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XMax Inc.

XMAX

Consumer Cyclical · 8.57 +0.3% today

Participation confirmed · construction unavailableMarket checked 11 Sept, 11:25 GMT-4

Market read

XMax Inc.'s move is spreading beyond its market group.

No new filing conclusion is available. 5 of 19 group members are active now; 3 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

Company+0.3% todayVolume comparison unavailable
Market group5 of 19 activeHealthcare REITs · inactive
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
  • At least 13 of 19 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • VTR remains aligned with the group in the next market snapshot.

Invalidation: The live read weakens if participation falls to 6 of 19 members or fewer.

Watch this read

Research brief

The story so far

Consumer Cyclical · Furnishings, Fixtures & Appliances

No new filing conclusion is available. 5 of 19 group members are active now; 3 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • At least 13 of 19 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • VTR remains aligned with the group in the next market snapshot.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations319
Usable filing statements86
Verified relationships4
Evidence supporting the case
  • Latest annual revenue changed +72.6% year over year.
  • Operating margin changed +43.8 percentage points in the latest annual period.
  • Net margin changed +37.0 percentage points in the latest annual period.
Evidence challenging the case
  • Restructuring and cost reductions has repeated adverse evidence across 4 filings.
  • Product pipeline and R&D has repeated adverse evidence across 3 filings.
Questions before a position
  • EV/sales is 1115% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

8.55
6m+39.5%12m+338.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$12.6M+10.6%
2022-12-31$12.7M+1.5%$-12.34
2023-12-31$11.1M-13.0%$-4.96+12.3%
2024-12-31$9.7M-12.6%$-1.48
2025-12-31$16.7M+72.6%$-0.17

What management says matters

Persistent and emerging business drivers

Restructuring and cost reductionsnegative · 4 filings
Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the…
10-Q · May 15, 2026
Product pipeline and R&Dnegative · 3 filings
In addition, research and development expenses decreased by 100%, or $2.00 million to $0 for the year ended December 31, 2025, from $2.00 million for the year of 2024, primary due to we did not spend additional fee on our AI-driven smart living solutions and…
10-K · Apr 15, 2026
Tariffs and trade policynegative · 1 filings
The decrease in cash outflow was attributable primarily to (i) decrease in cash outflow of $1.39 million of net loss to $0.63 million for the six months ended June 30, 2025, from the net loss of $2.03 million for the same period of 2024; (ii) increase in cash…
10-Q · Aug 14, 2025

Valuation discipline

Descriptive valuation snapshot

Price/sales 10.6× · EV/sales 10.2×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

8.57+0.3% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 11:25 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for XMAX. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for XMAX. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind XMAX

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

AMZNAmazon.com, Inc.customerMay 15, 2026

Pursuant to the Agreement, the Service Provider will develop and deploy an AI inference platform (“Platform”) to the Amazon Web Services (AWS) cloud environment designated by the Company for a total fixed service fee of US$400,000.

SPCXSpace Exploration Technologies Corp.investeeMay 15, 2026

The Fund will use the Subscription Amount to subscribe approximately 6.667% interest of certain fund that holds an aggregate of 353,772 shares of Common Stock of Space Exploration Technologies Corp., a Texas corporation (“SpaceX”), comprising of 121,805 share…

SUPXFiling-linked namepartnerMay 15, 2026

On April 22, 2026, XMax AI Inc.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

XMAX is currently a Participant in the organic co-movement group Healthcare REITs. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.