MaxsMaking Inc. Reports Fiscal Year 2025 Financial Results

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March 4, 2026 8:00 AM EST

SHANGHAI, March 4, 2026 /PRNewswire/ -- MaxsMaking Inc. (Nasdaq: MAMK) ("MaxsMaking" or the "Company"), a manufacturer of customized consumer goods with a focus on advanced technology and innovation, today announced its financial results for the fiscal year ended October 31, 2025.

Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, commented: "The fiscal year 2025 represented a period of business adjustment for our Company amid heightened uncertainty and intensifying competition. Facing a weak and volatile overseas market, we adopted a business strategy to help us maintain stable revenue growth while improving the efficiency of resource allocation for sales and market development.

"In the highly competitive domestic market, we strengthened our sales initiatives to expand our customer base. We implemented a volume-driven strategy supported by penetration pricing and new customer acquisition through relationship-based referrals. These efforts contributed to a 36.33% year-over-year increase in revenue. Importantly, this growth helped offset the temporary slowdown in our overseas business and broadened and diversified our future customer base.

"At the same time, we remained committed to innovation, increasing our research and development ("R&D") spending by 16.38%. This investment reflects our long-term focus on product enhancement and on building sustainable differentiation in the customized consumer goods market.

"Although our profits and margins were temporarily affected by the volume-driven strategy, we believe our business model remains resilient and scalable. Today, we operate with a more diversified market presence, a broader customer base, and an expanding product portfolio. We believe all of these will support our future growth.

"It is also worth noting that our initial public offering (the "IPO") on the Nasdaq in July 2025 provided us access to additional capital and enhanced our presence in global markets. Despite ongoing external challenges and volatility in international trade, we believe our successful IPO has elevated us to a broader platform, enabling us to establish relationships with larger industry players, benefit from collaboration with more elite partners, and embrace further opportunities to support our operations and planned expansion.

"Looking ahead, we believe our strategy and execution will provide a foundation for long-term value. As current disruptions and uncertainties evolve, we expect to continue adapting to market conditions and pursuing growth opportunities as they arise."

Fiscal Year 2025 Financial Summary

  • Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% compared to $21.43 million in fiscal year 2024.
  • Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.
  • Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024.
  • Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.
  • Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Fiscal Year 2025 Financial Results

Revenue

Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% from $21.43 million in fiscal year 2024. The increase was primarily attributable to an increase in sales in mainland China of approximately $9.36 million, or 54.13%, partially offset by a decrease of approximately $1.19 million in sales in Asia (excluding mainland China) and a decrease of $0.54 million in sales in Europe. The increase in sales in mainland China was primarily attributed to: (i) the Company's intensified sales efforts in the domestic market, such as offering promotions and active participation in domestic shopping festivals, expansion of its customer base, and implementation of a high-volume, lower-margin sales strategy, which resulted in increased domestic sales revenue; and (ii) the addition of new major clients through referral by the Company's management. The decrease in sales in overseas markets was mainly due to uncertainties in overseas markets, where customers' demand and consumption prospects remained relatively weak.



For the Fiscal Year
Ended 
October 31, 2025


For the Fiscal Year
Ended 
October 31, 2024


Change

Country/Region


Sales 
Amount


As % of 
Sales


Sales
Amount


As % of 
Sales


Amount


%

Mainland China


$

26,643,100


91.18

%


$

17,285,726


80.65

%


$

9,357,374



54.13

%

Asia (excluding
   mainland China)



810,415


2.77

%



1,998,048


9.32

%



(1,187,633)



(59.44)

%

North America



345,277


1.18

%



276,746


1.29

%



68,530



24.76

%

Europe



1,266,824


4.34

%



1,806,989


8.43

%



(540,165)



(29.89)

%

Oceania



41,158


0.14

%



16,650


0.08

%



24,508



147.19

%

South America



62,948


0.22

%



30,170


0.14

%



32,778



108.64

%

Africa



51,124


0.17

%



19,771


0.09

%



31,354



158.59

%

Total



29,220,846


100.00

%


$

21,434,100


100.00

%


$

7,786,746



36.33

%

Cost of Revenue

Cost of revenue was $26.61 million in fiscal year 2025, representing an increase of 52.34% from $17.46 million in fiscal year 2024. The increase was due to higher domestic sales volume, which has lower gross profit margins, resulting in cost growth outpacing revenue growth.

Gross Profit and Gross Profit Margin

Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.

Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024. The decline in gross profit margin was primarily attributable to a decrease in overseas sales, which historically generate higher margins. As overseas sales declined, the Company's overall gross profit decreased. In response, the Company intensified its sales efforts in the domestic market and adopted a lower-price, higher-volume strategy, which increased domestic sales but carried a lower margin and further compressed the Company's overall gross profit margin.

Operating Expenses

Operating expenses were $2.51 million in fiscal year 2025, representing an increase of 42.25% from $1.77 million in fiscal year 2024.

  • Selling expenses were $0.46 million in fiscal year 2025, representing a decrease of 23.76% from $0.61 million in fiscal year 2024. The decrease was mainly due to lower salary expenses resulting from a reduction in headcount, and a decrease in freight expenses.
  • General and administrative expenses were $1.40 million in fiscal year 2025, representing an increase of 132.97% from $0.60 million in fiscal year 2024. The increase was mainly due to (i) an increase in accounts receivable allowance of approximately $0.17 million; and (ii) an increase in professional fees of $0.44 million in connection with the Company's IPO in July 2025.
  • Research and development expenses were $0.65 million in fiscal year 2025, representing an increase of 16.38% from $0.56 million in fiscal year 2024. The increase was primarily attributable to an increase in salaries of the Company's R&D personnel.

Net Income

Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.

Basic and Diluted Earnings per Share

Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Financial Condition

As of October 31, 2025, the Company had cash of $0.12 million, compared to $0.18 million as of October 31, 2024.

Net cash used in operating activities was $5.29 million in fiscal year 2025, compared to $3.04 million in fiscal year 2024.

Net cash used in investing activities was $56,877 in fiscal year 2025, compared to $18,514 in fiscal year 2024.

Net cash provided by financing activities was $5.30 million in fiscal year 2025, compared to $3.10 million in fiscal year 2024.

About MaxsMaking Inc.

Founded in 2007 and headquartered in Shanghai, MaxsMaking Inc. specializes in customized consumer goods with a focus on advanced technology and innovation. With production facilities in China's Zhejiang and Henan provinces, the Company integrates digital production, software development, product design, brand management, online sales and international trade to deliver small-batch textile customization services. Its products include backpacks, shopping bags, aprons, and other promotional items. Using sustainable materials and proprietary order management technologies, MaxsMaking delivers high-quality, cost-effective products while emphasizing environmental protection and social responsibility. For more information, please visit the Company's website: https://ir.maxsmaking.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's annual report on Form 20-F for the fiscal year ended October 31, 2025 and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

MaxsMaking Inc.
Investor Relations
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

 

MAXSMAKING INC.

CONSOLIDATED BALANCE SHEETS

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA




October 31,
2025



October 31,
2024

ASSETS






Current Assets






Cash


$

122,381



$

176,236

Accounts receivable, net



9,877,030




6,188,992

Due from related parties



36,815




—

Inventories



6,504,761




2,633,615

Other receivables and other current assets



5,003,667




7,452,317

Total current assets



21,544,654




16,451,160









Non-Current Assets








Plant and equipment, net



153,271




119,125

Intangible assets, net



6,447




7,433

Right-of-use assets, net



71,482




86,441

Deferred tax assets



66,383




24,538

Deferred offering cost



-




986,206

Total non-current assets



297,583




1,223,743

Total Assets


$

21,842,237



$

17,674,903









LIABILITIES AND EQUITY








Current Liabilities








Short-term loans


$

1,954,007



$

2,785,965

Accounts payable



3,243,451




2,127,623

Contract liability



449,306




512,859

Income tax payable



952,041




859,194

Other payables and accrued liabilities



259,345




867,249

Due to related parties



-




149,757

Lease liabilities-current



13,145




47,895

Current portion of long-term loan



22,573




-

Total current liabilities



6,893,868




7,350,542









Non-Current Liabilities








Lease liabilities-non current



57,841




—

Non-current portion of long-term loans



2,278,162




2,058,651

Total non-current liabilities



2,336,003




2,058,651

Total liabilities



9,229,871




9,409,193









COMMITMENTS AND CONTINGENCIES (NOTE 17)
















Equity








A Shares (US$ 0.01 par value; 9,200,000 A Shares authorized, 7,575,000 A
  Shares issued and outstanding as of October 31, 2024 and October 31,
  2023)



92,000




75,750

B Shares (US$0.01 par value; 7,425,000 B Shares authorized, 7,425,000
  B Shares issued and outstanding as of October 31, 2024 and October 31,
  2023)



74,250




74,250

Additional paid-in capital



5,972,110




1,712,492

Statutory surplus reserve



788,123




705,396

Retained earnings



5,726,180




5,806,881

Accumulated other comprehensive loss



(368,876)




(421,542)

Total MaxsMaking Inc.'s Equity



12,283,787




7,953,227









Non-Controlling Interests



328,579




312,483

Total equity



12,612,366




8,265,710

Total Liabilities and Equity


$

21,842,237



$

17,674,903

 

MAXSMAKING INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023

IN U.S. DOLLARS, EXCEPT SHARE DATA




For The Fiscal Years Ended
October 31,



2025



2024



2023

Revenues


$

29,220,846



$

21,434,100



$

26,260,268

Cost of revenues



(26,605,003)




(17,463,856)




(22,048,972)

Gross profit



2,615,843




3,970,244




4,211,296













Operating expenses:












Sales and marketing expenses



(462,285)




(606,352)




(490,221)

General and administrative expenses



(1,399,356)




(600,660)




(571,407)

Research and development expenses



(650,629)




(559,048)




(740,800)

Total operating expenses



(2,512,270)




(1,766,060)




(1,802,428)













Income from operations



103,573




2,204,184




2,408,868













Other (expenses) income, net












Interest expenses



(159,166)




(151,335)




(69,572)

Interest income



223




548




1,158

Other income



85,113




95,767




87,399

Exchange gain (loss)



72,406




17,344




(2,106)

Other expenses



(16,593)




(16,839)




(140,029)

Income before income tax provision



85,556




2,149,669




2,285,718

Income tax expense



(67,434)




(269,003)




(307,441)

Net income


$

18,122



$

1,880,666



$

1,978,277

Less: Net income attributable to non-controlling interest



16,096




67,496




69,006

Net income attributable to MaxsMaking Inc.



2,026




1,813,170




1,909,271













Other comprehensive income












Foreign currency translation adjustment



52,666




36,714




(39,443)

Comprehensive income


$

70,788



$

1,917,380



$

1,938,834

Less: comprehensive income (loss) attributable to non-
controlling interests



832




(839)




(7,775)

Comprehensive (loss) income attributable to
MaxsMaking Inc.


$

69,956



$

1,918,219



$

1,946,609

Weighted Average A Shares Outstanding – Basic and
Diluted



8,092,857




7,575,000




7,575,000

Weighted Average B Shares Outstanding – Basic and
Diluted



7,425,000




7,425,000




7,425,000

Earnings per A Share – basic and diluted


$

0.00



$

0.25



$

0.26

Earnings per B Share – basic and diluted


$

0.00



$

0.25



$

0.27

 

MAXSMAKING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023

IN U.S. DOLLARS, EXCEPT SHARE DATA




For The Fiscal Years Ended
October 31,



2025



2024



2023

Cash Flows from Operating Activities:









Net income


$

18,122



$

1,880,666



$

1,978,277

Adjustments to reconcile net income to net cash provided by
   operating activities:












Depreciation of plant and equipment



30,573




28,548




22,638

   Allowance (Reversal of allowance) for expected credit loss
      of accounts receivable



173,564




17,064




(23,422)

Amortization of right-of-use assets



138,080




179,858




189,311

Amortization of intangible assets



1,014




1,021




1,032

Accounts receivable



(3,791,371)




168,688




1,895,868

Inventories



(3,817,383)




(412,235)




56,562

Other receivables and other current assets



2,240,000




(4,142,973)




(1,397,468)

Amount due from related party



(36,433)




422




(426)

Deferred tax assets



(41,284)




(19,841)




(2,575)

Operating lease-right of use assets



(122,830)




(45,928)




—

Deferred offering cost



(332,851)




(905,452)




(273,346)

Other non-current assets



—




196,834




178,786

Accounts payable



1,091,381




1,094,933




(4,279,114)

Income tax payable



87,446




283,245




87,502

Contract liability



134,680




(328,693)




164,529

Other payables and accrued liabilities



(928,045)




13,537




(100,599)

Lease liabilities



22,604




(327,396)




(167,614)

Amount due to related party



(153,012)




(720,729)




1,070,112

Net cash used in operating activities



(5,285,745)




(3,038,431)




(599,947)













Cash Flows from Investing Activities:












Purchases of plant and equipment



(56,877)




(18,514)




(73,646)

Collection from loans to third parties



—




—




810,250

Net cash (used in)generated by investing activities



(56,877)




(18,514)




736,604













Cash Flows from Financing Activities:
























Proceeds from issuance of ordinary shares upon the
completion of IPO



5,594,926




—




—

Capital contributions



—




787,266




—

Proceeds from third party loans



184,559




260,101




71,055

Proceeds from bank borrowings



3,036,036




4,611,529




1,406,889

Repayments of third party loans



(325,058)




(745,156)




—

Repayment of bank borrowings



(3,191,570)




(1,813,680)




(1,806,122)

Net cash provided by(used in) financing activities



5,298,893




3,100,060




(328,178)

Effect of Exchange Rate Changes on Cash



(10,126)




971




3,715













Net (Decrease) Increase in cash



(53,855)




44,086




(187,806)

Cash, Beginning of Year



176,236




132,150




319,956

Cash, End of Year



122,381



$

176,236



$

132,150

Supplemental disclosure of cash flow information:












Cash paid for income tax



21,273



$

5,598



$

222,026

Cash paid for interest



155,572



$

151,335



$

69,572

Supplemental disclosure of cash flow information:












Right-of-use assets obtained in exchange for operating lease
obligation



177,415



$

66,419



$

18,639

 

Cision View original content:https://www.prnewswire.com/news-releases/maxsmaking-inc-reports-fiscal-year-2025-financial-results-302703823.html

SOURCE MaxsMaking Inc.


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