# XMax Inc. (XMAX)

> Source: Nexqual · https://nexqual.com/XMAX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, XMax Inc. (XMAX), nexqual.com/XMAX" · informational, not investment advice.

**Price:** USD 8.66 (-1.03% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 8.75 · day 8.56–8.76 · 52w 5.2–9.4 · market cap $562M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $16.0M, net income $29.8M (185.9% margin) (SEC filings).
- Valuation: P/E 18.8x, net cash $29.4M.
- Total return with dividends: 1Y +52.7% vs S&P 500 +13.4%; 5Y -23.7% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.6M | $12.7M | $11.1M | $9.7M | $16.7M | $16.0M |
| Gross profit | $5.5M | -$7.8M | $4.2M | $4.2M | $4.2M | — |
| Operating income | -$3.9M | -$16.2M | -$6.4M | -$5.4M | -$1.9M | -$3.3M |
| Net income | -$20.0M | -$17.1M | -$7.7M | -$5.6M | -$3.4M | $29.8M |
| EPS (diluted) | -$16.35 | -$12.34 | -$4.96 | -$1.48 | -$0.17 | — |
| Free cash flow | -$4.9M | -$5.4M | — | -$1.4M | — | — |
| Gross margin | 44.0% | -61.1% | 37.6% | 43.9% | 25.0% | — |
| Operating margin | -30.7% | -127.3% | -57.9% | -55.4% | -11.5% | -20.5% |
| Net margin | -159.0% | -134.2% | -69.7% | -57.4% | -20.4% | 185.9% |
| Revenue growth | +10.6% | +1.5% | -13.0% | -12.6% | +72.6% | — |
| Cash + short-term investments | $6.3M | $1.4M | $369K | $162K | $6.7M | — |
| Total debt | — | — | — | — | $5.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.8x · P/S 35.0x · EV/Sales 33.2x · P/B 5.3x · Earnings yield 5.31% · Net cash $29.4M · EV $532M

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +52.7% | -23.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +53.0% | -5.3% |
| Volatility (annualized) | 33.1% | 108.9% |
| Max drawdown | -13.3% (Aug 2026→Oct 2026) | -96.5% (Nov 2021→Dec 2024) |

## Peers (Furnishings, Fixtures & Appliances)
ETD (Ethan Allen Interiors Inc.) USD 20.45 -1.64% · HBB (Hamilton Beach Brands Holding C) USD 33.19 -0.60% · FLXS (Flexsteel Industries, Inc.) USD 84.18 -0.94% · LZB (La-Z-Boy Incorporated) USD 29.98 -1.38% · MLKN (MillerKnoll, Inc.) USD 21.14 -2.49% · MBC (MasterBrand, Inc.) USD 7.3 -0.68%

## More
Full page: https://nexqual.com/XMAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Sale Of Residential & Commercial Furniture | $1.6M | 59.9% | -35.9% | $314,123 | 19.2% |
| API Based Service | $1.1M | 40.1% | — | -$605,816 | -55.2% |
| Total revenue | $2.7M | 100% | — | -$1.2M | -44.5% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residentialand Commercial Furniture | $1.6M | 59.9% | -35.9% |
| AP Ibased Services | $1.1M | 40.1% | — |
| Total revenue | $2.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 21%, 17%, 5% of revenue from unnamed direct customers (10-Q, filed 2026-08-14).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2018-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |