XMax Net Sales Fall as AI Deals Announced

The Tip Desk · November 10, 2026 · 2 min read

Preliminary third-quarter net sales were about $6.42 million, down from $9.76 million a year earlier, while the board approved a share repurchase program of up to $30 million.

XMax Inc. (XMAX), a distributor of contemporary furniture and an artificial intelligence software and platform-based service provider, reported preliminary third-quarter net sales of approximately $6.42 million, down from $9.76 million in the third quarter of 2025.

Gross profit was approximately $0.89 million, or a 13.9% gross margin, compared with 10.1% a year earlier. The company said net loss was expected in the range of $12.10 million to $13.10 million, primarily reflecting a non-cash unrealized loss.

Chief Executive Officer Andy Lu described the quarter as a period of transition as XMax continued to build its AI business alongside furniture distribution. He said the company had made commercial progress in AI since mid-September, including cooperation with apM Group in Korea, an agreement to acquire Hexa Creation Inc., and an AI infrastructure services agreement the company expects to generate over US$100 million in revenue over the next five years, subject to satisfaction of certain closing conditions. Lu said the focus now is on executing and commercializing those initiatives.

The board recently approved a share repurchase program of up to $30 million, which Lu said reflects confidence in the long-term strategy and a commitment to disciplined capital allocation.

For the nine months ended September 30, 2026, net sales were approximately $10.94 million, compared with $14.95 million for the same period a year earlier. Gross profit was approximately $2.87 million, or a 26.2% gross margin, compared with 23.2%. Net income was expected in the range of $19.50 million to $20.50 million, primarily reflecting a non-cash unrealized gain, partially offset by income tax expense.

Headquartered in Commerce, California, XMax, formerly Nova LifeStyle, Inc., said it operates through a global network of suppliers, distributors, and e-commerce channels and is expanding into AI software and platform-based services through wholly owned subsidiaries XMax AI Inc. and Elonx AI Holdings PTE. LTD.

The company said the unaudited figures are preliminary and subject to change, that financial closing and review procedures had not been completed, and that its independent registered public accounting firm had not completed its review. Final results may differ materially. XMax expects to report complete financial results for the third quarter and nine months ended September 30, 2026 in a Form 10-Q it expects to file on or before November 16, 2026.