XMAX: financial statements from SEC

Income statement

Metric	Dec 31, 2025	Dec 31, 2024
Revenue	17m	10m
Cost of revenue	13m	5m
Gross profit	4m	4m
Research and development	—	2m
Selling, general and administrative	5m	6m
Operating expenses	6m	10m
Operating income	−2m	−5m
Pre-tax income	−4m	−6m
Income tax	−580,987	2,614
Net income	−3m	−6m
Earnings per share	−0.17	−1.48
Earnings per share, diluted	−0.17	−1.48
Weighted average shares	21m	4m
Weighted average shares, diluted	21m	4m

Metric	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Cash and equivalents	10m	7m	2m	468,825	147,300	161,902	162,285	363,409
Receivables	2m	2m	8m	35,754	64,776	36,371	126,800	44,469
Inventory	2m	2m	2m	2m	2m	3m	5m	2m
Current assets	20m	12m	12m	10m	10m	8m	3m	4m
Property, plant and equipment	19,854	21,942	220,388	235,451	239,301	252,186	270,233	254,098
Goodwill	—	—	—	—	—	218,606	218,606	218,606
Total assets	47m	36m	18m	12m	12m	10m	5m	6m
Current liabilities	2m	2m	4m	4m	4m	6m	4m	4m
Total liabilities	7m	8m	5m	5m	5m	7m	6m	6m
Equity	40m	28m	14m	7m	7m	3m	−895,909	48,208
Shares outstanding	54m	42m	34m	14m	14m	7m	4m	3m
Shares issued	54m	42m	34m	14m	14m	7m	4m	3m

Metric	Dec 31, 2025	Dec 31, 2024
Operating cash flow	−445,838	−1m
Depreciation and amortisation	9,912	60,853
Share-based compensation	3m	757,692
Capital expenditure	—	14,121
Investing cash flow	−23m	−14,121
Financing cash flow	30m	1m