The company's capital structure is heavily reliant on recent capital injections, as evidenced by a $53.2 million deficit in retained earnings despite a current ratio of 12.96 in 2026Q1.
| Total Current Assets | 19.71M | 11.78M | 7.93M | 3.75M | 8.2M | 25.57M | 43.29M |
| Cash & Short-Term Investments | 9.91M | 6.71M | 161.9K | 369.14K | 1.37M | 6.28M | 8.74M |
| Cash Only | 9.91M | 6.71M | 161.9K | 369.14K | 1.37M | 6.28M | 8.74M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.85M | 2.45M | 53.79K | 88.26K | 367.65K | 402.41K | 1.14M |
| Days Sales Outstanding | 105.22 | 53.53 | 2.03 | 2.91 | 10.53 | 11.7 | 36.54 |
| Inventory | 1.66M | 2.16M | 2.82M | 2.21M | 4.93M | 2.63M | 33.2M |
| Days Inventory Outstanding | 58.16 | 62.98 | 189.59 | 116.85 | 87.71 | 136.28 | 387.83 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 15.15M | 0 |
| Total Non-Current Assets | 27.43M | 23.76M | 1.99M | 2.49M | 3.33M | 3.96M | 3.18M |
| Property, Plant & Equipment | 487.32K | 616.74K | 1.76M | 2.26M | 3.1M | 3.69M | 2.77M |
| Fixed Asset Turnover | 18.34x | 27.11x | 5.49x | 4.90x | 4.11x | 3.41x | 4.09x |
| Goodwill | 0 | 0 | 218.61K | 218.61K | 218.61K | 218.61K | 218.61K |
| Intangible Assets | 0 | 0 | 3.11K | 8.47K | 13.84K | 19.21K | 0 |
| Long-Term Investments | 55.05M | 23.1M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 43.26K | 0 | 0 | 0 | 37.66K | 73.8K |
| Total Assets | 47.14M | 35.55M | 9.92M | 6.24M | 11.53M | 29.53M | 46.48M |
| Asset Turnover | 0.56x | 0.47x | 0.98x | 1.78x | 1.11x | 0.43x | 0.24x |
| Asset Growth % | 915.62% | 258.43% | 58.97% | -45.91% | -60.94% | -36.47% | - |
| Total Current Liabilities | 1.52M | 2.39M | 5.83M | 3.69M | 1.64M | 1.81M | 2.03M |
| Accounts Payable | 128.57K | 327.13K | 728.55K | 430.05K | 321.26K | 358.36K | 743.78K |
| Days Payables Outstanding | 9.41 | 9.52 | 48.9 | 22.7 | 5.71 | 18.59 | 8.69 |
| Short-Term Debt | 409.74K | 401.59K | 398.57K | 0 | 0 | 0 | 688.08K |
| Deferred Revenue (Current) | 855.29K | 58.79K | 413.58K | 306.53K | 170.14K | 394.38K | 266.24K |
| Other Current Liabilities | 40.85K | 82K | 15.1K | 27.55K | 38.35K | 4.29K | 320.44K |
| Current Ratio | 12.96x | 4.92x | 1.36x | 1.02x | 4.99x | 14.09x | 21.38x |
| Quick Ratio | 11.87x | 4.02x | 0.88x | 0.42x | 1.99x | 12.64x | 4.99x |
| Cash Conversion Cycle | 153.97 | 106.99 | 142.71 | 97.05 | 92.53 | 129.38 | 415.67 |
| Total Non-Current Liabilities | 5.27M | 5.2M | 968.57K | 2.05M | 3.28M | 4.27M | 3.52M |
| Long-Term Debt | 5.25M | 5.18M | 197.83K | 147.43K | 150K | 150K | 150K |
| Capital Lease Obligations | 510.89K | 19.88K | 770.74K | 1.26M | 1.97M | 2.58M | 1.75M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 643.11K | 1.16M | 1.54M | 1.63M |
| Total Liabilities | 6.79M | 7.59M | 6.79M | 5.74M | 4.92M | 6.09M | 5.55M |
| Total Debt | 6.11M | 6.21M | 2.12M | 2.11M | 2.86M | 3.46M | 2.58M |
| Net Debt | -3.8M | -499.81K | 1.95M | 1.74M | 1.48M | -2.82M | -6.16M |
| Debt / Equity | 0.15x | 0.22x | 0.68x | 4.25x | 0.43x | 0.15x | 0.06x |
| Debt / EBITDA | -4.30x | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.67x | - | - | - | - | - | - |
| Interest Coverage | -21.19x | -50.85x | -176.93x | -735.40x | - | - | -154.57x |
| Total Equity | 40.35M | 27.96M | 3.12M | 496.35K | 6.61M | 23.44M | 40.93M |
| Equity Growth % | 16387.11% | 795.13% | 529.29% | -92.49% | -71.8% | -42.72% | - |
| Book Value per Share | 0.90 | 1.35 | 0.83 | 0.32 | 4.77 | 19.23 | 35.65 |
| Total Shareholders' Equity | 40.35M | 27.96M | 3.12M | 496.35K | 6.61M | 23.44M | 40.93M |
| Common Stock | 53.53K | 41.89K | 7.3K | 1.92K | 1.44K | 6.84K | 5.77K |
| Retained Earnings | -53.22M | -53.41M | -49.99M | -44.43M | -36.71M | -19.6M | 351.37K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -616.19K |
| Accumulated OCI | 504.25K | 504.25K | 522.15K | 521.42K | 77.24K | 381.85K | 804.53K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
According to recent balance sheet filings, XWIN's total assets surged from $5.1 million in 2024Q3 to $47.1 million by 2026Q1, yet this rapid expansion appears disconnected from the company's underlying profitability, which remains constrained by persistent negative retained earnings of $53.2 million as of the most recent quarter.
The aggressive growth in the asset base suggests a significant scaling of inventory or receivables, yet the lack of corresponding improvement in retained earnings indicates that this expansion has not yet generated sustainable value. Investors should monitor whether this asset accumulation is a strategic precursor to market share gains or merely an inefficient deployment of capital that fails to address the company's structural profitability challenges.
As reported in financial statements, XWIN's cash position reached $9.9 million in 2026Q1, providing a current ratio of 12.96, which appears to offer a temporary buffer against the company's ongoing operational cash burn despite the historical volatility in its liquidity profile observed over the last ten quarters.
While the current ratio suggests a strong short-term liquidity position, the reliance on cash to fund operations in the absence of consistent positive cash flow warrants caution. The dramatic improvement in liquidity metrics appears to be a recent development, and it remains unclear if this cash cushion is sufficient to support the business through a prolonged period of negative operating margins.
Based on XWIN's reported figures, the equity base has been severely eroded by cumulative losses, with retained earnings sitting at a deficit of $53.2 million, suggesting that the company's book value is heavily reliant on recent capital injections rather than internally generated growth or operational success.
The negative trajectory of retained earnings highlights a fundamental inability to retain value within the business, forcing a reliance on external financing to maintain operations. This structure suggests that shareholders are effectively funding the company's ongoing losses, which may necessitate further dilutive actions if the current business model does not achieve a pivot toward profitability.
Analysis of the balance sheet reveals that XWIN's asset base is largely devoid of meaningful tangible infrastructure, as net PPE remains a negligible $487.3 thousand, which may indicate that the company's value is tied to intangible brand equity that is highly susceptible to rapid market shifts.
The lack of significant physical assets suggests an asset-light model that provides flexibility but also limits the company's ability to leverage tangible collateral during periods of financial stress. Investors should consider that the absence of substantial PPE may leave the company vulnerable if its design-led differentiation strategy fails to resonate with consumers, as there is little underlying asset value to support the valuation.
Quick answers to the most common questions about buying XWIN stock.
As of 2025, XMax Inc. (XWIN) had total assets of $35.5M including $11.8M in current assets.
XMax Inc. (XWIN) carries total debt of $6.2M, offset by $6.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XMax Inc. (XWIN) has total shareholders' equity (book value) of $28.0M ($1.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XMax Inc. (XWIN) reported a current ratio of 4.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.