XMax Inc.
XMAX · Household Furniture · 63.6M shares · +65%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$130K (gross $616K, SBC $747K)
Grade
D47Loss-making furniture distributor pivoting into AI, propped up by heavy 2025 dilutive capital raises.
Strengths
- Large 2025 equity/note raises lifted liquidity (current ratio 4.9, 100th pct) and cash ~$30M
- Diversified international furniture distribution footprint
Risks
- Operating losses (operating margin -11.5%, net margin -20%, 11th pct) and prior Nasdaq equity-deficiency notice
- Speculative AI pivot, repeated reverse splits and offshore-holding/China-linked governance red flags
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -20.4%)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
25.0%
Operating margin
-11.5%
Net margin
-20.4%
Return on equity
-12.2%
Return on assets
-9.6%
Revenue growth (QoQ)
0.7%
Current ratio
4.9×
EBITDA
-$2M
Tangible book value
$28M
Cash & investments
$30M
Stock comp / revenue
20.2%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Shareholder vote | filing ↗ |
| 2026-06-02 | Material agreement3.02Exhibits | filing ↗ |
| 2026-05-06 | 5.05Exhibits | filing ↗ |
| 2026-04-29 | Material agreement3.02Exhibits | filing ↗ |
| 2026-04-28 | Material agreementExhibits | filing ↗ |
| 2026-04-22 | Material agreementExec/director changeExhibits | filing ↗ |
| 2026-04-21 | Material agreementAcquisition/dispositionExhibits | filing ↗ |
| 2026-04-16 | Material agreement3.02Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-05 | 0001493152-26-027940 ↗ |
| 8-K | 2026-06-02 | 2026-05-28 | 0001493152-26-026890 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001493152-26-023861 ↗ |
| 8-K | 2026-05-06 | 2026-04-30 | 0001493152-26-021498 ↗ |
| 8-K | 2026-04-29 | 2026-04-24 | 0001493152-26-019625 ↗ |
| 8-K | 2026-04-28 | 2026-04-22 | 0001493152-26-019358 ↗ |
| 8-K | 2026-04-22 | 2026-04-21 | 0001493152-26-018564 ↗ |
| 8-K | 2026-04-21 | 2026-04-15 | 0001493152-26-018323 ↗ |
| 8-K | 2026-04-16 | 2026-04-13 | 0001493152-26-016970 ↗ |
| 10-K | 2026-04-15 | 2025-12-31 | 0001493152-26-016828 ↗ |
| 8-K | 2026-04-08 | 2026-04-06 | 0001493152-26-015718 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001493152-26-014208 ↗ |