Executive Summary
Maison Solutions Inc (MSS) reported for QQ3 2024 a strong year-over-year revenue expansion to $34.15 million, up from roughly $13.60 million a year earlier, supported by a gross margin of 22.08% and an operating margin of 3.26%. Net income reached $1.01 million with earnings per share of $0.058, reflecting a materially improved bottom line on a YoY basis (net income up ~284%). EBITDA stood at $1.52 million (EBITDA margin ~4.46%). The quarter also demonstrated cash generation from operations of $1.68 million and free cash flow of approximately $1.66 million, underscoring core cash generation despite a leveraged balance sheet. However, liquidity remains tight, as evidenced by a current ratio of 0.57 and a cash balance of about $0.445 million against total debt of ~$50.83 million, a debt-to-equity profile of ~4.25x, and a high reliance on long-lived assets (PPE, goodwill) to support operations. The company reduced debt modestly through financing activity in the period, but financing cash outflows remained evident (net financing cash flow about -$1.568 million). Management commentary or earnings call transcripts are not provided in the available data, limiting direct quotes from executives for QQ3 2024.
Key Performance Indicators
QoQ: 10.09% | YoY:151.13%
QoQ: -7.48% | YoY:136.58%
QoQ: 66.00% | YoY:462.82%
QoQ: 495.21% | YoY:284.31%
QoQ: 494.56% | YoY:304.95%
Key Insights
Revenue: $34.149M, YoY +151.13%, QoQ +10.09%
Gross Profit: $7.541M, Gross Margin 22.08%, YoY +136.58%, QoQ -7.48%
Operating Income: $1.114M, Margin 3.26%, YoY +462.82%, QoQ +66.00%
Net Income: $1.012M, Net Margin 2.96%, YoY +284.31%, QoQ +495.21%
EPS: $0.058, Diluted $0.058, YoY +304.95%, QoQ +494.56%
EBITDA: $1.523M, EBITDA Margin 4.46%
Interest Expense: $0.269M; Depreciation & Amortization: $0.252M
Cash Flow: Operating cash flow $1.679M; Free cash flow $1.658M; Net change in cash $0.090M; ...
Financial Highlights
Revenue: $34.149M, YoY +151.13%, QoQ +10.09%
Gross Profit: $7.541M, Gross Margin 22.08%, YoY +136.58%, QoQ -7.48%
Operating Income: $1.114M, Margin 3.26%, YoY +462.82%, QoQ +66.00%
Net Income: $1.012M, Net Margin 2.96%, YoY +284.31%, QoQ +495.21%
EPS: $0.058, Diluted $0.058, YoY +304.95%, QoQ +494.56%
EBITDA: $1.523M, EBITDA Margin 4.46%
Interest Expense: $0.269M; Depreciation & Amortization: $0.252M
Cash Flow: Operating cash flow $1.679M; Free cash flow $1.658M; Net change in cash $0.090M; Cash at end of period $0.445M
Balance Sheet: Total assets $82.75M; Total liabilities $70.73M; Total debt $50.83M; Net debt $50.38M; Cash $0.445M; Total stockholders’ equity $11.96M; Working capital negative; Current ratio 0.571; Quick ratio 0.173; Inventory $10.657M; Inventory days ~36.1; Receivables days ~1.6; Debt to capitalization ~0.810; Debt to equity ~4.25; P/B 1.606; P/S 0.562; P/E 4.74; Enterprise value multiple ~45.68
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
34.15M |
151.13% |
10.09% |
| Gross Profit |
7.54M |
136.58% |
-7.48% |
| Operating Income |
1.11M |
462.82% |
66.00% |
| Net Income |
1.01M |
284.31% |
495.21% |
| EPS |
0.06 |
304.95% |
494.56% |
Key Financial Ratios
operatingProfitMargin
3.26%
operatingCashFlowPerShare
$0.1
freeCashFlowPerShare
$0.1
Management Commentary
No earnings call transcript provided in the data. As a result, management quotes and insights from an QQ3 2024 call are not available. If a transcript becomes accessible, this section should capture themes such as strategy execution (growth channels, store footprint, and online strategy), operational efficiency initiatives, supply chain dynamics, and commentary on liquidity/deleveraging plans.
Forward Guidance
No formal forward guidance was included in the supplied financial filing data. Given the revenue lift in QQ3 2024 and continued cash generation in operations, near-term catalysts would likely include: (1) incremental deleveraging of the balance sheet to improve liquidity ratios, (2) optimization of working capital (inventory and payables management) to sustain free cash flow, (3) potential expansion of online or CA-based store footprint, and (4) margin resilience amid competitive pricing. Investors should monitor management’s cadence on debt reduction, any capex plans, and any quarterly cadence updates to revenue mix (grocery vs. non-grocery components) that could affect profitability.