“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 ↗
XMax Inc.
XMAX
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.
- 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.
Research brief
The story so far
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.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- 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.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
- Product pipeline and R&D has repeated adverse evidence across 3 filings.
- EV/sales is 1115% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
8.55Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.