Revenue has contracted significantly while gross margins collapsed to 6.0% in 2026Q3 from 46.0% in 2024Q4, indicating a failure to maintain pricing power.
| Sales/Revenue | 6.68M | 11.11M | 11.92M | 11.26M |
| Revenue Growth % | -42.25% | -6.84% | 5.91% | - |
| Cost of Goods Sold | 4.63M | 6.4M | 6.58M | 6.32M |
| COGS % of Revenue | - | 57.65% | 55.24% | 56.12% |
| Gross Profit | 45.76M | 4.7M | 5.34M | 4.94M |
| Gross Margin % | 685.13% | 42.35% | 44.76% | 43.88% |
| Gross Profit Growth % | - | -11.86% | 8.03% | - |
| Operating Expenses | 9.77M | 9.07M | 3.95M | 3.92M |
| OpEx % of Revenue | - | 81.66% | 33.09% | 34.86% |
| Selling, General & Admin | 326.31M | 9.07M | 3.71M | 3.66M |
| SG&A % of Revenue | - | 81.66% | 31.09% | 32.48% |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 238.6K | 268.22K |
| Operating Income | -356.15M | -4.37M | 1.39M | 1.01M |
| Operating Margin % | -5332.89% | -39.31% | 11.66% | 9.02% |
| Operating Income Growth % | - | -413.96% | 37.01% | - |
| EBITDA | -322.93M | -2.96M | 2.56M | 1.83M |
| EBITDA Margin % | -4835.45% | -26.66% | 21.49% | 16.22% |
| EBITDA Growth % | -20340.95% | -215.57% | 40.31% | - |
| D&A (Non-Cash Add-back) | 33.22M | 1.41M | 1.17M | 810.69K |
| EBIT | -7.7M | -4.37M | 1.39M | 1.05M |
| Net Interest Income | 32.5K | -33.2K | -160.48K | -124.8K |
| Interest Income | 0 | 0 | 0 | 0 |
| Interest Expense | 39.78K | 33.2K | 27.84K | 17.16K |
| Other Income/Expense | 19.69M | -35.87K | -28.68K | 14.43K |
| Pretax Income | -336.46M | -4.4M | 1.36M | 1.03M |
| Pretax Margin % | -5037.99% | -39.63% | 11.42% | 9.14% |
| Income Tax | -113.56K | -2.93K | 363.74K | 297.88K |
| Effective Tax Rate % | 0.03% | 0.07% | 26.71% | 28.94% |
| Net Income | -8.14M | -4.4M | 998.08K | 731.4K |
| Net Margin % | -121.94% | -39.61% | 8.37% | 6.5% |
| Net Income Growth % | -11328.17% | -540.7% | 36.46% | - |
| Net Income (Continuing) | -7.58M | -4.4M | 998.08K | 731.4K |
| Discontinued Operations | -565.51K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.29 | 0.06 | 0.04 |
| EPS Growth % | -11965.03% | -594.04% | 36.51% | - |
| EPS (Basic) | - | -0.29 | 0.06 | 0.04 |
| Diluted Shares Outstanding | 20.19M | 15.28M | 17M | 17M |
| Basic Shares Outstanding | 20.19M | 15.28M | 17M | 17M |
| Dividend Payout Ratio | - | - | - | - |
Operational scale and liquidity
As reported in recent financial filings, Marwynn Holdings experienced a significant revenue decline, with quarterly figures dropping to $1.4M in 2026Q3 from $3.4M in 2024Q4, suggesting that the company's current business model is struggling to maintain market share within its core food and cabinetry segments.
The consistent downward trend in top-line performance indicates that the company's recent consolidation strategy has yet to yield the expected synergies. Investors should monitor whether this contraction reflects a deliberate exit from lower-margin product lines or a broader loss of competitive positioning in the US market.
Based on the provided income statement data, gross margins have fluctuated wildly, collapsing to 6.0% in 2026Q3 from a more stable 46.0% in 2024Q4, which implies that the company lacks the pricing power or cost control necessary to protect its core profitability during periods of revenue decline.
The sharp compression in margins suggests that the company is likely absorbing higher procurement or freight costs that it cannot pass on to its customers. This volatility warrants further investigation into whether the current cost structure is fundamentally broken or merely suffering from temporary supply chain inefficiencies.
According to the company's income statements, operating expenses have consistently outpaced gross profit generation, resulting in a negative operating margin of 39.9% in 2026Q3, which indicates that the firm's current overhead structure is disproportionately large relative to its limited revenue base.
The inability to scale operating income alongside gross profit suggests that the holding company structure may be creating excessive administrative burdens. Without a significant increase in revenue volume or a drastic reduction in fixed SG&A, the company appears to be trapped in a cycle of persistent operating losses.
As indicated by the 2026Q2 financial data, the reported net income was heavily impacted by massive stock-based compensation charges of $58.6M, which significantly distorts the underlying operational performance and complicates any attempt to assess the company's true earnings power or long-term shareholder value creation.
The presence of such large non-cash items suggests that investors should focus on cash-based metrics rather than reported net income to gauge the company's health. This level of compensation relative to the company's small revenue base may indicate a misalignment between management incentives and the current operational reality.
Based on the reported figures, the company's transition from a profitable entity in 2024Q4 to a cash-burning operation in 2026 suggests that the current 'synthetic moat' strategy may be failing to provide a sustainable competitive advantage against larger, more established distributors in the packaged foods industry.
Short-sellers would likely focus on the rapid deterioration of operating margins and the potential for future liquidity constraints if the current burn rate continues. The lack of clear synergy between the food and cabinetry segments suggests that the company may be vulnerable to disintermediation by suppliers who can bypass its middleman services.
Quick answers to the most common questions about buying MWYN stock.
For fiscal year 2025, Marwynn Holdings, Inc. Common stock (MWYN) reported total revenue of $11.1M. This represents a 1.3% decline compared to $11.3M in 2023.
Marwynn Holdings, Inc. Common stock (MWYN) reported a net loss of $4.4M for the fiscal year ending 2025.
Marwynn Holdings, Inc. Common stock (MWYN) reported an operating income of $-4.4M, resulting in an operating profit margin of -39.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Marwynn Holdings, Inc. Common stock (MWYN) generated $4.7M in gross profit for the year, representing a gross profit margin of 42.3%. This demonstrates the company's core pricing power and production efficiency.