XMax Inc Financials
This page shows XMax Inc (XWIN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
FY2025's operating improvement came mainly from leaner overhead and fresh financing, while gross economics weakened on the extra sales.
From FY2024 to FY2025, revenue rose to$16.7M while gross profit stayed near$4.2M , so the added sales produced volume without adding gross dollars. Because gross margin fell to25.0% from43.9% , the much smaller operating loss points to cost discipline below gross profit rather than better unit economics.
The balance sheet looks repaired by financing, not by cash generation: cash reached
Overhead still outruns gross profit: SG&A alone was
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 scores 39.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($524.1M) 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.
For every $1 of reported earnings, XMax Inc generates $0.13 in operating cash flow (-$446K OCF vs -$3.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
XMax Inc earns $-25.0 in operating income for every $1 of interest expense (-$1.9M vs $77K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
XMax Inc generated $16.7M in revenue in fiscal year 2025. This represents an increase of 72.6% from the prior year.
XMax Inc's EBITDA was -$1.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 63.8% from the prior year.
XMax Inc reported -$3.4M in net income in fiscal year 2025. This represents an increase of 38.5% from the prior year.
Cash & Balance Sheet
XMax Inc held $6.7M in cash against $0 in long-term debt as of fiscal year 2025.
XMax Inc had 42M shares outstanding in fiscal year 2025.
Margins & Returns
XMax Inc's gross margin was 25.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 18.9 percentage points from the prior year.
XMax Inc's operating margin was -11.5% in fiscal year 2025, reflecting core business profitability. This is up 43.8 percentage points from the prior year.
XMax Inc's net profit margin was -20.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 37.0 percentage points from the prior year.
XMax Inc's ROE was -12.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 165.8 percentage points from the prior year.
Capital Allocation
XWIN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M+0.7% | $1.8M-81.9% | $9.8M+281.9% | $2.6M-3.0% | $2.6M+31.4% | $2.0M-23.3% | $2.6M-2.7% | $2.7M |
| Cost of Revenue | $899K-14.9% | $1.1M-88.0% | $8.8M+589.9% | $1.3M-11.1% | $1.4M+24.8% | $1.1M-20.1% | $1.4M-3.8% | $1.5M |
| Gross Profit | $882K+23.9% | $712K-27.6% | $984K-23.4% | $1.3M+6.6% | $1.2M+40.2% | $859K-27.1% | $1.2M-1.3% | $1.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | $390 | N/A | N/A | N/A |
| SG&A Expenses | $1.0M-23.5% | $1.4M+21.7% | $1.1M-3.8% | $1.2M+9.5% | $1.1M-34.2% | $1.6M-16.5% | $1.9M+51.3% | $1.3M |
| Operating Income | -$535K+49.0% | -$1.0M-114.0% | -$490K-149.4% | -$196K-1.6% | -$193K+80.1% | -$970K+59.7% | -$2.4M-383.6% | -$498K |
| Interest Expense | $4K+109.0% | -$48K-371.0% | -$10K+6.3% | -$11K-40.8% | -$8K+21.5% | -$10K-12.4% | -$9K-1.9% | -$9K |
| Income Tax | N/A | -$517K-68192.3% | -$757+24.1% | -$997+98.4% | -$62K | N/A | $211-95.7% | $5K |
| Net Income | $192K+111.5% | -$1.7M-47.7% | -$1.1M-288.5% | -$290K+14.4% | -$339K+68.3% | -$1.1M+56.6% | -$2.5M-337.6% | -$563K |
| EPS (Diluted) | $0.00 | N/A | $-0.06-200.0% | $-0.02+33.3% | $-0.03 | N/A | $-0.72-227.3% | $-0.22 |
XWIN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $47.1M+32.6% | $35.5M+94.4% | $18.3M+57.2% | $11.6M-2.5% | $11.9M+20.3% | $9.9M+96.1% | $5.1M-12.8% | $5.8M |
| Current Assets | $19.7M+67.2% | $11.8M-4.0% | $12.3M+19.8% | $10.2M-1.1% | $10.4M+30.6% | $7.9M+153.9% | $3.1M-15.9% | $3.7M |
| Cash & Equivalents | $9.9M+47.7% | $6.7M+291.3% | $1.7M+265.7% | $469K+218.3% | $147K-9.0% | $162K-0.2% | $162K-55.3% | $363K |
| Inventory | $1.7M-23.4% | $2.2M-4.0% | $2.3M+42.8% | $1.6M-25.0% | $2.1M-25.5% | $2.8M+15.5% | $2.4M+14.5% | $2.1M |
| Accounts Receivable | $2.5M+0.5% | $2.4M-69.2% | $7.9M+22095.9% | $36K-44.8% | $65K+78.1% | $36K-71.3% | $127K+185.1% | $44K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $219K0.0% | $219K0.0% | $219K |
| Total Liabilities | $6.8M-10.5% | $7.6M+61.4% | $4.7M-7.6% | $5.1M-1.3% | $5.2M-24.1% | $6.8M+14.1% | $6.0M+3.5% | $5.8M |
| Current Liabilities | $1.5M-36.4% | $2.4M-45.8% | $4.4M-1.6% | $4.5M+2.7% | $4.4M-25.0% | $5.8M+32.3% | $4.4M+9.1% | $4.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $40.4M+44.3% | $28.0M+105.8% | $13.6M+107.5% | $6.5M-3.4% | $6.8M+116.9% | $3.1M+448.6% | -$896K-1958.4% | $48K |
| Retained Earnings | -$53.2M+0.4% | -$53.4M-3.2% | -$51.7M-2.2% | -$50.6M-0.6% | -$50.3M-0.7% | -$50.0M-2.2% | -$48.9M-5.3% | -$46.5M |
XWIN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$642K-137.9% | $1.7M+188.7% | -$1.9M-2161.5% | $93K+128.7% | -$323K-22.5% | -$263K+39.8% | -$438K+6.6% | -$469K |
| 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 | -$8.3M+53.1% | -$17.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $12.2M-42.3% | $21.1M+159.1% | $8.2M+3993.4% | $199K-29.4% | $282K+30.9% | $216K+7.8% | $200K-64.3% | $560K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5%+9.3pp | 40.3%+30.2pp | 10.1%-40.1pp | 50.2%+4.5pp | 45.7%+2.9pp | 42.8%-2.3pp | 45.1%+0.6pp | 44.5% |
| Operating Margin | -30.0%+29.3pp | -59.3%-54.3pp | -5.0%+2.7pp | -7.7%-0.3pp | -7.3%+41.0pp | -48.4%+43.6pp | -92.0%-73.5pp | -18.5% |
| Net Margin | 10.8%+104.7pp | -94.0%-82.5pp | -11.5%-0.2pp | -11.3%+1.5pp | -12.9%+40.4pp | -53.3%+41.0pp | -94.3%-73.3pp | -21.0% |
| Return on Equity | 0.5%+6.4pp | -5.9%+2.3pp | -8.3%-3.9pp | -4.4%+0.6pp | -5.0%+29.2pp | -34.2% | N/A | -1168.9% |
| Return on Assets | 0.4%+5.1pp | -4.7%+1.5pp | -6.2%-3.7pp | -2.5%+0.4pp | -2.8%+7.9pp | -10.8%+38.0pp | -48.8%-39.0pp | -9.7% |
| Current Ratio | 12.96+8.0 | 4.92+2.1 | 2.78+0.5 | 2.28-0.1 | 2.37+1.0 | 1.36+0.7 | 0.71-0.2 | 0.92 |
| Debt-to-Equity | 0.17-0.1 | 0.27-0.1 | 0.35-0.4 | 0.78+0.0 | 0.76-1.4 | 2.18+8.8 | -6.65-126.0 | 119.39 |
| 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 $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 (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) generated -$446K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are XMax Inc's total assets?
XMax Inc (XWIN) 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 (XWIN) 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 (XWIN) 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 (XWIN) 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 cash runway?
Based on fiscal year 2025 data, XMax Inc (XWIN) had $6.7M in cash against an annual operating cash burn of $446K. This gives an estimated cash runway of approximately 181 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 Altman Z-Score?
XMax Inc (XWIN) has an Altman Z-Score of 39.95, 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 (XWIN) 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 (XWIN) has an earnings quality ratio of 0.13x, 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 -25.0x, 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 55 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.