Executive Summary
Overview: Marwynn Holdings Inc (MWYN) delivered Q3 2024 results with revenue of $2.65 million and a gross profit of $1.26 million, yielding a gross margin of 47.5%. Despite a positive EBITDA of $0.31 million, the company recorded a net loss of $0.11 million and an operating loss of $0.035 million. The quarter generated positive operating cash flow of $0.304 million and free cash flow of $0.307 million, yet financing activities consumed $0.548 million, resulting in a net cash decrease to $0.0605 million at period end. Liquidity remains tight (cash ratio of 0.01) despite a modest current ratio (1.20) and meaningful leverage (debt-to-capitalization 66.5%; debt ratio 0.399).
Key Performance Indicators
QoQ: -6.73% | YoY:-14.09%
QoQ: 84.59% | YoY:-125.50%
QoQ: 65.19% | YoY:-245.75%
Key Insights
Revenue: $2,651,195; YoY: -14.09%; QoQ: -6.73%
Gross Profit: $1,259,122; YoY: +4.81%; QoQ: -9.94%
Operating Income: -$35,408; YoY: -125.50%; QoQ: +84.59%
Net Income: -$114,369; YoY: -245.75%; QoQ: +65.19%
EBITDA: $311,484; EBITDA margin: 11.75%
Gross Margin: 47.49%; Operating Margin: -1.34%; Net Margin: -4.31%
EPS: not reported; Weighted Avg Shares: 17,004,004
Cash Flow: Operating CF $304,068; Free Cash Flow $307,320; Ending Cash $60,548; Cash burn from financing $-548,474; Net change in cash -$...
Financial Highlights
Revenue: $2,651,195; YoY: -14.09%; QoQ: -6.73%
Gross Profit: $1,259,122; YoY: +4.81%; QoQ: -9.94%
Operating Income: -$35,408; YoY: -125.50%; QoQ: +84.59%
Net Income: -$114,369; YoY: -245.75%; QoQ: +65.19%
EBITDA: $311,484; EBITDA margin: 11.75%
Gross Margin: 47.49%; Operating Margin: -1.34%; Net Margin: -4.31%
EPS: not reported; Weighted Avg Shares: 17,004,004
Cash Flow: Operating CF $304,068; Free Cash Flow $307,320; Ending Cash $60,548; Cash burn from financing $-548,474; Net change in cash -$241,154
Working Capital Metrics: DSO 27.84 days; DIO 290.65 days; DPO 150.27 days; Cash Conversion Cycle 168.23 days
Liquidity & Leverage: Current Ratio 1.20; Quick Ratio 0.42; Cash Ratio 0.01; Debt to Capitalization 0.665; Debt to Equity 1.986; Interest Coverage -2.12
Asset Efficiency: Asset Turnover 0.224; Receivables Turnover 3.23; Inventory Turnover 0.310; Fixed Asset Turnover 0.579; Equity Multiplier 4.97
Valuation Indicators: Price-to-Book ~30.74x; Price-to-Sales ~27.58x; Price-to-FCF ~238x; EV/Revenue not disclosed; No peers identified in dataset
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.65M |
-14.09% |
-6.73% |
| Gross Profit |
1.26M |
4.81% |
-9.94% |
| Operating Income |
-35.41K |
-125.50% |
84.59% |
| Net Income |
-114.37K |
-245.75% |
65.19% |
Key Financial Ratios
operatingProfitMargin
-1.34%
operatingCashFlowPerShare
$0.02
freeCashFlowPerShare
$0.02
priceEarningsRatio
-159.83
Management Commentary
Note: No earnings call transcript was provided in the dataset. As a result, management quotes and thematic highlights from an earnings call are not available. Once transcript data is supplied, a Themes-by-Section synthesis (Strategy, Operations, Market Conditions) with direct quotes and their significance should be added here.
Forward Guidance
Guidance clarity: The dataset does not include explicit forward-looking targets or formal guidance from management for MWYN. In the absence of stated targets, the analysis relies on trailing results and structural considerations. Assessment: To reach sustained profitability, MWYN would likely need a combination of revenue acceleration and tighter cost control. Potential catalysts include: (1) revenue growth from the FuAn Enterprise and Grand Forest Cabinetry platforms through scale, cross-selling, and market expansion; (2) continued optimization of working capital to shorten the cash conversion cycle; (3) targeted SG&A reductions or productivity improvements to bring operating margins closer to breakeven. Sensitivity to macro headwinds (commodity costs, freight, and FX) and leverage dynamics will be key. Monitoring points: quarterly revenue trajectory, gross margin stability, working capital days, debt repayments and financing arrangements, and any disclosed interim milestones or cost-reduction initiatives.