NMAXHIGH SIGNALRISK10-K

NMAX experienced a substantial deterioration in operating losses despite revenue growth, while significantly expanding its balance sheet through asset growth.

The widening of operating and net losses alongside revenue gains suggests deteriorating operational efficiency and cost control issues that investors should monitor closely. The company's financial position shows mixed signals with meaningful asset growth offset by persistently large losses that could impact long-term sustainability.

Comparing 2026-03-26 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

NMAX demonstrated solid revenue growth of 10.7% to $189.3M, but this was overshadowed by substantially higher operating losses reaching nearly $100M. The balance sheet showed considerable strengthening with total assets growing 64% and current liabilities declining by one-third, though cash reserves decreased modestly. The divergence between top-line growth and widening losses signals potential operational challenges that warrant careful investor attention.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+64.2%
$146.1M→$239.8M

Asset base grew 64.2% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+61.1%
$121.3M→$195.5M

Current assets grew 61.1% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
-43%
-$69.8M→-$99.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-37.9%
-$72.2M→-$99.5M

Net income declined 37.9% — review whether driven by operations, interest costs, or non-recurring items.

Current Liabilities
Balance Sheet
-33.7%
$122.6M→$81.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
+18.2%
$28.3M→$33.4M

Receivables grew 18.2% — monitor days sales outstanding for collection efficiency.

Cash & Equivalents
Balance Sheet
-15%
$24.1M→$20.4M

Cash decreased 15% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
-13.8%
$155.1M→$133.8M

Liabilities reduced 13.8% — deleveraging improves balance sheet strength and financial flexibility.

Inventory
Balance Sheet
+13.1%
$1.8M→$2.0M

Inventory built 13.1% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+10.7%
$171.0M→$189.3M

Revenue growing 10.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-31
ADDED
(Exact name of registrant as specified in its charter) Florida 99-2600308 (State or other jurisdiction of incorporation or organization) (I.R.S.
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
As of March 19, 2026 , a total of 39,239,297 shares of Class A common stock, par value $0.001 per share, and 89,899,158 shares of Class B common stock, par value $0.001 per share were issued and outstanding.
The 2026 Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant s fiscal year ended December 31, 2025.
In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing.
We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us.
Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities.
You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as may, should, expects, anticipates, contemplates, estimates, believes, plans, projected, predicts, potential, or hopes or the negative of these or similar terms.
In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business.
REMOVED
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