Maison Solutions Reports Second Quarter and Six Month 2026 Financial Results

Rhea-AI Summary

Maison Solutions (NASDAQ:MSS) reported second quarter and six-month results for the period ended October 31, 2025. Q2 revenue was $27.6M versus $29.4M a year earlier; gross profit was $6.5M with a 23.4% gross margin. Q2 EBITDA was $(4.2)M and net loss attributable to Maison Solutions was ~$5.0M, driven in part by a $2.4M loss on note conversion from digital asset mark-to-market adjustments.

For the first six months, revenue was $54.8M versus $57.5M prior year; six-month gross profit was $13.0M and net loss was ~$6.5M. Management said it has activated a Worldcoin treasury initiative, is evaluating divestiture of low-performing stores, pursuing acquisition targets, and exploring AI/robotics partnerships to improve operations.

Positive

• Activated Worldcoin treasury initiative
• Ongoing due diligence on profitable store acquisitions
• Early-stage discussions on AI/robotics to boost operations

Negative

• Q2 EBITDA $(4.2M)
• Q2 Net loss ~$5.0M
• Six-month Net loss ~$6.5M
• Gross margin down 350 bps to 23.4% in Q2

Key Figures

Q2 total net revenues $27.6 million Second quarter 2026 vs $29.4 million prior-year period

Q2 gross margin 23.4% Second quarter 2026; down from 26.9% last year

Q2 EBITDA $(4.2) million Second quarter 2026 vs $0.7 million last year

Q2 net loss approximately $5.0 million Net loss attributable to Maison Solutions, Q2 2026

Six‑month net revenues $54.8 million First six months FY 2026 vs $57.5 million last year

Six‑month gross margin 23.7% First six months FY 2026 vs 27.9% last year

Six‑month EBITDA $(4.7) million First six months FY 2026 vs $2.4 million last year

Six‑month net loss approximately $6.5 million Net loss attributable to Maison Solutions, first six months FY 2026

Market Reality Check

$0.3176 Last Close

Volume Volume 913,303 is below 20-day average of 1,054,817 ahead of this earnings release. normal

Technical Shares at $0.4876 are trading below the $0.87 200-day moving average.

Peers on Argus

MSS gained 8.96% while peers were mixed: GO up 1.83% but WMK, DDL, IMKTA, and VLGEA declined, indicating a stock-specific move rather than a broad grocery sector trend.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 03	Digital asset purchase	Neutral	-3.3%	Announced purchase of 2.55M Worldcoin tokens for treasury initiative.
Sep 29	Convertible financing	Negative	+17.3%	$70M convertible note private placement to fund Worldcoin treasury plan.
Sep 22	Q1 2026 earnings	Negative	+1.2%	Q1 2026 revenues declined and swung from profit to net loss with margin compression.
Sep 11	Supply agreement	Positive	+0.0%	New distribution deal for premium Moutai liquor to expand Asian sourcing.
Aug 14	FY 2025 earnings	Positive	-1.7%	Reported 114% revenue growth and positive EBITDA and net income for FY 2025.

Pattern Detected

News — especially earnings and financing tied to digital assets — often saw price moves diverge from the apparent positive or negative tone of the headlines.

Recent Company History

Over recent months, MSS transitioned from strong FY 2025 growth and profitability to more challenging FY 2026 quarterly results, with margins pressured by inflation. The company added Lee Lee, closed underperforming locations, and launched a Worldcoin-focused digital asset treasury backed by convertible note financings. Prior earnings and financing updates often produced price reactions that did not clearly track headline strength, a backdrop for today’s weaker Q2 and six‑month figures.

Market Pulse Summary

The stock moved +7.2% in the session following this news. A strong positive reaction aligns with growing interest in MSS despite weaker Q2 and six‑month metrics, including lower gross margins and negative EBITDA. Past earnings and financing headlines often produced mixed price responses. Investors watching this move would weigh ongoing convertible note overhang, digital-asset related losses, and management’s plan to divest underperforming stores while pursuing disciplined acquisitions.

Key Terms

ebitda financial

"EBITDA for the second quarter was $(4.2) million compared to $0.7 million..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

gross margin financial

"Gross profit for the second quarter was $6.5 million, while gross margin was 23.4%."

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

digital asset financial

"loss on note conversion stemming from digital asset mark-to-market adjustments..."

A digital asset is a representation of value or rights that exists only in electronic form—like digital versions of cash, stocks, or collectibles kept in a virtual wallet. They are transferred and recorded using computer systems that make copying or tampering difficult, and can include currencies, tokenized shares, or unique digital items. Investors care because digital assets can offer new ways to diversify, trade and raise capital, but they also bring different risks around price swings, custody and regulation.

mark-to-market financial

"stemming from digital asset mark-to-market adjustments amid current crypto market volatility..."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

AI-generated analysis. Not financial advice.

MONTEREY PARK, CA / ACCESS Newswire / December 22, 2025 / Maison Solutions Inc. (NASDAQ:MSS) ("Maison Solutions" or the "Company"), a U.S.-based specialty grocery retailer offering traditional Asian and international food and merchandise, today announced financial results for the second quarter and six months ended October 31, 2025.

Management Commentary

John Xu, Chief Executive Officer of Maison Solutions commented: "Over the past few months, we've begun to activate our Worldcoin treasury initiative, made progress on our acquisition pipeline, and most importantly, taken initial steps to strengthen our financial profile. Our goal for the second half of the fiscal year is to further optimize our financial health. To that end, we plan to explore divesting our low performing stores and investments. While these potential divestitures may have a modest impact on our overall top-line results, we expect that the resulting margin and profitability improvements will be far more meaningful. Ultimately, our objective is to focus on operating profitable stores in California and Arizona."

"The acquisition of profitable grocery stores and related businesses remains a key component of our growth strategy. We are currently conducting ongoing due diligence on several stores to evaluate their suitability for acquisition. The stores we are reviewing are operating profitability, serve our target demographic customers, and would align with our overall objectives. In addition, we are exploring opportunities in food distribution businesses similar to Dai Chong Trading to further optimize supply chain operations. Our intention is to remain disciplined and strategic, focusing on profitable targets that strengthen our bottom-line and support long-term growth."

"As part of activating our Worldcoin and digital asset treasury strategy, investment in technology will be a long-term initiative. We believe technology will play a crucial role in enhancing operational efficiency and ultimately strengthen financial performance. Although the rollout of this strategy is intended to be phased over the long term, we are currently in early-stage discussions with some artificial intelligence and robotics company. We look forward to making meaningful progress toward our strategic goals and further optimizing our business and financial performance."

Second Quarter 2026 Financial Results

Total net revenues for the second quarter were $27.6 million compared to $29.4 million in the same period last fiscal year. The decrease was primarily driven by decreased sales of Maison Monterey Park and Maison Monrovia, partly offset by increased sales at Maison San Gabriel and Lee Lee stores.

Net revenues from perishable goods for the second quarter were $14.4 million compared to $15.1 million in the same period last fiscal year. Net revenues from non-perishable goods for the second quarter were $13.2 million compared to $14.2 million in the same period last fiscal year.

Total cost of revenues for the second quarter was $21.2 million compared to $21.5 million in the same period last fiscal year. The decrease was primarily from Maison Monrovia, Maison San Gabriel, and Maison Monterey Park, partly offset by increased cost of revenues from Lee Lee stores.

Gross profit for the second quarter was $6.5 million, while gross margin was 23.4%. Gross profit for the same period last fiscal year was $7.9 million, while gross margin was 26.9%. The decrease was primarily due to an increase in cost of goods sold due to inflation while keeping products' selling price at a constant level or with a minimum increase for certain products to remain competitive.

EBITDA for the second quarter was $(4.2) million compared to $0.7 million in the same period last fiscal year.

Net loss attributable to Maison Solutions for the second quarter was approximately $5.0 million, compared to a net loss of approximately $256,000 for the same period last fiscal year. The decrease was primarily driven by a $2.4 million loss on note conversion stemming from digital asset mark-to-market adjustments amid current crypto market volatility, along with lower revenues and increased operating expenses compared to the prior year period.

Six Month 2026 Financial Results

Total net revenues for the first six months of fiscal 2026 were $54.8 million compared to $57.5 million in the same period last fiscal year. The decrease was primarily due to decreased sales of the Company's California-based supermarkets due to high competition from nearby Asian supermarkets and decreased sales of Lee Lee stores.

Net revenues from perishable goods for the first six months of fiscal 2026 were $28.6 million compared to $29.6 million in the same period last fiscal year. Net revenues from non-perishable goods for the first six months of fiscal 2026 were $26.2 million compared to $28.0 million in the same period last fiscal year.

Total cost of revenues for the first six months of fiscal 2026 was $41.8 million compared to $41.5 million in the same period last fiscal year. The increase was primarily from Lee Lee stores partly offset by decreased cost of revenues from the Company's three California-based supermarkets.

Gross profit for the first six months of fiscal 2026 was $13.0 million, while gross margin was 23.7%. Gross profit for the same period last fiscal year was $16.0 million, while gross margin was 27.9%. The decrease was primarily due to the increased cost of goods sold due to inflation.

EBITDA for the first six months of fiscal 2026 was $(4.7) million compared to $2.4 million in the same period last fiscal year.

Net loss attributable to Maison Solutions for the first six months of fiscal 2026 was approximately $6.5 million, compared to a net income of approximately $445,000 for the same period last fiscal year. The decrease was primarily driven by a $2.4 million loss on note conversion stemming from digital asset mark-to-market adjustments amid current crypto market volatility during the second quarter, along with lower revenues and increased operating expenses compared to the prior year period.

For more information regarding Maison Solution's financial results, including financial tables, please see our Form 10-Q for the second quarter ended October 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on December 22, 2025. The Company's SEC filings can be found on the SEC's website at https://www.sec.gov/ or the Company's investor relations site at https://investors.maisonsolutionsinc.com/.

About Maison Solutions Inc.

Maison Solutions Inc. is a U.S.-based specialty grocery retailer offering traditional Asian food and merchandise, particularly to members of Asian-American communities. The Company is committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while also accounting for the new and faster-paced lifestyle of younger generations and the diverse makeup of the communities in which the Company operates. Since its formation in 2019, the Company has acquired equity interests in four traditional Asian supermarkets in the Los Angeles, California area, operating under the brand name HK Good Fortune, and three supermarkets in the Phoenix and Tucson, Arizona metro areas, operating under the brand name Lee Lee International Supermarket. To learn more about Maison Solutions, please visit the Company's website at www.maisonsolutionsinc.com. Follow us on LinkedIn and X.

Non-GAAP Financial Measures

As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of EBITDA, a non-GAAP financial measure, contained in this press release to the most directly comparable measure under GAAP, which reconciliations are set forth in the table below.

Maison Solutions Inc. uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA to enable it to analyze its performance and financial condition. EBITDA excludes items that may not be reflective of, or are unrelated to, the Company's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying business. Because EBITDA is a non-GAAP financial measure, other companies may calculate EBITDA differently, and therefore our measures may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA should only be used as a supplemental measure of our operating and financial performance.

		Six Months ended October 31,								Three Months ended October 31,
		2025				2024				2025				2024
Net income (loss)		$	(6,628,537	)		$	301,731			$	(4,971,886	)		$	(316,095	)
Interest expense			1,272,729				417,130				620,320				238,074
Income tax expense			231,867				1,189,765				(88,676	)			560,985
Depreciation and amortization expense			441,519				527,543				220,760				260,648
EBITDA		$	(4,682,422	)		$	2,436,169			$	(4,219,482	)		$	743,612

Cautionary Note Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC, copies of which are available on the SEC's website at www.sec.gov. Maison Solutions undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after the date of this release, except as required by law.

Investor Relations Contact:

Gateway Group, Inc.
+1-949-574-3860
MSS@gateway-grp.com

SOURCE: Maison Solutions, Inc.

View the original press release on ACCESS Newswire

FAQ

What were Maison Solutions (MSS) Q2 2026 revenues and how did they compare to Q2 2025?

Q2 2026 revenue was $27.6M, down from $29.4M in Q2 2025.

Why did Maison Solutions report a larger net loss in Q2 2026 (MSS)?

The larger Q2 2026 net loss (~$5.0M) was driven by a $2.4M loss on note conversion from digital asset mark-to-market adjustments plus lower revenues and higher operating expenses.

What is Maison Solutions' (MSS) plan for underperforming stores announced December 22, 2025?

Management said it plans to explore divesting low-performing stores to improve margins and focus on profitable locations in California and Arizona.

How did Maison Solutions' gross margin change in Q2 2026 and what was the Q2 gross margin?

Q2 gross margin fell to 23.4% from 26.9% a year earlier, a decline of about 350 basis points.

What strategic initiatives did Maison Solutions (MSS) disclose on December 22, 2025?

The company activated a Worldcoin treasury strategy, is pursuing acquisition targets, evaluating divestitures of low-performing stores, and exploring AI/robotics partnerships.