Filing Flows › XMax (XMAX) › Q1 2026
XMax (XMAX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
XMax (XMAX) reported revenue of $1.8M for the first quarter 2026 (Q1 2026), -32% from a year earlier and +0.7% from the quarter before. Operating margin was -30.0%, net earnings $192K (10.7% of revenue).
XMax, Q1 2026: revenue $1.8M (-32% year over year), operating margin -30.0%, net earnings $192K, operating cash flow −$642K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8M | +0.7% | -32% |
| Operating profit | −$535K | — | — |
| Net earnings | $192K | — | — |
| Operating cash flow | −$642K | -138% | — |
What changed
Revenue was $1.8M in Q1 2026, down 32% year over year and up 1% from the previous quarter.
Gross margin was 49.5%, up 3.8 points from Q1 2025. Operating costs exceeded revenue by $535K, an operating margin of -30.0%. Operating expenses grew 1% against a revenue fall of 32%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $192K. The effective tax rate was 0.0%. Non-operating items added $726K, 379% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$642K. Non-cash charges added back $2K of depreciation and amortization. Working capital and other items used $835K. Capital expenditures of $3.0M exceeded it, leaving free cash flow of −$3.7M.
Questions
What was XMax's revenue in the first quarter 2026?
XMax (XMAX) reported revenue of $1.8M for the first quarter 2026 (Q1 2026), -32% from a year earlier and +0.7% from the quarter before.
Was XMax profitable in the first quarter 2026?
Operating loss was $535K (-30.0% of revenue) and net earnings $192K.
Source: XMax 10-Q on SEC EDGAR.