The company's top-line performance remains volatile, with revenue growth swinging from triple-digit expansion in 2025 to a 13.5% contraction in 2026Q3, while operating margins deteriorated to -9.5%.
| Sales/Revenue | 113.73M | 124.22M | 58.04M | 55.4M | 41.98M | 41.2M |
| Revenue Growth % | 1.78% | 114.01% | 4.77% | 31.95% | 1.92% | - |
| Cost of Goods Sold | 90.8M | 97.87M | 46.42M | 42.95M | 33.7M | 32.88M |
| COGS % of Revenue | - | 78.79% | 79.98% | 77.52% | 80.26% | 79.83% |
| Gross Profit | 22.94M | 26.34M | 11.62M | 12.45M | 8.29M | 8.31M |
| Gross Margin % | 20.17% | 21.21% | 20.02% | 22.48% | 19.74% | 20.17% |
| Gross Profit Growth % | - | 126.68% | -6.67% | 50.26% | -0.29% | - |
| Operating Expenses | 31.61M | 27.61M | 14.33M | 12.37M | 9.11M | 7.76M |
| OpEx % of Revenue | - | 22.23% | 24.68% | 22.32% | 21.71% | 18.83% |
| Selling, General & Admin | 31.61M | 27.61M | 14.33M | 12.37M | 9.11M | 7.76M |
| SG&A % of Revenue | - | 22.23% | 24.68% | 22.32% | 21.71% | 18.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.68M | -1.27M | -2.7M | 83.65K | -826.59K | 553.4K |
| Operating Margin % | -7.63% | -1.02% | -4.66% | 0.15% | -1.97% | 1.34% |
| Operating Income Growth % | - | 53.22% | -3332.64% | 110.12% | -249.37% | - |
| EBITDA | -7.76M | -229.52K | -2.24M | 454.18K | -389.18K | 1.13M |
| EBITDA Margin % | -6.82% | -0.18% | -3.86% | 0.82% | -0.93% | 2.75% |
| EBITDA Growth % | -497.09% | 89.76% | -593.67% | 216.7% | -134.37% | - |
| D&A (Non-Cash Add-back) | 916.31K | 1.04M | 461.87K | 370.53K | 437.41K | 578.87K |
| EBIT | -11.78M | -1.27M | -2.7M | 83.65K | -826.59K | 553.4K |
| Net Interest Income | -2.46M | -1.17M | -124.26K | 42.61K | 43.48K | -59.21K |
| Interest Income | 0 | 0 | 0 | 42.61K | 43.48K | 0 |
| Interest Expense | 2.46M | 1.17M | 124.26K | 0 | 0 | 59.21K |
| Other Income/Expense | -3.71M | 2.36M | -242.46K | 1.89M | 199.3K | 909.44K |
| Pretax Income | -12.38M | 1.09M | -2.95M | 1.98M | -627.29K | 1.46M |
| Pretax Margin % | -10.89% | 0.88% | -5.08% | 3.57% | -1.49% | 3.55% |
| Income Tax | -751.49K | 173.99K | 440.56K | 336.49K | 27.74K | 436.06K |
| Effective Tax Rate % | 6.07% | 15.89% | -14.95% | 17.03% | -4.42% | 29.81% |
| Net Income | -12.01M | 1.17M | -3.34M | 1.25M | -562.74K | 904.08K |
| Net Margin % | -10.56% | 0.94% | -5.75% | 2.26% | -1.34% | 2.19% |
| Net Income Growth % | -809.18% | 135.01% | -366.83% | 322.45% | -162.25% | - |
| Net Income (Continuing) | -11.63M | 920.91K | -3.39M | 1.64M | -655.03K | 1.03M |
| Discontinued Operations | -584.64K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -143.87K | -27.24K | 221.12K | 267.95K | -119.55K | -27.27K |
| EPS (Diluted) | -3.29 | 0.66 | -1.90 | 0.68 | -0.30 | 0.49 |
| EPS Growth % | -849.03% | 134.68% | -380.65% | 322.7% | -162.17% | - |
| EPS (Basic) | - | 0.67 | -1.90 | 0.68 | -0.30 | 0.49 |
| Diluted Shares Outstanding | 3.65M | 1.77M | 1.79M | 1.85M | 1.85M | 1.85M |
| Basic Shares Outstanding | 2.53M | 1.75M | 1.79M | 1.85M | 1.85M | 1.85M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and operational scale
As reported in recent financial filings, Maison Solutions experienced significant revenue fluctuations, with year-over-year growth rates swinging from triple-digit expansion in early 2025 to a contraction of 13.5% by 2026Q3, suggesting that the company's top-line trajectory is highly inconsistent and potentially dependent on non-recurring acquisition activity.
The extreme variance in quarterly revenue suggests that the company lacks a stable organic growth engine. Investors should monitor whether the recent contraction reflects a failure to integrate new locations or a broader softening in demand within their specific ethnocentric grocery niche.
Based on the company's reported figures, gross margins have demonstrated significant instability, dropping from a peak of 27.9% in 2025Q1 to 25.5% in 2026Q3, which highlights the difficulty of maintaining pricing power in a competitive grocery environment with high exposure to volatile perishable goods costs.
The inability to sustain gross margins above 25% suggests that Maison Solutions faces intense pressure from both larger specialty competitors and rising input costs. This margin profile appears insufficient to cover the company's fixed operating expenses, leading to the persistent operating losses observed in recent quarters.
According to the income statement data, Maison Solutions has failed to achieve positive operating leverage, as SG&A expenses have consistently outpaced gross profit growth, resulting in a negative operating margin of 9.5% in 2026Q3 compared to a positive 5.5% margin recorded in 2025Q1.
The trend indicates that the company's corporate overhead and expansion-related costs are scaling faster than its revenue base. Without a clear path to rationalizing these expenses, the company may continue to struggle with profitability even if revenue growth resumes.
As indicated by the latest financial statements, the quality of earnings is further obscured by the introduction of stock-based compensation, which reached $846,300 in 2026Q3, exacerbating the net loss and highlighting a reliance on non-cash expenses that dilute shareholders while the core business remains unprofitable.
The presence of significant stock-based compensation during a period of negative net income warrants caution, as it suggests that management is incentivized despite the lack of operational profitability. This practice effectively shifts the burden of losses onto equity holders while masking the true cash-burn nature of the business.
Based on the reported figures, the company's cash position of less than $1 million against a backdrop of recurring quarterly losses suggests a precarious financial state, indicating that Maison Solutions may face a liquidity crunch if it cannot secure additional financing or achieve immediate operational break-even.
Short-sellers would likely focus on the disconnect between the company's aggressive expansion narrative and its rapidly depleting cash reserves. The lack of a clear path to positive cash flow suggests that the current business model may be unsustainable without frequent and dilutive capital raises.
Quick answers to the most common questions about buying MSS stock.
For fiscal year 2025, Maison Solutions Inc. Class A Common Stock (MSS) reported total revenue of $124.2M. This represents a 201.5% increase compared to $41.2M in 2021.
Maison Solutions Inc. Class A Common Stock (MSS) is profitable, generating $1.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Maison Solutions Inc. Class A Common Stock (MSS) reported an operating income of $-1.3M, resulting in an operating profit margin of -1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Maison Solutions Inc. Class A Common Stock (MSS) generated $26.3M in gross profit for the year, representing a gross profit margin of 21.2%. This demonstrates the company's core pricing power and production efficiency.