Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92.6M | $106M | $81.2M | $22.0M | $11.4M | $12.6M | $12.7M | $11.1M | $9.69M | $16.7M |
| Revenue growth | — | 14.9% | -23.8% | -72.9% | -48.4% | 10.6% | 1.5% | -13.0% | -12.6% | 72.6% |
| Gross profit | $13.5M | $20.4M | $15.4M | $1.29M | -$19.9M | $5.52M | -$7.78M | $4.17M | $4.25M | $4.18M |
| Gross margin | 14.6% | 19.2% | 18.9% | 5.9% | -175.3% | 44.0% | -61.1% | 37.6% | 43.9% | 25.0% |
| Operating income | -$766K | $6.80M | $4.83M | -$5.80M | -$26.3M | -$3.86M | -$16.2M | -$6.42M | -$5.36M | -$1.93M |
| Operating margin | -0.8% | 6.4% | 5.9% | -26.4% | -231.8% | -30.7% | -127.3% | -57.9% | -55.4% | -11.5% |
| Net income | -$1.12M | $3.76M | $5.30M | -$8.60M | -$26.1M | -$20.0M | -$17.1M | -$7.72M | -$5.56M | -$3.42M |
| Net margin | -1.2% | 3.5% | 6.5% | -39.1% | -229.8% | -159.0% | -134.2% | -69.7% | -57.4% | -20.4% |
| EPS (diluted) | -$0.04 | $0.14 | $0.93 | -$1.52 | -$4.54 | -$3.27 | -$12.34 | -$4.96 | -$1.48 | -$0.17 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.42M | -$1.31M | -$6.88M | $14.9M | -$2.08M | -$4.78M | -$5.37M | -$1.58M | -$1.39M | -$446K |
| Capital expenditures | $13.5K | $26.8K | $27.5K | $25.9K | $365K | $111K | $8.77K | — | $14.1K | — |
| Free cash flow | -$6.43M | -$1.34M | -$6.91M | $14.9M | -$2.44M | -$4.89M | -$5.38M | — | -$1.41M | — |
| Share buybacks | — | — | $0.00 | $616K | $0.00 | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.59M | $5.72M | $244K | $7.42M | $8.74M | $6.28M | $1.37M | $369K | $162K | $6.71M |
| Total assets | $77.0M | $79.9M | $90.1M | $71.6M | $46.5M | $29.5M | $11.5M | $6.24M | $9.92M | $35.5M |
| Total liabilities | $13.8M | $11.4M | $15.2M | $5.51M | $5.55M | $6.09M | $4.92M | $5.74M | $6.79M | $7.59M |
| Shareholders' equity | $63.3M | $68.4M | $74.9M | $66.0M | $40.9M | $23.4M | $6.61M | $496K | $3.12M | $28.0M |
| Retained earnings | $26.3M | $29.7M | $35.0M | $26.4M | $351K | -$19.6M | -$36.7M | -$44.4M | -$50.0M | -$53.4M |
| Shares (wtd avg diluted) | 25.4M | 27.8M | 5.72M | 5.67M | 5.74M | 6.10M | 1.39M | 1.56M | 3.77M | 20.7M |
Every figure is extracted from XMax Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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