J-Star Holding Co., Ltd. (YMAT): Financial results for H1 2026
J-Star Holding Co., Ltd. (YMAT) furnished an SEC Form 6-K — earnings release. J-Star Holding Co., Ltd. Announces Unaudited Interim 2026 Financial Results J-Star Holding Co., Ltd. (“J-Star” or the “Company”) (Nasdaq: YMAT), a company which develops and commercializes the technology on carbon reinforcement and resin systems and with operations conducted thro
How this was made
The 30-second read
Why it matters
The interim loss and revenue decline provide fresh data for traders to reassess valuation.
Market read
The earnings miss is likely to pressure the stock in the short term.
What to watch
Potential upcoming contracts or R&D milestones not disclosed in the interim report could offset current weakness.
J-Star reported an unaudited IFRS loss for the six months ended June 30, 2026, as operating revenue and gross profit were lower than the prior-year period and administrative expenses increased.
Operating revenue was $ 6,767,591 versus $ 10,588,835, gross profit from operations was $ 961,984 versus $ 2,848,110, and loss after income tax was $ ( 1,567,791 ) versus profit after income tax of $ 5,237.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenue, six months ended June 30other | $ 6,767,591 | – | – |
| Cost of revenue, six months ended June 30other | $ ( 5,805,607 ) | – | – |
| Gross profit from operations, six months ended June 30other | $ 961,984 | – | – |
| Selling expenses, six months ended June 30other | $ ( 282,670 ) | – | – |
| Administrative expenses, six months ended June 30other | $ ( 2,536,548 ) | – | – |
| Research and development expenses, six months ended June 30other | $ ( 91,887 ) | – | – |
| Total operating expenses, six months ended June 30other | $ ( 2,911,105 ) | – | – |
| Net operating (loss) income, six months ended June 30other | $ ( 1,949,121 ) | – | – |
| Other gains (losses), net, six months ended June 30other | $ 272,926 | – | – |
| Finance costs, six months ended June 30other | $ ( 137,437 ) | – | – |
| Interest income, six months ended June 30other | $ 12,035 | – | – |
| Foreign exchange gains, six months ended June 30other | $ 33,519 | – | – |
| Non-operating income and expenses, net, six months ended June 30other | $ 181,043 | – | – |
| (Loss) profit before income tax, six months ended June 30other | $ ( 1,768,078 ) | – | – |
| Income tax credit (expense), six months ended June 30other | $ 200,287 | – | – |
| (Loss) profit after income tax, six months ended June 30other | $ ( 1,567,791 ) | – | – |
| Total comprehensive (loss) income, six months ended June 30other | $ ( 1,528,491 ) | – | – |
| Basic and diluted (loss) earnings per share, six months ended June 30other | $ ( 0.39 ) | – | – |
| Net cash flows used in operating activities, six months ended June 30other | $ ( 829,790 ) | – | – |
| Purchases of property, plant and equipment, six months ended June 30other | $ ( 3,413,023 ) | – | – |
| Net cash flows used in investing activities, six months ended June 30other | $ ( 3,462,130 ) | – | – |
| Net cash flows from financing activities, six months ended June 30other | $ 4,339,031 | – | – |
| Net increase in cash and cash equivalents, six months ended June 30other | $ 497,344 | – | – |
| Cash and cash equivalents, June 30other | $ 595,013 | – | – |
| Accounts receivable, net, June 30other | $ 5,429,705 | – | – |
| Inventories, net, June 30other | $ 1,014,245 | – | – |
| Property, plant and equipment, net, June 30other | $ 4,144,247 | – | – |
| Total assets, June 30other | $ 13,556,184 | – | – |
| Short-term loans, June 30other | $ 2,579,175 | – | – |
| Short-term loans from a related party, June 30other | - | – | – |
| Long-term loans due within one year, June 30other | $ 983,864 | – | – |
| Long-term loans, June 30other | $ 3,942,724 | – | – |
| Total liabilities, June 30other | $ 10,784,112 | – | – |
| Total equity (deficit), June 30other | $ 2,772,072 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Bicycle frame sales, six months ended June 30, 2026Sales of product reported in the revenue disaggregation table. | $ 528,621 | – | – |
| Racket sales, six months ended June 30, 2026Sales of product reported in the revenue disaggregation table. | $ 6,053,369 | – | – |
| Crank sales, six months ended June 30, 2026Sales of product reported in the revenue disaggregation table. | $ 12,906 | – | – |
| Other product sales, six months ended June 30, 2026Sales of product reported in the revenue disaggregation table. | $ 172,695 | – | – |
What drove it
- Racket sales were $ 6,053,369 for the six months ended June 30, 2026.
- Revenue recognized at a point in time was $ 6,767,591; revenue recognized over time was -.
- Other gains, net were $ 272,926, compared with other losses, net of $ ( 41,575 ) in the prior-year period.
- The Company entered into an exclusive global distribution agreement with Patriot Green Energy Technology for electric assist bicycle and electric motorcycle products, and recorded prepayment for business expansion of $ 423,960.
Concerns
- Operating revenue was $ 6,767,591 compared with $ 10,588,835 in the prior-year period.
- Gross profit from operations was $ 961,984 compared with $ 2,848,110 in the prior-year period.
- Administrative expenses were $ ( 2,536,548 ) compared with $ ( 1,620,373 ) in the prior-year period.
- Accounts receivable, net were $ 5,429,705, including $ 2,841,240 reported as over 180 days past due.
- Net cash flows used in investing activities were $ ( 3,462,130 ), including purchases of property, plant and equipment of $ ( 3,413,023 ).
- Total borrowings were $ 7,505,763 and cash and cash equivalents were $ 595,013 as of June 30, 2026.
What to watch
- Collection of accounts receivable, including the $ 2,841,240 reported as over 180 days past due.
- The effect of $ 3,413,023 of property, plant and equipment purchases on operations and cash flows.
- Execution of the exclusive global distribution agreement with Patriot Green Energy Technology.
- Use of the equity purchase agreement that allows the Company, but does not obligate it, to sell up to $ 35,000,000 of Class A Ordinary Shares over a 36-month commitment period.
- Progress under the Form F-3 shelf registration statement for a shelf offering up to $ 150,000,000 of Class A Ordinary Shares.
Balance sheet and cash flow
- Cash and cash equivalents were $ 595,013 as of June 30, 2026, compared with $ 97,669 as of December 31, 2025.
- Net cash flows used in operating activities were $ ( 829,790 ) for the six months ended June 30, 2026.
- Purchases of property, plant and equipment were $ ( 3,413,023 ) for the six months ended June 30, 2026.
- Net cash flows from financing activities were $ 4,339,031 for the six months ended June 30, 2026.
- Total borrowings were $ 7,505,763 as of June 30, 2026, compared with $ 12,642,862 as of December 31, 2025.
- The Company converted $ 8.2 million of an outstanding shareholder loan into Class A ordinary shares and transferred $ 1,743,411 from cancellation of a shareholder loan to capital surplus.
Analysis
J-Star reported operating revenue of $ 6,767,591 for the six months ended June 30, 2026, compared with $ 10,588,835 for the six months ended June 30, 2025. Gross profit from operations was $ 961,984, compared with $ 2,848,110. The company reports a single operating segment, while its revenue disaggregation showed racket sales of $ 6,053,369, bicycle-frame sales of $ 528,621, crank sales of $ 12,906, and other product sales of $ 172,695. All reported 2026 revenue was recognized at a point in time; the prior-year period included $ 1,780,000 of revenue recognized over time.
Operating costs exceeded gross profit. Total operating expenses were $ ( 2,911,105 ), compared with $ ( 2,694,531 ), with administrative expenses of $ ( 2,536,548 ) compared with $ ( 1,620,373 ). The result was net operating loss of $ ( 1,949,121 ), compared with net operating income of $ 153,579. Other gains, net of $ 272,926, partially offset the operating loss, while finance costs were $ ( 137,437 ). Loss after income tax was $ ( 1,567,791 ), compared with profit after income tax of $ 5,237, and basic and diluted loss per share was $ ( 0.39 ).
Cash generation remained negative. Net cash flows used in operating activities were $ ( 829,790 ), while investing cash outflows were $ ( 3,462,130 ), including $ ( 3,413,023 ) of property, plant and equipment purchases. Financing activities provided $ 4,339,031. Cash and cash equivalents ended at $ 595,013. Accounts receivable, net increased to $ 5,429,705 from $ 3,578,974 at December 31, 2025, and the receivables aging table reported $ 2,841,240 over 180 days past due.
The balance sheet changed materially through borrowing, fixed-asset investment, and shareholder transactions. Long-term loans, including the current portion, were $ 4,926,588, while short-term loans were $ 2,579,175. The $ 8.2 million shareholder loan outstanding at December 31, 2025 was converted into Class A ordinary shares, and the Company recorded cancellation of a shareholder loan of $ 1,743,411 in capital surplus. Total equity was $ 2,772,072 as of June 30, 2026, compared with total equity deficit of $ ( 6,777,635 ) as of December 31, 2025.
The filing provided no operating or financial guidance. Subsequent to period end, the Company filed a Form F-3 shelf registration statement for a shelf offering up to $ 150,000,000 of Class A Ordinary Shares and entered an equity purchase agreement granting it the right, but not the obligation, to sell up to $ 35,000,000 of Class A Ordinary Shares over a 36-month commitment period. The release also identifies a $ 423,960 prepayment for overseas market expansion linked to an exclusive global distribution agreement with Patriot Green Energy Technology.
Not in the filing
stated, not guessed- Forward revenue, margin, expense, tax-rate, earnings, cash-flow, or capital-expenditure guidance.
- Gross margin.
- Non-GAAP or adjusted financial measures.
- Free cash flow.
- Quarter-over-quarter comparisons.
- Reported percentage changes for total revenue, product lines, expenses, profit, cash flow, or balance-sheet line items.
- Capital-return amounts for dividends or share repurchases.
- Management earnings-release quotes from named executives.
- Separate reportable-segment revenue beyond the Company's statement that it operates as a single reporting segment.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
J‑Star Holding Co., Ltd. (NASDAQ: YMAT) filed a Form 6‑K with unaudited interim financials for the first half of 2026.
Ticker impact
Unaudited interim H1 2026 results show revenue down to $6.77M, net loss of $1.57M and negative EPS of $0.39.
likely downward pressure as the market prices in the loss and revenue drop
Losses and a sharp revenue decline relative to the prior period typically trigger sell‑offs in micro‑cap stocks.
Market effects
The carbon reinforcement and resin systems sector may see heightened scrutiny on profitability.
Limited to Asian markets where the company operates; minimal broader impact.
Low; the company is a micro‑cap with niche exposure.
Counterpoint
If the loss is due to one‑off items, the stock could be undervalued and present a turnaround opportunity.
Key entities
- companyJ‑Star Holding Co., Ltd.
Developer of carbon reinforcement and resin systems, listed on NASDAQ under YMAT.