XMax Inc.XMAX

XMax Inc. is peddling a vision: a stack of AI APIs and GPU-as-a-Service contracts it claims are worth up to $25 million, all bolted onto an integrated computing platform. The company’s latest SEC filings, however, tell a quieter story. For the three months ending 31 March 2026, XMax posted revenue of $1.8 million, a net profit of $191,514, and burned $641,744 in operating cash. The gap between the pitch deck and the 10-Q is the width of a Tesla Cybertruck. (source: XMax Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1473334/000147331426000120/xq.htm)

The company’s balance sheet shows $47.1 million in assets against $6.8 million in liabilities, with $9.9 million in cash and equivalents. Inventory sits at $1.7 million, down $504,408 during the quarter, which could mean sold product, write-downs, or simply less stuff gathering dust in a warehouse. Research and development expense is listed as $390-either a typo or a very efficient team. (source: XMax Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1473334/000147331426000120/xq.htm)

Recent 8-K filings show the compensation committee approved salary increases and the board has been active, but none of the disclosures quantify how these moves tie to revenue growth or cash flow. The company’s own product newsroom highlights SpaceX launches and Tesla’s robot ambitions, neither of which directly funds XMax’s day-to-day operations. (source: XMax Inc. 8-K series, 6-23 July 2026, https://www.sec.gov/edgar/browse/?CIK=1473334)

For context on the product side, XMax’s public rail references GPU-as-a-Service and AI model API agreements, but the filings do not break out segment-level revenue for these lines. Absent that, the source requires readers to treat the $25 million figure as aspirational until cash receipts appear. (source: XMax product/news rail, https://xmax.com/article/9.html; https://xmax.com/article/16.html; https://xmax.com/article/18.html)

Recent SEC filings do not include a cash flow statement for investing or financing activities, nor do they disclose share buybacks or dilution beyond the diluted share count of 44.8 million. Earnings per share were $0.00, which is either a rounding quirk or a statement on profitability. (source: XMax Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1473334/000147331426000120/xq.htm)