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Side-by-side financial comparison of Bolt Biotherapeutics, Inc. (BOLT) and XMax Inc. (XWIN). Click either name above to swap in a different company.
Bolt Biotherapeutics, Inc. is the larger business by last-quarter revenue ($2.5M vs $1.8M, roughly 1.4× XMax Inc.). Over the past eight quarters, XMax Inc.'s revenue compounded faster (-13.7% CAGR vs -31.2%).
Bolt Biotherapeutics, Inc. is a clinical-stage biotechnology company specializing in immune-stimulating antibody conjugate (ISAC) therapies for cancer treatment. Its core pipeline targets hard-to-treat solid tumors, serving global oncology markets and advancing novel immunotherapies that trigger targeted anti-tumor immune responses to improve patient outcomes.
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.
BOLT vs XWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5M | $1.8M |
| Net Profit | $-6.6M | — |
| Gross Margin | — | 40.3% |
| Operating Margin | -283.4% | -59.3% |
| Net Margin | -265.2% | — |
| Revenue YoY | — | -11.8% |
| Net Profit YoY | 58.4% | — |
| EPS (diluted) | $-9.38 | $-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 | $2.5M | $1.8M | ||
| Q3 25 | $2.2M | $9.8M | ||
| Q2 25 | $1.8M | $2.6M | ||
| Q1 25 | $1.2M | $2.6M | ||
| Q4 24 | $0 | $2.0M | ||
| Q3 24 | $1.1M | $2.6M | ||
| Q2 24 | $1.3M | $2.7M | ||
| Q1 24 | $5.3M | $2.4M |
| Q4 25 | $-6.6M | — | ||
| Q3 25 | $-7.1M | $-1.1M | ||
| Q2 25 | $-8.6M | $-289.9K | ||
| Q1 25 | $-11.0M | $-338.9K | ||
| Q4 24 | $-15.9M | — | ||
| Q3 24 | $-15.2M | $-2.5M | ||
| Q2 24 | $-21.2M | $-563.5K | ||
| Q1 24 | $-10.8M | $-1.5M |
| Q4 25 | — | 40.3% | ||
| Q3 25 | — | 10.1% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 45.7% | ||
| Q4 24 | — | 42.8% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 42.8% |
| Q4 25 | -283.4% | -59.3% | ||
| Q3 25 | -355.1% | -5.0% | ||
| Q2 25 | -510.5% | -7.7% | ||
| Q1 25 | -991.4% | -7.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | -1441.1% | -92.0% | ||
| Q2 24 | -1772.3% | -18.5% | ||
| Q1 24 | -324.1% | -62.6% |
| Q4 25 | -265.2% | — | ||
| Q3 25 | -329.4% | -11.5% | ||
| Q2 25 | -474.6% | -11.3% | ||
| Q1 25 | -903.4% | -12.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -1330.1% | -94.3% | ||
| Q2 24 | -1662.4% | -21.0% | ||
| Q1 24 | -205.0% | -61.6% |
| Q4 25 | $-9.38 | $-0.06 | ||
| Q3 25 | $-3.72 | $-0.06 | ||
| Q2 25 | $-4.46 | $-0.02 | ||
| Q1 25 | $-0.29 | $-0.03 | ||
| Q4 24 | $-13.73 | $0.11 | ||
| Q3 24 | $-7.93 | $-0.72 | ||
| Q2 24 | $-11.12 | $-0.22 | ||
| Q1 24 | $-0.28 | $-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 | $27.5M | $6.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $26.5M | $28.0M |
| Total Assets | $56.7M | $35.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.5M | $6.7M | ||
| Q3 25 | $31.9M | $1.7M | ||
| Q2 25 | $34.8M | $468.8K | ||
| Q1 25 | $38.8M | $147.3K | ||
| Q4 24 | $47.3M | $161.9K | ||
| Q3 24 | $53.8M | $162.3K | ||
| Q2 24 | $73.7M | $363.4K | ||
| Q1 24 | $91.3M | $273.1K |
| Q4 25 | $26.5M | $28.0M | ||
| Q3 25 | $32.1M | $13.6M | ||
| Q2 25 | $38.8M | $6.5M | ||
| Q1 25 | $46.8M | $6.8M | ||
| Q4 24 | $57.2M | $3.1M | ||
| Q3 24 | $72.0M | $-895.9K | ||
| Q2 24 | $85.9M | $48.2K | ||
| Q1 24 | $104.2M | $-42.7K |
| Q4 25 | $56.7M | $35.5M | ||
| Q3 25 | $65.1M | $18.3M | ||
| Q2 25 | $75.5M | $11.6M | ||
| Q1 25 | $85.9M | $11.9M | ||
| Q4 24 | $99.6M | $9.9M | ||
| Q3 24 | $109.3M | $5.1M | ||
| Q2 24 | $124.2M | $5.8M | ||
| Q1 24 | $142.9M | $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 | $-7.2M | $1.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2M | $1.7M | ||
| Q3 25 | $-9.7M | $-1.9M | ||
| Q2 25 | $-9.6M | $92.5K | ||
| Q1 25 | $-13.4M | $-322.6K | ||
| Q4 24 | $-14.4M | $-263.4K | ||
| Q3 24 | $-14.0M | $-437.9K | ||
| Q2 24 | $-16.1M | $-468.7K | ||
| Q1 24 | $-16.8M | $-221.7K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1227.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BOLT
Segment breakdown not available.
XWIN
| North America | $1.7M | 97% |
| Other | $50.4K | 3% |
