XMax Inc Financials

XWIN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows XMax Inc (XWIN) financial statements, including the 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).

Financial Health Signals

Financial Profile 19/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

XMax Inc has an operating margin of -55.4%, meaning the company retains $-55 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -57.9% the prior year.

Growth

XMax Inc's revenue declined 12.6% year-over-year, from $11.1M to $9.7M. This contraction results in a growth score of 12/100.

Leverage

XMax Inc has a moderate D/E ratio of 2.18. This balance of debt and equity financing earns a leverage score of 58/100.

Liquidity

XMax Inc's current ratio of 1.36 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Returns

XMax Inc generates a -178.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -1556.0% the prior year.

Piotroski F-Score Neutral

4/9

XMax Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.25x

For every $1 of reported earnings, XMax Inc generates $0.25 in operating cash flow (-$1.4M OCF vs -$5.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-171.7x

XMax Inc earns $-171.7 in operating income for every $1 of interest expense (-$5.4M vs $31K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.7M

YoY-12.6%

5Y CAGR-15.1%

10Y CAGR-20.7%

XMax Inc generated $9.7M in revenue in fiscal year 2024. This represents a decrease of 12.6% from the prior year.

EBITDA

-$5.3M

YoY+16.7%

XMax Inc's EBITDA was -$5.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.7% from the prior year.

Net Income

-$5.6M

YoY+28.0%

XMax Inc reported -$5.6M in net income in fiscal year 2024. This represents an increase of 28.0% from the prior year.

EPS (Diluted)

$-1.48

XMax Inc earned $-1.48 per diluted share (EPS) in fiscal year 2024. This represents an increase of 70.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$162K

YoY-56.1%

5Y CAGR-55.1%

10Y CAGR-18.4%

XMax Inc held $162K in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

XMax Inc had 7M shares outstanding in fiscal year 2024. This represents an increase of 280.7% from the prior year.

Margins & Returns

Gross Margin

43.9%

YoY+6.2pp

5Y CAGR+38.0pp

10Y CAGR+24.2pp

XMax Inc's gross margin was 43.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 6.2 percentage points from the prior year.

Operating Margin

-55.4%

YoY+2.5pp

5Y CAGR-29.0pp

10Y CAGR-60.7pp

XMax Inc's operating margin was -55.4% in fiscal year 2024, reflecting core business profitability. This is up 2.5 percentage points from the prior year.

Net Margin

-57.4%

YoY+12.2pp

5Y CAGR-18.3pp

10Y CAGR-66.1pp

XMax Inc's net profit margin was -57.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.

Return on Equity

-178.1%

YoY+1377.9pp

5Y CAGR-165.0pp

10Y CAGR-194.6pp

XMax Inc's ROE was -178.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 1377.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

XWIN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$9.7M-12.6%	$11.1M-13.0%	$12.7M+1.5%	$12.6M+10.6%	$11.4M-48.4%	$22.0M
Cost of Revenue	$5.4M-21.4%	$6.9M-66.3%	$20.5M+191.8%	$7.0M-77.5%	$31.2M+51.0%	$20.7M
Gross Profit	$4.2M+1.8%	$4.2M+153.6%	-$7.8M-240.9%	$5.5M+127.8%	-$19.9M-1638.2%	$1.3M
R&D Expenses	N/A	$3.1M+28462.1%	$11K-90.1%	$110K+226.8%	$34K	N/A
SG&A Expenses	$6.1M+19.8%	$5.1M-8.8%	$5.5M-1.9%	$5.7M+21.2%	$4.7M-15.3%	$5.5M
Operating Income	-$5.4M+16.4%	-$6.4M+60.4%	-$16.2M-320.2%	-$3.9M+85.3%	-$26.3M-353.8%	-$5.8M
Interest Expense	-$31K-229.1%	-$9K+62.3%	-$25K+79.5%	-$123K-790.1%	$18K-31.0%	$26K
Income Tax	$3K-99.6%	$731K+30362.2%	$2K-98.5%	$164K+125.2%	-$649K-358.6%	$251K
Net Income	-$5.6M+28.0%	-$7.7M+54.8%	-$17.1M+14.3%	-$20.0M+23.5%	-$26.1M-203.2%	-$8.6M
EPS (Diluted)	$-1.48	$-4.96	$-12.34	N/A	$-4.54-198.7%	$-1.52

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$9.8M+281.9%	$2.6M-3.0%	$2.6M+31.4%	$2.0M-23.3%	$2.6M-2.7%	$2.7M+13.1%	$2.4M+4.5%	$2.3M
Cost of Revenue	$8.8M+589.9%	$1.3M-11.1%	$1.4M+24.8%	$1.1M-20.1%	$1.4M-3.8%	$1.5M+9.8%	$1.4M+6.8%	$1.3M
Gross Profit	$984K-23.4%	$1.3M+6.6%	$1.2M+40.2%	$859K-27.1%	$1.2M-1.3%	$1.2M+17.6%	$1.0M+1.6%	$1.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$751K	N/A
SG&A Expenses	$1.1M-3.8%	$1.2M+9.5%	$1.1M-34.2%	$1.6M-16.5%	$1.9M+51.3%	$1.3M+7.9%	$1.2M+3.6%	$1.2M
Operating Income	-$490K-149.4%	-$196K-1.6%	-$193K+80.1%	-$970K+59.7%	-$2.4M-383.6%	-$498K+66.6%	-$1.5M+60.9%	-$3.8M
Interest Expense	-$10K+6.3%	-$11K-40.8%	-$8K+21.5%	-$10K-12.4%	-$9K-1.9%	-$9K-118.8%	-$4K+19.6%	-$5K
Income Tax	-$757+24.1%	-$997+98.4%	-$62K	N/A	$211-95.7%	$5K	N/A	N/A
Net Income	-$1.1M-288.5%	-$290K+14.4%	-$339K+68.3%	-$1.1M+56.6%	-$2.5M-337.6%	-$563K+61.5%	-$1.5M+68.7%	-$4.7M
EPS (Diluted)	$-0.06-200.0%	$-0.02+33.3%	$-0.03	N/A	$-0.72-227.3%	$-0.22+66.2%	$-0.65	N/A

XWIN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.9M+59.0%	$6.2M-45.9%	$11.5M-60.9%	$29.5M-36.5%	$46.5M-35.0%	$71.6M
Current Assets	$8.0M+112.1%	$3.7M-54.3%	$8.2M-67.9%	$25.6M-40.9%	$43.3M-36.8%	$68.5M
Cash & Equivalents	$162K-56.1%	$369K-73.1%	$1.4M-78.1%	$6.3M-28.2%	$8.7M-1.6%	$8.9M
Inventory	$2.8M+27.6%	$2.2M-55.1%	$4.9M+87.8%	$2.6M-92.0%	$32.8M+10.4%	$29.7M
Accounts Receivable	$36K-22.6%	$47K-83.7%	$288K+179.0%	$103K-79.9%	$515K+32.0%	$390K
Goodwill	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K
Total Liabilities	$6.8M+18.3%	$5.7M+16.7%	$4.9M-19.1%	$6.1M+9.6%	$5.6M+0.7%	$5.5M
Current Liabilities	$5.8M+57.9%	$3.7M+124.6%	$1.6M-9.5%	$1.8M-10.4%	$2.0M+38.3%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.1M+529.3%	$496K-92.5%	$6.6M-71.8%	$23.4M-42.7%	$40.9M-38.0%	$66.0M
Retained Earnings	-$50.0M-12.5%	-$44.4M-21.0%	-$36.7M-87.2%	-$19.6M-5679.6%	$351K-98.7%	$26.4M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$18.3M+57.2%	$11.6M-2.5%	$11.9M+20.3%	$9.9M+96.1%	$5.1M-12.8%	$5.8M-6.1%	$6.2M-0.9%	$6.2M
Current Assets	$12.3M+19.8%	$10.2M-1.1%	$10.4M+30.2%	$8.0M+154.6%	$3.1M-15.9%	$3.7M-4.7%	$3.9M+3.9%	$3.7M
Cash & Equivalents	$1.7M+265.7%	$469K+218.3%	$147K-9.0%	$162K-0.2%	$162K-55.3%	$363K+33.1%	$273K-26.0%	$369K
Inventory	$2.3M+42.8%	$1.6M-25.0%	$2.1M-25.5%	$2.8M+15.5%	$2.4M+14.5%	$2.1M-15.1%	$2.5M+13.5%	$2.2M
Accounts Receivable	$7.9M+22095.9%	$36K-44.8%	$65K+78.1%	$36K-71.3%	$127K+185.1%	$44K-67.3%	$136K+189.1%	$47K
Goodwill	N/A	N/A	N/A	$219K0.0%	$219K0.0%	$219K0.0%	$219K0.0%	$219K
Total Liabilities	$4.7M-7.6%	$5.1M-1.3%	$5.2M-24.1%	$6.8M+14.1%	$6.0M+3.5%	$5.8M-7.5%	$6.2M+8.4%	$5.7M
Current Liabilities	$4.4M-1.6%	$4.5M+2.7%	$4.4M-25.0%	$5.8M+32.3%	$4.4M+9.1%	$4.0M-6.9%	$4.3M+17.5%	$3.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.6M+107.5%	$6.5M-3.4%	$6.8M+116.9%	$3.1M+448.6%	-$896K-1958.4%	$48K+212.8%	-$43K-108.6%	$496K
Retained Earnings	-$51.7M-2.2%	-$50.6M-0.6%	-$50.3M-0.7%	-$50.0M-2.2%	-$48.9M-5.3%	-$46.5M-1.2%	-$45.9M-3.3%	-$44.4M

XWIN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$1.4M+11.9%	-$1.6M+70.6%	-$5.4M-12.2%	-$4.8M-130.4%	-$2.1M-113.9%	$14.9M
Capital Expenditures	N/A	N/A	$9K-92.1%	$111K-69.7%	$365K+1309.3%	$26K
Free Cash Flow	N/A	N/A	-$5.4M-9.9%	-$4.9M-100.5%	-$2.4M-116.4%	$14.9M
Investing Cash Flow	-$14K-175.7%	$19K+312.5%	-$9K+94.3%	-$155K-123.0%	$673K+2697.3%	-$26K
Financing Cash Flow	$1.2M	N/A	N/A	$2.8M+492.4%	$466K+106.8%	-$6.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$616K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$1.9M-2161.5%	$93K+128.7%	-$323K-22.5%	-$263K+39.8%	-$438K+6.6%	-$469K-111.4%	-$222K+92.8%	-$3.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.5M
Financing Cash Flow	$8.2M+3993.4%	$199K-29.4%	$282K+30.9%	$216K+7.8%	$200K-64.3%	$560K+180.0%	$200K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XWIN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	43.9%+6.2pp	37.6%+98.7pp	-61.1%-105.0pp	44.0%+219.2pp	-175.3%-181.1pp	5.9%
Operating Margin	-55.4%+2.5pp	-57.9%+69.4pp	-127.3%-96.5pp	-30.8%+201.0pp	-231.8%-205.4pp	-26.4%
Net Margin	-57.4%+12.2pp	-69.7%+64.5pp	-134.2%+24.8pp	-159.0%+70.8pp	-229.8%-190.6pp	-39.1%
Return on Equity	-178.1%+1377.9pp	-1556.0%-1297.4pp	-258.6%-173.5pp	-85.2%-21.4pp	-63.7%-50.7pp	-13.0%
Return on Assets	-56.1%+67.7pp	-123.8%+24.5pp	-148.3%-80.7pp	-67.6%-11.5pp	-56.1%-44.1pp	-12.0%
Current Ratio	1.36+0.3	1.02-4.0	4.99-9.1	14.09-7.3	21.38-25.4	46.77
Debt-to-Equity	2.18-9.4	11.57+10.8	0.74+0.5	0.26+0.1	0.14+0.1	0.08
FCF Margin	N/A	N/A	-42.2%-3.2pp	-39.0%-17.5pp	-21.5%-89.1pp	67.6%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	10.1%-40.1pp	50.2%+4.5pp	45.7%+2.9pp	42.8%-2.3pp	45.1%+0.6pp	44.5%+1.7pp	42.8%-1.2pp	44.0%
Operating Margin	-5.0%+2.7pp	-7.7%-0.3pp	-7.3%+41.0pp	-48.4%+43.6pp	-92.0%-73.5pp	-18.5%+44.1pp	-62.6%+104.7pp	-167.3%
Net Margin	-11.5%-0.2pp	-11.3%+1.5pp	-12.9%+40.4pp	-53.3%+41.0pp	-94.3%-73.3pp	-21.0%+40.6pp	-61.6%+144.0pp	-205.5%
Return on Equity	-8.3%-3.9pp	-4.4%+0.6pp	-5.0%+29.2pp	-34.2%	N/A	-1168.9%	N/A	-941.6%
Return on Assets	-6.2%-3.7pp	-2.5%+0.4pp	-2.8%+7.9pp	-10.8%+38.0pp	-48.8%-39.0pp	-9.7%+14.0pp	-23.7%+51.2pp	-74.9%
Current Ratio	2.78+0.5	2.28-0.1	2.37+1.0	1.36+0.7	0.71-0.2	0.92+0.0	0.90-0.1	1.02
Debt-to-Equity	0.35-0.4	0.78+0.0	0.76-1.4	2.18+8.8	-6.65-126.0	119.39+265.0	-145.58-157.2	11.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is XMax Inc's annual revenue?

XMax Inc (XWIN) reported $9.7M in total revenue for fiscal year 2024. This represents a -12.6% 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 (XWIN) revenue declined by 12.6% year-over-year, from $11.1M to $9.7M in fiscal year 2024.

Is XMax Inc profitable?

No, XMax Inc (XWIN) reported a net income of -$5.6M in fiscal year 2024, with a net profit margin of -57.4%.

What is XMax Inc's earnings per share (EPS)?

XMax Inc (XWIN) reported diluted earnings per share of $-1.48 for fiscal year 2024. 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.

What is XMax Inc's EBITDA?

XMax Inc (XWIN) had EBITDA of -$5.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is XMax Inc's gross margin?

XMax Inc (XWIN) had a gross margin of 43.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is XMax Inc's operating margin?

XMax Inc (XWIN) had an operating margin of -55.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is XMax Inc's net profit margin?

XMax Inc (XWIN) had a net profit margin of -57.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is XMax Inc's return on equity (ROE)?

XMax Inc (XWIN) has a return on equity of -178.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is XMax Inc's operating cash flow?

XMax Inc (XWIN) generated -$1.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are XMax Inc's total assets?

XMax Inc (XWIN) had $9.9M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does XMax Inc have outstanding?

XMax Inc (XWIN) had 7M shares outstanding as of fiscal year 2024.

What is XMax Inc's current ratio?

XMax Inc (XWIN) had a current ratio of 1.36 as of fiscal year 2024, which is considered adequate.

What is XMax Inc's debt-to-equity ratio?

XMax Inc (XWIN) had a debt-to-equity ratio of 2.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is XMax Inc's return on assets (ROA)?

XMax Inc (XWIN) had a return on assets of -56.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is XMax Inc's cash runway?

Based on fiscal year 2024 data, XMax Inc (XWIN) had $162K in cash against an annual operating cash burn of $1.4M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is XMax Inc's Piotroski F-Score?

XMax Inc (XWIN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are XMax Inc's earnings high quality?

XMax Inc (XWIN) has an earnings quality ratio of 0.25x, considered low quality (accrual-driven). 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 (XWIN) has an interest coverage ratio of -171.7x, meaning it can struggle to cover its interest obligations. 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 (XWIN) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.