What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of XMAX (XMAX) revenue becomes net income?

For TTM through Q1 2026, XMAX turned $15.9M of revenue into -$2.89M of net income — a net margin of -18.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are XMAX (XMAX) gross, operating, and net margins?

For TTM through Q1 2026, XMAX reported a gross margin of 24.3%, an operating margin of -14.3%, and a net margin of -18.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does XMAX (XMAX) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

XMAX (XMAX) Income Statement Waterfall

Revenue

$15.9M

Gross Margin

+24.3%

Operating Margin

-14.3%

Net Margin

-18.2%

Income statement waterfall for XMAX (XMAX) — TTM through Q1 2026

Net income: -$2.89M

Margin breakdown for XMAX (XMAX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$15.9M	$15.9M
Cost of Revenue	-$12M	$3.86M
Gross Profit	$3.86M	$3.86M
Operating Expenses	-$6.13M	-$2.27M
Operating Income	-$2.27M	-$2.27M
Other Income / Expense	-$1.14M	-$3.41M
Pre-tax Income	-$3.41M	-$3.41M
Tax Benefit	$519K	-$2.89M
Net Loss	-$2.89M	-$2.89M

Revenue$15.9M
Cost of Revenue-$12M
Gross Profit$3.86M
Operating Expenses-$6.13M
Operating Income-$2.27M
Other Income / Expense-$1.14M
Pre-tax Income-$3.41M
Tax Benefit$519K
Net Loss-$2.89M

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