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
Revenue
Increasing
34.15M
QoQ: 10.09% | YoY: 151.13%
Gross Profit
Increasing
7.54M
22.08% margin
QoQ: -7.48% | YoY: 136.58%
Operating Income
Increasing
1.11M
QoQ: 66.00% | YoY: 462.82%
Net Income
Increasing
1.01M
QoQ: 495.21% | YoY: 284.31%
EPS
Increasing
0.06
QoQ: 494.56% | YoY: 304.95%
Revenue Trend
Margin Analysis
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
Gross Profit Margin
Fair
22.10%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Weak
3.26%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
2.96%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
1.22%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
8.46%
Return on equity is acceptable but below top-tier companies
Current Ratio
Concern
0.57
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
4.25
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
4.74x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.61x
Price-to-book ratio reasonable for profitable companies
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