The company faces imminent liquidity risk with only $98K cash against $12.9M current liabilities. Monitor for emergency financing, potential reverse stock split to regain Nasdaq compliance, and progress under the PSSB solid-state battery deal. The stock is highly speculative with existential going-concern risk.
Price Chart
Executive Summary
J-Star Holding's FY2025 annual report reveals a catastrophic financial deterioration: revenue collapsed 43.5% to $9.9M, net loss swung to $(20.2)M driven by a $19.2M provision for expected credit losses and an ~$18M write-off of China assets, and the company now has a working capital deficit of $7M with only $98K cash. A going concern uncertainty is disclosed, and the company received a Nasdaq minimum bid price deficiency notice. The strategic pivot to become a 'Non-Red Supplier' (exiting China) and the new solid-state battery distribution agreement with PSSB represent a high-risk transformation, but current financials are deeply distressed.
Key Facts
- Revenue declined 43.5% YoY to $9,926,519 in FY2025 from $17,563,985 in FY2024
- Net loss of $(20,173,616) vs. profit of $1,104,213 in FY2024
- Cash and cash equivalents of only $97,669 as of Dec 31, 2025
- Working capital deficit of $6,968,258 and net liabilities of $6,777,635
- Going concern uncertainty disclosed by management
- Recognized $19.2M provision for expected credit loss on receivables
- Wrote off ~$18M in China assets to qualify as Non-Red Supplier
- Nasdaq minimum bid price deficiency notice received on Dec 12, 2025
- Completed IPO in July/August 2025 raising ~$4.89M net proceeds
- Adopted dual-class share structure on Dec 9, 2025
Financial Impact
Revenue decline of $7.6M (43.5%), net loss of $(20.2)M, cash position nearly depleted at $98K, working capital deficit of $7.0M
Risk Factors
- Going concern risk – insufficient cash to fund operations
- Nasdaq delisting risk due to minimum bid price non-compliance
- Dilution risk from potential emergency equity financing
- Execution risk in pivoting from carbon fiber to solid-state battery business
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-019802 |
| Exhibit: ex12-2.htm | 0001493152-26-019802 |
| Exhibit: ex12-1.htm | 0001493152-26-019802 |
| Exhibit: ex13-2.htm | 0001493152-26-019802 |
| Exhibit: ex13-1.htm | 0001493152-26-019802 |
| Exhibit: ex23-1.htm | 0001493152-26-019802 |
| Document: 0001493152-26-019802-index-headers.html | 0001493152-26-019802 |
| Document: 0001493152-26-019802-index.html | 0001493152-26-019802 |
| Document: 0001493152-26-019802.txt | 0001493152-26-019802 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 8, 2026 12w ago | 6-K | $0.4806 $1.48 | ▼ −207.95% | ▼ −205.45% | $1.48 (−207.95%) |
Jun 17, 2026 15w ago | 6-K | $0.7500 $2.07 | ▼ −176.00% | ▼ −172.85% | $1.48 (−97.33%) |
Jun 8, 2026 16w ago | 6-K | $0.7690 $1.89 | ▲ +145.12% | ▲ +142.07% | $1.48 (+92.46%) |
May 26, 2026 18w ago | 6-K | $6.90 $1.82 | ▼ −73.62% | ▼ −76.35% | $1.48 (−78.55%) |
May 18, 2026 19w ago | 6-K | $7.05 $1.96 | ▲ +72.20% | ▲ +77.05% | $1.48 (+79.01%) |
May 8, 2026 21w ago | Press Release | $2.54 $2.04 | ▼ −19.53% | ▼ −24.37% | $1.48 (−41.62%) |
May 8, 2026 21w ago | 6-K | $2.54 $2.04 | ▲ +19.53% | ▲ +24.37% | $1.48 (+41.62%) |
May 1, 2026 22w ago | Press Release | $1.33 $1.70 | ▲ +27.92% | ▲ +24.86% | $1.48 (+11.70%) |
Apr 30, 2026 22w ago | 20-F | $1.25 $1.80 | ▼ −44.58% | ▼ −41.47% | $1.48 (−18.88%) |
Apr 10, 2026 25w ago | 6-K | $0.3100 $0.5434 | ▲ +75.29% | ▲ +64.96% | $1.48 (+377.42%) |
US Market Status
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