Smart Powerr Corp.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
CREG$0.77-46.0%Stored close · as of Jul 20, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001213900-25-076004
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001213900-25-110034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 60 current paragraphs.
37 unchanged; 11 reworded; 10 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Cost of sales for the nine months ended September 30, 2025, was $94,028.
Current report
Comparison of Results of Operations for the three months ended September 30, 2025 and 2024
Current report
The following table sets forth the results of our operations for the periods indicated as a percentage of net sales. Certain columns may not add due to rounding.
Current report
SALES. Total sales for the three months ended September 30, 2025 and 2024 were $90,820.
Current report
*COST OF SALES.*Cost of sales for the three months ended September 30, 2025 and 2024 were $46,610.
Current report
GROSS PROFIT. Gross profit for the three months ended September 30, 2025 and 2024 were $44,210 with gross margin of 49%.
Current report
OPERATING EXPENSES. Operating expenses consisted of general and administrative expenses (“G&A”) totaling $257,700 for the three months ended September 30, 2025, compared to $188,295 for the three months ended September 30, 2023, an increase of $69,405 or 37%. The increase in operating expenses was mainly due to increased professional fee by $69,734.
Current report
NET NON-OPERATING INCOME (EXPENSES). Net non-operating expenses consisted of gain or loss on note conversion, interest income, interest expenses, and miscellaneous expenses. For the three months ended September 30, 2025, net non-operating expenses was $82,194 compared to non-operating income of $74,436 for the three months ended September 30, 2024. For the three months ended September 30, 2025, we had $32,786 interest income, which was partly offset by $114,980 interest expense on note payable. For the three months ended September 30, 2024, we had $27,216 interest income, which was partly offset by $99,520 interest expense on note payable and $1,995 loss on note conversion.
Current report
NET LOSS. Net loss for the three months ended September 30, 2025 was $300,374 compared to $262,731 for the three months ended September 30, 2024, an increase of net loss of $37,643. This increase in net loss was mainly due to increased operating expenses by $69,405 , increased income tax expense by $4,690 and increased interest expense on note payable by $15,460, which was partly offset by increased Gross profit by $44,210 and interest income by $5,570 as described above.
Current report
Comparison of nine months ended September 30, 2025, and 2024
Removed paragraphs (2)
Previous report
Cost of sales (“COS”) for the six months ended June 30, 2025, was $47,418.
Previous report
Comparison of six months ended June 30, 2025, and 2024
Reworded paragraphs (11)
Previous wording
Total sales for the six months ended June 30, 2025, amounted to $82,839. The company signed an Operation and Maintenance Contract for a power station. The contract has total amount RMB1.8 million (US$0.2 million), starting from March 1, 2025 to February 28, 2035 for 10 years with a third party. The Company recognized the revenue based on the time period.
Current wording
Total sales for the nine months ended September 30, 2025, amounted to $ 173,659. The company signed an Operation and Maintenance Contract for a power station. The contract has total amount RMB1.8 million (US$0.2 million), starting from March 1, 2025 to February 28, 2035 for 10 years with a third party. The Company recognized the revenue based on the time period.
Previous wording
For the six months ended June 30, 2025, the gross margin was 43%.
Current wording
For the nine months ended September 30, 2025, the gross margin was 46%.
Previous wording
Operating expenses consisted of general and administrative expenses (“G&A”) totaling $2,223,109 for the six months ended June 30, 2025, compared to $559,237 for the six months ended June 30, 2024. This represented an increase of $1,663,876 or 298% year-over-year. The increase was mainly attributable to an increase in financing costs of $948,648 and share-based compensation of $831,520.
Current wording
Operating expenses consisted of general and administrative expenses (“G&A”) totaling $2,480,809 for the nine months ended September 30, 2025, compared to $747,540 for the nine months ended September 30, 2024. This represented an increase of $1,733,269 year-over-year. The increase was mainly attributable to an increase in financing costs of $948,648 and share-based compensation of $831,520.
Previous wording
Net non-operating expenses consisted of gain or loss from note conversion, interest income, interest expenses, and other miscellaneous expenses. For the six months ended June 30, 2025, net non-operating income were $93,159 compared to non-operating expenses of $116,141 for the six months ended June 30, 2024. The primary reason was the provision of financial support to other companies, which generated interest income of $98,999, coupled with the reversal of a $200,000 provision for impaired prepayments, offsetting by the interest expenses of $251,414.
Current wording
Net non-operating expenses consisted of gain or loss from note conversion, interest income, interest expenses, and other miscellaneous expenses. For the nine months ended September 30, 2025, net non-operating income were $10,965 compared to non-operating expenses of $190,577 for the nine months ended September 30, 2024. The primary reason was the provision of financial support to other companies, which generated interest income of $98,999, coupled with the reversal of a $200,000 provision for impaired prepayments, offsetting by the interest expenses of $251,414.
Previous wording
Income tax expense was $34,747 for the six months ended June 30, 2025, compared with income tax expense of $14,176 for the six months ended June 30, 2024. The consolidated effective income tax rate for the three months ended June 30, 2025, and 2024 were 0% and 1.6%, respectively. In 2025, Management concluded that the realizability of related tax benefits from these losses was uncertain due to the continuing operating losses at the US parent company. Accordingly, a 100% valuation allowance was provided against the deferred tax asset.
Current wording
Income tax expense was $39,437 for the nine months ended September 30, 2025, compared with income tax expense of $14,168 for the nine months ended September 30, 2024. The consolidated effective income tax rate for the nine months ended September 30, 2025, and 2024 were -0.23% and 1.5%, respectively. In 2025, Management concluded that the realizability of related tax benefits from these losses was uncertain due to the continuing operating losses at the US parent company. Accordingly, a 100% valuation allowance was provided against the deferred tax asset.
Previous wording
Net loss for the six months ended June 30, 2025, was $2,129,276 compared to loss of $689,554 for the six months ended June 30, 2024, representing an increase in net loss of $1,439,722. The increase in net loss was mainly driven by rising operating expenses and the reversal of impairment provision, as previously discussed.
Current wording
Net loss for the nine months ended September 30, 2025, was $2,429,650 compared to loss of $952,285 for the nine months ended September 30, 2024, representing an increase in net loss of $1,477,365 The increase in net loss was mainly driven by rising operating expenses and the reversal of impairment provision, as previously discussed.
Previous wording
As of June 30, 2025, the Company maintained cash and equivalents of $131.11 million, other current assets (excluding cash and equivalents) of $0.23 million, current liabilities of $12.74 million, and working capital of $118.6 million, with a current ratio of 10.31:1 and a debt-to-equity ratio of 0.12:1.
Current wording
As of September 30, 2025, the Company maintained cash and equivalents of $131.88million, other current assets (excluding cash and equivalents) of $0.26million, current liabilities of $11.37million, and working capital of $120.76million, with a current ratio of11.69:1 and a debt-to-equity ratio of 0.11:1.
Previous wording
Net cash generated from operating activities was $64.63 million for the six months ended June 30, 2025, compared to $0.18 million for the six months ended June 30, 2024. The increase in net cash inflow for the six months ended June 30, 2025, was mainly driven by the recovery of $65.6 million in advance payments to suppliers, which generated cash inflows.
Current wording
Net cash generated from operating activities was $64.44million for the nine months ended September 30, 2025, compared to $0.33 million net cash used for the nine months ended September 30, 2024. The increase in net cash inflow for the nine months ended September 30, 2025, was mainly driven by the recovery of $65.6 million in advance payments to suppliers, which generated cash inflows.
Previous wording
Net cash provided by investing activities was $55.20 million and $68.56 million respectively for the six months ended June 30, 2025, and 2024. For the six months ended June 30, 2025, repayments of short-term loans decreased by $13.36 million. As of June 30, 2025, the Company had recovered a short-term loan of $55,660,131 (RMB406.3 million) from Xi’an Yingtai Energy Conservation Technology Co., Ltd (“Xi’an Yingtai”), an unrelated party of the Company.
Current wording
Net cash provided by investing activities was $55.2 million and $68.5 million respectively for the nine months ended September 30, 2025, and 2024. For the nine months ended September 30, 2025, repayments of short-term loans decreased by $-12.52million. As of September 30, 2025, the Company had recovered a short-term loan of $55,660,131 (RMB406.3 million) from Xi’an Yingtai Energy Conservation Technology Co., Ltd (“Xi’an Yingtai”), an unrelated party of the Company.
Previous wording
Net cash provided by financing activities was $9.87 million during the six months ended June 30, 2025, primarily attributable to proceeds from equity issuance.
Current wording
Net cash provided by financing activities was $9.87 million during the nine months ended September 30, 2025, primarily attributable to proceeds from equity issuance.
Previous wording
The Company incurred an operating loss of $2.19 million, and reported net loss of $2.13 million for six months ended June 30, 2025. As the Company implements its future business plan, it may continue to incur operating losses and generate negative operating cash flows. In 2025, the Company collected back $65.6 million advance to supplier and had positive operating cash flow during the six months ended June 30, 2025. At the end of June 30, 2025, the Company had accumulated deficit balance of $64.19 million and cash balance of $131.1 million. The Company has collected back RMB405.8 million in accounts receivable and recovered RMB 476 million in supplier advances and raised capital through of common stock issuance during the first quarter of 2025.
Current wording
In 2025, the Company collected back $65.6 million advance to supplier and had positive operating cash flow during the nine months ended September 30, 2025. At the end of September 30, 2025, the Company had accumulated deficit balance of $64.5 million and cash balance of $131.9 million. The Company has collected back RMB405.8 million in accounts receivable and recovered RMB476 million in supplier advances and raised capital through of common stock issuance during the first quarter of 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
INCOME TAX EXPENSE. Income tax expense was 4,690 for the three months ended September 30, 2025, compared with nil for the three months ended September 30, 2024. The consolidated effective income tax rate for the three months ended September 30, 2025 and 2024 were -1.6% and nil, respectively.
Current report — wording carried from elsewhere
The Company incurred an operating loss of $2.4 million, and reported net loss of $2.4 million for nine months ended September 30, 2025. As the Company implements its future business plan, it may continue to incur operating losses and generate negative operating cash flows.