What is XMAX, Inc.'s earnings per share (EPS)?

XMAX, Inc. (XMAX) reported diluted earnings per share of -$0.17 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

XMAX, Inc. (XMAX) Financials

XMAX

Trailing 12 months to June 30, 2026

Revenue $16.0M +63.5% YoY

Net Income $29.8M +816.3% YoY

EPS (Diluted) -$0.17 FY2025 annual

Operating Cash Flow -$4.5M -383.6% YoY

Market Cap $551.4M as of Oct 21, 2026

Price / Sales 34.4x on $16.0M revenue, trailing 12 months to June 30, 2026

Price / Earnings 18.5x on $29.8M net income, trailing 12 months to June 30, 2026

Price / Book 5.2x on $106.3M equity, Q2 FY2026

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 Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

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).

Rhea AI XMAX FY2025 2026-10-03

FY2025’s revenue rebound exposed weaker gross economics, while external financing—not operations—funded the balance-sheet expansion.

Revenue rose from $9.7M in FY2024 to $16.7M in FY2025, but the added sales carried less economic value. Gross margin fell from 43.9% to 25.0%, showing that volume increased without preserving profitability per dollar sold.

In FY2025, the company recorded a net loss of $3.4M alongside operating cash outflow of $445K. That gap suggests reported losses included meaningful non-cash or working-capital effects, but operations still did not generate cash.

Investment and financing moved together: FY2025 investing absorbed $22.8M while financing provided $29.8M, pointing to expansion funded externally rather than from operating cash. The capital structure remained more equity-funded than debt-funded, with a current ratio of 4.9x and debt-to-equity of 0.3x.

Financial Health Signals

Financial Health Score 56/100

Scored as: Emerging companies peer group

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.

Cash Runway

100

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.

Dilution

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.

R&D Intensity

Not available for XMAX, Inc., and counted as zero in the overall score.

Revenue Progress

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.

Burn Trend

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 81/100 among other emerging companies.

Balance Sheet

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.

Altman Z-Score Safe

42.11

XMAX, Inc. scores 42.11, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($551.4M) 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.

Piotroski F-Score Partial

3/8

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.

Earnings Quality No Cash Backing

N/A

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.

Interest Coverage At Risk

N/A

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

Export CSV

Earnings & Revenue

Revenue

$2.7M

YoY+7.1%

QoQ+53.6%

5Y CAGR-5.1%

10Y CAGR-17.9%

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%.

EBITDA

-$1.2M

YoY-574.8%

QoQ-128.3%

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%.

Net Income

$32.4M

YoY+11285.8%

QoQ+16832.6%

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%.

EPS (Diluted)

$0.53

XMAX, Inc. earned $0.53 per diluted share (EPS) in Q2 2026.

Cash & Balance Sheet

Cash & Debt

$34.6M

YoY+7285.8%

QoQ+249.4%

5Y CAGR+44.5%

10Y CAGR+50.4%

XMAX, Inc. held $34.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

65M

QoQ+36.7%

5Y CAGR+57.4%

10Y CAGR+9.9%

XMAX, Inc. had 65M shares outstanding in Q2 2026. Against the prior quarter it is up 36.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

39.8%

YoY-10.4pp

QoQ-9.7pp

10Y change+27.4pp

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.

Operating Margin

-44.5%

YoY-36.8pp

QoQ-14.5pp

10Y change-43.5pp

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.

Return on Equity

30.5%

YoY+34.9pp

QoQ+30.0pp

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.

Net Margin

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.

XMAX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$16.0M	$16.7M+72.6%	$9.7M-12.6%	$11.1M-13.0%	$12.7M+1.5%	$12.6M+10.6%	$11.4M-48.4%	$22.0M-72.9%	$81.2M-23.8%	$106.5M+14.9%	$92.6M+3.0%	$89.9M-8.9%	$98.7M+26.0%	$78.4M+18.2%	$66.3M+53.6%	$43.2M
Cost of Revenue	$12.4M	$12.5M+130.6%	$5.4M-21.4%	$6.9M-66.3%	$20.5M+191.8%	$7.0M-77.5%	$31.2M+51.0%	$20.7M-68.6%	$65.8M-23.5%	$86.1M+8.8%	$79.1M+6.0%	$74.7M-5.9%	$79.3M+25.9%	$63.0M+22.1%	$51.6M+66.1%	$31.0M
Gross Profit	$3.7M	$4.2M-1.5%	$4.2M+1.8%	$4.2M+153.6%	-$7.8M-240.9%	$5.5M+127.8%	-$19.9M-1638.2%	$1.3M-91.6%	$15.4M-24.8%	$20.4M+51.0%	$13.5M-11.5%	$15.3M-21.2%	$19.4M+26.2%	$15.4M+4.3%	$14.7M+21.6%	$12.1M
R&D Expenses	N/A	N/A	$2.0M-35.9%	$3.1M+28462.1%	$11K-90.1%	$110K+226.8%	$34K	N/A	N/A	N/A	N/A	$1.1M-14.1%	$1.2M+192.7%	$427K-14.3%	$498K+202.2%	$165K
SG&A Expenses	$5.6M	$4.7M-21.8%	$6.1M+19.8%	$5.1M-8.8%	$5.5M-1.9%	$5.7M+21.2%	$4.7M-15.3%	$5.5M-16.0%	$6.6M-30.9%	$9.5M+5.8%	$9.0M+49.0%	$6.0M-23.1%	$7.8M+32.1%	$5.9M+23.6%	$4.8M+44.8%	$3.3M
Operating Income	-$3.3M	-$1.9M+64.0%	-$5.4M+16.4%	-$6.4M+60.4%	-$16.2M-320.2%	-$3.9M+85.3%	-$26.3M-353.8%	-$5.8M-220.1%	$4.8M-29.1%	$6.8M+988.1%	-$766K-116.5%	$4.6M-11.8%	$5.3M-13.4%	$6.1M-8.9%	$6.7M-4.1%	$6.9M
EBITDA	N/A	-$1.9M+63.8%	-$5.3M+16.7%	-$6.4M+60.6%	-$16.1M-326.6%	-$3.8M+85.6%	-$26.2M-355.6%	-$5.8M-218.4%	$4.9M-41.6%	$8.3M+5211.6%	-$163K-103.2%	$5.1M-26.0%	$7.0M-5.9%	$7.4M-0.5%	$7.4M+18.2%	$6.3M
Interest Expense	-$68K	-$77K-146.9%	-$31K-229.1%	-$9K+62.3%	-$25K+79.5%	-$123K-790.1%	$18K-31.0%	$26K-84.7%	$170K-2.8%	$174K-38.6%	$284K+3.0%	$276K+74.1%	$158K+154.2%	-$292K-54.8%	-$189K-13571.3%	$1K
Income Tax	N/A	-$581K-22326.0%	$3K-99.6%	$731K+30362.2%	$2K-98.5%	$164K+125.2%	-$649K-358.6%	$251K+134.0%	-$739K-126.8%	$2.8M+429.9%	-$837K-618.2%	$161K-83.5%	$981K+63.6%	$599K-44.1%	$1.1M-26.6%	$1.5M
Net Income	$29.8M	-$3.4M+38.5%	-$5.6M+28.0%	-$7.7M+54.8%	-$17.1M+14.3%	-$20.0M+23.5%	-$26.1M-203.2%	-$8.6M-262.3%	$5.3M+40.8%	$3.8M+436.7%	-$1.1M-150.8%	$2.2M-74.3%	$8.6M+75.8%	$4.9M-10.4%	$5.4M+1.3%	$5.4M
EPS (Basic)	N/A	-$0.17+88.5%	-$1.48+70.2%	-$4.96+59.8%	-$12.34-277.4%	-$3.27+28.0%	-$4.54-198.7%	-$1.52-263.4%	$0.93+564.3%	$0.14+450.0%	-$0.04-140.0%	$0.10-76.2%	$0.42+61.5%	$0.26-10.3%	$0.29-21.6%	$0.37
EPS (Diluted)	—	-$0.17	-$1.48	-$4.96	-$12.34	N/A	-$4.54-198.7%	-$1.52-263.4%	$0.93	$0.14+450.0%	-$0.04-140.0%	$0.10-76.2%	$0.42+68.0%	$0.25-13.8%	$0.29-21.6%	$0.37
Diluted Shares (Avg)	N/A	21M	4M	2M	1M	N/A	6M+1.3%	6M-1.0%	6M	28M+9.1%	25M+11.4%	23M+11.5%	20M+7.0%	19M+2.4%	19M+27.1%	15M

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

XMAX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$35.5M+258.4%	$9.9M+59.0%	$6.2M-45.9%	$11.5M-60.9%	$29.5M-36.5%	$46.5M-35.0%	$71.6M-20.6%	$90.1M+12.8%	$79.9M+3.7%	$77.0M-14.2%	$89.7M+11.3%	$80.7M+33.2%	$60.6M+19.3%	$50.8M+45.8%	$34.8M
Current Assets	$11.8M+48.6%	$7.9M+111.5%	$3.7M-54.3%	$8.2M-67.9%	$25.6M-40.9%	$43.3M-36.8%	$68.5M-19.8%	$85.4M+14.1%	$74.9M+6.9%	$70.0M+6.4%	$65.8M+16.1%	$56.7M+48.8%	$38.1M+18.3%	$32.2M+33.3%	$24.2M
Cash & Equivalents	$6.7M+4043.5%	$162K-56.1%	$369K-73.1%	$1.4M-78.1%	$6.3M-28.2%	$8.7M-1.6%	$8.9M+3548.3%	$244K-95.7%	$5.7M+121.1%	$2.6M+161.9%	$988K-20.6%	$1.2M-46.4%	$2.3M-26.3%	$3.2M+25.8%	$2.5M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$2.2M-23.4%	$2.8M+27.6%	$2.2M-55.1%	$4.9M+87.8%	$2.6M-92.0%	$32.8M+10.4%	$29.7M+366.6%	$6.4M-0.1%	$6.4M+129.2%	$2.8M+10.6%	$2.5M-30.4%	$3.6M+7.7%	$3.4M+3.5%	$3.2M+75.4%	$1.8M
Accounts Receivable	$2.4M+6623.1%	$36K-22.6%	$47K-83.7%	$288K+179.0%	$103K-79.9%	$515K+32.0%	$390K-99.4%	$66.6M+23.3%	$54.0M+28.3%	$42.1M-1.4%	$42.7M-0.7%	$43.0M+53.6%	$28.0M+24.9%	$22.4M+18.0%	$19.0M
Long-Term Investments	$23.1M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K-78.7%	$1.0M+369.9%	$219K0.0%	$219K
Total Liabilities	$7.6M+11.7%	$6.8M+18.3%	$5.7M+16.7%	$4.9M-19.1%	$6.1M+9.6%	$5.6M+0.7%	$5.5M-63.7%	$15.2M+33.1%	$11.4M-17.2%	$13.8M-53.7%	$29.8M+3.1%	$28.9M+32.2%	$21.8M+7.1%	$20.4M+70.5%	$12.0M
Current Liabilities	$2.4M-58.9%	$5.8M+57.9%	$3.7M+124.6%	$1.6M-9.5%	$1.8M-10.4%	$2.0M+38.3%	$1.5M-87.6%	$11.8M+341.5%	$2.7M-77.0%	$11.6M-32.3%	$17.2M-22.4%	$22.2M+140.5%	$9.2M-41.2%	$15.7M+98.9%	$7.9M
Non-Current Liabilities	$5.2M+436.4%	$969K-52.8%	$2.1M-37.4%	$3.3M-23.2%	$4.3M+21.2%	$3.5M-12.8%	$4.0M+20.7%	$3.4M-61.6%	$8.7M+308.6%	$2.1M-83.0%	$12.6M+87.2%	$6.7M-46.9%	$12.6M+168.0%	$4.7M+15.6%	$4.1M
Total Equity	$28.0M+795.1%	$3.1M+529.3%	$496K-92.5%	$6.6M-71.8%	$23.4M-42.7%	$40.9M-38.0%	$66.0M-11.8%	$74.9M+9.4%	$68.4M+8.2%	$63.3M+5.5%	$60.0M+15.9%	$51.8M+33.7%	$38.7M+27.5%	$30.4M+32.8%	$22.9M
Retained Earnings	-$53.4M-6.8%	-$50.0M-12.5%	-$44.4M-21.0%	-$36.7M-87.2%	-$19.6M-5679.6%	$351K-98.7%	$26.4M-24.6%	$35.0M+17.8%	$29.7M+12.8%	$26.3M-1.1%	$26.6M+9.0%	$24.4M+53.9%	$15.9M+44.2%	$11.0M+97.5%	$5.6M

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

XMAX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$4.5M	-$446K+68.0%	-$1.4M+11.9%	-$1.6M+70.6%	-$5.4M-12.2%	-$4.8M-130.4%	-$2.1M-113.9%	$14.9M+316.3%	-$6.9M-424.4%	-$1.3M+79.6%	-$6.4M-51.8%	-$4.2M+34.5%	-$6.5M-15196.9%	$43K-94.8%	$827K+277.5%	-$466K
Depreciation & Amortization	N/A	$10K-83.7%	$61K+9.8%	$55K-37.2%	$88K+12.2%	$79K+27.0%	$62K+69.7%	$36K-3.2%	$38K-97.5%	$1.5M+152.8%	$603K+17.6%	$513K-69.8%	$1.7M+28.4%	$1.3M+73.3%	$765K+215.3%	-$663K
Stock-Based Compensation	N/A	$3.4M+353.2%	$747K+49.4%	$500K-12.9%	$574K+341.2%	$130K-17.4%	$157K-57.4%	$369K-69.1%	$1.2M-45.1%	$2.2M+32.9%	$1.6M+18.9%	$1.4M+107.6%	$663K+14.0%	$582K+915.2%	$57K	$0
Capital Expenditures	N/A	N/A	$14K	N/A	$9K-92.1%	$111K-69.7%	$365K+1309.3%	$26K-5.9%	$28K+2.7%	$27K+98.7%	$13K	$0-100.0%	$1.6M+222.3%	$502K-23.0%	$652K+10.6%	$589K
Free Cash Flow	N/A	N/A	-$1.4M	N/A	-$5.4M-9.9%	-$4.9M-100.5%	-$2.4M-116.4%	$14.9M+315.0%	-$6.9M-415.9%	-$1.3M+79.2%	-$6.4M-52.2%	-$4.2M+47.6%	-$8.1M-1657.8%	-$459K-362.4%	$175K+116.6%	-$1.1M
Investing Cash Flow	N/A	-$22.8M-161419.8%	-$14K-175.7%	$19K+312.5%	-$9K+94.3%	-$155K-123.0%	$673K+2697.3%	-$26K+5.9%	-$28K-100.3%	$8.2M+34.8%	$6.1M+346.5%	-$2.5M+40.2%	-$4.1M-4.1%	-$4.0M+54.9%	-$8.8M-374.9%	-$1.9M
Financing Cash Flow	$74.6M	$29.8M+2430.9%	$1.2M	N/A	N/A	$2.8M+492.4%	$466K+106.8%	-$6.9M-430.4%	$2.1M+155.0%	-$3.8M-296.1%	$1.9M-70.2%	$6.5M-32.2%	$9.5M+208.9%	$3.1M-64.3%	$8.6M+125.5%	$3.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$616K	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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.

XMAX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	25.0%-18.9pp	43.9%+6.2pp	37.6%+98.7pp	-61.1%-105.0pp	44.0%	-175.3%	5.9%-13.0pp	18.9%-0.3pp	19.2%+4.6pp	14.6%-2.4pp	17.0%-2.7pp	19.7%0.0pp	19.6%-2.6pp	22.2%-5.9pp	28.1%
Operating Margin	-11.5%+43.8pp	-55.4%+2.5pp	-57.9%	-127.3%	-30.8%	-231.8%	-26.4%-32.3pp	5.9%-0.4pp	6.4%+7.2pp	-0.8%-6.0pp	5.1%-0.2pp	5.3%-2.4pp	7.7%-2.3pp	10.0%-6.0pp	16.1%
Net Margin	-20.4%+37.0pp	-57.4%+12.2pp	-69.7%	-134.2%	-159.0%	-229.8%	-39.1%-45.6pp	6.5%+3.0pp	3.5%+4.8pp	-1.2%-3.7pp	2.5%-6.2pp	8.7%+2.5pp	6.2%-2.0pp	8.2%-4.2pp	12.4%
Return on Equity	-12.2%+165.8pp	-178.1%+1377.9pp	-1556.0%-1297.4pp	-258.6%-173.5pp	-85.2%-21.4pp	-63.7%-50.7pp	-13.0%-20.1pp	7.1%+1.6pp	5.5%+7.3pp	-1.8%-5.4pp	3.7%-12.8pp	16.5%+4.0pp	12.6%-5.3pp	17.9%-5.6pp	23.5%
Return on Assets	-9.6%+46.5pp	-56.1%+67.7pp	-123.8%+24.5pp	-148.3%-80.7pp	-67.6%-11.5pp	-56.1%-44.1pp	-12.0%-17.9pp	5.9%+1.2pp	4.7%+6.2pp	-1.5%-3.9pp	2.5%-8.2pp	10.6%+2.6pp	8.0%-2.7pp	10.7%-4.7pp	15.4%
Current Ratio	4.92+3.6x	1.36+0.3x	1.02-4.0x	4.99-9.1x	14.09-7.3x	21.38-25.4x	46.77+39.5x	7.22-20.7x	27.95+21.9x	6.02+2.2x	3.83+1.3x	2.56-1.6x	4.13+2.1x	2.06-1.0x	3.07
Debt-to-Equity	0.27-1.9x	2.18-9.4x	11.57+10.8x	0.74+0.5x	0.26+0.1x	0.14+0.1x	0.08-0.1x	0.200.0x	0.17-0.1x	0.22-0.3x	0.50-0.1x	0.560.0x	0.56-0.1x	0.67+0.1x	0.52
Asset Turnover	0.47-0.5x	0.98-0.8x	1.78+0.7x	1.10+0.7x	0.43+0.2x	0.24-0.1x	0.31-0.6x	0.90-0.4x	1.33+0.1x	1.20+0.2x	1.00-0.2x	1.22-0.1x	1.290.0x	1.31+0.1x	1.24
FCF Margin	N/A	-14.5%	N/A	-42.2%-3.2pp	-39.0%-17.5pp	-21.5%-89.1pp	67.6%+76.1pp	-8.5%-7.2pp	-1.3%+5.7pp	-7.0%-2.3pp	-4.7%+3.5pp	-8.2%-7.6pp	-0.6%-0.9pp	0.3%+2.7pp	-2.4%

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.

How many shares does XMAX, Inc. have outstanding?

XMAX, Inc. (XMAX) had 47M shares outstanding as of fiscal year 2025.

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 18.5x earnings, its market capitalization divided by net income of $29.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $551.4M as of Oct 21, 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 34.4x sales, its market capitalization divided by revenue of $16.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $551.4M as of Oct 21, 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 42.11, 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.