YMAT
YMAT
J-Star Holding Co., Ltd. Ordinary SharesIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2024 | $9.47M ▲ | $2.69M ▲ | $624.94K ▲ | 6.6% ▲ | $0.04 ▲ | $1.09M ▲ |
| Q2-2024 | $8.1M ▼ | $1.83M ▲ | $479.27K ▼ | 5.92% ▼ | $0.03 ▼ | $775.1K ▼ |
| Q4-2023 | $9.84M | $1.13M | $1.43M | 14.56% | $0.08 | $1.61M |
What's going well?
Sales are up sharply, and the company is making more money overall. Gross profit and net income both saw big jumps, showing the business is growing.
What's concerning?
Operating expenses are rising much faster than sales, which is hurting core profitability. If this trend continues, future profits could be at risk even if sales keep growing.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2024 | $649.11K ▼ | $24.38M ▲ | $11.38M ▲ | $13M ▲ |
| Q2-2024 | $1.12M | $23.24M | $10.88M | $12.36M |
What's financially strong about this company?
The company has positive equity and a solid asset base with very little goodwill or intangible risk. Liquidity improved this quarter, and there’s no sign of hidden obligations.
What are the financial risks or weaknesses?
Cash is low and falling, while short-term debt is high and rising. Receivables and inventory are growing fast, which ties up cash and could signal collection or sales issues.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $624.94K ▲ | $-2.38M ▼ | $1.79M ▲ | $160.52K ▼ | $-432.54K ▼ | $-2.38M ▼ |
| Q2-2024 | $479.27K ▼ | $-678.71K ▲ | $18.66K ▼ | $1.25M ▲ | $1.05M ▲ | $-704.48K ▲ |
| Q4-2023 | $1.43M | $-2.73M | $2.59M | $208.7K | $606.4K | $-2.82M |
What's strong about this company's cash flow?
The company is still able to raise debt and has not diluted shareholders. It reported positive net income, suggesting some underlying profitability if working capital can be managed.
What are the cash flow concerns?
Cash burn is accelerating, working capital is a major drain, and the cash balance is running dangerously low. The business is highly dependent on outside funding to survive.
5-Year Trend Analysis
A comprehensive look at J-Star Holding Co., Ltd. Ordinary Shares's financial evolution and strategic trajectory over the past five years.
YMAT has successfully moved from losses to consistent profitability, with better gross and operating margins despite declining revenue. Cost discipline is evident across the income statement, and equity and retained earnings are gradually improving. The company has shown in the past that it can generate strong operating and free cash flow when conditions are favorable, and its asset base is not heavily reliant on opaque intangibles.
The most notable risks are the steep and ongoing revenue decline, the extreme volatility in operating and free cash flow, and the recent increase in leverage. Liquidity has been uneven, at times uncomfortably tight, and the business has relied on debt issuance in weaker periods. On top of this, R&D and capital spending have been cut back, which may undermine the company’s ability to stabilize or grow its market position in the future.
Looking ahead, the company’s trajectory will largely depend on whether it can arrest the revenue decline while preserving its hard‑won efficiency gains. If sales stabilize or recover, the leaner cost structure could support healthy profitability. If volumes continue to fall or cash flow remains erratic, rising debt and lower investment in innovation could become more problematic. Overall, the outlook is mixed: operationally improved but strategically and financially fragile, with high sensitivity to market conditions and execution quality.
About J-Star Holding Co., Ltd. Ordinary Shares
https://j-starholding.comJ-Star Holding Co., Ltd. manufactures and trades in bicycles, sports accessories, and carbon fiber composite products in Taiwan and internationally. It offers bicycles parts of sports bicycles and electric bicycles; paddle rackets for use in tennis, badminton, squash, and beach tennis; and structural parts of automobile, other sporting goods, and healthcare products.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2024 | $9.47M ▲ | $2.69M ▲ | $624.94K ▲ | 6.6% ▲ | $0.04 ▲ | $1.09M ▲ |
| Q2-2024 | $8.1M ▼ | $1.83M ▲ | $479.27K ▼ | 5.92% ▼ | $0.03 ▼ | $775.1K ▼ |
| Q4-2023 | $9.84M | $1.13M | $1.43M | 14.56% | $0.08 | $1.61M |
What's going well?
Sales are up sharply, and the company is making more money overall. Gross profit and net income both saw big jumps, showing the business is growing.
What's concerning?
Operating expenses are rising much faster than sales, which is hurting core profitability. If this trend continues, future profits could be at risk even if sales keep growing.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2024 | $649.11K ▼ | $24.38M ▲ | $11.38M ▲ | $13M ▲ |
| Q2-2024 | $1.12M | $23.24M | $10.88M | $12.36M |
What's financially strong about this company?
The company has positive equity and a solid asset base with very little goodwill or intangible risk. Liquidity improved this quarter, and there’s no sign of hidden obligations.
What are the financial risks or weaknesses?
Cash is low and falling, while short-term debt is high and rising. Receivables and inventory are growing fast, which ties up cash and could signal collection or sales issues.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $624.94K ▲ | $-2.38M ▼ | $1.79M ▲ | $160.52K ▼ | $-432.54K ▼ | $-2.38M ▼ |
| Q2-2024 | $479.27K ▼ | $-678.71K ▲ | $18.66K ▼ | $1.25M ▲ | $1.05M ▲ | $-704.48K ▲ |
| Q4-2023 | $1.43M | $-2.73M | $2.59M | $208.7K | $606.4K | $-2.82M |
What's strong about this company's cash flow?
The company is still able to raise debt and has not diluted shareholders. It reported positive net income, suggesting some underlying profitability if working capital can be managed.
What are the cash flow concerns?
Cash burn is accelerating, working capital is a major drain, and the cash balance is running dangerously low. The business is highly dependent on outside funding to survive.
5-Year Trend Analysis
A comprehensive look at J-Star Holding Co., Ltd. Ordinary Shares's financial evolution and strategic trajectory over the past five years.
YMAT has successfully moved from losses to consistent profitability, with better gross and operating margins despite declining revenue. Cost discipline is evident across the income statement, and equity and retained earnings are gradually improving. The company has shown in the past that it can generate strong operating and free cash flow when conditions are favorable, and its asset base is not heavily reliant on opaque intangibles.
The most notable risks are the steep and ongoing revenue decline, the extreme volatility in operating and free cash flow, and the recent increase in leverage. Liquidity has been uneven, at times uncomfortably tight, and the business has relied on debt issuance in weaker periods. On top of this, R&D and capital spending have been cut back, which may undermine the company’s ability to stabilize or grow its market position in the future.
Looking ahead, the company’s trajectory will largely depend on whether it can arrest the revenue decline while preserving its hard‑won efficiency gains. If sales stabilize or recover, the leaner cost structure could support healthy profitability. If volumes continue to fall or cash flow remains erratic, rising debt and lower investment in innovation could become more problematic. Overall, the outlook is mixed: operationally improved but strategically and financially fragile, with high sensitivity to market conditions and execution quality.
CEO
Sam Van