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Side-by-side financial comparison of ZW Data Action Technologies Inc. (CNET) and XMax Inc. (XWIN). Click either name above to swap in a different company.
XMax Inc. is the larger business by last-quarter revenue ($1.8M vs $1.7M, roughly 1.0× ZW Data Action Technologies Inc.). On growth, XMax Inc. posted the faster year-over-year revenue change (-11.8% vs -47.0%). Over the past eight quarters, XMax Inc.'s revenue compounded faster (-13.7% CAGR vs -56.8%).
ZW Data Action Technologies Inc., trading under the symbol CNET, is a China-based technology enterprise focused on delivering integrated digital marketing solutions, big data analysis services, and intelligent operation tools for enterprise clients across sectors including e-commerce, consumer goods, and internet services. Its offerings help clients optimize user acquisition efficiency, boost operational performance, and advance digital transformation, primarily serving the Chinese domestic market and select Asia-Pacific clients.
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.
CNET vs XWIN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7M | $1.8M |
| Net Profit | $-108.0K | — |
| Gross Margin | 5.7% | 40.3% |
| Operating Margin | -8.9% | -59.3% |
| Net Margin | -6.3% | — |
| Revenue YoY | -47.0% | -11.8% |
| Net Profit YoY | 94.4% | — |
| EPS (diluted) | — | $-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 | — | $1.8M | ||
| Q3 25 | $1.7M | $9.8M | ||
| Q2 25 | — | $2.6M | ||
| Q1 25 | $1.7M | $2.6M | ||
| Q4 24 | $2.2M | $2.0M | ||
| Q3 24 | $3.2M | $2.6M | ||
| Q2 24 | $6.4M | $2.7M | ||
| Q1 24 | $3.5M | $2.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-108.0K | $-1.1M | ||
| Q2 25 | — | $-289.9K | ||
| Q1 25 | $-531.0K | $-338.9K | ||
| Q4 24 | $-781.0K | — | ||
| Q3 24 | $-1.9M | $-2.5M | ||
| Q2 24 | $-216.0K | $-563.5K | ||
| Q1 24 | $-850.0K | $-1.5M |
| Q4 25 | — | 40.3% | ||
| Q3 25 | 5.7% | 10.1% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | 9.7% | 45.7% | ||
| Q4 24 | -0.4% | 42.8% | ||
| Q3 24 | 1.7% | 45.1% | ||
| Q2 24 | 5.1% | 44.4% | ||
| Q1 24 | 2.0% | 42.8% |
| Q4 25 | — | -59.3% | ||
| Q3 25 | -8.9% | -5.0% | ||
| Q2 25 | — | -7.7% | ||
| Q1 25 | -35.0% | -7.3% | ||
| Q4 24 | -24.1% | -48.4% | ||
| Q3 24 | -61.5% | -92.0% | ||
| Q2 24 | -4.7% | -18.5% | ||
| Q1 24 | -26.1% | -62.6% |
| Q4 25 | — | — | ||
| Q3 25 | -6.3% | -11.5% | ||
| Q2 25 | — | -11.3% | ||
| Q1 25 | -32.1% | -12.9% | ||
| Q4 24 | -34.7% | — | ||
| Q3 24 | -59.1% | -94.3% | ||
| Q2 24 | -3.4% | -21.0% | ||
| Q1 24 | -24.1% | -61.6% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $-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 | $1.8M | $6.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3M | $28.0M |
| Total Assets | $9.7M | $35.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.7M | ||
| Q3 25 | $1.8M | $1.7M | ||
| Q2 25 | — | $468.8K | ||
| Q1 25 | $807.0K | $147.3K | ||
| Q4 24 | $812.0K | $161.9K | ||
| Q3 24 | $1.1M | $162.3K | ||
| Q2 24 | $510.0K | $363.4K | ||
| Q1 24 | $467.0K | $273.1K |
| Q4 25 | — | $28.0M | ||
| Q3 25 | $3.3M | $13.6M | ||
| Q2 25 | — | $6.5M | ||
| Q1 25 | $3.1M | $6.8M | ||
| Q4 24 | $3.7M | $3.1M | ||
| Q3 24 | $4.8M | $-895.9K | ||
| Q2 24 | $5.2M | $48.2K | ||
| Q1 24 | $5.4M | $-42.7K |
| Q4 25 | — | $35.5M | ||
| Q3 25 | $9.7M | $18.3M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | $9.5M | $11.9M | ||
| Q4 24 | $9.7M | $9.9M | ||
| Q3 24 | $11.0M | $5.1M | ||
| Q2 24 | $10.8M | $5.8M | ||
| Q1 24 | $11.4M | $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 | $-482.0K | $1.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.7M | ||
| Q3 25 | $-482.0K | $-1.9M | ||
| Q2 25 | — | $92.5K | ||
| Q1 25 | $-984.0K | $-322.6K | ||
| Q4 24 | $-830.0K | $-263.4K | ||
| Q3 24 | $-198.0K | $-437.9K | ||
| Q2 24 | $-677.0K | $-468.7K | ||
| Q1 24 | $-353.0K | $-221.7K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-1.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -61.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNET
| Online Advertising Placement | $1.6M | 95% |
| Other | $83.0K | 5% |
XWIN
| North America | $1.7M | 97% |
| Other | $50.4K | 3% |
