Maase Inc. MAAS
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-3.61
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $109.1M | $163.1M | $15.8M | $28.2M | $29.6M | — | — | — |
| Cost of revenue | — | — | $2.2M | $5.1M | — | — | — | — |
| Gross profit | — | — | $13.6M | $23.1M | — | — | — | — |
| SG&A | $77.7M | $51.8M | $12.7M | $15.3M | — | — | — | — |
| Total operating expenses | — | — | — | — | -$40.9M | — | — | — |
| Operating income | -$96.5M | -$63.4M | -$8.1M | -$11.1M | -$11.3M | — | — | — |
| Pre-tax income | -$49.2M | -$68.5M | -$4.8M | -$9.2M | -$8.6M | — | — | — |
| Income tax | $2.7M | $1.8M | $1.2M | $138.0K | $1.5M | — | — | — |
| Net income | -$27.4M | -$39.9M | -$6.0M | -$9.1M | -$7.1M | — | — | — |
| EPS, basic | -3.63 | -0.17 | -0.07 | -0.10 | — | — | — | — |
| EPS, diluted | -3.61 | -0.17 | -0.07 | -0.10 | -0.08 | — | — | — |
| Shares, diluted (wtd. avg.) | 7.6M | 2.6M | 1.0M | 90.5M | 90.5M | 90.5M | 85.0M | 80.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $11.5M | $51.7M | $164.5M | $194.3M | $49.7M | $44.7M | — | — |
| Short-term investments | $76.5M | $80.3M | — | $746.0K | — | — | — | — |
| Receivables | $12.9M | $37.6M | $5.2M | $8.9M | $8.5M | — | — | — |
| Total current assets | $307.3M | $328.2M | $32.8M | $58.9M | $62.5M | — | — | — |
| Property, plant and equipment | $9.8M | $11.9M | $216.0K | $1.4M | $1.6M | — | — | — |
| Goodwill | — | $33.5M | — | — | — | — | — | — |
| Other intangibles | $118.0K | $57.5M | $247.0K | $166.0K | $248.0K | — | — | — |
| Total assets | $469.9M | $588.7M | $37.4M | $69.3M | $72.5M | — | — | — |
| Accounts payable | $16.3M | $26.7M | $868.0K | $1.7M | $1.9M | — | — | — |
| Short-term debt | $11.5M | $13.5M | — | — | — | — | — | — |
| Total current liabilities | $80.1M | $117.1M | $4.3M | $25.0M | $20.2M | — | — | — |
| Total liabilities | $164.4M | $225.4M | $7.5M | $30.4M | $22.9M | — | — | — |
| Retained earnings | -$72.2M | -$44.2M | -$4.3M | $1.8M | $11.3M | — | — | — |
| Total equity | $88.8M | $176.8M | $29.9M | $38.8M | $49.6M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.0M | $7.9M | -$25.4M | -$1.4M | -$438.0K | — | — | — |
| Depreciation and amortisation | — | $1.2M | $489.0K | $837.0K | $490.0K | — | — | — |
| Stock-based compensation | $10.2M | $3.2M | — | — | — | — | — | — |
| Capital expenditure | $774.0K | $593.0K | $121.0K | $708.0K | $1.3M | — | — | — |
| Investing cash flow | -$45.7M | $32.2M | -$688.0K | -$1.6M | $7.4M | — | — | — |
| Financing cash flow | -$2.0M | -$11.9M | — | — | — | — | — | — |
| Buybacks | — | $1.4M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-25-103497.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $29.6M | $28.2M | $15.8M | $163.1M | $109.1M |
| Gross profit | — | — | — | — | $23.1M | $13.6M | — | — |
| Net income | — | — | — | -$7.1M | -$9.1M | -$6.0M | -$39.9M | -$27.4M |
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