J-Star Announces Interim Financial Results for the First Six Months of 2025
Rhea-AI Summary
J-Star (Nasdaq: YMAT) reported unaudited results for the six months ended June 30, 2025. Revenue rose 30.7% to $10.6 million versus $8.1 million in 1H 2024, driven by strong growth in rackets and technical services. Gross margin fell to 26.9% from 30.2% as the company shifted business models in rackets. Operating income was $154,000 and profit after tax was $5,000. Operating expenses increased 47.6% on IPO-related and R&D costs. J-Star completed a $5.0 million IPO in July 2025 and reported cash and cash equivalents of $909,995 as of June 30, 2025.
The company highlighted product launches (company-owned pickleball brand, two paddles named Horizon and Supernova), a new premium components brand QO Bikes, and plans to build U.S. manufacturing capacity in Texas.
Positive
- Revenue +30.7% to $10.6M in 1H 2025
- IPO proceeds $5.0M completed in July 2025
- Cash +40% to $909,995 vs $649,106 at Dec 31, 2024
Negative
- Gross margin down 330 bps to 26.9% from 30.2%
- Operating expenses +47.6% to $2.7M, driven by IPO and R&D costs
- Profit after tax fell to $5,000 from $479,000 in 1H 2024
News Market Reaction 8 Alerts
On the day this news was published, YMAT gained 6.15%, reflecting a notable positive market reaction. Argus tracked a peak move of +44.5% during that session. Argus tracked a trough of -17.9% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $782K to the company's valuation, bringing the market cap to $14M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus 2 Up
YMAT was down 4.27% with light volume, while several Basic Materials peers also showed weakness (e.g., SNES -5.08%, CNEY -6.99%, BSLK -10.06%), though BON rose 1.7%, pointing to mixed, stock-specific moves rather than a uniform sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 16 | Nasdaq deficiency notice | Negative | -9.6% | Nasdaq notified YMAT of minimum bid price deficiency and cure timeline. |
| Dec 09 | Dual-class approval | Neutral | +9.1% | Shareholders approved dual-class structure and large increase in authorized capital. |
| Nov 17 | AGM announcement | Neutral | +1.1% | Company scheduled AGM to vote on share reorganization and governance changes. |
| Nov 03 | Product approval | Positive | -2.3% | USAPA approved Supernova pickleball paddle, supporting direct-to-consumer strategy. |
| Oct 20 | Strategic partnership | Positive | -8.6% | Company welcomed Nasdaq–Ho Chi Minh City IFC MoU as supportive of regional plans. |
Recent history shows negative price reactions to compliance/strategic announcements and mixed reactions to product and partnership news.
Over the last few months, J-Star has focused on governance, listing compliance, and brand-building. A Dec 12, 2025 Nasdaq minimum bid price notice led to a -9.59% move, highlighting listing risk. Shareholders approved a dual-class structure and capital increase on Dec 9, 2025, which saw a 9.07% reaction. Earlier, the company highlighted USAPA approval for its Supernova pickleball paddle and alignment with Vietnam’s IFC plans, both tied to its composites and pickleball growth strategy. Today’s first-half 2025 results extend that narrative with higher revenue but thinner margins and lower profitability.
Market Pulse Summary
The stock moved +6.2% in the session following this news. A strong positive reaction aligns with the company’s reported 30.7% revenue growth to $10.6 million, but past news has not always produced sustained gains. Earlier positive product and strategic updates sometimes saw negative follow-through, while governance and compliance items drew sharp moves. With shares at $0.65 versus a $6.45 52-week high and below the $1.80 200-day MA, historical volatility and recent Nasdaq bid-price issues could still influence how durable any rally becomes.
AI-generated analysis. Not financial advice.
TAICHUNG CITY, Taiwan, Dec. 18, 2025 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), a leading provider of innovative carbon fiber and composite solutions across a wide range of applications including personal sports equipment, healthcare products, automobile parts, resin systems, and research and development services, today announced its unaudited financial results for the six months ended June 30, 2025 (“First Half 2025”).
Financial and Business Highlights
- Revenue increased
30.7% to$10.6 million compared to$8.1 million for the same period last year - Gross margin of
26.9% compared to30.2% for the same period last year - Delivered net operating profit of
$154,000 and profit after income tax of$5,000 as the Company focused on launching its branded products and preparation for its Nasdaq Initial Public Offering - Significantly expanded in rackets, including launching YMA’s first company-owned pickleball brand
- Successfully completed Initial Public Offering in July 2025, raising
$5.0 million in gross proceeds
Comments from Sam Van, Chief Executive Officer of J-Star
“We are proud to have become a leading provider of innovative carbon fiber and composite solutions with products that have been endorsed by major brands and embraced by champions for over six decades. Our strong first half 2025 results are indicative of our ability to innovate toward high growth markets such as rackets, adapt to evolving market conditions in bikes, and execute with discipline. As a public company, we believe we are still in the early stages of a compelling growth journey.”
“Revenue of
“In the first half of 2025 we prepared for YMA’s launch of a line of in-house pickleball paddles as part of our direct-to-consumer strategy as we seek to capture our share of the world’s fastest growing sport, and we have since introduced the first two paddles – Horizon and Supernova. We also partnered up with cycling industry veterans to create a new premium carbon fiber components brand – QO Bikes. We are encouraged by the initial market response to both offerings. We are focusing on preparing the automation production line setup ahead of the planned facility in Texas over the coming months.”
“Looking ahead, we are focused on establishing our U.S.-based manufacturing capabilities, as part of our stated OEM strategy to develop capacity closer to our customers, particularly for the pickleball market. This strategy will enable us to improve inventory management, reduce transportation time, and lower our costs relative to competitors, as well as adding value to our customers through a ‘made in America’ approach.”
First Half 2025 Results
Total revenue for 1H 2025 was
Gross profit was
Total operating expenses were
Operating income was
Profit after income tax was
Cash and cash equivalents were
About J-Star Holding Co., Ltd.
J-Star (NASDAQ: YMAT) is a holding company with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan. J-Star’s predecessor group was established in 1970, and has accumulated over 50 years of know-how in material composites industry. J-Star develops and commercializes the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, J-Star is able to apply its expertise and technology to design and manufacture a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. Visit j-starholding.com and ymaunivers.com to learn more.
Forward Looking-Statements
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the final prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and J-Star specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Matt Chesler, CFA
FNK IR
646-809-2183
investor@j-starholding.com
| J-Star Holding Co., Ltd. and its Subsidiaries Interim Condensed Consolidated Balance Sheets Expressed in United States Dollars | ||||||||||
| As of June 30, | As of December 31, | |||||||||
| 2025 | 2024 | |||||||||
| Assets | Unaudited | Audited | ||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 909,995 | $ | 649,106 | ||||||
| Current financial assets at amortized cost | 611,427 | 574,391 | ||||||||
| Accounts receivable, net | 7,512,294 | 1,277,928 | ||||||||
| Accounts receivable due from related parties, net | 5,482,668 | 5,029,583 | ||||||||
| Other receivables | 1,762,648 | 1,952,834 | ||||||||
| Others receivables due from related parties | 805,527 | 526,882 | ||||||||
| Inventories, net | 830,461 | 555,680 | ||||||||
| Prepayments | 618,243 | 519,817 | ||||||||
| Prepayment to a related party | 2,110,639 | 0 | ||||||||
| Guarantee deposits - Current assets | 149,189 | 0 | ||||||||
| Deferred IPO Cost | 1,762,434 | 1,623,627 | ||||||||
| Current assets | 22,555,525 | 12,709,848 | ||||||||
| Non-current assets | ||||||||||
| Non-current financial assets at fair value through other comprehensive income | 1,789,804 | 1,789,804 | ||||||||
| Long-term receivables from related parties | 8,300,723 | 8,300,723 | ||||||||
| Property, plant, and equipment, net | 532,853 | 451,742 | ||||||||
| Right-of-use assets, net | 183,056 | 164,140 | ||||||||
| Intangible assets, net | 15,557 | 2,572 | ||||||||
| Deferred tax assets, net | 431,375 | 433,800 | ||||||||
| Guarantee deposits - Non-current assets | 59,064 | 133,390 | ||||||||
| Other non-current assets | 438,656 | 390,363 | ||||||||
| Non-current assets | 11,751,088 | 11,666,534 | ||||||||
| Total assets | $ | 34,306,613 | $ | 24,376,382 | ||||||
| Liabilities and Equity | ||||||||||
| Current liabilities | ||||||||||
| Short-term loans | $ | 13,173,145 | $ | 8,999,751 | ||||||
| Long-term loans due within one year | 516,444 | 42,478 | ||||||||
| Contract liabilities | 193,583 | 107,786 | ||||||||
| Accounts payable | 5,780,818 | 209,567 | ||||||||
| Other payables | 348,388 | 802,840 | ||||||||
| Current tax liabilities | 0 | 16,415 | ||||||||
| Current lease liabilities | 146,909 | 163,775 | ||||||||
| Other current liabilities | 26,422 | 28,235 | ||||||||
| Current liabilities | 20,185,709 | 10,370,847 | ||||||||
| Non-current liabilities | ||||||||||
| Long-term loans | 1,072,029 | 995,290 | ||||||||
| Deferred tax liabilities | 20,128 | 10,982 | ||||||||
| Non-current lease liabilities | 36,511 | 0 | ||||||||
| Non-current liabilities | 1,128,668 | 1,006,272 | ||||||||
| Total liabilities | 21,314,377 | 11,377,119 | ||||||||
| Equity | ||||||||||
| Equity attributable to owners of parent | ||||||||||
| Share capital | 7,881,444 | 7,881,444 | ||||||||
| Capital surplus | 7,913,602 | 7,847,746 | ||||||||
| Accumulated deficit | (3,232,143 | ) | (3,237,380 | ) | ||||||
| Accumulated other comprehensive income | 429,333 | 507,453 | ||||||||
| Total equity | 12,992,236 | 12,999,263 | ||||||||
| Total liabilities and equity | $ | 34,306,613 | $ | 24,376,382 | ||||||
| J-Star Holding Co., Ltd. and its Subsidiaries Unaudited Interim Condensed Consolidated Statements of Comprehensive Income Expressed in United States Dollars | ||||||||||
| For the six months ended June 30 | ||||||||||
| 2025 | 2024 | |||||||||
| Operating revenue | $ | 10,588,835 | $ | 8,098,739 | ||||||
| Cost of revenue | (7,740,725 | ) | (5,650,177 | ) | ||||||
| Gross profit from operations | 2,848,110 | 2,448,562 | ||||||||
| Operating expenses | ||||||||||
| Selling expenses | (607,807 | ) | (645,251 | ) | ||||||
| Administrative expenses | (1,620,373 | ) | (924,572 | ) | ||||||
| Research and development expenses | (466,351 | ) | (297,959 | ) | ||||||
| Reversal of expected credit losses | 0 | 42,537 | ||||||||
| Operating expenses | (2,694,531 | ) | (1,825,245 | ) | ||||||
| Net operating income | 153,579 | 623,317 | ||||||||
| Non-operating income and expenses | ||||||||||
| Other losses, net | (41,575 | ) | (10,109 | ) | ||||||
| Finance costs | (210,043 | ) | (448,432 | ) | ||||||
| Interest income | 75,150 | 21,331 | ||||||||
| Foreign exchange gains | 37,546 | 206,819 | ||||||||
| Non-operating expenses, net | (138,922 | ) | (230,391 | ) | ||||||
| Profit before income tax | 14,657 | 392,926 | ||||||||
| Income tax (expense) credit | (9,420 | ) | 86,343 | |||||||
| Profit (loss) after income tax | $ | 5,237 | $ | 479,269 | ||||||
| Components of other comprehensive income (loss) that will be reclassified to profit or loss | ||||||||||
| Exchange differences on translation of foreign operations | (78,120 | ) | (34,526 | ) | ||||||
| Total comprehensive income | $ | (72,883 | ) | $ | 444,743 | |||||
| Basic and diluted | ||||||||||
| Earnings per share | $ | 0.00 | $ | 0.03 | ||||||
FAQ
What did J-Star (YMAT) report for revenue in the first half of 2025?
How did J-Star's gross margin change in 1H 2025 for YMAT?
How much did J-Star raise in its July 2025 IPO (YMAT)?
What were J-Star's profits and operating income for 1H 2025 (YMAT)?
What strategic launches did J-Star announce that could affect YMAT revenue?
What is J-Star's plan for U.S. manufacturing for YMAT?
