Powell Max
PMAXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.80 Prior regular-session close from the quote source.
- $0.74–$0.82 Regular-session low and high so far today.
- 253.5K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.45–$33.50 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PMAX if PMAX is a microcap cash-runway turnaround: the business must prove its Hong Kong business-services work can repeat and scale before public-company overhead and cash burn consume the balance sheet.
PMAX price history
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Investment thesis
What must happen next
Client relationships in Powell Max's Hong Kong business-services niche must produce repeat assignments rather than one-off projects, so demand can convert into revenue without buying work through uneconomic pricing.HoldingMateriality: High
IFRS annual FY2024 revenue was $4.69 million, confirming that the company is monetizing some customer demand. If demand is repeatable, PMAX has a path to scale; if it is episodic, revenue volatility will keep the company subscale.
Watch: Hong Kong corporate activity or capital-markets activity remains weak, reducing the flow of client projects.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual FY2024 revenue was $4.69 million, confirming that the company is monetizing some customer demand.
Open source ↗Powell Max must maintain service pricing and delivery discipline so specialized client work continues to generate positive gross profit instead of being competed down to commodity margins.StrengtheningMateriality: High
IFRS annual FY2024 gross profit was $1.85 million. Gross profit is the economic fuel available to pay staff, compliance, and growth costs; if it compresses, scale will not fix the model.
Watch: Local service competitors cut price to win similar clients, forcing PMAX to match lower fees.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual FY2024 gross profit was $1.85 million.
Open source ↗The operating model must show that public-company, administrative, and staff overhead can grow slower than gross profit; otherwise the company has gross-margin dollars but no self-funding earnings engine.WeakeningMateriality: Medium
IFRS annual FY2024 operating income was a $2.07 million loss despite $1.85 million of gross profit, showing overhead currently more than absorbs service contribution. Operating leverage is the difference between a small viable service firm and a cash-burning public microcap.
Watch: Management adds headcount, sales spend, or administrative infrastructure ahead of proven client demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual FY2024 operating income was a $2.07 million loss despite $1.85 million of gross profit, showing overhead currently more.
Open source ↗The post-listing cash balance gives PMAX time to prove the model, but only if management controls operating burn and working-capital use enough to avoid value-destructive dilution.HoldingMateriality: Medium
Cash and cash equivalents increased from $0.47 million at FY2023 year-end to $5.44 million at FY2024 year-end. Cash runway can fund the turnaround; uncontrolled burn turns the story into a financing risk for shareholders.
Watch: Operating burn accelerates because management spends aggressively on hiring, promotion, or expansion before demand is proven.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents increased from $0.47 million at FY2023 year-end to $5.44 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Client relationships in Powell Max's Hong Kong business-services niche must produce repeat assignments rather than one-off projects, so demand can convert into revenue without buying work through uneconomic pricing. If demand is repeatable, PMAX has a path to scale; if it is episodic, revenue volatility will keep the company subscale.
Powell Max must maintain service pricing and delivery discipline so specialized client work continues to generate positive gross profit instead of being competed down to commodity margins. Gross profit is the economic fuel available to pay staff, compliance, and growth costs; if it compresses, scale will not fix the model.
The operating model must show that public-company, administrative, and staff overhead can grow slower than gross profit; otherwise the company has gross-margin dollars but no self-funding earnings engine. Operating leverage is the difference between a small viable service firm and a cash-burning public microcap.
The post-listing cash balance gives PMAX time to prove the model, but only if management controls operating burn and working-capital use enough to avoid value-destructive dilution. Cash runway can fund the turnaround; uncontrolled burn turns the story into a financing risk for shareholders.
All standing thesis claims
Original report summary
PMAX is a microcap cash-runway turnaround: the business must prove its Hong Kong business-services work can repeat and scale before public-company overhead and cash burn consume the balance sheet.
Bull case and bear case
Bull case and bear case for Powell Max
Where the evidence on Powell Max disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Client relationships in Powell Max's Hong Kong business-services niche must produce repeat assignments rather than one-off projects, so demand can convert into revenue without buying work through uneconomic pricing.
Powell Max must maintain service pricing and delivery discipline so specialized client work continues to generate positive gross profit instead of being competed down to commodity margins.
The post-listing cash balance gives PMAX time to prove the model, but only if management controls operating burn and working-capital use enough to avoid value-destructive dilution.
Bear case: what the evidence questions
The operating model must show that public-company, administrative, and staff overhead can grow slower than gross profit; otherwise the company has gross-margin dollars but no self-funding earnings engine.
Thesis-Break Engine
Thesis-break watch · Powell Max
No break has crossed Powell Max’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Powell Max filed an SEC report on 2026-10-02: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Powell Max filed an SEC report on 2026-09-28: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Powell Max filed an SEC report on 2026-04-15: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Hong Kong corporate activity or capital-markets activity remains weak, reducing the flow of client projects.
- Local service competitors cut price to win similar clients, forcing PMAX to match lower fees.
- Management adds headcount, sales spend, or administrative infrastructure ahead of proven client demand.
- Operating burn accelerates because management spends aggressively on hiring, promotion, or expansion before demand is proven.
PMAX news
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Financial statements
PMAX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PMAX: quick answers
- What is PMAX's short interest?
- As of October 30, 2026, 25,458 PMAX shares were sold short, up 106.6% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. PMAX short interest history