Filing Flows › XMax (XMAX) › Q3 2025
XMax (XMAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
XMax (XMAX) reported revenue of $9.8M for the third quarter 2025 (Q3 2025), +273% from a year earlier and +282% from the quarter before. Operating margin was -5.0%, net loss $1.1M (11.5% of revenue).
XMax, Q3 2025: revenue $9.8M (+273% year over year), operating margin -5.0%, net loss $1.1M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.8M | +282% | +273% |
| Operating profit | −$490K | — | — |
| Net earnings | −$1.1M | — | — |
| Operating cash flow | −$1.9M | -2162% | — |
What changed
Revenue was $9.8M in Q3 2025, up 273% year over year and up 282% from the previous quarter.
Gross margin was 10.1%, down 35.0 points from a year earlier. Operating costs exceeded revenue by $490K, an operating margin of -5.0%. Operating expenses fell 59% while revenue rose 273%. The quarter ended with a net loss of $1.1M, wider than the previous quarter's $290K loss. Net interest and other expense of $637K was the main reason.
Operating cash flow was −$1.9M. Non-cash charges added back $16K of depreciation and amortization and $89K of share-based compensation. Working capital and other items used $885K.
Questions
What was XMax's revenue in the third quarter 2025?
XMax (XMAX) reported revenue of $9.8M for the third quarter 2025 (Q3 2025), +273% from a year earlier and +282% from the quarter before.
Was XMax profitable in the third quarter 2025?
Operating loss was $490K (-5.0% of revenue) and net loss $1.1M.
Source: XMax 10-Q on SEC EDGAR.