olivLaw · US equity research
XMax Inc. XMAX
Household Furniture · SIC 2510 · Vertical: Household Furniture (SIC 2510)
XMax Inc., formerly Nova LifeStyle, designs and distributes contemporary residential and commercial furniture, selling mainly to distributors and retailers in North America. Since March 2026 the company has extended into artificial intelligence, a shift that raises the question of how capital is split between furniture and technology.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, XMax Inc. (XMAX) stock was 5.00 USD (−4.21% on the day), with market capitalisation 322.6 m USD, P/E 11.6 on diluted EPS of 0.43 USD over the last 12 months, beta 0.56, 52-week range 4.01–9.34 USD. Latest reported quarter (Q2 2026): revenue of 2.7 m USD (+7.1% YoY), net income of 32.4 m USD, diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.43 – 10.73
- in the lower half of the band · %B 0.09 · band width 83.2%
- SMA 50 / 200
- 8.27 / 7.82
- mixed trend
- MACD (12, 26, 9)
- -0.94 / -0.53
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.9% | −5.9% | −37.0 pp | — |
| 3 months | −45.5% | −4.6% | −40.9 pp | — |
| 6 months | −39.4% | +0.2% | −39.6 pp | — |
| Year to date | −16.7% | +7.4% | −24.1 pp | — |
| 1 year | −11.0% | +8.2% | −19.2 pp | +10.0% |
| 3 years | +157.7% | +68.4% | +89.3 pp | −12.8% |
| 5 years | −57.4% | +56.5% | −114.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 m | 2.0 m | 2.6 m | 2.6 m | 9.8 m | 1.8 m | 1.8 m | 2.7 m |
| Cost of revenue | 1.4 m | 1.1 m | 1.4 m | 1.3 m | 8.8 m | 1.1 m | 899.3 k | 1.6 m |
| Gross profit | 1.2 m | 859.1 k | 1.2 m | 1.3 m | 983.8 k | 712.4 k | 882.5 k | 1.1 m |
| Research & development | — | — | 390 | 520 | — | — | — | — |
| Operating income | -2.4 m | -970.4 k | -193.4 k | -196.5 k | -490.0 k | -1.0 m | -534.9 k | -1.2 m |
| Depreciation & amortisation | 14.8 k ≈ | 16.3 k | 15.8 k | 16.2 k ≈ | 15.6 k ≈ | -37.7 k | 2.1 k | 2.1 k ≈ |
| Interest expense | — | — | — | 3.9 k | — | — | 4.3 k | 483 |
| Pre-tax income | -2.5 m | -1.1 m | -401.1 k | -290.9 k | -1.1 m | -2.2 m | 191.5 k | 40.2 m |
| Income tax | 211 | -2.5 k | -62.3 k | -997 | -757 | -517.0 k | — | 7.8 m |
| Net income | -2.5 m | -1.1 m | -338.9 k | -289.9 k | -1.1 m | -1.7 m | 191.5 k | 32.4 m |
| Diluted EPS | -0.72 | -0.16 ≈ | -0.03 | -0.02 | -0.06 | -0.04 ≈ | 0.00 | 0.53 |
| Operating cash flow | -437.9 k ≈ | -263.4 k | -322.6 k | 92.5 k ≈ | -1.9 m ≈ | 1.7 m | -641.7 k | -3.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 6-quarter history (min 21.2, median 264.3, max 702.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81.2 m | 22.0 m | 11.4 m | 12.6 m | 12.7 m | 11.1 m | 9.7 m | 16.7 m |
| Revenue YoY | −23.8% | −72.9% | −48.4% | +10.6% | +1.5% | −13.0% | −12.6% | +72.6% |
| Net income | 5.3 m | -8.6 m | -26.1 m | -20.0 m | -17.1 m | -7.7 m | -5.6 m | -3.4 m |
| Net income YoY | +40.8% | −262.3% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.93 | -1.52 | -4.54 | -3.27 | -12.34 | -4.96 | -1.48 | -0.17 |
| Diluted EPS YoY | +564.3% | −263.4% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 6.5% | -39.1% | -229.8% | -159.0% | -134.2% | -69.7% | -57.4% | -20.4% |
| Free cash flow | -6.9 m | 14.9 m | -2.4 m | -4.9 m | -5.4 m | unavailable | -1.4 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 28.0 m USD
- Total assets
- 35.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.92x
- ROE
- -22.0%
- ROA
- -15.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.4 m | 12.6 m | 12.7 m | 11.1 m | 9.7 m | 16.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 31.2 m | 7.0 m | 20.5 m | 6.9 m | 5.4 m | 12.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | -19.9 m | 5.5 m | -7.8 m | 4.2 m | 4.2 m | 4.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 33.7 k | 110.3 k | 10.9 k | 3.1 m | 2.0 m | — | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -26.3 m | -3.9 m | -16.2 m | -6.4 m | -5.4 m | -1.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 61.9 k | 78.7 k | 88.3 k | 55.4 k | 60.9 k | 9.9 k | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | -26.2 m ≈ | -3.8 m ≈ | -16.1 m ≈ | -6.4 m ≈ | -5.3 m ≈ | -1.9 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Pre-tax income | -26.4 m | -4.1 m | -17.1 m | -7.0 m | -5.6 m | -4.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | -649.2 k | 163.9 k | 2.4 k | 731.1 k | 2.6 k | -581.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -26.1 m | -20.0 m | -17.1 m | -7.7 m | -5.6 m | -3.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | -4.54 | -3.27 | -12.34 | -4.96 | -1.48 | -0.17 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 5.7 m | — | 1.4 m | 1.6 m | 3.8 m | 20.7 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.7 m | 6.3 m | 1.4 m | 369.1 k | 161.9 k | 6.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 514.9 k | 103.4 k | 288.5 k | 47.0 k | 36.4 k | 2.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 32.8 m | 2.6 m | 4.9 m | 2.2 m | 2.8 m | 2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 43.3 m | 25.6 m | 8.2 m | 3.7 m | 7.9 m | 11.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 453.5 k | 453.8 k | 368.6 k | 287.7 k | 252.2 k | 21.9 k | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | 218.6 k | 218.6 k | 218.6 k | 218.6 k | 218.6 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Intangibles (excl. goodwill) | 0 | 19.2 k | 13.8 k | 8.5 k | 3.1 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Total assets | 46.5 m | 29.5 m | 11.5 m | 6.2 m | 9.9 m | 35.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 743.8 k | 358.4 k | 321.3 k | 430.0 k | 728.5 k | 327.1 k | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 2.0 m | 1.8 m | 1.6 m | 3.7 m | 5.8 m | 2.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 5.6 m | 6.1 m | 4.9 m | 5.7 m | 6.8 m | 7.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 40.9 m † | 23.4 m † | 6.6 m † | 496.4 k † | 3.1 m † | 28.0 m † | SEC (XBRL)· 15 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.1 m | -4.8 m | -5.4 m | -1.6 m | -1.4 m | -445.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 365.0 k | 110.5 k | 8.8 k | — | 14.1 k | — | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -2.4 m ≈ | -4.9 m ≈ | -5.4 m ≈ | — | -1.4 m ≈ | — | SEC (XBRL)· 31 Mar 2025derived |
| Investing cash flow | 672.8 k | -154.8 k | -8.8 k | 18.6 k | -14.1 k | -22.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 466.1 k | 2.8 m | — | — | 1.2 m | 29.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | 0 | — | — | — | — | — | SEC (XBRL)· 29 Mar 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 322.6 m USD
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.11 – 9.37 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.11 – 9.37 (Mid 7.09)3 companies used · median multiple 16.5x · quartiles 14.2x – 21.8xFLXS, LZB, SGI
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 185.9% | 100 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.5% | 79 (on a fixed band) | 29% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 28.8x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | 11.6x | 83 (on a fixed band) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial79/100 · 1/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
XMAX INC. (XMAX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.7 m USD in 2025; YoY growth 72.6%; net margin 185.9%; ROE 52.9%.
The estimated value range is 6.11–9.37 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.09 USD, the price of 5.00 USD leaves a potential of 41.8% (value / price − 1) and a margin of safety of 29.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 185.9%
- Revenue CAGR 3Y: 9.5%
- Current ratio: 28.8x
- P/E (TTM): 11.6x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Household Furniture (SIC 2510) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SGISomnigroup International Inc. | 14.3 bn | 27.1 | 17.6% | 7.0% | +51.6% | −26% / +68% |
| LZBLa-Z-Boy Incorporated | 1.3 bn | 16.5 | 8.0% | 3.9% | +0.8% | −16% / −7% |
| CODICompass Diversified Holdings | 863.0 m | — | -17.7% | -5.3% | +4.8% | +56% / −43% |
| XMAXXmax Inc. | 322.6 m | 11.6 | 52.9% | 185.9% | +72.6% | −11% / +158% |
| FLXSFlexsteel Industries, Inc. | 305.6 m | 12.0 | 20.5% | 6.7% | +4.1% | +86% / +334% |
| HOFTHooker Furnishings Corporation | 156.2 m | — | -9.9% | -8.7% | −12.4% | +36% / −18% |
| PRPLPurple Innovation, Inc. | 40.6 m | — | — | -8.9% | −3.9% | −87% / −84% |
1- and 3-year price returns: for XMAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.34 Total return -33% · Per year -33% | 5.89 Total return 18% · Per year 18% | 8.86 Total return 77% · Per year 77% |
| 3 years | 3.58 Total return -28% · Per year -11% | 7.07 Total return 41% · Per year 12% | 11.61 Total return 132% · Per year 32% |
| 5 years | 3.83 Total return -23% · Per year -5% | 8.47 Total return 69% · Per year 11% | 15.22 Total return 204% · Per year 25% |
- Exit P/E± 1.77
- Net margin± 1.24
- Annual revenue growth± 0.97
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
XMax Inc., formerly Nova LifeStyle, designs and distributes contemporary residential and commercial furniture, selling mainly to distributors and retailers in North America. Since March 2026 the company has extended into artificial intelligence, a shift that raises the question of how capital is split between furniture and technology.
SWOT
Strengths
- The company has long experience in international marketing and logistics, which lets it serve several markets 1.
- Its brand portfolio and room-based collections offer complete solutions to professional customers 1.
- Access to recent capital through several financing transactions could support the planned investments 2.
Weaknesses
- Sales are concentrated in a few categories and a few large customers, which raises exposure to lost contracts 1.
- The company has a small workforce and depends on a few key executives 1.
- A history of exchange listing compliance matters and capital-raising questions could weigh on investor confidence 1.
Opportunities
- If adoption of API services grows, the company could turn its AI platform into a source of recurring revenue 12.
- Emerging markets and direct online sales to consumers could reduce dependence on a few customers 1.
- Strategic partnerships and joint ventures in technology could accelerate growth of the new business lines 1.
Risks
- Heavy AI investment with uncertain returnshigh
The company intends to allocate substantial capital and management attention to AI, and results may fall short of expectations 1.
- Compute costs and supplier dependencemedium
Access to GPUs and data-center capacity is limited and volatile, which could raise costs or delay projects 1.
- Import tariffs and regulationmedium
Higher tariffs on furniture imports could increase costs and the complexity of operations 1.
- Dependence on executives and staffmedium
The company relies on a few key executives, and losing them could affect business objectives 1.
Investment thesis
What would need to be true (bull case)
- If AI expansion turns into recurring revenue, the company could diversify a furniture business still exposed to cyclicality 12.
- Capital raised in 2026 could provide resources to scale the platform and reduce dependence on a few customers 2.
- Experience in global logistics and international marketing could support growth in new markets 1.
What would break the thesis
What to watch
- Revenue from the AI platform and number of API customersQ3 2026
- Share of large customers and product categories in sales2027
- Trend in import tariffs and their effect on margins2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
XMax Inc. is a U.S.-headquartered company, incorporated in Nevada in 2009, that designs and markets urban and contemporary furniture under the Nova LifeStyle, Diamond Sofa and Nova Living brands 1. Its core activity is branding and marketing, supported by vertically integrated third-party manufacturing and global logistics, serving distributors and retailers in several regions 1. In March 2026 the board approved an expansion into artificial intelligence while keeping furniture as a principal business line 12.
The company had 22 full-time employees at December 31, 2025, all based in the U.S. 1. Its legal structure includes several subsidiaries in the British Virgin Islands, Samoa, the Cayman Islands, Malaysia and Hong Kong, many without operations 1. Since April 2026 it also operates XMax AI Inc., under an agreement to deploy an AI inference platform on AWS for a fixed service fee of US$400,000 1.
In the first half of 2026 the company raised capital through several transactions, including a registered direct offering of about 36 million dollars in the first quarter and private placements of about 37.6 million dollars in the second quarter 2. The funding arrives while management describes challenging conditions in the furniture market, which makes the use of this capital an important item to follow 12.
Segments
Residential and commercial furniture
The traditional segment designs upholstered, wood and metal pieces grouped into room collections aimed at middle and upper-middle income consumers 1. In 2025 the largest categories were marble slabs, at about 47% of sales, and sofas, at about 30% 1.
AI platform and API services
From 2026 the company offers customers access to AI models through API services on a recently deployed platform, which can be integrated and commercialized under the customer's own brand 2. The segment is still early, and its contribution to revenue is not reported separately in the sources reviewed 12.
Market context
The U.S. furniture market is described in the sources as fragmented and highly competitive, with cyclicality tied to consumer spending, interest rates and the housing market 1. The company sells mainly to North America, yet sales to Hong Kong reached 47.4% of the total in 2025 from zero the year before, showing a shifting geographic mix 1.
Import tariffs and regulatory changes are cited as factors that could raise the cost of importing furniture, particularly into the U.S. market 1. The industry is seasonal and supply chains can be interrupted, which affects cash flow and inventory management 1.
Trends
- Demand for contemporary furnituretailwind
The company states that demand from middle and upper-middle income consumers for contemporary designs could keep growing in emerging markets 1. If this holds, the current design portfolio could support sales 1.
- Import costs and tariffsheadwind
Higher furniture import tariffs are named as a risk that could add costs and complexity to operations 1.
- Artificial intelligence as a new business linemixed
Interest in AI infrastructure and API-accessible models could open new revenue if customer adoption proves sufficient 12. Compute costs and dependence on a few cloud providers are, however, significant risks 1.
- Economy and discretionary spendingheadwind
An economic slowdown, inflation and high interest rates could reduce spending on furniture and weigh on demand 1.
Competitive position
The sources describe competition as intense, from participants with greater financial resources, brand recognition and customer bases, competing on price, quality, style and availability 1. The company also notes that some customers are integrating manufacturing themselves, which adds further pressure 1.
In AI, competition is described as fast-moving and intense, for talent and for access to compute infrastructure 1. The sources reviewed do not identify directly comparable listed competitors in this area 12.
- Furniture wholesalers and retailers
The sources refer to competitors in general terms, including distributors, retailers and online platforms, without naming them 1.
- Online furniture platforms
Competition also comes from online platforms, which can affect market share and pricing strategies 1.
- Asian manufacturers and sourcing partners
The company relies on third-party manufacturers outside the U.S., which makes competition in that region relevant 1.
- Cloud and AI infrastructure providers
In AI the company depends on cloud providers and external models, which are also potential competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- XMax (XMAX) Swings To A Profit That Isn’t Really A ProfitYahoo Finance — News · 12 Sept 2026 · EN
The latest news item in our archive is from 12 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Shareholder vote
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report02 Nov 2026Material agreement · Other events · Financial statements and exhibits
- Current report13 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Oct 2026Material agreement · Other events · Financial statements and exhibits
- Proxy statement05 Oct 2026
- Current report15 Sept 2026Delisting notice
- Current report03 Sept 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / XMax Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / XMax Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / XMax Inc. · 02 Apr 2012
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.