J-Star Holding Co., Ltd. (Nasdaq: YMAT) shows H1 2025 revenue growth but EPS at $0.00

Rhea-AI Filing Summary

J-Star Holding Co., Ltd. reported unaudited results for the six months ended June 30, 2025, showing higher sales but much weaker profitability. Operating revenue rose to $10,588,835 from $8,098,739, and gross profit increased to $2,848,110, but operating expenses jumped, especially administrative and research and development costs, which together weighed heavily on earnings.

Net operating income dropped to $153,579 from $623,317, and after non-operating items and taxes, profit after income tax fell sharply to just $5,237 compared with $479,269 a year earlier, with basic and diluted earnings per share at $0.00 versus $0.03. Total assets increased to $34,306,613, driven by higher receivables and current assets, but total liabilities also rose to $21,314,377, mainly due to larger short-term loans and accounts payable, leaving total equity essentially flat at $12,992,236.

Positive

• None.

Negative

• Profitability deteriorated sharply: profit after income tax fell to $5,237 from $479,269, and earnings per share declined to $0.00 from $0.03.
• Higher leverage and payables: total liabilities nearly doubled to $21,314,377, with short-term loans rising to $13,173,145 and accounts payable increasing to $5,780,818.

Insights

Equity research analyst

Revenue grew, but sharply higher costs and debt pushed J-Star to near break-even.

J-Star generated operating revenue of $10,588,835 for the six months ended June 30, 2025, up from $8,098,739. Gross profit improved to $2,848,110, but operating expenses climbed to $2,694,531, driven by higher administrative and research and development spending. As a result, net operating income fell to $153,579 from $623,317, indicating that growth is currently not translating into stronger operating earnings.

Below the operating line, non-operating expenses, net, were $138,922, and profit after income tax dropped to just $5,237 compared with $479,269 in the prior-year period, with earnings per share at $0.00 versus $0.03. On the balance sheet, total assets rose to $34,306,613, but total liabilities also increased to $21,314,377, including short-term loans of $13,173,145. This mix of higher leverage, thin profitability, and a small comprehensive loss of $72,883 suggests elevated earnings risk until costs and financing burdens are better aligned with revenue.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025.

Commission File Number 001-42767

J-Star Holding Co., Ltd.

(Translation of registrant’s name into English)

7/F-1, No. 633, Sec. 2, Taiwan Blvd.,

Xitun District, Taichung City 407,

Taiwan (R.O.C.)

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F

J-Star Holding Co., Ltd. Announces Unaudited Interim 2025 Financial Results

J-Star Holding Co., Ltd. (“J-Star” or the “Company”) (Nasdaq: YMAT), a company which develops and commercializes the technology on carbon reinforcement and resin systems and with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan, today announced its unaudited financial results for the six months ended June 30, 2025.

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				-
Guarantee deposits - Current assets			149,189				-
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			-				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				-
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

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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			-				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 after income tax		$	5,237			$	479,269
Components of other comprehensive loss that will be reclassified to profit or loss
Exchange differences on translation of foreign operations			(78,120)				(34,526)
Total comprehensive (loss) income		$	(72,883	)		$	444,743
Basic and diluted
Earnings per share		$	0.00			$	0.03

Safe Harbor Statements

This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as J-Star’s strategic and operational plans, contain forward-looking statements. J-Star may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about J-Star’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business; the risk that we may be unable to realize our anticipated growth strategies and expected internal growth; its future business development, results of operations and financial condition; changes in the availability and cost of professional staff which we require to operate our business; changes in customers’ preferences and needs; changes in competitive conditions and our ability to compete under such conditions; changes in our future capital needs and the availability of financing and capital to fund such needs; changes in currency exchange rates or interest rates; projections of revenue, earnings, capital structure and other financial items; changes in our plan to enter into certain new business sectors; and other factors beyond our control. Further information regarding these and other risks is included in J-Star’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and J-Star undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Other Information

On December 18, 2025, the Company issued a press release entitled “J-Star Announces Interim Financial Results for the First Six Months of 2025.” A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release dated December 18, 2025

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 18, 2025	J-Star Holding Co., Ltd.
	By:	/s/ Sam Van
	Name:	Sam Van
	Title:	Chief Executive Officer

4

FAQ

How did J-Star Holding Co., Ltd. (YMAT) perform in the first half of 2025?

For the six months ended June 30, 2025, J-Star recorded operating revenue of $10,588,835 and profit after income tax of only $5,237, compared with $8,098,739 in revenue and $479,269 in profit a year earlier.

What were J-Star Holding Co., Ltd. (YMAT) earnings per share for the period?

Basic and diluted earnings per share for the six months ended June 30, 2025 were $0.00, down from $0.03 for the same period in 2024.

How did J-Star Holding Co., Ltd. (YMAT) revenues and gross profit change year over year?

J-Star’s operating revenue increased from $8,098,739 to $10,588,835, and gross profit rose from $2,448,562 to $2,848,110 for the six months ended June 30, comparing 2024 and 2025.

What were the key cost and expense drivers for J-Star Holding Co., Ltd. (YMAT) in early 2025?

For the six months ended June 30, 2025, J-Star reported cost of revenue of $7,740,725 and operating expenses of $2,694,531, including $1,620,373 in administrative and $466,351 in research and development expenses.

What does J-Star Holding Co., Ltd.’s (YMAT) balance sheet look like as of June 30, 2025?

As of June 30, 2025, J-Star reported total assets of $34,306,613 and total liabilities of $21,314,377, resulting in total equity of $12,992,236.

Did J-Star Holding Co., Ltd. (YMAT) report any comprehensive income or loss?

For the six months ended June 30, 2025, J-Star reported a total comprehensive loss of $72,883, mainly reflecting an exchange difference on translation of foreign operations of -$78,120.