XMax Inc Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XWIN SEC filings page.
XMax Inc (XWIN) reported $15.9M in revenue over the twelve months to Mar 31, 2026, up 59.5% 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).
External financing rebuilt the balance sheet while a low-margin revenue rebound and tighter overhead reduced, but did not eliminate, losses.
In FY2025, revenue rebounded while gross margin compressed to25.0% from43.9% , so sales growth came with weaker economics. Yet the operating loss narrowed to$1.9M as SG&A declined, while operating cash flow improved to-$446K , indicating cost containment—not richer unit economics—drove the earnings improvement.
The balance sheet strengthened through external financing rather than internally generated cash: financing cash flow was
Working-capital mix changed alongside the sales rebound: receivables rose from
Financial Health Signals
XMax Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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.
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 $1.8M in revenue in Q1 2026. This represents a decrease of 32.4% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.
XMax Inc's EBITDA was -$533K in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 200.1% from the same quarter a year earlier. Against the prior quarter it is up 51.0%.
XMax Inc reported $192K in net income in Q1 2026. This represents an increase of 156.5% from the same quarter a year earlier. Against the prior quarter it is up 111.5%.
Cash & Balance Sheet
XMax Inc held $9.9M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
XMax Inc's gross margin was 49.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 3.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.3 percentage points.
XMax Inc's operating margin was -30.0% in Q1 2026, reflecting core business profitability. This is down 22.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 29.3 percentage points.
XMax Inc's net profit margin was 10.8% in Q1 2026, showing the share of revenue converted to profit. This is up 23.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 104.7 percentage points.
XMax Inc's ROE was 0.5% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.4 percentage points.
Capital Allocation
None of these metrics is reported for Q1 2026.
XWIN 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 | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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% | $2.7M-39.8% |
| Cost of Revenue | $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% | $1.5M-50.5% |
| Gross Profit | $882K-26.7% | $712K-17.1% | $984K-16.6% | $1.3M+7.5% | $1.2M+18.5% | $859K-14.1% | $1.2M+10.8% | $1.2M-17.4% |
| R&D Expenses | N/A | N/A | N/A | N/A | $390-99.9% | N/A | N/A | N/A |
| SG&A Expenses | $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% | $1.3M+3.0% |
| Operating Income | -$535K-176.6% | -$1.0M-8.1% | -$490K+79.6% | -$196K+60.5% | -$193K+87.0% | -$970K+74.5% | -$2.4M-129.0% | -$498K-31.6% |
| EBITDA | -$533K-200.1% | -$1.1M-13.9% | -$474K+80.2% | -$180K+62.7% | -$178K+88.0% | -$954K+75.1% | -$2.4M-131.7% | -$483K-45.8% |
| Interest Expense | $4K+155.9% | -$48K-387.8% | -$10K-16.4% | -$11K-26.7% | -$8K-96.9% | -$10K-101.5% | -$9K-547.4% | -$9K-552.5% |
| Income Tax | N/A | -$517K | -$757-458.8% | -$997-120.4% | -$62K | N/A | $211-99.9% | $5K+103.2% |
| Net Income | $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% | -$563K-4.6% |
| EPS (Basic) | $0.00+100.0% | N/A | -$0.06+91.7% | -$0.02+90.9% | -$0.03+95.4% | N/A | -$0.72+13.3% | -$0.22+40.5% |
| EPS (Diluted) | $0.00 | N/A | -$0.06 | -$0.02 | -$0.03 | N/A | -$0.72 | -$0.22 |
| Diluted Shares (Avg) | 45M | N/A | 18M | 14M | 10M | N/A | 3M | 3M |
XWIN 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 | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $47.1M+295.2% | $35.5M+258.4% | $18.3M+261.5% | $11.6M+100.5% | $11.9M+93.0% | $9.9M+59.0% | $5.1M-40.6% | $5.8M-40.1% |
| Current Assets | $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% | $3.7M-17.3% |
| Cash & Equivalents | $9.9M+6628.6% | $6.7M+4043.5% | $1.7M+956.4% | $469K+29.0% | $147K-46.1% | $162K-56.1% | $162K-78.3% | $363K-17.8% |
| Inventory | $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% | $2.1M-10.5% |
| Accounts Receivable | $2.5M+3693.4% | $2.4M+6623.1% | $7.9M+6158.6% | $36K-19.6% | $65K-52.3% | $36K-22.6% | $127K+85.1% | $44K-96.3% |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $219K0.0% | $219K0.0% | $219K0.0% |
| Total Liabilities | $6.8M+31.7% | $7.6M+11.7% | $4.7M-21.0% | $5.1M-11.6% | $5.2M-17.2% | $6.8M+18.3% | $6.0M+30.3% | $5.8M+18.6% |
| Current Liabilities | $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% | $4.0M+64.3% |
| Non-Current Liabilities | $5.3M+569.7% | $5.2M+436.4% | $289K-81.4% | $602K-65.0% | $787K-58.3% | $969K-52.8% | $1.6M-30.1% | $1.7M-28.2% |
| Total Equity | $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% | $48K-99.0% |
| Retained Earnings | -$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% | -$46.5M-20.8% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Long-Term Debt.
XWIN 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 | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$642K-98.9% | $1.7M+742.0% | -$1.9M-335.5% | $93K+119.7% | -$323K-45.5% | -$263K+91.5% | -$438K-583.9% | -$469K-121.7% |
| Depreciation & Amortization | $2K-86.8% | -$38K-330.7% | $16K+5.0% | $16K+9.4% | $16K+6.6% | $16K+154.3% | $15K-20.8% | $15K-68.5% |
| Stock-Based Compensation | $0-100.0% | N/A | N/A | N/A | $110K-56.3% | N/A | N/A | N/A |
| Investing Cash Flow | -$8.3M | -$17.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $12.2M+4221.9% | $21.1M+9696.6% | $8.2M+3975.9% | $199K-64.4% | $282K+41.1% | $216K | $200K | $560K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
XWIN 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 | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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 | 44.5%+12.0pp |
| Operating Margin | -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 | -18.5%-10.0pp |
| Net Margin | 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 | -21.0%-8.9pp |
| Return on Equity | 0.5%+5.5pp | -5.9%+28.3pp | -8.3% | -4.4%+1164.4pp | -5.0% | -34.2%+907.4pp | N/A | -1168.9%-1157.8pp |
| Return on Assets | 0.4%+3.3pp | -4.7%+6.1pp | -6.2%+42.6pp | -2.5%+7.2pp | -2.8%+20.8pp | -10.8%+64.1pp | -48.8%-33.6pp | -9.7%-4.2pp |
| Current Ratio | 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 | 0.92-0.9x |
| Debt-to-Equity | 0.17-0.6x | 0.27-1.9x | 0.35 | 0.78-118.6x | 0.76 | 2.18-9.4x | N/A | 119.39+118.4x |
| Asset Turnover | 0.04-0.2x | 0.05-0.2x | 0.530.0x | 0.22-0.2x | 0.22-0.2x | 0.20-0.2x | 0.52+0.2x | 0.460.0x |
Not reported in any period shown, so not listed: FCF Margin.
Where XMax Inc Ranks
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) 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 (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 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) 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 (XWIN) 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.