Financial Performance - Total revenues for Q3 fiscal 2024 were $13.6 million, down 12.8% from $15.6 million in Q3 fiscal 2023, primarily due to competition and store renovations [4]. - Gross profit for Q3 fiscal 2024 was $3.2 million, resulting in a gross margin of 23.4%, compared to $4.0 million and 25.6% in the same quarter last year [6]. - The net loss attributable to Maison Solutions for Q3 fiscal 2024 was approximately $549,000, or a loss of $0.03 per share, compared to a net income of $988,000, or $0.06 per share, in Q3 fiscal 2023 [7]. - For the first nine months of fiscal 2024, total revenues were $41.1 million, nearly unchanged from $41.2 million in the same period last year [10]. - The company reported a gross profit of $9.4 million for the first nine months of fiscal 2024, with a gross margin improvement to 22.9% from 22.8% in the prior year [11]. - Operating loss for the first nine months of fiscal 2024 was approximately $270,000, a decline from an operating income of approximately $80,000 in the same period last year [12]. - For the nine months ended January 31, 2024, the company reported a net loss of $470,802 compared to a net income of $1,228,281 for the same period in 2023 [23]. Cash Flow and Investments - Cash and equivalents increased to $9.4 million as of January 31, 2024, up from $2.6 million at April 30, 2023, following an IPO that generated approximately $10 million [8]. - Net cash used in operating activities for the nine months ended January 31, 2024, was approximately $887,000, compared to net cash provided of approximately $364,000 in the same period last year [9]. - Cash flows from operating activities resulted in a net cash used of $887,439, a significant decline from the net cash provided of $364,225 in the prior year [23]. - The company incurred a total of $5,142,083 in net cash used in investing activities, contrasting with net cash provided of $1,886,085 in the previous year [23]. - The company raised $13,313,892 from the issuance of common stock, contributing to a net cash provided by financing activities of $12,866,382 [23]. - Cash and restricted cash at the end of the period totaled $9,407,727, up from $2,581,345 at the end of the previous year [23]. - The company paid $81,369 in interest and $322,610 in income taxes during the reporting period [24]. Operational Developments - The company is on track to complete renovations of its El Monte store and open a new flagship store in Rowland Heights, California, later this year [3]. - The company aims to leverage new software for store optimization and revenue generation as part of its growth strategy [3]. - Accounts receivable decreased by $440,985, while accounts payable increased by $1,451,371, indicating changes in working capital management [23]. - The company made significant investments, including $2,950,000 for intangible assets and $1,800,000 into HKGF Market of Arcadia [23]. - Depreciation and amortization expenses were $274,476, down from $312,549 in the previous year [23]. - The company experienced a bad debt reversal of $105,322, which positively impacted the financial results [23].
Maison Solutions (MSS) - 2024 Q3 - Quarterly Results