MaxsMaking Inc. reported mixed results for the six months ended April 30, 2025 (FY2025). Revenues grew 27.43% to \(12.40M, but profitability collapsed, with Net Income falling 82.20% to \)175K, resulting in Diluted EPS of \(0.02. This margin compression stems from rising Cost of Revenues as the company shifts to a volume-driven model, causing Gross Margin to drop from 20.36% to 10.82%. Operating expenses increased due to a 53% surge in R&D (\)458K) and a major increase in bad debt expense. Revenue concentration remains high in Mainland China (92.38%).
Cash flow demonstrated a significant turnarou
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