Filing Flows › XMax (XMAX) › Q4 2025
XMax (XMAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 15, 2026
XMax (XMAX) reported revenue of $1.8M for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -82% from the quarter before. Operating margin was -59.3%, net loss $1.7M (94.0% of revenue).
XMax, Q4 2025: revenue $1.8M (-12% year over year), operating margin -59.3%, net loss $1.7M, operating cash flow $1.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8M | -82% | -12% |
| Operating profit | −$1.0M | — | — |
| Net earnings | −$1.7M | — | — |
| Operating cash flow | $1.7M | — | — |
What changed
Revenue was $1.8M in Q4 2025, down 12% year over year and down 82% from the previous quarter.
Gross margin was 40.3%, down 2.6 points from Q4 2024. Operating costs exceeded revenue by $1.0M, an operating margin of -59.3%. Operating expenses fell 4% while revenue fell 12%. The fastest-growing cost line was Sales & marketing (+122%). The quarter ended with a net loss of $1.7M, wider than the previous quarter's $1.1M loss. Net interest and other expense of $1.1M was the main reason.
Operating cash flow was $1.7M. Non-cash charges added back $3.1M of share-based compensation. Working capital and other items added $231K. Capital expenditures of $17.8M exceeded it, leaving free cash flow of −$16.1M.
Questions
What was XMax's revenue in the fourth quarter 2025?
XMax (XMAX) reported revenue of $1.8M for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -82% from the quarter before.
Was XMax profitable in the fourth quarter 2025?
Operating loss was $1.0M (-59.3% of revenue) and net loss $1.7M.
Source: XMax 10-K on SEC EDGAR.