Maison Solutions Inc (MSS) reported Q4 2023 results that show a topline expansion versus prior year and prior quarter, but the profitability and liquidity metrics deteriorated meaningfully. Revenue for QQ4 2023 was $16.93 million, up 19.33% year-over-year and 24.47% quarter-over-quarter, yet gross profit declined to $2.10 million (gross margin ~12.42%) as cost of revenue remained elevated. The company posted an EBITDA loss of $2.25 million and a net loss of $2.78 million, producing an EPS of -$0.14. Operating income was -$2.43 million, underscoring a material mismatch between revenue growth and cost structure and scale.
Key Performance Indicators
Revenue
Increasing
16.93M
QoQ: 24.47% | YoY: 19.33%
Gross Profit
Decreasing
2.10M
12.42% margin
QoQ: -34.04% | YoY: -31.09%
Operating Income
Decreasing
-2.43M
QoQ: -692.37% | YoY: -70 587.11%
Net Income
Decreasing
-2.78M
QoQ: -406.01% | YoY: -938.76%
EPS
Decreasing
-0.14
QoQ: -394.70% | YoY: -904.60%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $16.93 million in QQ4 2023, YoY +19.33%, QoQ +24.47%. Gross Profit: $2.10 million, Gross Margin ~12.42% (down from prior periods). Operating Income: -$2.43 million, Operating Margin -14.38%. EBITDA: -$2.25 million, EBITDA Margin -13.27%. Net Income: -$2.78 million, Net Margin -16.41%. Earnings per Share (EPS): -$0.14. Cash Flow: Operating cash flow -$2.62 million; Free cash flow -$2.68 million. Balance Sheet: Total assets $82.41 million; Total liabilities $71.69 million; Stockholders’ equity $10.50 million. Cash position collapsed to $1,101 at period end from $9.41 million at the start; net cash burn from operations and investing activities totaled approximately -$9.41 million for the quarter. Leverage: Total debt $61.05 million; Debt/Equity ~2.10; Debt-to-capitalization ~0.68; Current ratio 0.41; Quick ratio 0.18. These metrics indicate a high-leverage, cash-burn profile with limited near-term liquidity.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
16.93M
19.33%
24.47%
Gross Profit
2.10M
-31.09%
-34.04%
Operating Income
-2.43M
-70 587.11%
-692.37%
Net Income
-2.78M
-938.76%
-406.01%
EPS
-0.14
-904.60%
-394.70%
Key Financial Ratios
Gross Profit Margin
Weak
12.40%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.14%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.16%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.03%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.27%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.41
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
2.10
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-1.90x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.01x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Maison Solutions Inc Class A Common Stock (MSS) QQ1 2026 Results: Revenue Momentum in California Grocery with Margin Pressure and Bottom-Line Challeng...
Maison Solutions Inc Class A Common Stock (MSS) QQ2 2024 Earnings Analysis: Revenue Acceleration in California Grocery Retail with Margin Pressure and...
Maison Solutions Inc Class A Common Stock (MSS) QQ1 2024 Earnings Review — Revenue Momentum and Margin Expansion Amid Elevated Leverage in the Consu...