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PMAX

Powell Max Limited Class A Ordinary Shares

PMAX

Powell Max Limited Class A Ordinary Shares • NASDAQ
$1.84 ▲ 11.52% (+0.19)
Market Cap $2.92 M
52w High $27.44
52w Low $1.56
Dividend Yield 0%
P/E -0.72
Volume 26.93K
Outstanding Shares 1.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $24.118M ▲ $31.93M ▲ $-20.513M ▼ -85.055% ▲ $-1.08 ▲ $-18.198M ▼
Q4-2024 $13.695M ▼ $20.696M ▲ $-18.808M ▼ -137.338% ▼ $-1.28 ▼ $-14.588M ▼
Q2-2024 $22.706M ▼ $6.703M ▲ $780.224K ▼ 3.436% ▼ $0.054 ▼ $3.495M ▼
Q4-2023 $23.854M $6.498M $3.408M 14.287% $0.234 $6.168M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $42.222M ▲ $62.572M ▲ $41.304M ▼ $21.268M ▲
Q2-2024 $2.076M ▼ $28.629M ▲ $43.173M ▲ $-14.544M ▲
Q4-2023 $3.66M $22.989M $38.302M $-15.313M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-2.613M ▼ $-2.864M ▼ $-3.478M ▼ $2.065M ▼ $-4.302M ▼ $-2.867M ▼
Q4-2024 $-2.421M ▼ $-1.698M ▼ $-129.628K ▼ $6.983M ▲ $5.17M ▲ $-1.828M ▼
Q2-2024 $99.9K ▼ $249.839K ▼ $-61.757K ▼ $-390.731K ▼ $-202.886K ▼ $188.08K ▼
Q4-2023 $436.422K $494K $-23.819K $-287.65K $468.744K $470.18K

Five-Year Company Overview

Income Statement

Income Statement Powell Max is a very small, service‑based business with fairly flat revenue over the past few years and a noticeable setback in the most recent year. The company moved from roughly break‑even / modest profit to a clear loss, as operating costs were not fully covered by the limited revenue base. This suggests the business is sensitive to even small drops in client activity and likely depends heavily on deal flow and IPO volumes in Hong Kong. Profitability looks fragile and somewhat volatile from year to year, which is typical for a niche, project‑driven service firm, but it leaves little margin for error if market conditions remain weak.

Balance Sheet

Balance Sheet The balance sheet has improved on paper, moving from negative to positive equity, helped by higher cash levels and a small asset base. Debt exists but does not appear dominant relative to total assets, which is a positive. However, the overall scale of the balance sheet is tiny, which means limited financial cushion if results deteriorate again or if acquisitions do not perform as expected. The stronger equity position is an encouraging directional change, but the company still looks financially lightweight and exposed to shocks.

Cash Flow

Cash Flow Cash generation has weakened, shifting from slightly positive operating and free cash flow to a modest cash drain in the latest year. With essentially no spending on physical assets, cash flow is driven almost entirely by the core operations and working capital swings. This pattern points to a business that can be cash‑generative in good years but can quickly slip into using cash when activity slows. Sustaining the current acquisition strategy will likely depend on external funding and careful integration to avoid further pressure on day‑to‑day cash.

Competitive Edge

Competitive Edge Powell Max operates in a narrow niche: financial printing and corporate communications for companies tied to the Hong Kong market. Its edge comes mainly from specialized regulatory know‑how, long‑standing client relationships, and management experience, rather than from unique technology. The company’s fortunes appear closely linked to Hong Kong listing activity and capital markets health; when deals and filings slow, business suffers. Competition includes other traditional printers and increasingly digital‑first providers, so maintaining service quality and responsiveness is critical. The planned roll‑up of similar service firms, if executed well, could improve scale and bargaining power, but integration risk and market cyclicality remain key challenges.

Innovation and R&D

Innovation and R&D Despite some external commentary about technology and eco‑friendly solutions, public information paints Powell Max as a traditional, people‑driven service provider with no clear, proprietary technology or standout research program. The notable strategic move is not internal R&D, but acquisitions such as Miracle Media to broaden capacity and client reach. The secured equity line of credit supports this deal‑driven expansion rather than true tech innovation. Overall, the company’s “innovation” currently looks more like incremental service improvement and consolidation of similar businesses, not a transformative technology or platform shift.

Summary

Powell Max is a small Hong Kong‑focused financial communications firm whose recent results show revenue softness and a swing back into losses, highlighting how dependent it is on local capital market activity. The balance sheet has moved from negative to positive equity and holds more cash, but the company remains financially thin and vulnerable to downturns. Cash flow has turned slightly negative, underscoring the need for careful cost control and disciplined integration of new acquisitions. Competitively, Powell Max leans on expertise, relationships, and service quality rather than technology, in a mature and cyclical niche. Its current growth story is acquisition‑led, supported by an equity line, with limited evidence so far of meaningful internal R&D or proprietary tech. Future performance will likely hinge on the health of the Hong Kong IPO and disclosure market and on how well the company absorbs and manages the businesses it acquires.

NEWS

November 24, 2025 · 8:30 PM UTC

Powermax Announces Amendment to Warrant Term for Non Flow-Through Private Placement

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November 17, 2025 · 7:30 PM UTC

Powermax Provides Summary of Exchange Listings in North America and Europe and Provides Further Updates

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September 23, 2025 · 7:35 AM UTC

Powell Max Limited Announces First Half 2025 Unaudited Financial Results

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