Maison Solutions Inc.

Listed Company

MSSCIK 0001892292NasdaqEmerging GrowthRetail-Grocery StoresDelawareFY ends Apr 30

Period

FY 2025

Revenue

$124.22M

Net Income

$1.17M

Total Assets

$77.36M

Equity

$11.67M

Shares Out

17.45M

Op. Cash Flow

$4.76M

Business

Maison Solutions Inc. is a specialty grocery retailer providing traditional Asian food and merchandise to modern U.S. consumers, with a focus on Asian-American communities. It offers fresh produce, a variety of meats, live and processed seafood, imported Asian groceries, ready-to-eat/ready-to-cook items and related household merchandise, plus online ordering, delivery and cashier-less shopping options. The company operates a center-satellite store model with full-service center supermarkets supporting smaller satellite/MSSM locations and holds investments in wholesale suppliers and strategic e-commerce partnerships. It distributes through retail stores in California and Arizona, in-house logistics, third-party mobile apps, a WeChat applet and a collaboration with JD.com.

Summary from filing dated 2025-08-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30
Revenue	124	58	55	42
Cost of goods sold	98	46	43	—
Gross profit	26	12	12	8
Selling expenses	20	10	8	6
General and administrative expenses	8	4	4	3
Total operating expenses	28	14	12	9
Loss from operations	−1	−3	83,647	−826,590
Interest expense, net	−1	−124,260	—	—
Investment loss	−515,740	−538,542	—	—
Income from sell of software license	3	—	—	—
Change in fair value of derivative liability	801,988	—	—	—
Other income, net	641,551	420,341	2	155,821
Non-operating income (expenses), net	2	−242,461	2	199,302
Income (loss) before income taxes	1	−3	2	—
Income tax expenses	173,989	440,562	336,486	27,738
Net income (loss) before noncontrolling interest	920,909	−3	2	−655,026
Less: net loss attributable to noncontrolling interests	−248,364	−46,823	387,498	−92,282
Net income (loss) attributable to Maison Solutions, Inc.	1	−3	1	—
Basic (in Dollars per share)	0.07	−0.19	0.08	−0.04
Diluted (in Dollars per share)	0.07	−0.19	0.08	−0.04
Weighted average number of common stock outstanding - basic (in Shares)	17	18	16	16
Weighted average number of common stock outstanding - diluted (in Shares)	18	18	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2023 2023-01-31	FY 2022 2022-04-30
Cash	775,360	2	3	—	898,061
Accounts receivable	3	111,874	315,356	—	—
Inventories, net	6	7	3	—	2
Prepayments	2	3	2	—	727,654
Other receivables and other current assets	694,943	1	550,836	—	—
Total current assets	13	14	8	—	9
Restricted cash	—	1,101	1,101	—	74,370
Property and equipment, net	2	2	671,463	—	552,395
Intangible assets, net	7	8	197,329	—	15,272
Security deposits	956,008	946,208	457,491	—	301,200
Investment under cost method	75,000	75,000	—	—	—
Investment under cost method - related parties	162,665	203,440	—	—	—
Investment under equity method	848,493	1	—	—	—
Operating lease right-of-use assets, net	38	41	23	—	16
Goodwill	15	15	2	2	—
Total non-current assets	64	68	26	—	—
TOTAL ASSETS	77	82	35	—	26
Bank overdraft	1	97,445	—	—	—
Accounts payable	8	5	3	—	3
Accrued expenses and other payables	2	2	867,796	—	—
Income tax payable	661,408	442,518	961,034	—	443,150
Contract liabilities	701,929	965,696	449,334	—	370,929
Operating lease liabilities, current	4	4	2	—	1
Loan payable, current	62,212	65,098	370,828	—	498,252
Notes payable, current	5	15	150,000	—	—
Total current liabilities	23	29	8	—	8
Long-term loan payable	3	2	3	—	3
Security deposit from sub-tenants	131,228	125,114	105,637	—	—
Operating lease liabilities, non-current	37	39	23	—	17
Notes payable, non-current	754,966	—	—	—	—
Convertible notes payable, net of unamortized OID and debt issuance costs of $609,583	584,199	—	—	—	—
Derivative liability	1	—	—	—	—
Deferred tax liability, net	1	1	40,408	—	—
Total non-current liabilities	43	43	25	—	—
TOTAL LIABILITIES	66	72	34	—	27
Commitment and contingencies (Note 18)	—	—	—	—	—
Additional paid in capital	13	13	—	—	—
Accumulated deficit	−2	−3	522,710	—	−729,093
Total Maison Solutions, Inc. stockholders equity	12	10	524,310	—	−727,493
Noncontrolling interest	−27,240	221,123	267,947	—	−119,551
Total stockholders equity	12	11	792,257	—	−847,044
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	77	82	35	—	26

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30
Depreciation and amortization expense	1	461,868	371,696	437,408
Inventory impairment (reversal)	276,900	−5,961	—	—
Bad debt expense (reversal)	29,493	−60,000	—	—
Amortization of OID and debt issuance cost of convertible note	55,417	—	—	—
Changes in deferred taxes	−88,346	−11,698	−3,125	—
Accounts receivable	−3	203,481	−258,309	—
Accounts receivable - related parties	−42,753	−271,461	243,881	264,041
Inventories	770,431	914,356	343,513	−391,258
Prepayments	824,229	−2	−819,592	−722,797
Other receivables and other current assets	545,843	−474,943	−504,758	—
Security deposits	−9,800	−488,717	5,654	1,545
Accounts payable	3	−59,633	−589,651	—
Accounts payable - related parties	65,767	106,725	−161,677	—
Accrued expenses and other payables	138,581	342,592	−503,338	—
Income tax payable	218,890	−518,516	334,622	16,041
Contract liabilities	−263,768	503,326	68,037	194,077
Operating lease liabilities	513,802	400,913	203,940	187,139
Other long-term payables	6,114	19,477	18,287	−5,400
Net cash provided by (used in) operating activities	5	−4	484,191	1
Payment for equipment purchase	−175,355	−382,132	−49,388	—
Payment for acquisition of subsidiaries	—	−7	—	—
Payment of intangible assets purchase	—	−3	—	−5,242
Cash acquired from acquisition of Lee Lee	—	2	−3	—
Investment into TMA Liquor Inc	—	−75,000	—	—
Investment into HKGF Market of Arcadia, LLC	−62,000	−2	—	—
Net cash used in investing activities	−237,355	−10	2	−3
Bank overdraft	1	97,445	−281,941	—
Borrowing from related parties	75,989	250,000	—	—
Loan to related party	−95,000	—	—	—
Proceeds from convertible note	2	—	—	—
Repayment of loan payable	—	−370,825	—	—
Repayment of notes payable	—	−150,000	—	—
Repayment of notes payable arising from acquisition of Lee Lee	−9	—	—	—
Net proceeds from issuance of common stock	—	13	—	—
Net cash provided by (used in) financing activities	−6	13	−746,637	2
Net changes in cash and restricted cash	−1	−495,468	2	—
Cash paid for interest	1	104,451	70,795	73,759
Cash paid for income taxes	116,369	973,656	8,481	—
Increase of right-of-use assets and lease liabilities	—	10,196	8	—

Filings

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