Financial Statements — MAX
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 23.75 | 26.05 | 38.84 | 85.38 | 63.56 | 32.30 | 28.66 | 14.47 | 15.20 | 20.03 | 19.53 | 30.21 | 35.19 | 55.29 | 29.30 | 15.00 | 12.85 |
| Accounts Receivable | 141.57 | 133.80 | 129.17 | 102.78 | 114.85 | 126.81 | 90.70 | 57.50 | 33.05 | 32.59 | 43.13 | 34.71 | 38.86 | 61.16 | 71.31 | 74.29 | 80.27 |
| Total Current Assets | 171.34 | 165.21 | 205.74 | 192.47 | 182.47 | 162.05 | 122.70 | 75.63 | 51.02 | 56.10 | 67.26 | 69.87 | 80.41 | 124.27 | 104.57 | 94.74 | 100.37 |
| Property, Plant & Equipment | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 1.06 | 1.06 | 0.75 |
| Goodwill | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 47.74 | 18.40 | 18.40 | 18.40 | 18.40 |
| Intangible Assets | 2.64 | 3.11 | 4.10 | 4.61 | 5.13 | 21.59 | 22.80 | 24.41 | 27.74 | 29.47 | 31.20 | 34.62 | 36.33 | 11.88 | 13.31 | 14.06 | 14.81 |
| Total Non-current Assets* | 188.48 | 202.51 | 60.49 | 56.94 | 57.52 | 74.06 | 75.53 | 77.40 | 82.01 | 84.10 | 86.18 | 195.35 | 205.47 | 150.95 | 140.94 | 141.66 | 141.32 |
| Total Assets | 359.82 | 367.72 | 266.23 | 249.42 | 239.98 | 236.11 | 198.23 | 153.02 | 133.03 | 140.20 | 153.44 | 265.22 | 285.88 | 275.22 | 245.51 | 236.40 | 241.69 |
| Accounts Payable | 113.40 | 91.40 | 102.68 | 75.84 | 82.35 | 109.58 | 90.60 | 53.59 | 38.75 | 37.82 | 46.31 | 42.34 | 33.43 | 51.51 | 44.21 | 46.31 | 64.57 |
| Total Current Liabilities | 133.08 | 113.17 | 189.68 | 148.69 | 109.42 | 132.62 | 111.24 | 76.29 | 60.25 | 59.84 | 65.16 | 63.82 | 55.39 | 70.26 | 58.00 | 53.78 | 69.93 |
| Long-term Debt | 176.71 | 163.50 | 155.69 | 158.02 | 160.23 | 164.65 | 166.85 | 172.10 | 176.49 | 178.69 | 180.88 | 190.25 | 207.44 | 184.62 | 186.60 | 183.34 | 183.00 |
| Total Non-current Liabilities* | 231.69 | 283.64 | 142.32 | 157.69 | 171.75 | 163.11 | 164.95 | 166.14 | 172.46 | 174.75 | 176.98 | 269.80 | 289.96 | 262.61 | 260.43 | 261.85 | 261.18 |
| Total Liabilities | 364.76 | 396.81 | 332.01 | 306.38 | 281.17 | 295.73 | 276.20 | 242.43 | 232.71 | 234.59 | 242.15 | 333.62 | 345.35 | 332.87 | 318.43 | 315.63 | 331.12 |
| Retained Earnings | (429.40) | (468.84) | (511.72) | (526.62) | (507.88) | (510.57) | (520.05) | (523.67) | (520.20) | (506.69) | (492.41) | (455.18) | (440.69) | (431.55) | (422.63) | (418.88) | (418.68) |
| Total Stockholder Equity | 28.41 | 1.92 | (29.75) | (3.77) | 7.92 | (8.36) | (24.40) | (19.07) | (16.25) | (16.22) | (13.28) | 1.20 | 3.44 | 2.22 | (14.28) | (20.57) | (30.80) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 316.88 | 310.00 | 291.15 | 306.51 | 251.62 | 264.31 | 300.65 | 259.13 | 178.27 | 126.65 | 117.17 | 74.57 | 84.77 | 111.63 | 124.01 | 89.02 | 103.45 | 142.60 | 161.58 | 152.75 |
| Cost of Revenue | 271.70 | 263.31 | 246.34 | 263.11 | 213.94 | 222.67 | 251.67 | 219.91 | 146.59 | 102.97 | 94.89 | 62.28 | 71.01 | 93.26 | 103.86 | 76.34 | 87.93 | 120.88 | 136.19 | 128.08 |
| Gross Profit* | 45.17 | 46.70 | 44.81 | 43.41 | 37.69 | 41.64 | 48.98 | 94.59 | 31.69 | 23.68 | 22.28 | 12.30 | 13.77 | 18.37 | 20.14 | 12.67 | 15.52 | 21.72 | 25.40 | 24.67 |
| Research & Development | 6.04 | 5.46 | 5.33 | 5.83 | 5.35 | 4.89 | 5.02 | 5.33 | 5.05 | 4.36 | 3.93 | 4.30 | 5.06 | 5.17 | 4.91 | 5.29 | 5.66 | 5.22 | 4.29 | 3.75 |
| Selling, General & Admin | 14.01 | 13.54 | 12.19 | 12.62 | 47.15 | 17.60 | 19.59 | 11.79 | 13.82 | 11.15 | 12.27 | 16.65 | 18.07 | 15.76 | 14.99 | 11.11 | 12.32 | 17.15 | 16.68 | 15.35 |
| Total Operating Expenses* | 25.21 | 24.33 | 22.50 | 23.67 | 57.73 | 41.52 | 30.73 | 70.12 | 25.19 | 21.31 | 21.84 | 27.05 | 29.84 | 27.92 | 26.68 | 23.25 | 25.94 | 29.59 | 27.07 | 24.72 |
| Operating Income | 19.96 | 22.37 | 22.31 | 19.73 | (20.04) | 0.12 | 18.25 | 15.61 | 6.49 | 2.37 | 0.45 | (14.75) | (16.07) | (9.55) | (6.53) | (10.57) | (10.41) | (7.87) | (1.68) | (0.05) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | 3.85 | 3.92 | 3.95 | 3.87 | 3.58 | 3.34 | 2.59 | 1.96 | 1.36 | 1.53 | 1.77 |
| Pretax Income | 55.09 | 20.55 | (104.16) | 17.70 | (22.22) | (2.38) | 8.22 | 12.20 | 4.55 | (1.46) | (4.09) | (18.60) | (19.83) | (14.51) | 73.35 | (21.77) | (12.41) | (8.70) | (6.71) | (2.13) |
| Tax Provision | 13.31 | 6.50 | (138.14) | 0.05 | 0.32 | (0.05) | 0.92 | 0.31 | 0.13 | 0.03 | (0.79) | 0.10 | 0.15 | 0.08 | 101.70 | (0.54) | 0.61 | 1.14 | (2.68) | 2.13 |
| Net Income | 39.44 | 11.47 | 31.41 | 14.91 | (18.74) | (1.95) | 4.64 | 9.48 | 3.62 | (1.11) | (2.37) | (13.50) | (14.29) | (10.27) | (26.96) | (14.49) | (9.14) | (7.08) | (1.84) | (3.53) |
| Basic EPS | 0.73 | 0.21 | 0.57 | 0.26 | (0.33) | (0.04) | 0.09 | 0.17 | 0.07 | (0.02) | (0.05) | (0.29) | (0.32) | (0.23) | (0.64) | (0.34) | (0.22) | (0.17) | (0.05) | (0.09) |
| Diluted EPS | 0.65 | 0.21 | 0.50 | 0.26 | (0.33) | (0.04) | 0.09 | 0.17 | 0.07 | (0.02) | (0.05) | (0.29) | (0.32) | (0.23) | (0.64) | (0.34) | (0.22) | (0.17) | (0.08) | (0.10) |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 42.59 | (1.56) | (7.45) | 23.62 | 25.72 | 23.70 | 14.53 | 8.06 | 21.61 | 1.68 | 5.29 | (1.40) | 3.79 | 12.56 | (6.46) | 14.84 | 11.81 | 8.09 | 21.95 | 12.48 |
| Capital Expenditures | 0.77 | 0.04 | 0.04 | 0.07 | 0.18 | 0.06 | 0.05 | 0.21 | 0.13 | 0.03 | 0.01 | 0.01 | 0.02 | 0.03 | -- | 0.01 | 0.04 | 0.04 | -- | 0.10 |
| Free Cash Flow* | 41.81 | (1.60) | (7.49) | 23.56 | 25.55 | 23.64 | 14.48 | 7.85 | 21.48 | 1.64 | 5.28 | (1.42) | 3.77 | 12.53 | -- | 14.83 | 11.77 | 8.05 | -- | 12.38 |
| Investing Cash Flow | (0.77) | (0.04) | (0.04) | (0.07) | (0.17) | (0.06) | (0.05) | (0.44) | (0.13) | (0.03) | (0.01) | (0.01) | (0.02) | (0.03) | -0.00 | (0.01) | (49.72) | (0.04) | (0.08) | (0.10) |
| Financing Cash Flow | (44.12) | (19.23) | (17.98) | (36.59) | (3.73) | (3.35) | (3.52) | (3.97) | (7.29) | (4.44) | (3.21) | (3.42) | (3.27) | (7.54) | (9.20) | (19.82) | 17.82 | (3.32) | (0.60) | 1.92 |
* Derived from reported values