Marwynn Holdings Inc (MWYN) Q4 2024 Earnings Report

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.