XMAX (XWIN) AI Stock Analysis

• Market Cap: $259.29M
• Dividend Yield: N/A
• Average Volume (3M): 693.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.87
• Revenue Growth: 70.36%
• EPS Growth: 93.43%
• Country: US
• Employees: 27
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): -0.06
• Shares Outstanding: 43,071,728
• 10 Day Avg. Volume: 929,863
• 30 Day Avg. Volume: 693,842
• PEG Ratio: 0.05
• Price to Book (P/B): 6.59
• Price to Sales (P/S): 2.13
• P/FCF Ratio: -14.65
• Enterprise Value/Market Cap: 0.38
• Enterprise Value/Revenue: 5.85
• Enterprise Value/Gross Profit: 22.90
• Enterprise Value/Ebitda: -51.90
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $6.00 ▲(9.89% Upside)

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.

Positive Factors

New CEO Appointment

The appointment of Xiaohua Lu as CEO could bring fresh strategic direction and leadership, potentially improving operational efficiency and business performance.

Absence of Debt

Having no debt provides financial flexibility and reduces interest burden, allowing the company to focus on improving its operational performance without immediate pressure from creditors.

Improved Gross Profit Margin

An improvement in gross profit margin suggests better cost management and pricing strategies, which can enhance profitability over time if sustained.

Negative Factors

Declining Revenues

Continued revenue decline indicates challenges in market demand or competitive positioning, which can hinder growth and profitability if not addressed.

Negative Cash Flows

Negative cash flows limit the company's ability to invest in growth initiatives and meet financial obligations, posing risks to long-term sustainability.

Weak Balance Sheet

A weak balance sheet with negative equity suggests financial instability, reducing resilience against economic downturns and limiting strategic options.

XMAX Business Overview & Revenue Model

Company Description

Nova Lifestyle, Inc. (NVFY) is a U.S.-based company that designs, manufactures, and sells modern home furniture. The company operates primarily in the home furnishings sector, offering a range of products including sofas, dining tables, and other home decor items under various brand names. Nova Lifestyle markets its products globally, focusing on delivering stylish and comfortable furniture solutions to meet the diverse needs of its customers.

How the Company Makes Money

Nova Lifestyle makes money by designing, manufacturing, and selling furniture products both through direct sales to retailers and via e-commerce platforms. The company's key revenue streams include wholesale distribution to furniture retailers, online sales through its own website and other e-commerce channels, and partnerships with global furniture distributors. These partnerships and its own sales channels allow Nova Lifestyle to reach a wide customer base, ranging from individual consumers to large-scale furniture retailers. The company also focuses on innovation and brand development to enhance its market presence and drive sales.

XMAX Financial Statement Overview

Summary

Nova Lifestyle is experiencing significant financial difficulties. With declining revenues, persistent losses, and a weakened balance sheet, the company's financial health is compromised. The absence of debt is positive, but negative cash flows and lack of equity indicate severe operational and financial challenges.

Income Statement

Nova Lifestyle has experienced declining revenues and persistent losses over recent years. The gross profit margin has improved in the latest year but remains weak compared to industry standards. The company has consistently reported negative EBIT and EBITDA margins, indicating ongoing operational challenges. Revenue growth has been negative, exacerbating financial pressures.

Balance Sheet

The balance sheet reveals significant weaknesses, with liabilities surpassing assets in the latest year, resulting in negative stockholders' equity. The absence of debt is positive, but the lack of equity highlights financial instability. The company's equity ratio has deteriorated, indicating a weak financial foundation.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, reflecting insufficient cash generation to support operations. Although the company has reduced capital expenditures, free cash flow remains negative. The operating cash flow to net income ratio reflects operating weaknesses, but financing activities have provided some cash inflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.96M	9.69M	11.09M	12.74M	12.56M	11.35M
Gross Profit	4.33M	4.25M	4.17M	-7.78M	5.52M	-19.89M
EBITDA	-1.91M	-5.02M	-6.18M	-15.65M	-3.01M	-26.24M
Net Income	-2.82M	-5.56M	-7.72M	-17.10M	-19.96M	-26.08M
Balance Sheet
Total Assets	18.29M	9.92M	6.24M	11.53M	29.53M	46.48M
Cash, Cash Equivalents and Short-Term Investments	1.71M	161.90K	369.14K	1.37M	6.28M	8.74M
Total Debt	1.41M	2.12M	2.11M	2.86M	3.46M	2.58M
Total Liabilities	4.70M	6.79M	5.74M	4.92M	6.09M	5.55M
Stockholders Equity	13.58M	3.12M	496.35K	6.61M	23.44M	40.93M
Cash Flow
Free Cash Flow	-2.41M	-1.41M	-1.58M	-5.38M	-4.89M	-2.44M
Operating Cash Flow	-2.40M	-1.39M	-1.58M	-5.37M	-4.78M	-2.08M
Investing Cash Flow	-5.01M	-14.12K	18.64K	-8.77K	-154.82K	672.76K
Financing Cash Flow	8.85M	1.18M	0.00	0.00	2.76M	466.10K

XMAX Technical Analysis

• Last Price: 5.46

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XWIN, the sentiment is undefined. The current price of 5.46 is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for XWIN.

XMAX Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

XMAX Corporate Events

XMax Reshapes Board Following Director Resignation and Appointment

On January 5, 2026, XMax Inc. appointed technology sales and SaaS advisory executive Matthew Beck, co-founder and director of Endcap and an account executive at IFS AB, as an independent member of its Board of Directors, formalizing his role on January 6, 2026, under a director agreement providing a monthly cash retainer and customary confidentiality obligations. Just days later, on January 8, 2026, long-serving director Charlie Huy La resigned from the Board and from his roles as Chairman of the Nominating and Corporate Governance Committee and member of the Compensation and Audit Committees, with the company stating that his departure was not due to any disagreement, signaling a near-term reshaping of XMax’s board composition and committee leadership without reported governance disputes.

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.

XMAX Expands Investments to Deepen Indirect xAI Exposure

On December 16, 2025, Xmax Beta Holdings Ltd. entered into a subscription agreement with Preamble X Capital I to make an additional US$5.375 million subscription, raising its ownership interest in the vehicle to approximately 99.9%, with a management fee of 0% applied to the company; the subscription was completed on December 17, 2025. On December 18, 2025, Preamble X Capital I subscribed US$5.4 million of interests in a certain fund that will use the proceeds to purchase shares of X.AI Holdings Corp., while separately, on December 2, 2025, Preamble X Capital I agreed to acquire 40,106 equity certificates in an SPV for about US$3 million, tied to Series B preferred stock of X.AI Holdings Corp., with that transaction closing on December 16, 2025, collectively deepening XMax’s indirect economic exposure to xAI and reinforcing its strategic focus on AI-related investments.

XMax Announces Registered Direct Common Stock Offering

On December 19, 2025, XMax Inc. entered into a Securities Purchase Agreement with institutional and other accredited investors to conduct a registered direct offering of 1,187,500 shares of its common stock at $4.21 per share, for expected gross proceeds of approximately $5 million before expenses. The capital raise, conducted under an effective shelf registration statement, is set to provide XMax with additional funding flexibility to support its corporate purposes, though the company has not specified particular uses for the proceeds, and the transaction modestly dilutes existing shareholders while bolstering the firm’s balance sheet.

XMAX Subsidiary Makes Strategic AI Investment

On December 2, 2025, Xmax Beta Holdings Ltd., a subsidiary of XMax Inc., entered into a Subscription Agreement with Preamble X Capital I, acquiring approximately 99.88% interest for $8,461,428.80. This move positions Xmax Beta Holdings Ltd. as a member of Preamble X Capital I, with no applicable management fee. The same day, Preamble X Capital I subscribed to 40,106 equity certificates in an SPV, which holds Series B Preferred Stock of X.AI Corp. On December 8, 2025, Preamble X Capital I further subscribed to interests in another fund for $5,400,000 to purchase shares of X.AI Corp. common stock, indicating a strategic investment in the AI sector.

XMAX Expands Aerospace Investments with SpaceX Stake

On October 15, 2025, Xmax Alpha Holdings Ltd., a subsidiary of XMax Inc. based in the Cayman Islands, entered into a Subscription Agreement with Preamble Capital I, a Delaware LLC, acquiring a 99.82% interest for $5,605,000. This strategic move positioned Xmax Alpha Holdings as a significant member of the fund. Subsequently, on October 16, 2025, Preamble Capital I subscribed to another fund to acquire shares in SpaceX, leading to a 39.7% interest in the fund holding SpaceX shares by November 24, 2025. This acquisition reflects Xmax Alpha Holdings’ strategic investment in the aerospace sector, potentially enhancing its market influence and stakeholder value.