XMax Inc (XMAX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XMAX SEC filings page.
XMax Inc (XMAX) reported $16.0M in revenue over the twelve months to Jun 30, 2026, up 63.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Externally funded expansion is XMax’s dominant mechanic: sales rebounded, but lower gross margin still leaves operations loss-making.
The combination of financing cash flow of$29.8M and a 3.6x asset increase in FY2025 indicates that the balance-sheet expansion was funded outside ongoing operations. Meanwhile, operating cash outflow narrowed to$446K while investing cash flow reached-$22.8M , showing that near-cash-neutral operations did not finance the major investment step-up.
Sales rebounded in FY2025, but gross margin fell to
The new capital also improved balance-sheet liquidity: the current ratio reached 4.9x and debt-to-equity fell to 0.3x. That stronger posture coexisted with an operating loss of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of XMax Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
XMax Inc held $29.8M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $446K of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and XMax Inc scores 100/100 among other emerging companies.
XMax Inc had 47M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and XMax Inc scores 4/100 among other emerging companies.
Not available for XMax Inc, and counted as zero in the overall score.
XMax Inc reported revenue of $16.7M in fiscal year 2025, against $9.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and XMax Inc scores 66/100 among other emerging companies.
XMax Inc's operations used $446K of cash in fiscal year 2025, against $1.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and XMax Inc scores 80/100 among other emerging companies.
XMax Inc's cash, cash equivalents and investments came to $29.8M at the end of fiscal year 2025, against $7.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and XMax Inc scores 86/100 among other emerging companies.
XMax Inc scores 42.54, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($556.8M) relative to total liabilities ($7.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
XMax Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
XMax Inc reported a net loss of $3.4M while operations used $446K of cash. With neither figure positive, the ratio between the two carries no quality signal.
XMax Inc reported an operating loss of $1.9M against $77K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
XMax Inc generated $2.7M in revenue in Q2 2026. This represents an increase of 7.1% from the same quarter a year earlier. Against the prior quarter it is up 53.6%.
XMax Inc's EBITDA was -$1.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 574.8% from the same quarter a year earlier. Against the prior quarter it is down 128.3%.
XMax Inc reported $32.4M in net income in Q2 2026. This represents an increase of 11285.8% from the same quarter a year earlier. Against the prior quarter it is up 16832.6%.
Cash & Balance Sheet
XMax Inc held $34.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
XMax Inc's gross margin was 39.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 10.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.7 percentage points.
XMax Inc's operating margin was -44.5% in Q2 2026, reflecting core business profitability. This is down 36.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 14.5 percentage points.
XMax Inc's ROE was 30.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 34.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 30.0 percentage points.
Not shown for Q2 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for Q2 2026.
XMAX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7M+7.1% | $1.8M-32.4% | $1.8M-11.8% | $9.8M+273.2% | $2.6M-4.9% | $2.6M+10.9% | $2.0M-11.8% | $2.6M+5.6% |
| Cost of Revenue | $1.6M+29.4% | $899K-37.2% | $1.1M-7.8% | $8.8M+511.0% | $1.3M-14.8% | $1.4M+5.2% | $1.1M-10.0% | $1.4M+1.8% |
| Gross Profit | $1.1M-15.1% | $882K-26.7% | $712K-17.1% | $984K-16.6% | $1.3M+7.5% | $1.2M+18.5% | $859K-14.1% | $1.2M+10.8% |
| R&D Expenses | N/A | N/A | N/A | N/A | $520 | $390-99.9% | N/A | N/A |
| SG&A Expenses | $2.0M+72.3% | $1.0M-2.0% | $1.4M-15.8% | $1.1M-42.2% | $1.2M-9.1% | $1.1M-10.4% | $1.6M+41.2% | $1.9M+27.9% |
| Operating Income | -$1.2M-519.6% | -$535K-176.6% | -$1.0M-8.1% | -$490K+79.6% | -$196K+60.5% | -$193K+87.0% | -$970K+74.5% | -$2.4M-129.0% |
| EBITDA | -$1.2M-574.8% | -$533K-200.1% | -$1.1M-13.9% | -$474K+80.2% | -$180K+62.7% | -$178K+88.0% | -$954K+75.1% | -$2.4M-131.7% |
| Interest Expense | $483-87.6% | $4K+155.9% | -$63K-537.8% | -$10K-16.4% | $4K+145.3% | -$8K-96.9% | -$10K-101.5% | -$9K-547.4% |
| Income Tax | $7.8M+783411.4% | N/A | -$517K | -$757-458.8% | -$997-120.4% | -$62K | N/A | $211-99.9% |
| Net Income | $32.4M+11285.8% | $192K+156.5% | -$1.7M-55.5% | -$1.1M+54.3% | -$290K+48.6% | -$339K+76.8% | -$1.1M+77.1% | -$2.5M-91.4% |
| EPS (Basic) | $0.53+2750.0% | $0.00+100.0% | -$0.04-125.0% | -$0.06+91.7% | -$0.02+90.9% | -$0.03+95.4% | $0.16+105.5% | -$0.72+13.3% |
| EPS (Diluted) | $0.53 | $0.00 | -$0.04 | -$0.06 | -$0.02 | -$0.03 | $0.16 | -$0.72 |
| Diluted Shares (Avg) | 61M | 45M | N/A | 18M | 14M | 10M | N/A | 3M |
XMAX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $121.1M+240.6% | $47.1M+295.2% | $35.5M+258.4% | $18.3M+261.5% | $35.5M+512.5% | $11.9M+93.0% | $9.9M+59.0% | $5.1M-40.6% |
| Current Assets | $46.9M+358.3% | $19.7M+90.3% | $11.8M+48.6% | $12.3M+292.8% | $10.2M+175.9% | $10.4M+165.9% | $7.9M+111.5% | $3.1M-14.2% |
| Cash & Equivalents | $34.6M+7285.8% | $9.9M+6628.6% | $6.7M+4043.5% | $1.7M+956.4% | $469K+29.0% | $147K-46.1% | $162K-56.1% | $162K-78.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $1.9M+22.6% | $1.7M-21.3% | $2.2M-23.4% | $2.3M-7.8% | $1.6M-26.0% | $2.1M-16.2% | $2.8M+27.6% | $2.4M+28.4% |
| Accounts Receivable | $3.2M+8828.2% | $2.5M+3693.4% | $2.4M+6623.1% | $7.9M+6158.6% | $36K-19.6% | $65K-52.3% | $36K-22.6% | $127K+85.1% |
| Long-Term Investments | $73.8M | $26.9M | $23.1M | $5.0M | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $219K0.0% | $219K0.0% |
| Total Liabilities | $14.8M-49.0% | $6.8M+31.7% | $7.6M+11.7% | $4.7M-21.0% | $29.0M+403.9% | $5.2M-17.2% | $6.8M+18.3% | $6.0M+30.3% |
| Current Liabilities | $1.6M-63.7% | $1.5M-65.2% | $2.4M-58.9% | $4.4M+0.3% | $4.5M+11.2% | $4.4M+0.7% | $5.8M+57.9% | $4.4M+87.2% |
| Non-Current Liabilities | $13.2M+2086.1% | $5.3M+569.7% | $5.2M+436.4% | $289K-81.4% | $602K-65.0% | $787K-58.3% | $969K-52.8% | $1.6M-30.1% |
| Total Equity | $106.3M+1523.7% | $40.4M+495.6% | $28.0M+795.1% | $13.6M+1616.2% | $6.5M+13480.2% | $6.8M+15950.1% | $3.1M+529.3% | -$896K-122.7% |
| Retained Earnings | -$20.8M+58.9% | -$53.2M-5.7% | -$53.4M-6.8% | -$51.7M-5.8% | -$50.6M-9.0% | -$50.3M-9.7% | -$50.0M-12.5% | -$48.9M-23.1% |
Not reported in any period shown, so not listed: Long-Term Debt.
XMAX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.6M-4042.7% | -$642K-98.9% | $1.7M+742.0% | -$1.9M-335.5% | $93K+119.7% | -$323K-45.5% | -$263K+91.5% | -$438K-583.9% |
| Depreciation & Amortization | $1K-93.5% | $2K-86.8% | -$38K-330.7% | $16K+5.0% | $16K+9.4% | $16K+6.6% | $16K+110.8% | $15K-20.8% |
| Stock-Based Compensation | N/A | $0-100.0% | N/A | N/A | N/A | $110K-56.3% | N/A | N/A |
| Investing Cash Flow | -$4.8M | -$8.3M | -$17.8M | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $33.1M+16523.8% | $12.2M+4221.9% | $21.1M+9696.6% | $8.2M+3975.9% | $199K-64.4% | $282K+41.1% | $216K | $200K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
XMAX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.8%-10.4pp | 49.5%+3.8pp | 40.3%-2.6pp | 10.1%-35.0pp | 50.2%+5.8pp | 45.7%+2.9pp | 42.8%-1.2pp | 45.1%+2.1pp |
| Operating Margin | -44.5%-36.8pp | -30.0%-22.7pp | -59.3%-10.9pp | -5.0%+87.0pp | -7.7%+10.8pp | -7.3%+55.3pp | -48.4% | -92.0%-49.6pp |
| Net Margin | 1184.9% | 10.8%+23.6pp | -94.0%-40.7pp | -11.5%+82.7pp | -11.3%+9.6pp | -12.9%+48.7pp | -53.3% | -94.3%-42.2pp |
| Return on Equity | 30.5%+34.9pp | 0.5%+5.5pp | -5.9%+28.3pp | -8.3% | -4.4%+1164.4pp | -5.0% | -34.2%+907.4pp | N/A |
| Return on Assets | 26.8%+27.6pp | 0.4%+3.3pp | -4.7%+6.1pp | -6.2%+42.6pp | -0.8%+8.9pp | -2.8%+20.8pp | -10.8%+64.1pp | -48.8%-33.6pp |
| Current Ratio | 28.80+26.5x | 12.96+10.6x | 4.92+3.6x | 2.78+2.1x | 2.28+1.4x | 2.37+1.5x | 1.36+0.3x | 0.71-0.8x |
| Debt-to-Equity | 0.14-4.3x | 0.17-0.6x | 0.27-1.9x | 0.35 | 4.43-115.0x | 0.76 | 2.18-9.4x | N/A |
| Asset Turnover | 0.020.0x | 0.04-0.2x | 0.05-0.2x | 0.530.0x | 0.07-0.4x | 0.22-0.2x | 0.20-0.2x | 0.52+0.2x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Where XMax Inc Ranks
Frequently Asked Questions
What is XMax Inc's annual revenue?
XMax Inc (XMAX) reported $16.7M in total revenue for fiscal year 2025. This represents a 72.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is XMax Inc's revenue growing?
XMax Inc (XMAX) revenue grew by 72.6% year-over-year, from $9.7M to $16.7M in fiscal year 2025.
Is XMax Inc profitable?
No, XMax Inc (XMAX) reported a net income of -$3.4M in fiscal year 2025, with a net profit margin of -20.4%.
What is XMax Inc's EBITDA?
XMax Inc (XMAX) had EBITDA of -$1.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is XMax Inc's gross margin?
XMax Inc (XMAX) had a gross margin of 25.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is XMax Inc's operating margin?
XMax Inc (XMAX) had an operating margin of -11.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is XMax Inc's net profit margin?
XMax Inc (XMAX) had a net profit margin of -20.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is XMax Inc's return on equity (ROE)?
XMax Inc (XMAX) has a return on equity of -12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is XMax Inc's operating cash flow?
XMax Inc (XMAX) recorded an outflow of $446K in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are XMax Inc's total assets?
XMax Inc (XMAX) had $35.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is XMax Inc's current ratio?
XMax Inc (XMAX) had a current ratio of 4.92 as of fiscal year 2025, which is generally considered healthy.
What is XMax Inc's debt-to-equity ratio?
XMax Inc (XMAX) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is XMax Inc's return on assets (ROA)?
XMax Inc (XMAX) had a return on assets of -9.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is XMax Inc's P/E ratio?
XMax Inc (XMAX) trades at 18.7x earnings, its market capitalization divided by net income of $29.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $556.8M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is XMax Inc's price-to-sales ratio?
XMax Inc (XMAX) trades at 34.7x sales, its market capitalization divided by revenue of $16.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $556.8M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is XMax Inc's Altman Z-Score?
XMax Inc (XMAX) has an Altman Z-Score of 42.54, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is XMax Inc's Piotroski F-Score?
XMax Inc (XMAX) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are XMax Inc's earnings high quality?
XMax Inc (XMAX) reported a net loss of $3.4M while operations used $446K of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can XMax Inc cover its interest payments?
XMax Inc (XMAX) reported an operating loss of $1.9M against $77K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is XMax Inc?
XMax Inc (XMAX) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.