MaxsMaking Inc. Reports Fiscal Year 2025 Financial Results
Rhea-AI Summary
MaxsMaking (Nasdaq: MAMK) reported fiscal 2025 results for year ended Oct 31, 2025. Revenue rose 36.33% to $29.22M while gross profit fell to $2.62M and margin to 8.95% from 18.52%. Cost of revenue increased 52.34% and operating expenses rose 42.25% year-over-year. Cash was $0.12M at year end; net cash used in operations was $5.29M. The company cited a volume-driven domestic strategy, higher R&D spending (+16.38%), and its July 2025 IPO as strategic factors.
Positive
- Revenue +36.33% to $29.22M
- Mainland China sales +54.13% to $26.64M
- R&D spending +16.38% sustaining product development
- Net cash from financing $5.30M (IPO proceeds)
Negative
- Gross profit margin down to 8.95% from 18.52%
- Cost of revenue +52.34% to $26.61M
- Operating expenses +42.25% to $2.51M
- Year-end cash low at $0.12M; net cash used in ops $5.29M
Key Figures
Market Reality Check
Peers on Argus
No peers appeared in the momentum scanner. Key peers like STRR, HHS, and LGPS were flat, while PLAG and AIRT showed small declines, suggesting MAMK’s setup was stock-specific rather than part of a broad Industrials move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 31 | Earnings results | Negative | +13.8% | Half-year 2025 earnings showed revenue growth but weaker margins and earnings. |
The prior earnings release showed revenue growth but margin compression, yet the stock moved up, suggesting investors previously prioritized top-line expansion over near-term profitability.
Recent history highlights MaxsMaking’s transition to public markets and a volume-driven growth strategy. The April 30, 2025 half-year results showed rising revenue but falling margins and earnings, followed by a 13.81% positive price reaction. The November 5, 2025 Nasdaq bell-ringing event, tied to its July IPO, coincided with a 30.31% gain, underscoring how listing milestones and growth narratives have previously been rewarded, even alongside profitability pressure. Today’s full-year results extend that same strategic pattern.
Historical Comparison
Past earnings showed China-led revenue growth with margin compression and a 13.81% upside reaction. The full-year 2025 report repeats this pattern of higher sales, lower margins, and thinner profits.
Earnings disclosures progressed from first-half 2025 results to full-year 2025, consistently emphasizing mainland China volume growth, a shift toward lower-margin domestic sales, and rising operating costs linked to R&D and IPO-related expenses.
Market Pulse Summary
This announcement details FY25 revenue of $29.22M, up 36.33%, driven mainly by mainland China, alongside a sharp margin decline to 8.95% and net income of just $0.02M. Operating cash outflow reached $5.29M with cash at $0.12M year-end, while R&D spending increased 16.38%. Compared with earlier 2025 earnings, the company continues its high-volume, lower-margin strategy. Investors may watch future earnings for margin recovery, cash generation, and overseas demand trends.
Key Terms
initial public offering financial
research and development technical
AI-generated analysis. Not financial advice.
Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, commented: "The fiscal year 2025 represented a period of business adjustment for our Company amid heightened uncertainty and intensifying competition. Facing a weak and volatile overseas market, we adopted a business strategy to help us maintain stable revenue growth while improving the efficiency of resource allocation for sales and market development.
"In the highly competitive domestic market, we strengthened our sales initiatives to expand our customer base. We implemented a volume-driven strategy supported by penetration pricing and new customer acquisition through relationship-based referrals. These efforts contributed to a
"At the same time, we remained committed to innovation, increasing our research and development ("R&D") spending by
"Although our profits and margins were temporarily affected by the volume-driven strategy, we believe our business model remains resilient and scalable. Today, we operate with a more diversified market presence, a broader customer base, and an expanding product portfolio. We believe all of these will support our future growth.
"It is also worth noting that our initial public offering (the "IPO") on the Nasdaq in July 2025 provided us access to additional capital and enhanced our presence in global markets. Despite ongoing external challenges and volatility in international trade, we believe our successful IPO has elevated us to a broader platform, enabling us to establish relationships with larger industry players, benefit from collaboration with more elite partners, and embrace further opportunities to support our operations and planned expansion.
"Looking ahead, we believe our strategy and execution will provide a foundation for long-term value. As current disruptions and uncertainties evolve, we expect to continue adapting to market conditions and pursuing growth opportunities as they arise."
Fiscal Year 2025 Financial Summary
- Revenue was
$29.22 million 36.33% compared to$21.43 million - Gross profit was
$2 $3.97 million - Gross profit margin was
8.95% in fiscal year 2025, compared to18.52% in fiscal year 2024. - Net income was
$0 $1.88 million - Basic and diluted earnings per A share and B share were
$0 $0
Fiscal Year 2025 Financial Results
Revenue
Revenue was
For the Fiscal Year | For the Fiscal Year | Change | |||||||||||||||||
Country/Region | Sales | As % of | Sales | As % of | Amount | % | |||||||||||||
Mainland | $ | 26,643,100 | 91.18 | % | $ | 17,285,726 | 80.65 | % | $ | 9,357,374 | 54.13 | % | |||||||
| 810,415 | 2.77 | % | 1,998,048 | 9.32 | % | (1,187,633) | (59.44) | % | ||||||||||
345,277 | 1.18 | % | 276,746 | 1.29 | % | 68,530 | 24.76 | % | |||||||||||
1,266,824 | 4.34 | % | 1,806,989 | 8.43 | % | (540,165) | (29.89) | % | |||||||||||
41,158 | 0.14 | % | 16,650 | 0.08 | % | 24,508 | 147.19 | % | |||||||||||
62,948 | 0.22 | % | 30,170 | 0.14 | % | 32,778 | 108.64 | % | |||||||||||
51,124 | 0.17 | % | 19,771 | 0.09 | % | 31,354 | 158.59 | % | |||||||||||
Total | 29,220,846 | 100.00 | % | $ | 21,434,100 | 100.00 | % | $ | 7,786,746 | 36.33 | % | ||||||||
Cost of Revenue
Cost of revenue was
Gross Profit and Gross Profit Margin
Gross profit was
Gross profit margin was
Operating Expenses
Operating expenses were
- Selling expenses were
$0.46 million 23.76% from$0.61 million - General and administrative expenses were
$1.40 million 132.97% from$0.60 million $0.17 million $0.44 million - Research and development expenses were
$0.65 million 16.38% from$0.56 million
Net Income
Net income was
Basic and Diluted Earnings per Share
Basic and diluted earnings per A share and B share were
Financial Condition
As of October 31, 2025, the Company had cash of
Net cash used in operating activities was
Net cash used in investing activities was
Net cash provided by financing activities was
About MaxsMaking Inc.
Founded in 2007 and headquartered in
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's annual report on Form 20-F for the fiscal year ended October 31, 2025 and other filings with the
For more information, please contact:
MaxsMaking Inc.
Investor Relations
Email: ir@maxsmaking.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
MAXSMAKING INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025 AND 2024 | |||||||
IN U.S. DOLLARS, EXCEPT SHARE DATA | |||||||
October 31, | October 31, | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash | $ | 122,381 | $ | 176,236 | |||
Accounts receivable, net | 9,877,030 | 6,188,992 | |||||
Due from related parties | 36,815 | — | |||||
Inventories | 6,504,761 | 2,633,615 | |||||
Other receivables and other current assets | 5,003,667 | 7,452,317 | |||||
Total current assets | 21,544,654 | 16,451,160 | |||||
Non-Current Assets | |||||||
Plant and equipment, net | 153,271 | 119,125 | |||||
Intangible assets, net | 6,447 | 7,433 | |||||
Right-of-use assets, net | 71,482 | 86,441 | |||||
Deferred tax assets | 66,383 | 24,538 | |||||
Deferred offering cost | - | 986,206 | |||||
Total non-current assets | 297,583 | 1,223,743 | |||||
Total Assets | $ | 21,842,237 | $ | 17,674,903 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Short-term loans | $ | 1,954,007 | $ | 2,785,965 | |||
Accounts payable | 3,243,451 | 2,127,623 | |||||
Contract liability | 449,306 | 512,859 | |||||
Income tax payable | 952,041 | 859,194 | |||||
Other payables and accrued liabilities | 259,345 | 867,249 | |||||
Due to related parties | - | 149,757 | |||||
Lease liabilities-current | 13,145 | 47,895 | |||||
Current portion of long-term loan | 22,573 | - | |||||
Total current liabilities | 6,893,868 | 7,350,542 | |||||
Non-Current Liabilities | |||||||
Lease liabilities-non current | 57,841 | — | |||||
Non-current portion of long-term loans | 2,278,162 | 2,058,651 | |||||
Total non-current liabilities | 2,336,003 | 2,058,651 | |||||
Total liabilities | 9,229,871 | 9,409,193 | |||||
COMMITMENTS AND CONTINGENCIES (NOTE 17) | |||||||
Equity | |||||||
A Shares ( | 92,000 | 75,750 | |||||
B Shares ( | 74,250 | 74,250 | |||||
Additional paid-in capital | 5,972,110 | 1,712,492 | |||||
Statutory surplus reserve | 788,123 | 705,396 | |||||
Retained earnings | 5,726,180 | 5,806,881 | |||||
Accumulated other comprehensive loss | (368,876) | (421,542) | |||||
Total MaxsMaking Inc.'s Equity | 12,283,787 | 7,953,227 | |||||
Non-Controlling Interests | 328,579 | 312,483 | |||||
Total equity | 12,612,366 | 8,265,710 | |||||
Total Liabilities and Equity | $ | 21,842,237 | $ | 17,674,903 | |||
MAXSMAKING INC. | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023 | |||||||||||
IN U.S. DOLLARS, EXCEPT SHARE DATA | |||||||||||
For The Fiscal Years Ended | |||||||||||
2025 | 2024 | 2023 | |||||||||
Revenues | $ | 29,220,846 | $ | 21,434,100 | $ | 26,260,268 | |||||
Cost of revenues | (26,605,003) | (17,463,856) | (22,048,972) | ||||||||
Gross profit | 2,615,843 | 3,970,244 | 4,211,296 | ||||||||
Operating expenses: | |||||||||||
Sales and marketing expenses | (462,285) | (606,352) | (490,221) | ||||||||
General and administrative expenses | (1,399,356) | (600,660) | (571,407) | ||||||||
Research and development expenses | (650,629) | (559,048) | (740,800) | ||||||||
Total operating expenses | (2,512,270) | (1,766,060) | (1,802,428) | ||||||||
Income from operations | 103,573 | 2,204,184 | 2,408,868 | ||||||||
Other (expenses) income, net | |||||||||||
Interest expenses | (159,166) | (151,335) | (69,572) | ||||||||
Interest income | 223 | 548 | 1,158 | ||||||||
Other income | 85,113 | 95,767 | 87,399 | ||||||||
Exchange gain (loss) | 72,406 | 17,344 | (2,106) | ||||||||
Other expenses | (16,593) | (16,839) | (140,029) | ||||||||
Income before income tax provision | 85,556 | 2,149,669 | 2,285,718 | ||||||||
Income tax expense | (67,434) | (269,003) | (307,441) | ||||||||
Net income | $ | 18,122 | $ | 1,880,666 | $ | 1,978,277 | |||||
Less: Net income attributable to non-controlling interest | 16,096 | 67,496 | 69,006 | ||||||||
Net income attributable to MaxsMaking Inc. | 2,026 | 1,813,170 | 1,909,271 | ||||||||
Other comprehensive income | |||||||||||
Foreign currency translation adjustment | 52,666 | 36,714 | (39,443) | ||||||||
Comprehensive income | $ | 70,788 | $ | 1,917,380 | $ | 1,938,834 | |||||
Less: comprehensive income (loss) attributable to non- | 832 | (839) | (7,775) | ||||||||
Comprehensive (loss) income attributable to | $ | 69,956 | $ | 1,918,219 | $ | 1,946,609 | |||||
Weighted Average A Shares Outstanding – Basic and | 8,092,857 | 7,575,000 | 7,575,000 | ||||||||
Weighted Average B Shares Outstanding – Basic and | 7,425,000 | 7,425,000 | 7,425,000 | ||||||||
Earnings per A Share – basic and diluted | $ | 0.00 | $ | 0.25 | $ | 0.26 | |||||
Earnings per B Share – basic and diluted | $ | 0.00 | $ | 0.25 | $ | 0.27 | |||||
MAXSMAKING INC. | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023 | |||||||||||
IN U.S. DOLLARS, EXCEPT SHARE DATA | |||||||||||
For The Fiscal Years Ended | |||||||||||
2025 | 2024 | 2023 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 18,122 | $ | 1,880,666 | $ | 1,978,277 | |||||
Adjustments to reconcile net income to net cash provided by | |||||||||||
Depreciation of plant and equipment | 30,573 | 28,548 | 22,638 | ||||||||
Allowance (Reversal of allowance) for expected credit loss | 173,564 | 17,064 | (23,422) | ||||||||
Amortization of right-of-use assets | 138,080 | 179,858 | 189,311 | ||||||||
Amortization of intangible assets | 1,014 | 1,021 | 1,032 | ||||||||
Accounts receivable | (3,791,371) | 168,688 | 1,895,868 | ||||||||
Inventories | (3,817,383) | (412,235) | 56,562 | ||||||||
Other receivables and other current assets | 2,240,000 | (4,142,973) | (1,397,468) | ||||||||
Amount due from related party | (36,433) | 422 | (426) | ||||||||
Deferred tax assets | (41,284) | (19,841) | (2,575) | ||||||||
Operating lease-right of use assets | (122,830) | (45,928) | — | ||||||||
Deferred offering cost | (332,851) | (905,452) | (273,346) | ||||||||
Other non-current assets | — | 196,834 | 178,786 | ||||||||
Accounts payable | 1,091,381 | 1,094,933 | (4,279,114) | ||||||||
Income tax payable | 87,446 | 283,245 | 87,502 | ||||||||
Contract liability | 134,680 | (328,693) | 164,529 | ||||||||
Other payables and accrued liabilities | (928,045) | 13,537 | (100,599) | ||||||||
Lease liabilities | 22,604 | (327,396) | (167,614) | ||||||||
Amount due to related party | (153,012) | (720,729) | 1,070,112 | ||||||||
Net cash used in operating activities | (5,285,745) | (3,038,431) | (599,947) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchases of plant and equipment | (56,877) | (18,514) | (73,646) | ||||||||
Collection from loans to third parties | — | — | 810,250 | ||||||||
Net cash (used in)generated by investing activities | (56,877) | (18,514) | 736,604 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of ordinary shares upon the | 5,594,926 | — | — | ||||||||
Capital contributions | — | 787,266 | — | ||||||||
Proceeds from third party loans | 184,559 | 260,101 | 71,055 | ||||||||
Proceeds from bank borrowings | 3,036,036 | 4,611,529 | 1,406,889 | ||||||||
Repayments of third party loans | (325,058) | (745,156) | — | ||||||||
Repayment of bank borrowings | (3,191,570) | (1,813,680) | (1,806,122) | ||||||||
Net cash provided by(used in) financing activities | 5,298,893 | 3,100,060 | (328,178) | ||||||||
Effect of Exchange Rate Changes on Cash | (10,126) | 971 | 3,715 | ||||||||
Net (Decrease) Increase in cash | (53,855) | 44,086 | (187,806) | ||||||||
Cash, Beginning of Year | 176,236 | 132,150 | 319,956 | ||||||||
Cash, End of Year | 122,381 | $ | 176,236 | $ | 132,150 | ||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for income tax | 21,273 | $ | 5,598 | $ | 222,026 | ||||||
Cash paid for interest | 155,572 | $ | 151,335 | $ | 69,572 | ||||||
Supplemental disclosure of cash flow information: | |||||||||||
Right-of-use assets obtained in exchange for operating lease | 177,415 | $ | 66,419 | $ | 18,639 | ||||||
View original content:https://www.prnewswire.com/news-releases/maxsmaking-inc-reports-fiscal-year-2025-financial-results-302703823.html
SOURCE MaxsMaking Inc.
FAQ
Why did MAMK revenue increase 36.33% in fiscal 2025?
What caused MAMK gross margin to decline to 8.95% in fiscal 2025?
How did MAMK's IPO in July 2025 affect its cash and financing?
What operational cost changes did MAMK report for fiscal 2025?
What is MAMK's short‑term liquidity position after fiscal 2025 results?
