J-Star Holding Co., Ltd. (YMAT) AI Stock Analysis

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J-Star Holding Co., Ltd.

(NASDAQ:YMAT)

Select Model

Rating:40Underperform

Price Target:$0.95▼(-10.38% Downside)

Action:downgraded

Date:11/03/26

The company is in severe financial distress, marked by collapsing revenue, massive losses, negative equity, and ongoing cash burn, which is the primary driver of the low score. Technicals confirm a persistent downtrend with the stock trading below key moving averages, while a negative P/E ratio offers no valuation support. The overall risk of insolvency is extremely high.

Positive Factors

Balance-sheet repairThe debt-to-equity conversion and shareholder debt cancellation materially repaired the capital structure, improving solvency and reducing financing pressure. A stronger equity base and largely debt-free position can provide greater flexibility to fund the company’s strategic transition.

Negative Factors

Severe revenue and profit deteriorationThe sharp revenue contraction and very large loss show that the existing operating model has not yet produced stable earnings power. Deeply negative margins can consume capital and make the strategic transition dependent on successfully scaling replacement revenue.

J-Star Holding Co., Ltd. Business Overview & Revenue Model

Company Description

J-Star Holding Co., Ltd., established in 1968 and headquartered in Taichung, Taiwan, is a global manufacturer and distributor specializing in bicycles, various sports accessories, and advanced carbon fiber composite products. The company's offerings...

J-Star Holding Co., Ltd. Financial Statement Overview

Summary

Financial health is critically weak. Revenue declined 43% in the latest year, net margin is -203%, stockholders' equity is negative, and both operating and free cash flow are deeply negative. This indicates severe distress and potential insolvency risk.

Income Statement

10Very Negative

Balance Sheet

5Very Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.77M	9.93M	17.56M	23.78M	39.38M	31.33M
Gross Profit	961.98K	5.37M	5.63M	2.92M	9.08M	8.99M
EBITDA	-1.78M	-19.41M	1.87M	2.36M	3.54M	1.61M
Net Income	-1.57M	-20.17M	1.10M	1.42M	124.31K	-132.90K
Balance Sheet
Total Assets	13.56M	7.16M	24.38M	21.09M	40.74M	40.43M
Cash, Cash Equivalents and Short-Term Investments	1.10M	552.80K	649.11K	559.46K	2.95M	3.12M
Total Debt	7.54M	12.72M	10.20M	8.05M	11.16M	7.27M
Total Liabilities	10.78M	13.93M	11.38M	9.24M	30.84M	31.15M
Stockholders Equity	2.77M	-6.78M	13.00M	11.85M	9.90M	9.27M
Cash Flow
Free Cash Flow	-4.24M	-3.55M	-3.09M	6.93M	2.82M	-1.82M
Operating Cash Flow	-829.79K	-3.16M	-3.06M	7.04M	4.04M	-539.22K
Investing Cash Flow	-3.46M	-3.52M	1.81M	-8.57M	-2.02M	-895.93K
Financing Cash Flow	4.34M	6.59M	1.41M	-780.44K	-2.03M	2.92M

J-Star Holding Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price1.06

Price Trends

50DMA1.62Negative

100DMA1.88Negative

200DMA2.22Negative

Market Momentum

MACD-0.16Positive

RSI44.35Neutral

STOCH29.37Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YMAT, the sentiment is Negative. The current price of 1.06 is below the 20-day moving average (MA) of 1.64, below the 50-day MA of 1.62, and below the 200-day MA of 2.22, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 44.35 is Neutral, neither overbought nor oversold. The STOCH value of 29.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for YMAT.

J-Star Holding Co., Ltd. Risk Analysis

J-Star Holding Co., Ltd. disclosed 67 risk factors in its most recent earnings report. J-Star Holding Co., Ltd. reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

0 New Risks

J-Star Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

YMAT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MATV	58Neutral	$683.28M	7.26	19.17%	3.33%	-0.43%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
CMT	55Neutral	$187.87M	27.70	4.37%	―	9.41%	-13.25%
FSI	55Neutral	$82.91M	-25.69	-8.12%	―	-4.66%	-201.32%
NTIC	50Neutral	$70.75M	-60.42	-1.60%	0.52%	7.70%	-139.19%
ACNT	49Neutral	$121.70M	-149.56	-1.11%	―	-12.31%	-194.83%
YMAT	40Underperform	$5.88M	-3.33	78.02%	―	―	―

* General Sector Average

Performance Comparison

YMAT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
YMAT	J-Star Holding Co., Ltd.	1.06	-3.02	-73.99%
CMT	Core Molding	22.17	4.61	26.25%
FSI	Flexible Solutions International	6.23	-0.83	-11.76%
NTIC	Northern Technologies International	7.62	-0.32	-4.04%
MATV	Mativ Holdings, Inc.	11.79	0.12	1.06%
ACNT	Ascent Industries Co.	13.02	-0.99	-7.07%

J-Star Holding Co., Ltd. Corporate Events

J-Star Holding Shareholders Ratify Major Capital Restructuring and Super-Voting Rights Boost

Oct 30, 2026

On October 29, 2026, J-Star Holding Co., Ltd. shareholders approved several significant capital and governance changes at a class meeting for class A holders and an extraordinary general meeting in Taichung, Taiwan. Class A shareholders backed a spec...

J-Star Holding Files H1 2026 MD&A as Revenue Mix Shifts Toward Racket Products

Oct 27, 2026

On October 23, 2026, J-Star Holding Co., Ltd. furnished unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026, and on October 27, 2026 it filed an additional Form 6-K providing management’s discussion an...

J-Star Turns Equity Positive as It Exits China OEM and Pivots to U.S. Drone Market

Oct 23, 2026

On October 23, 2026, J-Star Holding Co., Ltd. reported unaudited interim results for the six months ended June 30, 2026, showing operating revenue of $6.8 million, down from $10.6 million a year earlier, as it intentionally wound down legacy OEM acti...

J-Star Holding Calls October 29 Meetings to Overhaul Share Capital and Voting Structure

Oct 9, 2026

J-Star Holding Co., Ltd. has called a class meeting of holders of its Class A ordinary shares and an extraordinary general meeting of shareholders, both scheduled for October 29, 2026 in Taichung, Taiwan. These meetings will consider major changes to...

J-Star CEO Relocates to U.S. as Carbon Fiber Specialist Accelerates Post-China Growth Strategy

Sep 29, 2026

J-Star Holding Co., Ltd., a Taiwan-based producer of carbon fiber and composite materials with a legacy in high-performance cycling components, is pivoting its expertise into higher-value sectors such as healthcare, automotive, and advanced consumer...

J-Star Holding Sets Up $35 Million Equity Facility With Hudson Global Ventures

Sep 28, 2026

On September 24, 2026, J-Star Holding Co., Ltd. entered into a definitive equity purchase agreement with Hudson Global Ventures, LLC, giving J-Star the right, but not the obligation, to sell up to $35 million of its Class A ordinary shares over a 36‑...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 03, 2026

J-Star Holding Co., Ltd. AI Stock Analysis