XMax Inc. filed a Form 10-Q with the SEC on November 13, 2026, covering the quarterly period ended September 30, 2026, disclosing a nine-month net income of $23,640,459 driven largely by unrealized investment gains, alongside a net loss of $8,979,424 for the third quarter alone.

Key Highlights

  • Nine-month net income: XMax Inc. reported net income of $23,640,459 for the nine months ended September 30, 2026, compared to a net loss of $1,755,172 in the same period of 2025.
  • Third-quarter net loss: For the three months ended September 30, 2026, the company reported a net loss of $8,979,424, compared to a net loss of $1,126,394 in Q3 2025.
  • Unrealized gain dominates other income: The nine-month period included an unrealized gain of $32,408,070, while the third quarter alone recorded an unrealized loss of $10,510,681.
  • Total assets grew to $115,500,290: Total assets as of September 30, 2026 were $115,500,290, up from $35,547,329 as of December 31, 2025, with investment in fund rising to $79,300,169 from $23,104,628.
  • Revenue declined year-over-year: Nine-month revenue was $10,942,517, down from $14,953,032 in the same period of 2025; Q3 revenue was $6,424,075 versus $9,761,091 in Q3 2025.
  • Share count increased: Common shares issued and outstanding rose to 64,875,627 as of September 30, 2026, from 41,885,728 as of December 31, 2025.
  • Accumulated deficit narrowed: Accumulated deficits decreased to $29,769,634 as of September 30, 2026, from $53,410,093 as of December 31, 2025.

XMax Inc. Nine-Month Financials: Investment Gains Offset Operating Losses

According to the filing, XMax Inc. (NASDAQ:XMAX) recorded nine-month revenue of $10,942,517 for the period ended September 30, 2026, a decline from $14,953,032 in the comparable 2025 period. The company reported a loss from operations of $3,086,444 for the nine months, as total operating expenses of $5,953,049 exceeded gross profit of $2,866,605. General and administrative expenses were the largest operating cost component at $4,872,287 for the nine-month period.

The swing to overall nine-month net income of $23,640,459 was driven primarily by other income, which the filing shows totaled $30,936,723 net for the nine months. The dominant item was an unrealized gain of $32,408,070, the company disclosed. However, in the third quarter alone, the unrealized position reversed to a loss of $10,510,681, contributing to a Q3 net loss of $8,979,424. The filing also notes non-operating expense of $1,782,684 for the nine months and an income tax expense of $4,209,820, which included a new deferred tax liability of $4,209,820 on the balance sheet as of September 30, 2026.

On the balance sheet, total assets expanded to $115,500,290 from $35,547,329 at December 31, 2025, according to the filing. The largest driver was the investment in fund, which grew to $79,300,169 from $23,104,628. A non-marketable equity investment of $12,003,288 and a loan to third party of $5,514,323 also appeared as new noncurrent and current assets, respectively, that were not present at year-end 2025. Cash and cash equivalents increased to $10,631,743 from $6,708,340. Total stockholders' equity as reported was $103,895,877, up from $27,959,568, reflecting both the net income and additional paid-in capital from new share issuances. During Q3 2026, the filing shows 786,800 shares were issued to investors for proceeds recorded as $6,638,504.

What Was Disclosed

XMax Inc. filed its quarterly report covering the period ended September 30, 2026, disclosing nine-month net income of $23,640,459 alongside a Q3 net loss of $8,979,424, significant unrealized investment gains and losses, and substantial balance sheet growth driven by investment in fund assets. As of November 11, 2026, the company reported 64,875,626 shares of common stock outstanding.