$YMAT

J-Star Holding Co., Ltd.

CIK:0001875016|SEC Filings

Consolidated Statements of Comprehensive (Loss) Income - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Operating revenue	$ 9,926,519	$ 17,563,985	$ 23,777,952
Cost of revenue	(4,560,353)	(11,933,181)	(20,855,842)
Gross profit from operations	5,366,166	5,630,804	2,922,110
Operating expenses
Selling expenses	(1,303,173)	(1,240,422)	(1,167,991)
Administrative expenses	(4,558,449)	(2,608,919)	(1,822,574)
Research and development expenses	(879,393)	(677,390)	(737,363)
(Provision) reversal for allowance for expected credit loss	(19,247,269)	8,365	(81,842)
Operating expenses	(25,988,284)	(4,518,366)	(3,809,770)
Net operating (loss) income	(20,622,118)	1,112,438	(887,660)
Non-operating income and expenses
Other (loss) gains, net	(46,114)	207,568	909,346
Finance costs	(373,489)	(402,931)	(808,681)
Interest income	145,953	264,610	336,375
Disposal of investment gain			1,122,946
Foreign exchange gains (losses)	727,618	(71,960)	363,269
Non-operating income (expenses), net	453,968	(2,713)	1,923,255
(Loss) profit Before income tax	(20,168,150)	1,109,725	1,035,595
Income tax (expense) credit	(5,466)	(5,512)	383,048
(Loss) profit for the year	(20,173,616)	1,104,213	1,418,643
Components of other comprehensive (loss) income
Unrealized gains or losses from financial assets measured at fair value through other comprehensive (loss) income	(1,789,804)	(1,458)	833,587
Exchange differences on translation of foreign operations	(3,852)	(87,452)	(74,641)
Total comprehensive (loss) income	$ (21,967,272)	$ 1,015,303	$ 2,177,589
(Loss) earnings per share, Basic	$ (1.23)	$ 0.07	$ 0.09
(Loss) earnings per share, Diluted	$ (1.23)	$ 0.07	$ 0.09

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
(Loss) profit before tax	$ (20,168,150)	$ 1,109,725	$ 1,035,595
Adjustments to reconcile (loss) profit
Depreciation expenses of property, plant, and equipment	183,776	135,686	250,228
Depreciation expenses of right-of-use assets	184,816	203,138	718,635
Amortization expenses of intangible assets	20,898	16,122	17,655
Allowance for expected credit loss	19,247,269	(8,365)	81,842
Provision (reversal) for allowance for valuation loss of inventories	19,513	11,324	(37,569)
Share-based payment	87,808	131,712	131,712
Interest income	(145,953)	(264,610)	(336,375)
Interest expense	373,489	402,931	808,681
Changes in operating assets
Accounts receivable	(2,632,807)	1,022,077	1,700,993
Accounts receivable – related parties		(5,029,583)
Other receivables	136,032	12,374	266,750
Inventories	(494,201)	(379,402)	363,974
Prepayments	210,128	(266,049)	102,062
Other current asset			(1,083,570)
Other non-current assets			1,697,807
Changes in operating liabilities
Contract liabilities	(46,880)	(168,424)	(367,315)
Accounts payable	(28,613)	15,800	193,767
Other payables	137,694	280,537	(1,713,448)
Other current liabilities	(14,768)	(144,383)	3,700,296
Cash flows (used in) from operations	(2,929,949)	(2,919,390)	7,531,720
Interest received	145,953	264,610	336,375
Interest paid	(369,793)	(402,931)	(808,681)
Income tax paid	(5,248)	(15)	(20,764)
Net cash flows (used in) from operating activities	(3,159,037)	(3,057,726)	7,038,650
Cash flows from investing activities
Decrease (increase) in financial assets at amortized cost	119,258	(213,142)	234,394
(Increase) decrease in guarantee deposits	(8,974)	491,940	303,686
Repayment from (advances to) related parties	526,882	201,299	(9,028,904)
Advances to investee under financial assets at fair value through other comprehensive income	(3,771,038)
Acquisition of property, plant and equipment	(205,649)	(25,225)	(93,510)
Acquisition of intangible assets	(180,796)	(6,937)	(16,812)
Proceeds from disposal of land use rights			1,093,203
Proceeds from disposal of subsidiaries		1,363,127	1,744,168
Acquisition of financial assets at fair value through other comprehensive (loss) income			(2,807,668)
Net cash flows (used in) from investing activities	(3,520,317)	1,811,062	(8,571,443)
Cash flows from financing activities
Proceeds from short-term bank loans		2,034,824	636,035
Proceeds from short-term loans from a related party	8,249,052
Payments on short-term bank loans	(5,868,457)
Payment on lease liabilities	(180,327)	(205,321)	(206,147)
Proceeds from long-term bank loans	1,070,449	482,284	642,467
Payments for long-term bank loans	(411,018)	(421,063)	(709,416)
Proceeds from issuance of shares	4,890,000
Deferred IPO Cost	(1,163,807)	(480,251)	(1,143,376)
Net cash flows from (used in) financing activities	6,585,892	1,410,473	(780,437)
Effect of foreign exchange rate changes	(457,975)	(74,165)	(76,416)
Net (decrease) increase in cash	(551,437)	89,644	(2,389,646)
Cash and cash equivalents at beginning of year	649,106	559,462	2,949,108
Cash and cash equivalents at end of year	$ 97,669	$ 649,106	$ 559,462

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 97,669	$ 649,106
Current financial assets at amortized cost	455,133	574,391
Accounts receivable, net	3,578,974	1,277,928
Accounts receivable due from related parties, net		5,029,583
Other receivables	2,638	1,952,834
Other receivables due from related parties		526,882
Inventories, net	1,030,368	555,680
Prepayments	309,689	519,817
Deferred IPO Cost		1,623,627
Guarantee deposits - Current assets	135,012
Current assets	5,609,483	12,709,848
Non-current assets
Non-current financial assets at fair value through other comprehensive income		1,789,804
Long-term receivables from related parties		8,300,723
Property, plant, and equipment, net	463,389	451,742
Right-of-use assets, net	81,350	164,140
Intangible assets, net	162,470	2,572
Deferred tax assets, net	425,100	433,800
Guarantee deposits	7,352	133,390
Other non-current assets	408,032	390,363
Non-current assets	1,547,693	11,666,534
Total assets	7,157,176	24,376,382
Current liabilities
Short-term loans	2,741,552	8,999,751
Short-term loans from a related party	8,249,052
Long-term loans due within one year	624,620	42,478
Contract liabilities	60,906	107,786
Accounts payable	180,954	209,567
Other payables	941,159	802,840
Current tax liabilities	9,198	16,415
Current lease liabilities	82,078	163,775
Other current liabilities	13,467	28,235
Current liabilities	12,902,986	10,370,847
Non-current liabilities
Long-term loans	1,027,638	995,290
Deferred tax liabilities	4,187	10,982
Non-current liabilities	1,031,825	1,006,272
Total liabilities	13,934,811	11,377,119
(Deficit) equity attributable to owners of parent
Ordinary share		7,881,444
Capital surplus	9,319,370	7,847,746
Accumulated deficit	(24,346,913)	(3,237,380)
Accumulated other comprehensive (loss) income	(350,286)	507,453
Total (deficit) equity	(6,777,635)	12,999,263
Total liabilities and (deficit) equity	7,157,176	24,376,382
Class A [member]
(Deficit) equity attributable to owners of parent
Ordinary share	5,551,602
Class B [member]
(Deficit) equity attributable to owners of parent
Ordinary share	$ 3,048,592