XMax Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $16.7M | $9.7M | $11.1M | $12.7M | $12.6M |
| Cost of revenue | $12.5M | $5.4M | $6.9M | $20.5M | $7.0M |
| Gross profit | $4.2M | $4.2M | $4.2M | -$7.8M | $5.5M |
| Research and development | — | $2.0M | $3.1M | $10,917 | $110,287 |
| Operating expenses | $6.1M | $9.6M | $10.6M | $8.4M | $9.4M |
| Operating income | -$1.9M | -$5.4M | -$6.4M | -$16.2M | -$3.9M |
| Pretax income | -$4.0M | -$5.6M | -$7.0M | -$17.1M | -$4.1M |
| Income tax expense | -$580,987 | $2,614 | $731,092 | $2,400 | $163,893 |
| Net income | -$3.4M | -$5.6M | -$7.7M | -$17.1M | -$20.0M |
| Balance Sheet | |||||
| Cash and equivalents | $6.7M | $161,902 | $369,137 | $1.4M | $6.3M |
| Current assets | $11.8M | $7.9M | $3.7M | $8.2M | $25.6M |
| Total assets | $35.5M | $9.9M | $6.2M | $11.5M | $29.5M |
| Current liabilities | $2.4M | $5.8M | $3.7M | $1.6M | $1.8M |
| Total liabilities | $7.6M | $6.8M | $5.7M | $4.9M | $6.1M |
| Stockholders' equity | $28.0M | $3.1M | $496,354 | $6.6M | $23.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$445,838 | -$1.4M | -$1.6M | -$5.4M | -$4.8M |
| Depreciation and amortization | $6,803 | $55,489 | $68,401 | $88,285 | $78,655 |
| Stock-based compensation | $3.4M | $746,547 | $499,631 | $573,923 | $130,089 |
| Capital expenditure | — | $14,121 | — | $8,772 | $110,519 |
| Free cash flow | — | -$1.4M | — | -$5.4M | -$4.9M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 63.6M · Free float 80.1%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.