Professional
Added to YB: 2026-05-25
Pitch date: 2026-05-21
XMAX [bearish]
XMax Inc.
Author Info
Company Info
XMax Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers North America, Hong Kong, and internationally.
Market Cap
$524.1M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-325.33
P/E
-84.01
EV/Sales
32.79
Sector
Household Durables
Category
special_situation
We Believe XMAX is a Malaysian Hustle: Apparently Fabricated 'Purchase Orders' From a Preschool and an Unrequited AI Deal Set the Stage for Up to a Billion in Dilution
XMAX (short): Malaysian furniture-to-AI scam w/ fabricated purchase orders. $4.6M stone slab 'POs' from 5 suppliers–none at disclosed addresses, one was a preschool, 2 appear related parties. $3.2M POs from 4 more suppliers–2 don't exist, 1 ceased biz pre-deal. Slabs never in inventory, sold to mystery HK customer on credit w/ contradictory disclosures. $4.8M AI deal w/ SUPX subsidiary unacknowledged by SUPX (only $3.6M 2025 rev). Mgmt sued 2018 for fabricating customers, settled $750K. New auditor co-defendant in SDM pump-and-dump suit. Days from delisting pre-dilution.
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