A solar distributor scaling from $6.5M to a $50M run-rate in 24 months.
Consolidated financial information for Tx Solar Lagf — operating commercially as Texasolar — covering full-year 2024, full-year 2025 and the three months ended March 31, 2026.
Operating leverage compounding with scale.
Revenue grew nearly 4× from FY 2024 to FY 2025 while net margin expanded from 8.50% to 9.47%. Q1 2026 closed at 10.32% net margin on $12.51M of revenue.
From single-digit millions to a mid-eight-figure run-rate.
Revenue, gross profit and net income across the three reporting periods (Q1 2026 shown both as the closed quarter and annualized for comparability).
Statements of operations.
Tx Solar Lagf and consolidated subsidiaries. Amounts in US dollars. FY 2024 and FY 2025 reflect closed annual periods; Q1 2026 reflects the three months ended March 31, 2026 and is unaudited.
| Line item | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|
| Revenue | |||
| Equipment distribution | 4,313,790 | 17,797,530 | 8,761,180 |
| Solar modules | 2,562,415 | 11,543,975 | 5,748,925 |
| Inverters | 1,068,925 | 4,192,440 | 2,034,640 |
| Balance of system & cabling | 481,840 | 1,376,790 | 619,285 |
| Battery storage (BESS) | 200,610 | 684,325 | 358,330 |
| Project brokerage & origination | 1,366,485 | 4,633,180 | 2,251,275 |
| EPC services | 588,940 | 2,585,940 | 1,253,640 |
| Operations, maintenance & monitoring | 267,135 | 751,765 | 248,730 |
| Total revenue | $6,536,350 | $25,768,415 | $12,514,825 |
| Cost of revenue | |||
| Equipment & materials | 3,648,420 | 14,235,640 | 6,755,640 |
| Ocean freight & shipping | 554,180 | 2,182,180 | 1,070,420 |
| Customs duties & brokerage | 219,275 | 845,420 | 418,925 |
| Inland trucking & last-mile logistics | 186,475 | 646,275 | 313,225 |
| Subcontracted EPC labor | 384,925 | 1,685,840 | 855,840 |
| Direct project costs (engineering, permits) | 334,500 | 1,225,525 | 624,860 |
| Total cost of revenue | 5,327,775 | 20,820,880 | 10,038,910 |
| Gross profit | $1,208,575 | $4,947,535 | $2,475,915 |
| Operating expenses | |||
| Personnel & benefits | 250,690 | 894,275 | 408,975 |
| Salaries & wages | 214,420 | 752,140 | 343,440 |
| Payroll taxes | 21,225 | 75,015 | 34,890 |
| Health & retirement benefits | 15,045 | 67,120 | 30,645 |
| Sales & marketing | 52,415 | 268,140 | 128,140 |
| Sales commissions | 31,975 | 192,640 | 92,280 |
| Marketing & digital | 13,475 | 43,335 | 20,690 |
| Trade shows & conferences | — | 17,225 | 7,840 |
| Travel & client entertainment | 6,965 | 14,940 | 7,330 |
| General & administrative | 128,925 | 402,400 | 171,235 |
| Rent & facilities (HQ + MX + PA) | 47,360 | 123,420 | 47,180 |
| Software & IT infrastructure | 18,720 | 59,475 | 25,640 |
| Legal, audit & accounting | 27,395 | 75,815 | 34,815 |
| Insurance (GL, cargo, E&O) | 13,860 | 47,910 | 19,840 |
| Bank, merchant & FX charges | 7,320 | 38,820 | 18,290 |
| Office, utilities & telecom | 10,685 | 33,720 | 15,375 |
| Other G&A | 3,585 | 23,240 | 10,095 |
| Depreciation & amortization | 36,402 | 85,357 | 24,925 |
| Total operating expenses | 468,432 | 1,650,172 | 733,275 |
| Operating income | $740,143 | $3,297,363 | $1,742,640 |
| Other income (expense), net | |||
| Interest income | 3,945 | 12,640 | 4,815 |
| Interest expense (inventory facility) | (3,420) | (56,140) | (24,925) |
| Foreign-exchange gain (loss) | 187 | (163) | (105) |
| Total other income (expense), net | 712 | (43,663) | (20,215) |
| Pre-tax & taxes | |||
| Income before income taxes | $740,855 | $3,253,700 | $1,722,425 |
| Provision for income taxes | (185,215) | (813,425) | (430,785) |
| Net income | $555,640 | $2,440,275 | $1,291,640 |
Four-market diversification.
Reported on the basis of customer-of-record location. Mexico remains the anchor market; United States grew from 25% to 32% of revenue between FY 2024 and Q1 2026.
| Line item | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|
| Geographic mix | |||
| Mexico | 3,915,640 | 14,162,475 | 6,253,490 |
| United States | 1,635,420 | 7,228,640 | 4,012,840 |
| Panama | 783,725 | 2,830,775 | 1,374,275 |
| Caribbean | 201,565 | 1,546,525 | 874,220 |
| Total revenue | $6,536,350 | $25,768,415 | $12,514,825 |
Statements of financial position.
As of December 31, 2024 · December 31, 2025 · March 31, 2026.
| Line item | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|
| Assets | |||
| Cash & cash equivalents | 386,425 | 1,927,640 | 2,962,815 |
| Accounts receivable, net | 723,180 | 3,162,815 | 4,232,640 |
| Inventory (modules, inverters, BoS) | 610,275 | 2,847,920 | 3,605,180 |
| Prepaid expenses & other current assets | 85,640 | 312,640 | 421,275 |
| Total current assets | 1,805,520 | 8,251,015 | 11,221,910 |
| Property, plant & equipment, net | 146,420 | 412,640 | 599,420 |
| Right-of-use lease assets | 94,540 | 259,420 | 339,180 |
| Total assets | $2,046,480 | $8,923,075 | $12,160,510 |
| Liabilities | |||
| Accounts payable | 882,420 | 3,265,180 | 4,222,640 |
| Accrued expenses & payroll | 147,180 | 645,420 | 832,640 |
| Inventory financing line | 261,640 | 1,648,925 | 2,376,840 |
| Lease liabilities — current | 47,360 | 115,420 | 147,235 |
| Total current liabilities | 1,338,600 | 5,674,945 | 7,579,355 |
| Lease liabilities — long-term | 52,155 | 247,355 | 288,740 |
| Total liabilities | 1,390,755 | 5,922,300 | 7,868,095 |
| Stockholders' equity | |||
| Contributed capital | 250,000 | 250,000 | 250,000 |
| Retained earnings | 405,725 | 2,750,775 | 4,042,415 |
| Total stockholders' equity | 655,725 | 3,000,775 | 4,292,415 |
| Total liabilities & equity | $2,046,480 | $8,923,075 | $12,160,510 |
Statements of cash flows — summary view.
Cash generation has scaled with margin expansion. Operating cash flow is supported by tightening DSO and disciplined working-capital management.
| Line item | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|
| Cash flow summary | |||
| Net cash from operating activities | 209,275 | 836,420 | 791,420 |
| Net cash used in investing activities | (180,135) | (434,640) | (281,275) |
| Net cash from financing activities | 109,550 | 1,139,435 | 525,030 |
| Net change in cash | 138,690 | 1,541,215 | 1,035,175 |
| Cash, beginning of period | 247,735 | 386,425 | 1,927,640 |
| Cash, end of period | $386,425 | $1,927,640 | $2,962,815 |
Margin, efficiency and capital metrics.
Asset-light, working-capital-financed distribution model. Margins are expanding while inventory turnover normalizes around the 8–11× range.
| KPI | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|
Revenue YoY growth Annualized run-rate vs. FY 2025 | — | +294% | +94% ann. |
Gross margin | 18.49% | 19.20% | 19.78% |
EBITDA | $776,545 | $3.38M | $1.77M |
EBITDA margin | 11.88% | 13.13% | 14.12% |
Operating margin | 11.32% | 12.80% | 13.92% |
Net margin | 8.50% | 9.47% | 10.32% |
Days sales outstanding (DSO) | 40 days | 45 days | 31 days |
Inventory turnover COGS ÷ ending inventory | 8.7× | 7.3× | 11.1× ann. |
Working capital Current assets − current liabilities | $466,920 | $2.58M | $3.64M |
Return on equity NI ÷ avg. equity; reflects light capital structure | 123% | 134% | 142% ann. |
100+ MW of contracted and qualified pipeline supports the 2026 plan.
Q1 2026 closed at $12.51M of revenue with a 10.32% net margin. The annualized run-rate of approximately $50M is supported by a 100+ MW project book across four markets, of which a meaningful share is already at ready-to-build or EPC-in-progress stage.
Greenfield through ready-to-build, with active EPC delivery in Mexico, Panama and the United States.
Distribution agreements with JA Solar, Jinko Solar, Canadian Solar, Growatt and other BNEF tier-1 manufacturers.
Mexico, the United States, Panama and the Caribbean — local presence, bilingual deal team, bonded inventory.
Working-capital-financed inventory line; no long-term debt. Equity funded through retained earnings.
How we prepare and present these numbers.
Basis of presentation
Consolidated financial information of Tx Solar Lagf (EIN 61-2290702) and its subsidiaries, prepared in accordance with US GAAP. Intercompany transactions have been eliminated. Functional currency is the US dollar; foreign operations translated at applicable period rates.
Audit & assurance status
Figures are management-prepared and have not been subjected to a full external audit. Year-end statements are prepared with the rigor and structure typical of a Big-4 deliverable and are available for diligence review. We anticipate engaging an independent auditor for FY 2026 ahead of any institutional capital raise.
Investor data room
Detailed working papers, segment-level P&L, supplier contracts, project-by-project pipeline schedules and customer references are available to qualified investors upon execution of an NDA. Contact legal@texasolar.com to initiate access.
Want to dig into the numbers? Request the data room.
We are selectively engaging with strategic and financial partners aligned with the build-out of our 100+ MW pipeline. Detailed statements, project schedules and supplier agreements are available under NDA.
Forward-looking statements. This page contains forward-looking statements regarding Tx Solar Lagf's expected revenue trajectory, project pipeline and operating performance. Actual results may differ materially due to factors including supplier availability, freight market conditions, currency volatility, interconnection timelines and changes in incentive regimes across the jurisdictions in which we operate.
Confidential. All figures presented are management-prepared, expressed in US dollars and have not been subjected to a full external audit. Working papers, supporting schedules and detailed segment data are available to qualified investors under NDA.