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XMax cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.6M in Q2 2026 · −$4.5M over twelve months

Operating cash flow−$3.6M
Free cash flow−$3.6M
Cash / net income-0.1×
Cash conversion cycle177 days

Analysis

In Q2 2026, XMax generated −$3.6M of operating cash flow. That is $3.7M less than in Q2 2025 ($93K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$4.5M; the largest uses were operating cash flow ($4.5M); besides operations, cash came from shares issued ($69.9M), other financing ($4.7M); the cash balance rose by $34.2M.

Operating cash flow was −$3.6M against net income of $32.4M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$1.2M, receivables −$735K, payables +$347K.

Its cash conversion cycle was 177 days (receivables 94 + inventory 99 − payables 17).

Free cash flow

XMax: free cash flow by quarterXMax: free cash flow by quarter−$438KQ3 2024−$263KQ4 2024−$323KQ1 2025$93KQ2 2025−$1.9MQ3 2025$1.7MQ4 2025−$642KQ1 2026−$3.6MQ2 2026
Operating cash flow less capital spending.
XMax: operating cash flow against capital spendingXMax: operating cash flow against capital spendingOperating cash flowCapital spending−$438K$0Q3 2024−$263K$0Q4 2024−$323K$0Q1 2025$93K$0Q2 2025−$1.9M$0Q3 2025$1.7M$0Q4 2025−$642K$0Q1 2026−$3.6M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$3.6M, Capital spending $0.

Capital allocation, year by year

XMax: where the cash came from (up) and went (down), by fiscal yearXMax: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$4.8MFY2021: Shares issued $2.8MFY2021: Capital spending −$111K$2.8MFY2021FY2022: Operating cash flow −$5.4MFY2022: Capital spending −$9KFY2022FY2023: Operating cash flow −$1.6MFY2023: Asset sales $19K$19KFY2023FY2024: Operating cash flow −$1.4MFY2024: Shares issued $750KFY2024: Capital spending −$14K$750KFY2024FY2025: Operating cash flow −$446KFY2025: Net borrowing $5.0MFY2025: Shares issued $24.7M$29.6MFY2025
Over these 5 years operating cash flow totalled −$13.6M; the largest uses were operating cash flow ($13.6M) and capital spending ($133K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$34.6M
Debtnone
Net cash$34.6M
Cash runway7.7 years

XMax is burning cash: its operations consume cash, a free cash flow of −$4.5M a year at the current rate against $34.6M of cash and investments: a runway of about 7.7 years before any new financing.

Where the cash came from and went

XMax: sources (+) and uses (−) of cash, Q2 2026XMax: sources (+) and uses (−) of cash, Q2 2026Shares issued$33.5MCash drawn (+) / kept (−)−$24.7MOther investing−$4.8MOperating cash flow−$3.6MOther financing−$399KNot reconciled$13KNet borrowing (+) / repaid (−)−$5K
XMax: sources (+) and uses (−) of cash, TTM to Q2 2026XMax: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$69.9MNot reconciled−$35.9MCash drawn (+) / kept (−)−$34.2MOther financing$4.7MOperating cash flow−$4.5MExchange rates$5K

From profit to cash

XMax: net income to operating cash flow, Q2 2026XMax: net income to operating cash flow, Q2 2026Net income$32.4MDepreciation & amortization$2KReceivables−$735KInventory−$279KPayables$347KPrepaid and other assets−$1.2MOperating cash flow−$3.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026949917177
Q1 202612419123292
Q4 202527019241421
Q3 20253820454
Q2 2025213216118
Q1 2025215532125
Q4 2024421148167
Q3 2024314724125

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$3.6M−$5K$33.5M−$24.7M−$3.6M
Q1 2026−$642K−$5K$12.2M−$3.2M−$642K
Q4 2025$1.7M—$24.2M−$5.0M$1.7M
Q3 2025−$1.9M——−$1.2M−$1.9M
Q2 2025$93K——−$322K$93K
Q1 2025−$323K—$500K$15K−$323K
Q4 2024−$263K—$150K$383−$263K
Q3 2024−$438K—$200K$201K−$438K

XMax: income statement and cash flow

XMax, Q2 2026: revenue $2.7M (+7% year over year), operating margin -44.5%. The chart follows the revenue to costs, profit and cash.

XMax: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.