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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 has an operating margin of -11.5%, meaning the company retains $-12 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 -55.4% the prior year.
XMax Inc's revenue surged 72.6% year-over-year to $16.7M, reflecting rapid business expansion. This strong growth earns a score of 71/100.
XMax Inc carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.92, XMax Inc holds $4.92 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
XMax Inc generates a -12.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -178.1% the prior year.
XMax Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 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.
XMax Inc earned $-0.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.5% 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. This represents an increase of 473.7% from the prior year.
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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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+13.1% | $2.4M |
| Cost of Revenue | $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+9.8% | $1.4M |
| Gross Profit | $712K-27.6% | $984K-23.4% | $1.3M+6.6% | $1.2M+40.2% | $859K-27.1% | $1.2M-1.3% | $1.2M+17.6% | $1.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $751K |
| SG&A Expenses | $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+7.9% | $1.2M |
| Operating Income | -$1.0M-114.0% | -$490K-149.4% | -$196K-1.6% | -$193K+80.1% | -$970K+59.7% | -$2.4M-383.6% | -$498K+66.6% | -$1.5M |
| Interest Expense | -$48K-371.0% | -$10K+6.3% | -$11K-40.8% | -$8K+21.5% | -$10K-12.4% | -$9K-1.9% | -$9K-118.8% | -$4K |
| Income Tax | -$517K-68192.3% | -$757+24.1% | -$997+98.4% | -$62K | N/A | $211-95.7% | $5K | N/A |
| Net Income | -$1.7M-47.7% | -$1.1M-288.5% | -$290K+14.4% | -$339K+68.3% | -$1.1M+56.6% | -$2.5M-337.6% | -$563K+61.5% | -$1.5M |
| EPS (Diluted) | N/A | $-0.06-200.0% | $-0.02+33.3% | $-0.03 | N/A | $-0.72-227.3% | $-0.22+66.2% | $-0.65 |
XWIN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-6.1% | $6.2M |
| Current Assets | $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-4.7% | $3.9M |
| Cash & Equivalents | $6.7M+291.3% | $1.7M+265.7% | $469K+218.3% | $147K-9.0% | $162K-0.2% | $162K-55.3% | $363K+33.1% | $273K |
| Inventory | $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-15.1% | $2.5M |
| Accounts Receivable | $2.4M-69.2% | $7.9M+22095.9% | $36K-44.8% | $65K+78.1% | $36K-71.3% | $127K+185.1% | $44K-67.3% | $136K |
| Goodwill | N/A | N/A | N/A | N/A | $219K0.0% | $219K0.0% | $219K0.0% | $219K |
| Total Liabilities | $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-7.5% | $6.2M |
| Current Liabilities | $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-6.9% | $4.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $28.0M+105.8% | $13.6M+107.5% | $6.5M-3.4% | $6.8M+116.9% | $3.1M+448.6% | -$896K-1958.4% | $48K+212.8% | -$43K |
| Retained Earnings | -$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-1.2% | -$45.9M |
XWIN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7M+188.7% | -$1.9M-2161.5% | $93K+128.7% | -$323K-22.5% | -$263K+39.8% | -$438K+6.6% | -$469K-111.4% | -$222K |
| 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 | -$17.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $21.1M+159.1% | $8.2M+3993.4% | $199K-29.4% | $282K+30.9% | $216K+7.8% | $200K-64.3% | $560K+180.0% | $200K |
| 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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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%+1.7pp | 42.8% |
| Operating Margin | -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%+44.1pp | -62.6% |
| Net Margin | -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%+40.6pp | -61.6% |
| Return on Equity | -5.9%+2.3pp | -8.3%-3.9pp | -4.4%+0.6pp | -5.0%+29.2pp | -34.2% | N/A | -1168.9% | N/A |
| Return on Assets | -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%+14.0pp | -23.7% |
| Current Ratio | 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+0.0 | 0.90 |
| Debt-to-Equity | 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+265.0 | -145.58 |
| 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 Piotroski F-Score?
XMax Inc (XWIN) has a Piotroski F-Score of 3 out of 9, indicating weak 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 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 44 out of 100 on our Financial Profile, indicating moderate 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.