NASDAQ : XMAX
XMax Inc. — Financial statements
Consumer Discretionary · Furnishings, Fixtures & Appliances · United States
Last price 6.415 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 413.92M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
XMax Inc. (XMAX) reported revenue of 16.05M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 16.05M | 16.72M | 9.69M | 11.09M | 12.74M | 12.56M |
| Cost of Revenue | 12.38M | 12.54M | 5.44M | 6.91M | 20.53M | 7.03M |
| Gross Profit | 3.67M | 4.18M | 4.25M | 4.17M | -7.78M | 5.52M |
| Selling, General & Admin | 6.96M | 6.11M | 7.61M | 7.47M | 8.43M | 9.38M |
| Research & Development | -910.00 | 2.00M | 3.12M | 10.92K | ||
| Operating Expenses | 6.96M | 6.11M | 9.61M | 10.59M | 8.44M | 9.38M |
| Operating Income | -3.29M | -1.93M | -5.36M | -6.42M | -16.22M | -3.86M |
| Interest Expense | -58.45K | -77.14K | -31.24K | -9.49K | -25.22K | -123.14K |
| Interest & Investment Income | 20.00K | |||||
| Currency Exchange Gain (Loss) | -1.73K | -30.07K | 13.28K | -417.69K | -639.43K | 98.08K |
| Other Non Operating Income (Expenses) | -2.57M | -1.85M | -177.77K | -146.43K | -186.52K | -175.61K |
| EBT Excluding Unusual Items | -5.90M | -3.88M | -5.56M | -6.99M | -17.07M | -4.06M |
| Impairment of Goodwill | -218.61K | |||||
| Gain (Loss) on Sale of Investments | 43.22M | 296.42K | ||||
| Asset Writedown | -192.73K | -192.73K | ||||
| Pretax Income | 37.12M | -4.00M | -5.56M | -6.99M | -17.07M | -4.06M |
| Income Tax Expense | 7.29M | -580.99K | 2.61K | 731.09K | 2.40K | 163.89K |
| Earnings From Continuing Operations | 29.83M | -3.42M | -5.56M | -7.72M | -17.08M | -4.23M |
| Earnings From Discontinued Operations | -25.75K | -15.74M | ||||
| Net Income | 29.83M | -3.42M | -5.56M | -7.72M | -17.10M | -19.96M |
| Net Income to Common | 29.83M | -3.42M | -5.56M | -7.72M | -17.10M | -19.96M |
| Shares Outstanding (Basic) | 41.28M | 20.68M | 3.77M | 1.56M | 1.39M | 1.22M |
| Shares Outstanding (Diluted) | 41.28M | 20.68M | 3.77M | 1.56M | 1.39M | 1.22M |
| EPS (Basic) | 0.72 | -0.17 | -1.48 | -4.96 | -12.34 | -16.37 |
| EPS (Diluted) | 0.72 | -0.17 | -1.48 | -4.96 | -12.34 | -16.37 |
| Free Cash Flow | -4.51M | -445.84K | -1.41M | -1.58M | -5.38M | -4.89M |
| Free Cash Flow Per Share | -0.11 | -0.02 | -0.37 | -1.01 | -3.88 | -4.01 |
| Gross Margin | 22.86% | 25.02% | 43.87% | 37.64% | -61.06% | 43.98% |
| Operating Margin | -20.51% | -11.53% | -55.37% | -57.89% | -127.28% | -30.75% |
| Profit Margin | 185.87% | -20.44% | -57.41% | -69.66% | -134.19% | -158.98% |
| Free Cash Flow Margin | -28.11% | -2.67% | -14.51% | -14.25% | -42.19% | -38.97% |
| EBITDA | -3.31M | -1.92M | -5.31M | -6.37M | -16.14M | -3.79M |
| EBITDA Margin | -20.63% | -11.49% | -54.79% | -57.44% | -126.64% | -30.16% |
| D&A For EBITDA | -19.71K | 6.80K | 55.49K | 50.08K | 82.92K | 73.28K |
| EBIT | -3.29M | -1.93M | -5.36M | -6.42M | -16.22M | -3.86M |
| EBIT Margin | -20.51% | -11.53% | -55.37% | -57.89% | -127.28% | -30.75% |
| Effective Tax Rate | 19.64% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 34.63M | 6.71M | 161.90K | 369.14K | 1.37M | 6.28M |
| Cash & Short-Term Investments | 34.63M | 6.71M | 161.90K | 369.14K | 1.37M | 6.28M |
| Accounts Receivable | 3.19M | 2.45M | 36.37K | 47.00K | 288.48K | 103.40K |
| Other Receivables | 9.75K | 7.48K | 17.41K | 41.27K | 79.17K | 299.01K |
| Receivables | 8.64M | 2.45M | 53.79K | 88.26K | 367.65K | 402.41K |
| Inventory | 2.01M | 2.48M | 7.51M | 2.31M | 4.95M | 3.33M |
| Prepaid Expenses | 566.31K | 144.27K | 202.29K | 984.93K | 1.50M | 406.37K |
| Other Current Assets | 1.10M | 15.15M | ||||
| Total Current Assets | 46.94M | 11.78M | 7.93M | 3.75M | 8.20M | 25.57M |
| Property, Plant & Equipment | 276.13K | 616.74K | 1.71M | 2.19M | 3.03M | 3.61M |
| Goodwill | 218.61K | 218.61K | 218.61K | 218.61K | ||
| Other Intangible Assets | 3.11K | 8.47K | 13.84K | 19.21K | ||
| Other Long-Term Assets | 73.86M | 23.15M | 52.52K | 69.99K | 71.15K | 110.31K |
| Total Assets | 121.08M | 35.55M | 9.92M | 6.24M | 11.53M | 29.53M |
| Accounts Payable | 475.31K | 327.13K | 728.55K | 430.05K | 321.26K | 358.36K |
| Accrued Expenses | 661.97K | 911.31K | 1.67M | 1.07M | 375.87K | 326.08K |
| Short-Term Debt | 398.01K | 385.15K | ||||
| Current Portion of Long-Term Debt | 3.64K | 3.57K | 13.42K | |||
| Current Portion of Leases | 259.67K | 611.92K | 749.19K | 701.99K | 736.43K | 731.28K |
| Current Income Taxes Payable | 1.85M | 1.15M | 629.00 | |||
| Current Unearned Revenue | 189.47K | 58.79K | 413.58K | 306.53K | ||
| Other Current Liabilities | 39.50K | 82.00K | 15.10K | 27.55K | 208.49K | 398.67K |
| Total Current Liabilities | 1.63M | 2.39M | 5.83M | 3.69M | 1.64M | 1.81M |
| Long-Term Debt | 5.33M | 5.18M | 197.83K | 147.43K | 150.00K | 150.00K |
| Long-Term Leases | 9.16K | 19.88K | 770.74K | 1.26M | 1.97M | 2.58M |
| Other Long-Term Liabilities | 643.11K | 1.16M | 1.54M | |||
| Total Liabilities | 14.78M | 7.59M | 6.79M | 5.74M | 4.92M | 6.09M |
| Common Stock | 64.09K | 41.89K | 7.30K | 1.92K | 1.44K | 6.84K |
| Additional Paid-In Capital | 126.51M | 80.82M | 52.59M | 44.40M | 43.24M | 42.66M |
| Retained Earnings | -20.79M | -53.41M | -49.99M | -44.43M | -36.71M | -19.60M |
| Comprehensive Income & Other | 512.74K | 504.25K | 522.15K | 521.42K | 77.24K | 381.85K |
| Shareholders' Equity | 106.30M | 27.96M | 3.12M | 496.35K | 6.61M | 23.44M |
| Total Liabilities & Equity | 121.08M | 35.55M | 9.92M | 6.24M | 11.53M | 29.53M |
| Total Debt | 5.61M | 6.21M | 2.12M | 2.11M | 2.86M | 3.46M |
| Net Cash (Debt) | 29.02M | 499.81K | -1.95M | -1.74M | -1.48M | 2.82M |
| Net Cash Per Share | 0.70 | 0.02 | -0.52 | -1.12 | -1.07 | 2.31 |
| Filing Date Shares Outstanding | 64.52M | 47.21M | 13.21M | 2.32M | 1.44M | 1.37M |
| Total Common Shares Outstanding | 64.09M | 41.89M | 7.30M | 1.92M | 1.42M | 1.37M |
| Working Capital | 45.31M | 9.39M | 2.11M | 60.06K | 6.56M | 23.75M |
| Book Value Per Share | 1.66 | 0.67 | 0.43 | 0.26 | 4.64 | 17.15 |
| Tangible Book Value | 106.30M | 27.96M | 2.90M | 269.27K | 6.38M | 23.21M |
| Tangible Book Value Per Share | 1.66 | 0.67 | 0.40 | 0.14 | 4.48 | 16.97 |
| Machinery | 195.44K | 195.83K | 271.42K | 255.35K | 276.57K | 403.10K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 29.83M | -3.42M | -5.56M | -7.72M | -17.10M | -19.96M |
| Depreciation & Amortization | 829.45K | 879.63K | 504.84K | 798.43K | 566.48K | 841.15K |
| Other Amortization | 1.77K | 3.11K | 5.36K | 5.36K | 5.37K | 5.37K |
| Asset Writedown & Restructuring Costs | 192.73K | 411.33K | 1.96M | 675.00K | ||
| Loss (Gain) From Sale of Investments | -43.22M | -296.42K | ||||
| Stock-Based Compensation | 3.22M | 3.39M | 757.69K | 499.63K | 573.92K | 130.09K |
| Provision & Write-off of Bad Debts | -18.00 | -109.00 | -165.00 | -2.38K | 1.87K | -4.16K |
| Other Operating Activities | 7.81M | 6.04K | 56.58K | 140.13K | 12.93M | 15.74M |
| Change in Accounts Receivable | -3.16M | -2.41M | 10.79K | 243.86K | -186.95K | 415.70K |
| Change in Inventory | 4.25M | 5.03M | -613.03K | 2.45M | -193.44K | -1.13M |
| Change in Accounts Payable | 316.17K | -401.41K | 298.50K | 108.78K | -37.10K | -385.42K |
| Change in Unearned Revenue | -164.39K | -364.16K | 101.79K | 137.17K | ||
| Change in Income Taxes | -1.82M | -1.89M | 39.63K | 640.16K | -86.23K | 112.58K |
| Change in Other Net Operating Assets | -2.60M | -1.39M | 1.05M | 443.70K | -1.96M | -649.38K |
| Operating Cash Flow | -4.51M | -445.84K | -1.39M | -1.58M | -5.37M | -4.78M |
| Capital Expenditures | -6.35K | -14.12K | -8.77K | -110.52K | ||
| Sale of Property, Plant & Equipment | 18.64K | |||||
| Investment in Securities | -30.61M | -22.81M | ||||
| Other Investing Activities | -44.30K | |||||
| Investing Cash Flow | -35.91M | -22.81M | -14.12K | 18.64K | -8.77K | -154.82K |
| Short-Term Debt Issued | 200.00K | 360.00K | ||||
| Long-Term Debt Issued | 5.00M | |||||
| Total Debt Issued | 5.00M | 5.20M | 360.00K | |||
| Short-Term Debt Repaid | -6.50K | |||||
| Long-Term Debt Repaid | -106.11K | |||||
| Total Debt Repaid | -303.83K | -112.61K | ||||
| Net Debt Issued (Repaid) | 4.70M | 5.09M | 360.00K | |||
| Issuance of Common Stock | 69.88M | 24.67M | 750.00K | 2.76M | ||
| Other Financing Activities | -3.85K | -2.91K | 65.58K | |||
| Financing Cash Flow | 74.57M | 29.75M | 1.18M | 2.76M | ||
| Foreign Exchange Rate Adjustments | 5.22K | 48.13K | 23.09K | 556.57K | 474.48K | -292.48K |
| Net Cash Flow | 34.16M | 6.55M | -207.24K | -1.01M | -4.90M | -2.47M |
| Free Cash Flow | -4.51M | -445.84K | -1.41M | -1.58M | -5.38M | -4.89M |
| Free Cash Flow Margin | -28.11% | -2.67% | -14.51% | -14.25% | -42.19% | -38.97% |
| Free Cash Flow Per Share | -0.11 | -0.02 | -0.37 | -1.01 | -3.88 | -4.01 |
| Levered Free Cash Flow | -2.59M | 2.41M | -4.82M | 2.81M | 3.27M | 13.38M |
| Unlevered Free Cash Flow | -2.55M | 2.46M | -4.80M | 2.82M | 3.29M | 13.46M |
| Cash Interest Paid | 224.53K | 68.91K | 32.48K | 6.18K | 5.70K | 11.81K |
| Cash Income Tax Paid | 1.30M | 1.30M | 5.85K | 90.93K | 248.72K | 59.11K |
| Change in Working Capital | -3.18M | -1.42M | 883.61K | 4.03M | -2.47M | -1.63M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 413.92M | 258.43M | 4.85M | 6.16M | 3.10M | 12.59M |
| Enterprise Value | 384.90M | 258.13M | 6.64M | 7.70M | 2.95M | 6.93M |
| Last Close Price | 6.42 | 6.00 | 0.67 | 3.77 | 2.17 | 9.35 |
| PS Ratio | 25.79 | 15.45 | 0.50 | 0.56 | 0.24 | 1.00 |
| PB Ratio | 3.87 | 9.24 | 1.55 | 12.42 | 0.47 | 0.54 |
| P/TBV Ratio | 3.89 | 9.24 | 1.67 | 22.89 | 0.48 | 0.54 |
| EV/Sales Ratio | 23.98 | 15.44 | 0.69 | 0.69 | 0.23 | 0.55 |
| Debt / Equity Ratio | 0.05 | 0.22 | 0.68 | 4.25 | 0.43 | 0.15 |
| Net Debt / Equity Ratio | -0.27 | -0.02 | 0.63 | 3.51 | 0.22 | -0.12 |
| Net Debt / EBITDA Ratio | 8.77 | 0.26 | -0.37 | -0.27 | -0.09 | 0.74 |
| Net Debt / FCF Ratio | 6.43 | 1.12 | -1.39 | -1.10 | -0.28 | 0.58 |
| Asset Turnover | 0.24 | 0.74 | 1.20 | 1.25 | 0.62 | 0.33 |
| Inventory Turnover | 2.16 | 2.51 | 1.11 | 1.90 | 4.95 | 0.39 |
| Quick Ratio | 23.21 | 3.83 | 0.04 | 0.12 | 1.06 | 3.68 |
| Current Ratio | 28.80 | 4.92 | 1.36 | 1.02 | 4.99 | 14.09 |
| Return on Equity (ROE) | 52.87% | -22.00% | -307.29% | -217.31% | -113.63% | -13.13% |
| Return on Assets (ROA) | -3.10% | -5.30% | -41.50% | -45.15% | -49.38% | -6.35% |
| Return on Invested Capital (ROIC) | -4.65% | -11.86% | -146.60% | -124.22% | -112.96% | -13.94% |
| Return on Capital Employed (ROCE) | -2.80% | -5.80% | -131.10% | -251.80% | -164.00% | -13.90% |
| Earnings Yield | 11.26% | -1.32% | -114.64% | -125.32% | -552.40% | -158.61% |
| FCF Yield | -1.09% | -0.17% | -28.98% | -25.64% | -173.66% | -38.88% |
| Buyback Yield / Dilution | -388.25% | -449.29% | -141.93% | -12.31% | -13.66% | -6.20% |