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what it is
XMax sells modern home and commercial furniture through wholesale, retail, and online channels under brands including Diamond Sofa.
how it gets paid
Last year Xmax made $10M in revenue. living room furniture was the main engine at $3.5M, or 35% of sales.
what just happened
The quarter showed $15M in revenue, but the bigger story is that profitability is still broken.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
-$1.48 fy2024 eps est
$2B fy2026 rev est
55.4% operating margin
xvary composite: 48/100 — below average
What they do
XMax sells modern home and commercial furniture through wholesale, retail, and online channels under brands including Diamond Sofa.
The moat is thin. Long-term debt → borrowed money due later → so what: XMax had $0 million of it, which means lenders are not the immediate problem. Your real problem is scale: annual revenue was $10 million while operating margin was -55.4%, so the business is too small to absorb its own costs.
How they make money
$10M
annual revenue
living room furniture
$3.5M
urban dining furniture
$2.0M
bedroom furniture
$1.8M
commercial furniture
$1.5M
online and other
$1.2M
The products that matter
designs and sells home furniture
Modern Furniture
$17.0M trailing revenue
this is the operating business you actually own today: $17M in trailing revenue with a 23.2% gross margin. Small base. Thin economics.
23.2% gross margin
invests in private tech fund exposure
Strategic Investments
$5.6M initial allocation
management allocated $5.6M for a 39.7% stake in a fund holding SpaceX shares. That's small against a $319M market cap, which tells you the valuation is running ahead of what has been deployed so far.
39.7% fund stake
newly raised balance sheet capital
Offering Proceeds
$36M equity raise
the company sold 8.5M shares at $4.23. That cash matters more than any individual sofa because it finances the pivot and resets what each share now represents.
8.5M new shares
Key numbers
-$1.48
fy2024 eps est
$2B
fy2026 rev est
23.2%
gross margin
Gross profit kept about 23.2% of each revenue dollar.
n/a
dividend yield
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for XWIN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter showed $15M in revenue, but the bigger story is that profitability is still broken.
Latest quarterly revenue rose 53% vs. prior year, but EPS was -$0.13 and gross margin was only 23.2%. More sales did not fix the model.
$15M
revenue
$0.13
eps
23.2%
gross margin
the number that mattered
23.2% gross margin matters most because a furniture seller cannot carry a -55.4% operating margin without a much fatter product spread.
source: company earnings report, 2026
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What could go wrong
the main risk is specific, not abstract: Xmax issued discounted stock to fund a strategy that still sits outside its core $17M furniture business.
high
dilutive capital raise
the company sold 8.5M shares at $4.23, a 32% discount to the $6.19 stock price referenced on this page. dilution of more than 20% is not background noise. it changes what each existing share owns.
equity ownership per share fell while strategic risk rose.
high
business model whiplash
the core operating business is a $17M furniture company. the new pitch is private tech fund exposure. when the story changes this fast, valuation anchors and forecasts stop being clean comparisons.
the $2B fy2026 revenue estimate becomes hard to treat like a normal operating forecast.
med
thin operating economics
gross margin is 23.2%. in human-speak, the furniture business keeps 23 cents of each sales dollar before overhead. that leaves little room to absorb mistakes while management learns a new capital-allocation playbook.
weak underlying economics increase reliance on outside capital.
med
management transition risk
a new CEO took over in april 2025, and the board chair resigned in november 2025. you are not judging a mature strategy here. you are judging a freshly assembled one.
execution risk is elevated because leadership and strategy changed at the same time.
more than 20% dilution funded a pivot away from the $17M core business, with only a $5.6M disclosed initial investment in the new strategy so far.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital allocation
where the $36M actually goes
the first $5.6M investment is disclosed. the bigger question is what happens to the rest of the capital and how quickly management explains it to you.
dilution
whether discounted equity becomes the default funding tool
one deeply discounted raise can be explained. repeated ones turn the stock into a financing vehicle first and an investment second.
next report
q4 2025 and full-year 2025 results
you want cleaner disclosure on operating revenue, investment holdings, and how management wants investors to judge the combined company.
operating trend
whether the furniture base stabilizes
if the legacy business keeps weakening while investment assets stay small, the pivot story has to carry almost the entire valuation by itself.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not have a stable earnings model here. the business mix is changing faster than the estimates can settle.
beta
1.15
slightly above-market volatility on paper. the 5 / 100 price stability score is the reminder that realized trading can still feel much rougher.
source: institutional data
Institutional activity
institutional ownership data for XWIN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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