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Side-by-side financial comparison of Alpha Cognition Inc. (ACOG) and XMax Inc. (XWIN). Click either name above to swap in a different company.
Alpha Cognition Inc. is the larger business by last-quarter revenue ($2.8M vs $1.8M, roughly 1.6× XMax Inc.).
XMax Inc. is a global tech firm focused on Web3 gaming infrastructure and interactive entertainment solutions. It builds custom game development toolkits, decentralized asset systems and cross-platform gaming products for developers and consumers in North America, APAC and Europe.
ACOG vs XWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $1.8M |
| Net Profit | $-6.9M | — |
| Gross Margin | — | 40.3% |
| Operating Margin | -283.7% | -59.3% |
| Net Margin | -245.5% | — |
| Revenue YoY | — | -11.8% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.10 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.8M | $1.8M | ||
| Q3 25 | $2.8M | $9.8M | ||
| Q2 25 | $1.7M | $2.6M | ||
| Q1 25 | $2.9M | $2.6M | ||
| Q4 24 | — | $2.0M | ||
| Q3 24 | — | $2.6M | ||
| Q2 24 | — | $2.7M | ||
| Q1 24 | — | $2.4M |
| Q4 25 | $-6.9M | — | ||
| Q3 25 | $-1.3M | $-1.1M | ||
| Q2 25 | $-10.5M | $-289.9K | ||
| Q1 25 | $-2.0M | $-338.9K | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-2.5M | ||
| Q2 24 | — | $-563.5K | ||
| Q1 24 | — | $-1.5M |
| Q4 25 | — | 40.3% | ||
| Q3 25 | — | 10.1% | ||
| Q2 25 | 96.7% | 50.2% | ||
| Q1 25 | 99.6% | 45.7% | ||
| Q4 24 | — | 42.8% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 42.8% |
| Q4 25 | -283.7% | -59.3% | ||
| Q3 25 | -187.0% | -5.0% | ||
| Q2 25 | -346.1% | -7.7% | ||
| Q1 25 | -125.9% | -7.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | — | -92.0% | ||
| Q2 24 | — | -18.5% | ||
| Q1 24 | — | -62.6% |
| Q4 25 | -245.5% | — | ||
| Q3 25 | -46.4% | -11.5% | ||
| Q2 25 | -632.7% | -11.3% | ||
| Q1 25 | -68.5% | -12.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -94.3% | ||
| Q2 24 | — | -21.0% | ||
| Q1 24 | — | -61.6% |
| Q4 25 | $-0.10 | $-0.06 | ||
| Q3 25 | $-0.30 | $-0.06 | ||
| Q2 25 | $-0.65 | $-0.02 | ||
| Q1 25 | $-0.13 | $-0.03 | ||
| Q4 24 | — | $0.11 | ||
| Q3 24 | — | $-0.72 | ||
| Q2 24 | — | $-0.22 | ||
| Q1 24 | — | $-0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.0M | $6.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $62.5M | $28.0M |
| Total Assets | $79.7M | $35.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.0M | $6.7M | ||
| Q3 25 | $35.4M | $1.7M | ||
| Q2 25 | $39.4M | $468.8K | ||
| Q1 25 | $45.5M | $147.3K | ||
| Q4 24 | — | $161.9K | ||
| Q3 24 | — | $162.3K | ||
| Q2 24 | — | $363.4K | ||
| Q1 24 | — | $273.1K |
| Q4 25 | $62.5M | $28.0M | ||
| Q3 25 | $33.9M | $13.6M | ||
| Q2 25 | $31.9M | $6.5M | ||
| Q1 25 | $40.8M | $6.8M | ||
| Q4 24 | — | $3.1M | ||
| Q3 24 | — | $-895.9K | ||
| Q2 24 | — | $48.2K | ||
| Q1 24 | — | $-42.7K |
| Q4 25 | $79.7M | $35.5M | ||
| Q3 25 | $46.3M | $18.3M | ||
| Q2 25 | $45.1M | $11.6M | ||
| Q1 25 | $48.6M | $11.9M | ||
| Q4 24 | — | $9.9M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $5.8M | ||
| Q1 24 | — | $6.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.9M | $1.7M |
| Free Cash FlowOCF − Capex | $-7.1M | — |
| FCF MarginFCF / Revenue | -252.6% | — |
| Capex IntensityCapex / Revenue | 5.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.9M | $1.7M | ||
| Q3 25 | $-5.3M | $-1.9M | ||
| Q2 25 | $-6.1M | $92.5K | ||
| Q1 25 | $-2.0M | $-322.6K | ||
| Q4 24 | — | $-263.4K | ||
| Q3 24 | — | $-437.9K | ||
| Q2 24 | — | $-468.7K | ||
| Q1 24 | — | $-221.7K |
| Q4 25 | $-7.1M | — | ||
| Q3 25 | $-5.4M | — | ||
| Q2 25 | $-6.1M | — | ||
| Q1 25 | $-2.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -252.6% | — | ||
| Q3 25 | -188.8% | — | ||
| Q2 25 | -370.9% | — | ||
| Q1 25 | -72.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACOG
Segment breakdown not available.
XWIN
| North America | $1.7M | 97% |
| Other | $50.4K | 3% |
