MAX (MAX) financial statements
MAX reported revenue of $1.1B in fiscal 2025, up 20.8% a year over 7 years.
Net income was $26M and the operating margin 2.0%, against 6.5% in 2018.
Free cash flow was $65M.
The diluted share count rose 108% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MAX's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $297M | $408M | $585M | $645M | $459M | $388M | $865M | $1.1B |
| Cost of revenue | $248M | $343M | $499M | $544M | $389M | $321M | $721M | $946M |
| Gross profit | $49M | $65M | $85M | $102M | $70M | $67M | $144M | $168M |
| Research and development | $10M | $7M | $12M | $15M | $21M | $18M | $20M | $21M |
| Selling, general and admin | $20M | $33M | $53M | $84M | $84M | $88M | $81M | $111M |
| Operating income | $19M | $25M | $20M | $2M | -$35M | -$40M | $43M | $22M |
| Interest expense | $1M | $7M | $8M | $8M | $9M | $15M | $14M | $11M |
| Pre-tax income | $18M | $18M | $9M | -$10M | $30M | -$57M | $24M | -$111M |
| Income tax | — | $0 | -$1M | -$1M | $103M | -$463,000 | $1M | -$138M |
| Net income | $18M | $18M | -$4M | -$5M | -$58M | -$40M | $17M | $26M |
| EPS (diluted) | — | — | -$0.14 | -$0.19 | -$1.37 | -$0.89 | $0.31 | $0.39 |
| Diluted shares | — | — | 32M | 61M | 42M | 46M | 53M | 67M |
| Gross margin | 16.6% | 16.0% | 14.6% | 15.7% | 15.3% | 17.2% | 16.6% | 15.0% |
| Operating margin | 6.5% | 6.1% | 3.3% | 0.3% | -7.7% | -10.3% | 4.9% | 2.0% |
| Net margin | 6.1% | 4.4% | -0.7% | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% |
Balance sheet
Fiscal years, from MAX's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $10M | $24M | $51M | $15M | $17M | $43M | $47M |
| Receivables | — | $56M | $96M | $76M | $60M | $54M | $143M | $123M |
| Total current assets | — | $67M | $128M | $137M | $80M | $75M | $190M | $174M |
| Property, plant and equipment | — | $755,000 | $762,000 | — | — | — | — | — |
| Goodwill | — | $18M | $18M | $18M | $48M | $48M | $48M | $48M |
| Total assets | — | $105M | $210M | $290M | $170M | $154M | $262M | $384M |
| Total current liabilities | — | $48M | $107M | $84M | $77M | $80M | $133M | $148M |
| Long-term debt | — | $97M | $183M | $178M | $174M | $162M | $154M | $132M |
| Total liabilities | — | $145M | $315M | $351M | $256M | $248M | $309M | $413M |
| Shareholders' equity | $40M | -$114M | -$34M | -$4M | -$16M | -$10M | $2M | $4M |
| Net debt | -$6M | $88M | $159M | $136M | $169M | $157M | $119M | $107M |
Cash flow
Fiscal years, from MAX's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $23M | $22M | $51M | $29M | $28M | $20M | $46M | $66M |
| Capital spending | $630,000 | $146,000 | $296,000 | $650,000 | $98,000 | $73,000 | $254,000 | $340,000 |
| Free cash flow | $22M | $22M | $51M | $28M | $28M | $20M | $46M | $65M |
| Stock-based compensation | $824,000 | $2M | $25M | $46M | $58M | $53M | $34M | $30M |
| Net borrowing | -$4M | $85M | $86M | $4M | -$10M | -$10M | -$13M | -$10M |
| Free cash flow margin | 7.4% | 5.4% | 8.7% | 4.3% | 6.1% | 5.2% | 5.3% | 5.9% |
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Open MAX in InvestinglyQuestions
What was MAX's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does MAX generate?
$65M in fiscal 2025 (operating cash flow minus capital spending).
From MAX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.