Reported Earnings • May 06
Full year 2025 earnings released: US$1.23 loss per share (vs US$0.07 profit in FY 2024) Full year 2025 results: US$1.23 loss per share (down from US$0.07 profit in FY 2024). Revenue: US$9.93m (down 44% from FY 2024). Net loss: US$20.2m (down US$21.3m from profit in FY 2024). New Risk • May 06
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$6.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$6.8m). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (US$4.68m market cap). 공지 • Apr 01
J-Star Holding Co., Ltd. Announces Chief Executive Officer Changes J-Star Holding Co., Ltd. announced that Jonathan Chiang has been reappointed Chief Executive Officer, effective March 31, 2026. Mr. Chiang succeeds Sam Van, who will continue to support the Company as an advisor to the Board and management team. The Board of Directors determined that Mr. Chiang’s return as CEO will provide experienced leadership and continuity as the Company navigates a period of heightened global economic uncertainty and positions itself for long-term growth. Mr. Chiang previously served as Chief Executive Officer of J-Star and has led the Company since its inception, guiding its evolution into a global provider of high-performance carbon composite products and advanced materials solutions. He will continue to serve as Chairman of the Board. New Risk • Feb 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (22% average weekly change). Market cap is less than US$10m (US$6.41m market cap). Minor Risk Profit margins are more than 30% lower than last year (3.1% net profit margin). New Risk • Dec 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.81m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (US$9.81m market cap). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Dec 24
First half 2025 earnings released First half 2025 results: Revenue: US$10.6m (up 31% from 1H 2024). Net income: US$5.2k (down 99% from 1H 2024). Profit margin: 0% (down from 5.9% in 1H 2024). The decrease in margin was driven by higher expenses. New Risk • Dec 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.1% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (US$11.1m market cap). New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 51% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (US$13.9m market cap). 공지 • Nov 04
J-Star Holding Co., Ltd. Receives USAPA Approval for Its Second In-House Pickleball Paddle, Supernova J-Star Holding Co., Ltd. announced that its second proprietary pickleball paddle, Supernova, has received official approval from the USA Pickleball Association (USAPA) for sanctioned play. The Supernova paddle has successfully passed all USAPA tests and has been added to the official list of USAPA-certified paddle, Supernova is designed as a long-body paddle optimized for competitive players seeking enhanced reach, power, and precision. It is available in three dynamic color options--green, red, and pink--offering players both performance and style. This marks the second in-house developed pickleball paddle developed by J-Star through its YMA subsidiary to receive USAPA certification, underscoring the Company's continued focus on advanced carbon fiber applications and its growing presence in this fast-growing part of the sports equipment market. In conjunction with this milestone, the J-Star team attended the Vietnam Upgrade Conference to commemorate Vietnam's inclusion in the FTSE Emerging Index. During the event, Jonathan Chiang, Chairman of J-Star, presented the first limited edition customized gold "Standard Paddle", presented in collaboration with Saigon Securities Inc., to Dr. Le Anh Tuan, Chief Executive Officer of Dragon Capital Group. J-Star recognizes Vietnam as a strategically important market for its carbon fiber products. As Vietnam's manufacturing capabilities continue to evolve to meet global standards, J-Star is actively exploring opportunities in the region to serve the growing international demand for advanced composite materials. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to US$1.05, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 22x in the Leisure industry in the US. 공지 • Oct 07
USA Pickleball Grants Official Approval and Certification for J-Star's First In-House Pickleball Paddle, Horizon J-Star Holding Co., Ltd. announced that its first company owned brand pickleball paddle, Horizon, has received official approval from the USA Pickleball Association (USAPA) for sanctioned play. The Horizon paddle has successfully passed all USA Pickleball tests and has been added to the official list of USA Pickleball-certified paddles, now accessible to pickleball players nationwide. J-Star (through its YMA subsidiary) has manufactured racquets for several leading global brands. With the launch of Horizon, YMA enters the pickleball market under its own brand for the first time, marking a milestone in the company's direct-to-consumer strategy. The Horizon paddle embodies J-Star's engineering excellence and innovation. Its edgeless design maximizes the hitting area, while a Kevlar edge guard provides superior durability. The paddle is available in three dynamic color options--orange, pink, and yellow--offering players both performance and style. Pickleball continues to dominate as North America's fastest-growing sport, according to the Sports & Fitness Industry Association (SFIA). The SFIA's 2024 report found that 19.8 million Americans played pickleball, representing a 46% increase from 2023 and 311% growth over the past three years. This marks the fourth consecutive year pickleball has held the fastest-growing title across 124 tracked sports, fitness, and outdoor activities. 공지 • Sep 24
J-Star Holding Co., Ltd. Announces CEO Changes J-Star Holding Co., Ltd. announced that Sam Van has been named Chief Executive Officer of J-Star, effective October 1. Mr. Van succeeds Jonathan Chiang, who will continue to serve as Chairman of the Board with a focus on driving continued market innovation and key customers. Mr. Van joins at a pivotal moment for J-Star. Following the Company’s recent initial public offering, the company is optimizing its newly built state-of-the art manufacturing facility in Taiwan, is preparing to expand into the United States with a new production line, R&D center and sales and administrative office, and is launching its own brands of sporting goods and electric bicycles. Under Mr. Van's leadership, J-Star plans to accelerate its growth both organically and through strategic M&A opportunities. Mr. Van brings extensive leadership and capital markets expertise, with a career dedicated to helping scale global businesses. During his distinguished career, he has assisted more than 70 companies to complete IPOs and list on the New York Stock Exchange and Nasdaq. He most recently served as the CEO of SRO Partners, an investment firm focused on high growth companies, and previously held senior positions including SVP and Head of Advisory Services for Freedom U.S. Markets, Director of Business Development for the New York Stock Exchange as well as working at FINRA. He currently serves on the boards of Picard Medical Holdings and Reed’s Inc. . Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$1.60, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 25x in the Leisure industry in the US. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$1.55, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 24x in the Leisure industry in the US. 공지 • Aug 28
J-Star Holding Co., Ltd. Launches QO Bikes, a New Cycling Carbon Fiber Components Brand Co-Founded with Industry Veterans J-Star Holding Co., Ltd. announced the launch of QO Bikes, a premium cycling components brand co-founded by its YMA subsidiary in partnership with industry pioneers Pablo Carrasco and Ignacio Estelles. With innovation at its core, QO is set to become a new reference point in high-performance cycling. The first product range from QO includes three sets of carbon fiber cranksets designed for road, gravel, and mountain bikes. Lightweight, yet exceptionally strong, these cranksets reflect QO's commitment to redefining cycling components through advanced engineering. While others in the industry were still producing aluminum, Carrasco and Estelles were among the first to pioneer carbon fiber crankset design--setting the stage for continued innovation under the QO brand. QO launched earlier this year with distribution partners across Europe, Asia and Latin America and has already begun shipping products to brands and retailers. Looking ahead, the company is seeking distribution in the U.S. and plans to expand its portfolio with additional high-performance cycling components that combine cutting-edge materials, engineering expertise, and rider-focused design. Board Change • Jul 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Director Ting-Pang Sung was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
