Executive Summary
Marwynn Holdings reported a modest Q4 2024 with a low but positive net income and a meaningful EBITDA contribution on a small revenue base. Revenue for the quarter was $2.70 million, down 5.5% year-over-year but up 2.0% on a sequential basis. The company posted EBITDA of $0.353 million and a positive operating outcome of $2 thousand, underscoring limited operating leverage given the scale, yet improving sequential profitability from Q3. Net income was $23 thousand, reflecting a tax line benefit that helped convert a marginal operating result into net income support. Free cash flow remained positive at $0.347 million for the quarter, driven by operating cash flow of $0.402 million, modest capital expenditure, and working-capital dynamics. The liquidity profile shows meaningful leverage in working capital (very high inventory days) alongside a low current ratio (~1.17) and a very small cash ratio (~0.034), signaling near-term liquidity risk despite positive quarterly cash flow. Valuation remains demanding given the small scale: P/S around 27x, P/B ~30x, and EV/FCF well above 200x. Absent a formal earnings-call transcript in the dataset, management commentary is not captured here; however, near-term drivers likely hinge on revenue growth execution, margin discipline, and working-capital optimization. Investors should monitor whether MWYN can translate the EBITDA margin (~13.05% in Q4) into sustained operating leverage and whether cash flow reliability improves as the business scales.
Key Performance Indicators
QoQ: -11.23% | YoY:-18.30%
QoQ: 105.79% | YoY:-99.49%
QoQ: 120.48% | YoY:-91.63%
Key Insights
Revenue: $2,704,760 in Q4 2024, down -5.5% YoY and up +2.0% QoQ. Gross Profit: $1,117,775; gross margin 41.33%. Operating Income: $2,049; operating margin 0.08%. EBITDA: $352,973; EBITDA margin 13.05%. Net Income: $23,418; net margin 0.87%. EPS: $0.0014; diluted EPS $0.0014. YoY/QoQ trend highlights: Revenue YoY -5.48%, QoQ +2.02%; Gross Profit YoY -18.30%, QoQ -11.23%; Operating Income YoY -99.49%, QoQ +105.79%; Net Income YoY -91.63%, QoQ +120.48%; EPS YoY -91.52%, QoQ N/A. Cash Flow: Operatin...
Financial Highlights
Revenue: $2,704,760 in Q4 2024, down -5.5% YoY and up +2.0% QoQ. Gross Profit: $1,117,775; gross margin 41.33%. Operating Income: $2,049; operating margin 0.08%. EBITDA: $352,973; EBITDA margin 13.05%. Net Income: $23,418; net margin 0.87%. EPS: $0.0014; diluted EPS $0.0014. YoY/QoQ trend highlights: Revenue YoY -5.48%, QoQ +2.02%; Gross Profit YoY -18.30%, QoQ -11.23%; Operating Income YoY -99.49%, QoQ +105.79%; Net Income YoY -91.63%, QoQ +120.48%; EPS YoY -91.52%, QoQ N/A. Cash Flow: Operating cash flow $401,829; Free cash flow $346,805; Capex $55,024; Net change in cash +$171,286 for the quarter. Liquidity: Current ratio 1.173; Quick ratio 0.399; Cash ratio 0.0343. DSO 36.54 days; DIO 296.58 days; DPO 204.77 days; CCC 128.35 days. Balance sheet signals: Debt ratio 0.361; Total debt to capitalization 0.654; Long-term debt to capitalization 0.0147; Interest coverage 1.168. Valuation: Price/Book 30.44x; Price/Sales 27.03x; EV/FCF 210.83x; EV/OCF 181.96x; P/E 780.57x.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.70M |
-5.48% |
2.02% |
| Gross Profit |
1.12M |
-18.30% |
-11.23% |
| Operating Income |
2.05K |
-99.49% |
105.79% |
| Net Income |
23.42K |
-91.63% |
120.48% |
| EPS |
0.00 |
-91.52% |
N/A |
Key Financial Ratios
operatingProfitMargin
0.08%
operatingCashFlowPerShare
$0.02
freeCashFlowPerShare
$0.02
priceEarningsRatio
780.57
Management Commentary
Earnings-call transcript not available in the provided dataset. As a result, no management quotes or thematic summaries from an earnings call could be extracted for QQ4 2024. The analysis proceeds with the disclosed financials and quarter-to-quarter trends; readers should anticipate management commentary on revenue catalysts, cost controls, and working-capital optimization in a formal release or subsequent calls.
Not available in transcript data.
— N/A
Not available in transcript data.
— N/A
Forward Guidance
No formal management guidance is provided in the supplied data. In a small-cap packaged foods/consumer-defensive context, the key uncertainty is whether MWYN can scale revenue meaningfully while sustaining EBITDA margins above mid-teens and improving cash conversion. Factors likely to influence outlook: (1) revenue growth execution across subsidiaries FuAn Enterprise Inc and Grand Forest Cabinetry Inc; (2) cost discipline and SG&A efficiency as scale expands; (3) working capital management given elevated inventory days; (4) commodity and logistics costs affecting COGS and margins; (5) potential strategic partnerships or acquisitions that could accelerate top-line growth. Given the current margin profile (~13% EBITDA margin on $2.7–$3.0M quarterly revenue historically) and liquidity metrics, a cautious, data-driven path to improved profitability would require material revenue ramp or sustained cost leverage. Investors should monitor quarterly calls for explicit targets on revenue growth rate, margin progression, and capital-allocation priorities.