XMax Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data XMax Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	92.6	106	81.2	22	11.4	12.6	12.7	11.1	9.69	16.7
Cost of revenue	79.1	86.1	65.8	20.7	31.2	7.03	20.5	6.91	5.44	12.5
Gross profit	13.5	20.4	15.4	1.29	-19.9	5.52	-7.78	4.17	4.25	4.18
Research and development					0.03	0.11	0.01	3.12	2
General and administrative	8.97	9.49	6.55	5.5	4.66	5.65	5.54	5.06	6.06	4.74
Operating expenses	14.3	13.6	10.5	7.09	6.41	9.38	8.44	10.6	9.61	6.11
Operating income	-0.77	6.8	4.83	-5.8	-26.3	-3.86	-16.2	-6.42	-5.36	-1.93
Interest expense	0.28	0.17	0.17
Other non-operating income	0.05	0	-0.31	-0.09	-0.1	-0.2	-0.85	-0.57	-0.2	-2.07
Pre-tax income	-1.13	6.52	4.52	-5.89	-26.4	-4.06	-17.1	-6.99	-5.56	-4
Income tax	-0.84	2.76	-0.74	0.25	-0.65	0.16	0	0.73	0	-0.58
Income from continuing operations	-0.29	3.76	5.26	-6.14	-25.8	-4.23	-17.1	-7.72
Net income	-1.12	3.76	5.3	-8.6	-26.1	-20	-17.1	-7.72	-5.56	-3.42
EBITDA	-0.16	8.33	4.86	-5.76	-26.2	-3.78	-16.1	-6.36	-5.3	-1.92
EPS, basic	-0.20	0.69	0.93	-1.52	-4.54	-3.27	-12.34	-4.96	-1.48	-0.17
EPS, diluted	-0.20	0.69	0.93	-1.52	-4.54	-3.27	-12.34	-4.96	-1.48	-0.17
Shares, basic (weighted)	5.2	5.65	5.68	5.67	5.74	6.1	1.39	1.56	3.77	20.7
Shares, diluted (weighted)	5.2	5.67	5.72	5.67	5.74	6.1	1.39	1.56	3.77	20.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.59	5.72	0.24	8.89	8.74	6.28	1.37	0.37	0.16	6.71
Receivables	42.1	54	66.6	0.39	0.51	0.1	0.29	0.05	0.04	2.45
Inventory	2.78	6.37	6.37	29.7	32.8	2.63	4.93	2.21	2.82	2.16
Other current assets	0.64	0.23	0.1	0.17	0.22	0.41	1.58	1.03	0.22	0.15
Total current assets	70	74.9	85.4	68.5	43.3	25.6	8.2	3.75	7.93	11.8
Property, plant and equipment	0.17	0.16	0.15	0.14	0.45	0.45	0.37	0.29	0.25	0.02
Lease right-of-use assets			0	2.66	2.32	3.16	2.66	1.9	1.46	0.59
Goodwill	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22
Intangible assets	5.69	4.2	3.8	0	0	0.02	0.01	0.01	0
Long-term investments										23.1
Total assets	77	79.9	90.1	71.6	46.5	29.5	11.5	6.24	9.92	35.5
Accounts payable	2.37	1.63	4.15	0.42	0.74	0.36	0.32	0.43	0.73	0.33
Accrued liabilities	0.49	0.61	0.62	0.05	0.11
Deferred revenue									0.41	0.06
Total current liabilities	11.6	2.68	11.8	1.46	2.03	1.81	1.64	3.69	5.83	2.39
Lease liabilities			0	2.21	1.75	2.58	1.97	1.26	0.73
Total liabilities	13.8	11.4	15.2	5.51	5.55	6.09	4.92	5.74	6.79	7.59
Paid-in capital	36.9	38.7	39.9	40.2	39.8	42.7	43.2	44.4	52.6	80.8
Retained earnings	26.3	29.7	35	26.4	0.35	-19.6	-36.7	-44.4	-50	-53.4
Treasury stock			0	-0.62	-0.62
Other comprehensive income				0	0.8	0.38	0.08	0.52	0.52	0.5
Shareholders' equity	63.3	68.4	74.9	66	40.9	23.4	6.61	0.5	3.12	28
Total equity	63.3	68.4	74.9	66	40.9	23.4	6.61	0.5	3.12	28
Total liabilities and equity	77	79.9	90.1	71.6	46.5	29.5	11.5	6.24	9.92	35.5
Shares outstanding	5.58	5.76	5.71	5.74	5.6	6.84	1.43	1.92	7.3	41.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.12	3.76	5.3	-8.6	-26.1	-20	-17.1	-7.72	-5.56	-3.42
Depreciation and amortization	0.6	1.52	0.04	0.04	0.06	0.08	0.09	0.06	0.06	0.01
Stock-based compensation	1.64	2.18	1.19	0.37	0.16	0.13	0.57	0.5	0.75	3.38
Deferred income tax	-0.81	0.18	-0.12	0.44	-0.12
Change in receivables	-2.02	-12.2	-13.8	66.4	-0.13	0.42	-0.19	0.24	0.01	-2.41
Change in inventory	-0.27	-3.59	0	-27	-27.1	-0.8	-0.88	2.53	-0.67	0.65
Change in payables	-3.86	-0.73	2.51	-3.73	0.33	-0.39	-0.04	0.11	0.3	-0.4
Cash from operations	-6.42	-1.31	-6.88	14.9	-2.08	-4.78	-5.37	-1.58	-1.39	-0.45
Capital expenditures	-0.01	-0.03	-0.03	-0.03	-0.37	-0.11	-0.01		-0.01
Purchases of investments										-22.8
Cash from investing	6.1	8.22	-0.03	-0.03	0.67	-0.15	-0.01	0.02	-0.01	-22.8
Debt issued	44.4	48.7	67.6	17.5	0
Debt repaid	-43.9	-52.5	-65.5	-23.8	0
Stock issued			0.03	0		2.76			0.75	24.7
Share buybacks			0	-0.62	0
Cash from financing	1.93	-3.78	2.08	-6.86	0.47	2.76			1.18	29.8
Exchange rate effect	-0	0		0	0.8
Net change in cash	1.6	3.13	-4.83	7.99	-0.14	-2.47	-4.9	-1.01	-0.21	6.55
Free cash flow	-6.43	-1.34	-6.91	14.9	-2.44	-4.89	-5.38		-1.41
Interest paid	0.28	0.19	0.17	0.06	0.01	0.01	0.01	0.01	0.03	0.07
Income taxes paid	0	0	0.23	0.8	0.06	0.06	0.25	0.09	0.01	1.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.9%	Gross profit / revenue.
Operating margin	-20.5%	Operating income / revenue.
EBITDA margin	-20.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	231.3%	Pre-tax income / revenue.
Net margin	185.9%	Net income / revenue.
Operating cash flow margin	-28.1%	Cash from operations / revenue.
Return on equity (ROE)	28.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.6%	Net income / average total assets.
Return on invested capital (ROIC)	-3.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	21.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	-0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	72.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	795.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	61.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	258.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	449.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	146.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	29.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	28.8x	Current assets / current liabilities.
Quick ratio	23.2x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	21.2x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.2%	Total liabilities / total assets.
Working capital	$45.3M	Current assets - current liabilities.
Tangible book value	$106.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	668x	Revenue / average property, plant and equipment.
Inventory turnover	6.40x	Cost of revenue / average inventory.
Days inventory	57 days	365 x average inventory / cost of revenue.
Receivables turnover	5.03x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	116 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.26	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.07	Cash from operations / diluted weighted shares.
Book value per share	$1.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.66	Tangible book value / shares outstanding.
Cash per share	$0.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$562.0M	Share price x shares outstanding.
Enterprise value	$527.4M	Market cap + total debt - cash - short-term investments.
P/E	18.8x	Market cap / net income. Only when net income is positive.
P/S	35.0x	Market cap / revenue.
P/B	5.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.29x	Market cap / tangible book value, when positive.
EV/Sales	32.9x	Enterprise value / revenue.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).

What was XMax Inc.'s revenue in fiscal 2025?

XMax Inc. reported revenue of $16.7M for fiscal 2025, 72.6% higher than the year before.

Was XMax Inc. profitable in fiscal 2025?

No. It reported a net loss of $3.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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