Smart Powerr Corp. (CREG) is a Nevada holding company with primary operations in the PRC, transitioning from waste energy recycling to an energy storage integrated solution provider. The company reported a net loss of $2,900,041 for the fiscal year ended December 31, 2025, a significant increase from a $1,559,012 net loss in 2024. Total sales for 2025 amounted to $262,509, generated from a new 10-year Operation and Maintenance Contract for power stations, compared to $0 in sales for 2024. Operating expenses more than doubled, reaching $3,132,219 in 2025, up from $1,093,468 in 2024, primarily due to increased financing costs ($948,648) and share-based compensation ($831,520). Net cash generated from operating activities was $66,908,783 in 2025, a substantial improvement from $10,764,096 used in 2024, mainly driven by the collection of $68.1 million in advance payments to suppliers. Net cash used in investing activities was $99,473,027 in 2025, compared to $11,031,196 provided in 2024, largely due to new short-term loan receivables of $156.8 million. Net cash provided by financing activities was $32,137,831 in 2025, primarily from equity issuance. As of March 31, 2026, there were 22,959,128 shares of common stock issued and outstanding, reflecting a one-for-ten (1:10) reverse stock split effective July 18, 2025. The company faces significant legal proceedings, including an outstanding loan principal of RMB 77 million ($11.06 million) and additional judgment enforcement fees of RMB 80,288,184 ($11.53 million) related to a Beijing court judgment. Accrued litigation expenses totaled $2,497,136 as of December 31, 2025.