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J-Star Holding Co., Ltd.
(NASDAQ:YMAT)
J-Star Holding Co., Ltd. (YMAT) vs. SPDR S&P 500 ETF (SPY)
J-Star Holding Co., Ltd. Business Overview & Revenue Model
J-Star Holding Co., Ltd. Financial Statement Overview
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.56M | 23.78M | 39.38M | 31.33M | 22.18M |
| Gross Profit | 5.63M | 2.92M | 9.08M | 8.99M | 7.36M |
| EBITDA | 1.87M | 2.36M | 3.54M | 1.61M | 2.78M |
| Net Income | 1.10M | 1.42M | 124.31K | -132.90K | 1.11M |
Balance Sheet | |||||
| Total Assets | 24.38M | 21.09M | 40.74M | 40.43M | 28.59M |
| Cash, Cash Equivalents and Short-Term Investments | 649.11K | 559.46K | 2.95M | 3.12M | 2.11M |
| Total Debt | 10.20M | 8.05M | 11.16M | 7.27M | 4.60M |
| Total Liabilities | 11.38M | 9.24M | 30.84M | 31.15M | 19.37M |
| Stockholders Equity | 13.00M | 11.85M | 9.90M | 9.27M | 9.22M |
Cash Flow | |||||
| Free Cash Flow | -3.09M | 6.93M | 2.82M | -1.82M | -421.54K |
| Operating Cash Flow | -3.06M | 7.04M | 4.04M | -539.22K | 237.73K |
| Investing Cash Flow | 1.81M | -8.57M | -2.02M | -895.93K | -1.24M |
| Financing Cash Flow | 1.41M | -780.44K | -2.03M | 2.92M | 860.47K |
J-Star Holding Co., Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $68.15M | 36.80 | 5.08% | ― | 0.18% | -54.25% | |
56 Neutral | $7.51M | 11.78 | 8.89% | ― | 11.79% | -65.99% | |
56 Neutral | $62.84M | -23.17 | ― | ― | 11013.00% | 39.85% | |
48 Neutral | $441.00M | -9.46 | -9.27% | ― | 675.75% | 42.00% | |
43 Neutral | $6.37M | -0.10 | -43.37% | ― | 61.85% | 49.02% |
J-Star Holding Co., Ltd. Corporate Events
On January 22, 2026, J-Star Holding Co., Ltd. disclosed that it has filed formal complaints against PwC with the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board, alleging that PwC misrepresented its qualifications during J-Star’s Nasdaq IPO process, causing delays and additional costs and ultimately forcing the company to replace PwC after authorities questioned the auditor’s 2025 financial statements for IPO purposes. Chairman Jonathan Chiang said J‑Star opted not to bring the matter before Taiwan’s Financial Supervisory Commission, citing concerns over the regulator’s independence due to a former FSC deputy chairman now holding a senior role at PwC Taiwan, and emphasized that the company views accountability and rigorous regulatory review as critical to protecting shareholders and maintaining capital market integrity as the U.S. investigations proceed.
The most recent analyst rating on (YMAT) stock is a Hold with a $0.60 price target. To see the full list of analyst forecasts on J-Star Holding Co., Ltd. stock, see the YMAT Stock Forecast page.
On January 14, 2026, J-Star Holding Co., Ltd. announced it had signed a memorandum of understanding with Patriot Technology Responsibilities (PSSB), an industrial solutions provider that owns a proprietary, patented next-generation solid-state battery technology, to collaborate on the development of high-ion conductivity resin systems for advanced, lightweight batteries. The initiative aims to produce batteries initially for drones and later for electric bikes and other electric mobility and automotive uses, potentially expanding J-Star’s addressable market beyond sports and recreation into the broader e-mobility sector and deepening its ties with Taiwan’s technology ecosystem through PSSB’s links to the government-backed Industrial Technology Research Institute, thereby reinforcing the company’s strategic positioning in high-performance materials for emerging battery and mobility applications.
The most recent analyst rating on (YMAT) stock is a Hold with a $0.68 price target. To see the full list of analyst forecasts on J-Star Holding Co., Ltd. stock, see the YMAT Stock Forecast page.
On January 6, 2026, J-Star Holding Co., Ltd. announced a strategic plan to substantially exit its China operations and redirect resources to expansion in the United States, automation-driven manufacturing, and innovation-led growth, aligning with a wider trend of multinationals reducing exposure to China amid heightened geopolitical and regulatory risk. The company will transition away from China-focused OEM manufacturing toward proprietary design and R&D, develop its first automated production line in the U.S. to improve efficiency and supply-chain resilience, adopt a more asset-light model using third-party manufacturers, write off about US$1.7 million in two minority China manufacturing investments, dissolve its inactive wholly owned China subsidiary Bohong Technology Jiangsu, and retain Dongguan Changrong only for limited trading during the transition—moves management says are intended to strengthen J-Star’s risk profile, operational flexibility, and long-term growth prospects in key markets, particularly the U.S., while enhancing shareholder value.
The most recent analyst rating on (YMAT) stock is a Hold with a $0.72 price target. To see the full list of analyst forecasts on J-Star Holding Co., Ltd. stock, see the YMAT Stock Forecast page.
On December 23, 2025, J-Star Holding Co., Ltd. announced that its urban mobility brand LITZMO has introduced the ER-01, which it describes as one of the world’s first carbon fiber fat-tire electric assist bicycles and the brand’s first model of this type. The ER-01 features a fully carbon fiber frame, fork, and handlebar, giving the e-bike a total weight of about 27 kg, which positions it among the lightest in its segment, while its fat tires target enhanced stability and comfort for city riders. The bike offers up to 100 km of range with a hub motor and removable battery, a maximum assisted speed of 25 km/h, and is integrated with LITZMO’s SMART Z app for location tracking, battery monitoring, ride history, anti-theft functions, and motion alerts, reinforcing the brand’s emphasis on smart, connected mobility. Available in three distinct finishes—Ink Green, Pure Black, and Drift Blue—the launch broadens LITZMO’s growing e-bike lineup and underscores J-Star’s strategy of using advanced carbon fiber technology to differentiate in the competitive urban e-mobility market and deepen its presence in premium, design-led city transportation solutions.
The most recent analyst rating on (YMAT) stock is a Hold with a $0.72 price target. To see the full list of analyst forecasts on J-Star Holding Co., Ltd. stock, see the YMAT Stock Forecast page.
On December 11, 2025, J-Star Holding Co., Ltd.’s board of directors approved and made effective a 2025 Equity Incentive Plan that authorizes the company to issue up to 3,354,075 Class A ordinary shares through a range of equity awards, including options, share appreciation rights, restricted shares, restricted share units, performance units and performance shares to employees, directors and consultants. At the same time, the company confirmed it is relying on the Nasdaq home-country rule exemption applicable to Cayman Islands issuers to opt out of Nasdaq Rule 5635’s shareholder-approval requirements for certain equity issuances, a move that gives J-Star greater flexibility and speed in granting equity-based compensation and conducting qualifying share issuances, though it also means investors will have less direct say over future dilutive transactions than is typical for U.S. domestic issuers.
The most recent analyst rating on (YMAT) stock is a Hold with a $0.72 price target. To see the full list of analyst forecasts on J-Star Holding Co., Ltd. stock, see the YMAT Stock Forecast page.
On December 18, 2025, J-Star Holding Co., Ltd. reported unaudited results for the first half of 2025, showing revenue of $10.6 million for the six months ended June 30, 2025, up 30.7% year on year, driven by roughly fivefold growth in rackets and technical services that more than offset deliberate reductions in lower-margin bicycle volumes and weaker crank sales. Gross profit rose to $2.8 million but gross margin slipped to 26.9% from 30.2% as the company shifted its racket business model and prepared to exit China OEM production, while higher administrative and R&D costs linked to its Nasdaq listing, the launch of premium bike brand QO Bikes and automation work for a planned Texas factory pushed operating income down to $154,000 and net profit after tax to just $5,000; nonetheless, management highlighted the successful $5 million IPO in July 2025, the roll-out of in-house pickleball paddle brand YMA and early steps toward U.S. manufacturing as key strategic moves to reposition the group for higher-growth, higher-value markets.
On December 12, 2025, J-Star Holding Co., Ltd. received a notification from Nasdaq regarding a deficiency in meeting the minimum bid price requirement of $1 per share for its Class A ordinary shares. The company has been given a compliance period until June 10, 2026, to rectify this issue by ensuring the share price meets the requirement for at least ten consecutive business days. If compliance is not achieved within this period, J-Star may qualify for an additional 180-day grace period, provided it meets other listing standards. The announcement does not result in immediate delisting, and the shares will continue trading under the symbol ‘YMAT’. J-Star is actively exploring options to regain compliance, although there is no assurance of success.
On December 9, 2025, J-Star Holding Co., Ltd. held a General Meeting where shareholders approved five proposals, including a reorganization of the company’s share capital and the adoption of a dual class share structure. This restructuring involves reclassifying existing shares into Class A and Class B shares, with Class B shares carrying ten votes each, and increasing the authorized share capital to accommodate new shares. These changes are expected to enhance the company’s governance flexibility and align with its strategic objectives, potentially impacting its market positioning and shareholder dynamics.
J-Star Holding Co., Ltd. announced a general meeting of shareholders scheduled for December 9, 2025, where several key resolutions will be voted on. These include a reorganization of the company’s share capital, an increase in authorized share capital, adoption of a new memorandum and articles of association, and a proposal for the repurchase and issuance of shares involving New Moon Corporation and Mr. Jing-Bin Chiang. The board recommends shareholders vote in favor of all proposals, which aim to restructure the company’s capital and governance framework.