XMAX, Inc. (XWIN) 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).
XMax is scaling sales while gross margins compress, and its smaller loss still depends on financing rather than self-funded cash generation.
Revenue rose to$16.7M in FY2025 while gross margin fell to25.0% ; the business sold more, but each dollar carried less gross profit. Operating margin improved to-11.5% as selling and administrative expense declined to$4.7M , indicating overhead absorption or mix and cost changes—not pricing power—drove the improvement.
The earnings-to-cash gap narrowed but did not disappear: FY2025 recorded a net loss of
The balance sheet became less liability-dependent as total assets expanded to
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.