XMAX Inc. Delays Annual Filing Amid Business Shift

XMAX ( (XWIN) ) has released a notification of late filing.

XMAX Inc. has filed a Form 12b-25 after delaying its Annual Report on Form 10-K (Yearly Report) for the year ended December 31, 2025. The company says it needs more time to complete its financial statements but emphasizes that all other required filings over the past year are up to date.

Management states that the Form 10-K (Yearly Report) will be submitted within the allowed 15-day extension window granted by the late-filing rule. Investors should therefore expect the full annual report to arrive shortly after the original SEC deadline.

The company flags a significant change in operating results compared with 2024, driven by a sharp shift in its sales mix and margins. Net sales rose 73% to $16.72 million in 2025, largely due to a 102% increase in average selling price, even as sales volumes fell 15%.

Growth was powered by the launch of marble slab sales to a single Hong Kong customer, taking Hong Kong revenue from zero to $7.92 million. At the same time, sales to North America slipped 8% to $8.72 million as order volumes declined nearly 29%, while sales to other countries also softened.

The business mix change came at a cost, as total cost of sales jumped 131% to $12.54 million and gross margin compressed, with cost of sales rising to 75% of revenue from 56% a year earlier. Management attributes this pressure to marble slabs carrying relatively low profit margins compared with its traditional furniture products.

Operating expenses moved in the opposite direction, dropping to $6.11 million from $9.61 million in 2024 due to cuts in consulting, insurance and design fees, and the complete elimination of research and development spending for 2025. Selling expenses also fell on lower marketing and advertising outlays.

Other expenses, net, improved slightly as higher non-operating income offset higher impairment and asset disposal losses tied to the deregistration of Nova Malaysia. Overall, the company expects to report a sharply reduced net loss of $1.42 million for 2025, versus a $5.56 million loss in 2024.

These figures are preliminary and forward-looking, and the final numbers in the Form 10-K (Yearly Report) could differ once the audit and closing process is complete. XMAX stresses that it is working to finalize its accounts and remain in full SEC reporting compliance.

The notification is signed by Chief Executive Officer Xiaohua Lu on March 31, 2026, signaling top-level oversight of the delayed filing. Investors will be watching the forthcoming Form 10-K (Yearly Report) for confirmation of these trends and any additional commentary on strategy, margins and future growth.

The most recent analyst rating on (XWIN) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on XMAX stock, see the XWIN Stock Forecast page.

Spark’s Take on XWIN Stock

According to Spark, TipRanks’ AI Analyst, XWIN is a Neutral.

The score is constrained primarily by weak financial quality (ongoing net losses and cash burn) despite strong recent revenue growth and improved gross margin. Technicals are a meaningful offset with an uptrend across major moving averages and constructive momentum. Valuation remains challenged due to negative earnings, while recent positive corporate investment events provide a modest support but do not resolve core profitability and cash flow risks.

To see Spark’s full report on XWIN stock, click here.

More about XMAX

XMAX Inc., formerly known as Nova LifeStyle, Inc., designs and sells furniture and related home products, with key product lines including marble slabs, sofas, beds and coffee tables. The company serves multiple geographic markets, with recent growth driven by sales to Hong Kong alongside a more mature North American customer base.

Average Trading Volume: 863,186

Technical Sentiment Signal: Buy

Current Market Cap: $308M

See more data about XWIN stock on TipRanks’ Stock Analysis page.