XMax pivots to AI services, raises $43M, invests $19M in SpaceX/xAI funds amid 32% furniture revenue drop

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Board approved strategic expansion into AI services (software, cloud infrastructure, enterprise agents) in March 2026 while continuing furniture operations. Signed $400K platform deployment and $4.8M cloud services contracts, but no AI revenue yet reported.

  MD&A: Strategic Expansion verify on EDGAR →
• high

  Raised $43M in equity (Q1 2026) and deployed $19M into indirect SpaceX/xAI holdings via multi-layered fund structures. Unrealized gains of $790K on these investments drove Q1 profitability; core furniture business posted $530K operating loss.

  MD&A: Capital Raises & Investments verify on EDGAR →
• high

  Furniture revenue fell 32% to $1.78M (Q1 2026) on 37% volume decline, partially offset by 7% price increase. Gross margin improved to 50% from 46% via product mix shift, but accounts receivable ballooned to $2.46M with 99% over 90 days past due and only 1% collected post-quarter.

  MD&A: Revenue & Collections verify on EDGAR →