (expense), net [+]	2.3	-1.3	-1.2	0.5
Gain (loss) on debt retirement	2.8	0.7
Other	0.7	0.8	-1.2	0.5
Pre-tax income	-3.6	2.4	-14.7	-11.0
Income taxes	-0.3	1.5	0.0	1.1
Tax rate	8.3%	61.0%	0.0%
Minority interest		0.0	-0.1	-0.1
Net income	-3.3	1.0	-14.6	-11.9
Net margin	-8.8%	0.7%	-16.3%	-13.4%

Basic EPS [+]	($0.08)	$0.02	($0.22)	($0.18)
Growth	-443.1%		20.3%
Diluted EPS [+]	($0.08)	$0.02	($0.22)	($0.18)
Growth	-443.1%		20.3%

Shares outstanding (basic) [+]	39.7	40.0	66.3	65.2
Growth	-0.7%		1.7%
Shares outstanding (diluted) [+]	39.7	40.0	66.3	65.2
Growth	-0.7%		1.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.