# XMAX INC. (XMAX) · Edgar & Edgarette company card

> Xmax (XMAX) grew revenue 72.6% in FY2025 to $17 million, operating margin -11.5% against a 4.3% median for household furniture, equity 78.7% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1473334 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/XMAX) · [JSON](https://www.pops4.com/boards/company/XMAX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $17M |
| Revenue growth, 1 year | 72.6% |
| Revenue growth per year | 7.4% |
| Operating margin | -11.5% (prior year -55.4%) |
| Net margin | -20.4% |
| Operating cash flow | −$445,838 |
| Capital spending | — |
| Free cash flow | — |
| Cash | $7M |
| Long-term debt | — |
| Total assets | $36M |
| Total equity | $28M |
| Equity ÷ assets | 78.7% |
| Return on equity | -12.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 0.34 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice in the last 12 months; operating cash flow was negative; operating loss: a margin of -11.5% in FY2025; revenue is hard to predict: its 80% range is ±61%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $16.7M (FY2025). Experience: revenue up 72.6% on the year, up 7.4% a year over 4 years; operating margin -11.5%, up from -55.4%. Soundness: equity 78.7% of assets, return on equity -12.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $11.5M and $46.9M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $10.4M to $51.9M. A statistical range, not company guidance. Against peers (9 filers, $50M+ revenue, its industry group): operating margin -11.5% against a 4.3% median; growth 72.6% against 1.1%.

Range logged 2026-09-29, receipt eb5101d7f1fbc260, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226014215/0001493152-26-014215-index.htm))
- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-09-15 ([filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226042760/0001493152-26-042760-index.htm))
- Item 5.02 Director or officer change: 6, latest 2026-10-13 ([filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226046838/0001493152-26-046838-index.htm))

## Recent filings

- 8-K · filed 2026-11-04 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226049967/0001493152-26-049967-index.htm)
- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226049815/0001493152-26-049815-index.htm)
- 8-K · filed 2026-11-03 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226049714/0001493152-26-049714-index.htm)
- 8-K · filed 2026-11-02 · 1.01 Entry into a Material Definitive Agreement; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226049569/0001493152-26-049569-index.htm)
- 8-K · filed 2026-10-13 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226046838/0001493152-26-046838-index.htm)
- 8-K · filed 2026-10-09 · 1.01 Entry into a Material Definitive Agreement; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1473334/000149315226046545/0001493152-26-046545-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001473334.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1473334

## Cite

POPS4, Edgar & Edgarette: XMAX INC. (XMAX) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/XMAX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.