XMax (XMAX) financial statements
XMax reported revenue of $17M in fiscal 2025, down 17.3% a year over 9 years.
Net income was -$3M and the operating margin -11.5%, against -0.8% in 2016.
The diluted share count rose 1933% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from XMax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93M | $106M | $81M | $22M | $11M | $13M | $13M | $11M | $10M | $17M |
| Cost of revenue | $79M | $86M | $66M | $21M | $31M | $7M | $21M | $7M | $5M | $13M |
| Gross profit | $14M | $20M | $15M | $1M | -$20M | $6M | -$8M | $4M | $4M | $4M |
| Research and development | — | — | — | — | $33,746 | $110,287 | $10,917 | $3M | $2M | — |
| Selling, general and admin | $14M | $14M | $11M | $7M | $6M | $9M | $8M | $7M | $8M | $6M |
| Operating income | -$766,092 | $7M | $5M | -$6M | -$26M | -$4M | -$16M | -$6M | -$5M | -$2M |
| Interest expense | $283,795 | $174,316 | $169,516 | — | — | — | — | — | — | — |
| Pre-tax income | -$1M | $7M | $5M | -$6M | -$26M | -$4M | -$17M | -$7M | -$6M | -$4M |
| Income tax | -$836,620 | $3M | -$659,918 | $251,042 | -$649,165 | $163,893 | $2,400 | $731,092 | $2,614 | -$580,987 |
| Net income | -$1M | $4M | $5M | -$9M | -$26M | -$20M | -$17M | -$8M | -$6M | -$3M |
| EPS (diluted) | -$1.00 | $3.50 | $4.65 | -$7.60 | -$22.70 | -$16.35 | -$12.34 | -$4.96 | -$1.48 | -$0.17 |
| Diluted shares | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 2M | 4M | 21M |
| Gross margin | 14.6% | 19.2% | 18.9% | 5.9% | -175.3% | 44.0% | -61.1% | 37.6% | 43.9% | 25.0% |
| Operating margin | -0.8% | 6.4% | 5.9% | -26.4% | -231.8% | -30.7% | -127.3% | -57.9% | -55.4% | -11.5% |
| Net margin | -1.2% | 3.5% | 6.5% | -39.1% | -229.8% | -159.0% | -134.2% | -69.7% | -57.4% | -20.4% |
Balance sheet
Fiscal years, from XMax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $6M | $243,551 | $9M | $9M | $6M | $1M | $369,137 | $161,902 | $7M |
| Receivables | $42M | $54M | $67M | $390,241 | $514,939 | $103,397 | $288,478 | $46,998 | $36,371 | $2M |
| Inventory | $3M | $6M | $6M | $30M | $33M | $3M | $5M | $2M | $3M | $2M |
| Total current assets | $70M | $75M | $85M | $68M | $43M | $26M | $8M | $4M | $8M | $12M |
| Property, plant and equipment | $171,276 | $157,246 | $147,096 | $136,512 | $453,518 | $453,817 | $368,624 | $287,673 | $252,186 | $21,942 |
| Goodwill | $218,606 | $218,606 | $218,606 | $218,606 | $218,606 | $218,606 | $218,606 | $218,606 | $218,606 | — |
| Total assets | $77M | $80M | $90M | $72M | $46M | $30M | $12M | $6M | $10M | $36M |
| Total current liabilities | $12M | $3M | $12M | $1M | $2M | $2M | $2M | $4M | $6M | $2M |
| Total liabilities | $14M | $11M | $15M | $6M | $6M | $6M | $5M | $6M | $7M | $8M |
| Shareholders' equity | $63M | $68M | $75M | $66M | $41M | $23M | $7M | $496,354 | $3M | $28M |
| Net debt | -$3M | -$6M | -$243,551 | -$9M | -$9M | -$6M | -$1M | -$369,137 | -$161,902 | -$7M |
Cash flow
Fiscal years, from XMax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6M | -$1M | -$7M | $15M | -$2M | -$5M | -$5M | -$2M | -$1M | -$445,838 |
| Capital spending | $13,494 | $26,818 | $27,529 | $25,902 | $365,043 | $110,519 | $8,772 | — | $14,121 | — |
| Free cash flow | -$6M | -$1M | -$7M | $15M | -$2M | -$5M | -$5M | — | -$1M | — |
| Stock-based compensation | $2M | $2M | $1M | $369,247 | $157,439 | $130,089 | $573,923 | $499,631 | $746,547 | $3M |
| Share buybacks (net) | — | — | $0 | -$616,193 | $0 | — | — | — | — | — |
| Net borrowing | $470,483 | -$4M | $2M | -$6M | $0 | — | — | — | — | — |
| Free cash flow margin | -6.9% | -1.3% | -8.5% | 67.6% | -21.5% | -39.0% | -42.2% | — | -14.5% | — |
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What was XMax's revenue in 2025?
$17M in fiscal 2025, from its 10-K filing.
From XMax's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.