MaxsMaking Inc. Reports Fiscal Year 2025 Financial Results

SHANGHAI, March 4, 2026 /PRNewswire/ — MaxsMaking Inc. (Nasdaq: MAMK) (“MaxsMaking” or the “Company”), a manufacturer of customized consumer goods with a focus on advanced technology and innovation, today announced its financial results for the fiscal year ended October 31, 2025.

Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, commented: “The fiscal year 2025 represented a period of business adjustment for our Company amid heightened uncertainty and intensifying competition. Facing a weak and volatile overseas market, we adopted a business strategy to help us maintain stable revenue growth while improving the efficiency of resource allocation for sales and market development.

“In the highly competitive domestic market, we strengthened our sales initiatives to expand our customer base. We implemented a volume-driven strategy supported by penetration pricing and new customer acquisition through relationship-based referrals. These efforts contributed to a 36.33% year-over-year increase in revenue. Importantly, this growth helped offset the temporary slowdown in our overseas business and broadened and diversified our future customer base.

“At the same time, we remained committed to innovation, increasing our research and development (“R&D”) spending by 16.38%. This investment reflects our long-term focus on product enhancement and on building sustainable differentiation in the customized consumer goods market.

“Although our profits and margins were temporarily affected by the volume-driven strategy, we believe our business model remains resilient and scalable. Today, we operate with a more diversified market presence, a broader customer base, and an expanding product portfolio. We believe all of these will support our future growth.

“It is also worth noting that our initial public offering (the “IPO”) on the Nasdaq in July 2025 provided us access to additional capital and enhanced our presence in global markets. Despite ongoing external challenges and volatility in international trade, we believe our successful IPO has elevated us to a broader platform, enabling us to establish relationships with larger industry players, benefit from collaboration with more elite partners, and embrace further opportunities to support our operations and planned expansion.

“Looking ahead, we believe our strategy and execution will provide a foundation for long-term value. As current disruptions and uncertainties evolve, we expect to continue adapting to market conditions and pursuing growth opportunities as they arise.”

Fiscal Year 2025 Financial Summary

Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% compared to $21.43 million in fiscal year 2024.
Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.
Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024.
Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.
Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Fiscal Year 2025 Financial Results

Revenue

Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% from $21.43 million in fiscal year 2024. The increase was primarily attributable to an increase in sales in mainland China of approximately $9.36 million, or 54.13%, partially offset by a decrease of approximately $1.19 million in sales in Asia (excluding mainland China) and a decrease of $0.54 million in sales in Europe. The increase in sales in mainland China was primarily attributed to: (i) the Company’s intensified sales efforts in the domestic market, such as offering promotions and active participation in domestic shopping festivals, expansion of its customer base, and implementation of a high-volume, lower-margin sales strategy, which resulted in increased domestic sales revenue; and (ii) the addition of new major clients through referral by the Company’s management. The decrease in sales in overseas markets was mainly due to uncertainties in overseas markets, where customers’ demand and consumption prospects remained relatively weak.

	For the Fiscal Year Ended October 31, 2025				For the Fiscal Year Ended October 31, 2024				Change
Country/Region	Sales Amount		As % of Sales		Sales Amount		As % of Sales		Amount		%
Mainland China	$	26,643,100	91.18	%	$	17,285,726	80.65	%	$	9,357,374	54.13	%
Asia (excluding mainland China)		810,415	2.77	%		1,998,048	9.32	%		(1,187,633)	(59.44)	%
North America		345,277	1.18	%		276,746	1.29	%		68,530	24.76	%
Europe		1,266,824	4.34	%		1,806,989	8.43	%		(540,165)	(29.89)	%
Oceania		41,158	0.14	%		16,650	0.08	%		24,508	147.19	%
South America		62,948	0.22	%		30,170	0.14	%		32,778	108.64	%
Africa		51,124	0.17	%		19,771	0.09	%		31,354	158.59	%
Total		29,220,846	100.00	%	$	21,434,100	100.00	%	$	7,786,746	36.33	%

Cost of Revenue

Cost of revenue was $26.61 million in fiscal year 2025, representing an increase of 52.34% from $17.46 million in fiscal year 2024. The increase was due to higher domestic sales volume, which has lower gross profit margins, resulting in cost growth outpacing revenue growth.

Gross Profit and Gross Profit Margin

Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.

Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024. The decline in gross profit margin was primarily attributable to a decrease in overseas sales, which historically generate higher margins. As overseas sales declined, the Company’s overall gross profit decreased. In response, the Company intensified its sales efforts in the domestic market and adopted a lower-price, higher-volume strategy, which increased domestic sales but carried a lower margin and further compressed the Company’s overall gross profit margin.

Operating Expenses

Operating expenses were $2.51 million in fiscal year 2025, representing an increase of 42.25% from $1.77 million in fiscal year 2024.

Selling expenses were $0.46 million in fiscal year 2025, representing a decrease of 23.76% from $0.61 million in fiscal year 2024. The decrease was mainly due to lower salary expenses resulting from a reduction in headcount, and a decrease in freight expenses.
General and administrative expenses were $1.40 million in fiscal year 2025, representing an increase of 132.97% from $0.60 million in fiscal year 2024. The increase was mainly due to (i) an increase in accounts receivable allowance of approximately $0.17 million; and (ii) an increase in professional fees of $0.44 million in connection with the Company’s IPO in July 2025.
Research and development expenses were $0.65 million in fiscal year 2025, representing an increase of 16.38% from $0.56 million in fiscal year 2024. The increase was primarily attributable to an increase in salaries of the Company’s R&D personnel.

Net Income

Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.

Basic and Diluted Earnings per Share

Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Financial Condition

As of October 31, 2025, the Company had cash of $0.12 million, compared to $0.18 million as of October 31, 2024.

Net cash used in operating activities was $5.29 million in fiscal year 2025, compared to $3.04 million in fiscal year 2024.

Net cash used in investing activities was $56,877 in fiscal year 2025, compared to $18,514 in fiscal year 2024.

Net cash provided by financing activities was $5.30 million in fiscal year 2025, compared to $3.10 million in fiscal year 2024.

About MaxsMaking Inc.

Founded in 2007 and headquartered in Shanghai, MaxsMaking Inc. specializes in customized consumer goods with a focus on advanced technology and innovation. With production facilities in China’s Zhejiang and Henan provinces, the Company integrates digital production, software development, product design, brand management, online sales and international trade to deliver small-batch textile customization services. Its products include backpacks, shopping bags, aprons, and other promotional items. Using sustainable materials and proprietary order management technologies, MaxsMaking delivers high-quality, cost-effective products while emphasizing environmental protection and social responsibility. For more information, please visit the Company’s website: https://ir.maxsmaking.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F for the fiscal year ended October 31, 2025 and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

MaxsMaking Inc.
Investor Relations
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

MAXSMAKING INC.
CONSOLIDATED BALANCE SHEETS
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025 AND 2024
IN U.S. DOLLARS, EXCEPT SHARE DATA

	October 31, 2025		October 31, 2024
ASSETS
Current Assets
Cash	$	122,381	$	176,236
Accounts receivable, net		9,877,030		6,188,992
Due from related parties		36,815		—
Inventories		6,504,761		2,633,615
Other receivables and other current assets		5,003,667		7,452,317
Total current assets		21,544,654		16,451,160

Non-Current Assets
Plant and equipment, net		153,271		119,125
Intangible assets, net		6,447		7,433
Right-of-use assets, net		71,482		86,441
Deferred tax assets		66,383		24,538
Deferred offering cost		–		986,206
Total non-current assets		297,583		1,223,743
Total Assets	$	21,842,237	$	17,674,903

LIABILITIES AND EQUITY
Current Liabilities
Short-term loans	$	1,954,007	$	2,785,965
Accounts payable		3,243,451		2,127,623
Contract liability		449,306		512,859
Income tax payable		952,041		859,194
Other payables and accrued liabilities		259,345		867,249
Due to related parties		–		149,757
Lease liabilities-current		13,145		47,895
Current portion of long-term loan		22,573		–
Total current liabilities		6,893,868		7,350,542

Non-Current Liabilities
Lease liabilities-non current		57,841		—
Non-current portion of long-term loans		2,278,162		2,058,651
Total non-current liabilities		2,336,003		2,058,651
Total liabilities		9,229,871		9,409,193

COMMITMENTS AND CONTINGENCIES (NOTE 17)

Equity
A Shares (US$ 0.01 par value; 9,200,000 A Shares authorized, 7,575,000 A Shares issued and outstanding as of October 31, 2024 and October 31, 2023)		92,000		75,750
B Shares (US$0.01 par value; 7,425,000 B Shares authorized, 7,425,000 B Shares issued and outstanding as of October 31, 2024 and October 31, 2023)		74,250		74,250
Additional paid-in capital		5,972,110		1,712,492
Statutory surplus reserve		788,123		705,396
Retained earnings		5,726,180		5,806,881
Accumulated other comprehensive loss		(368,876)		(421,542)
Total MaxsMaking Inc.’s Equity		12,283,787		7,953,227

Non-Controlling Interests		328,579		312,483
Total equity		12,612,366		8,265,710
Total Liabilities and Equity	$	21,842,237	$	17,674,903

MAXSMAKING INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023
IN U.S. DOLLARS, EXCEPT SHARE DATA

	For The Fiscal Years Ended October 31,
	2025		2024		2023
Revenues	$	29,220,846	$	21,434,100	$	26,260,268
Cost of revenues		(26,605,003)		(17,463,856)		(22,048,972)
Gross profit		2,615,843		3,970,244		4,211,296

Operating expenses:
Sales and marketing expenses		(462,285)		(606,352)		(490,221)
General and administrative expenses		(1,399,356)		(600,660)		(571,407)
Research and development expenses		(650,629)		(559,048)		(740,800)
Total operating expenses		(2,512,270)		(1,766,060)		(1,802,428)

Income from operations		103,573		2,204,184		2,408,868

Other (expenses) income, net
Interest expenses		(159,166)		(151,335)		(69,572)
Interest income		223		548		1,158
Other income		85,113		95,767		87,399
Exchange gain (loss)		72,406		17,344		(2,106)
Other expenses		(16,593)		(16,839)		(140,029)
Income before income tax provision		85,556		2,149,669		2,285,718
Income tax expense		(67,434)		(269,003)		(307,441)
Net income	$	18,122	$	1,880,666	$	1,978,277
Less: Net income attributable to non-controlling interest		16,096		67,496		69,006
Net income attributable to MaxsMaking Inc.		2,026		1,813,170		1,909,271

Other comprehensive income
Foreign currency translation adjustment		52,666		36,714		(39,443)
Comprehensive income	$	70,788	$	1,917,380	$	1,938,834
Less: comprehensive income (loss) attributable to non- controlling interests		832		(839)		(7,775)
Comprehensive (loss) income attributable to MaxsMaking Inc.	$	69,956	$	1,918,219	$	1,946,609
Weighted Average A Shares Outstanding – Basic and Diluted		8,092,857		7,575,000		7,575,000
Weighted Average B Shares Outstanding – Basic and Diluted		7,425,000		7,425,000		7,425,000
Earnings per A Share – basic and diluted	$	0.00	$	0.25	$	0.26
Earnings per B Share – basic and diluted	$	0.00	$	0.25	$	0.27

MAXSMAKING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023
IN U.S. DOLLARS, EXCEPT SHARE DATA

	For The Fiscal Years Ended October 31,
	2025		2024		2023
Cash Flows from Operating Activities:
Net income	$	18,122	$	1,880,666	$	1,978,277
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of plant and equipment		30,573		28,548		22,638
Allowance (Reversal of allowance) for expected credit loss of accounts receivable		173,564		17,064		(23,422)
Amortization of right-of-use assets		138,080		179,858		189,311
Amortization of intangible assets		1,014		1,021		1,032
Accounts receivable		(3,791,371)		168,688		1,895,868
Inventories		(3,817,383)		(412,235)		56,562
Other receivables and other current assets		2,240,000		(4,142,973)		(1,397,468)
Amount due from related party		(36,433)		422		(426)
Deferred tax assets		(41,284)		(19,841)		(2,575)
Operating lease-right of use assets		(122,830)		(45,928)		—
Deferred offering cost		(332,851)		(905,452)		(273,346)
Other non-current assets		—		196,834		178,786
Accounts payable		1,091,381		1,094,933		(4,279,114)
Income tax payable		87,446		283,245		87,502
Contract liability		134,680		(328,693)		164,529
Other payables and accrued liabilities		(928,045)		13,537		(100,599)
Lease liabilities		22,604		(327,396)		(167,614)
Amount due to related party		(153,012)		(720,729)		1,070,112
Net cash used in operating activities		(5,285,745)		(3,038,431)		(599,947)

Cash Flows from Investing Activities:
Purchases of plant and equipment		(56,877)		(18,514)		(73,646)
Collection from loans to third parties		—		—		810,250
Net cash (used in)generated by investing activities		(56,877)		(18,514)		736,604

Cash Flows from Financing Activities:

Proceeds from issuance of ordinary shares upon the completion of IPO		5,594,926		—		—
Capital contributions		—		787,266		—
Proceeds from third party loans		184,559		260,101		71,055
Proceeds from bank borrowings		3,036,036		4,611,529		1,406,889
Repayments of third party loans		(325,058)		(745,156)		—
Repayment of bank borrowings		(3,191,570)		(1,813,680)		(1,806,122)
Net cash provided by(used in) financing activities		5,298,893		3,100,060		(328,178)
Effect of Exchange Rate Changes on Cash		(10,126)		971		3,715

Net (Decrease) Increase in cash		(53,855)		44,086		(187,806)
Cash, Beginning of Year		176,236		132,150		319,956
Cash, End of Year		122,381	$	176,236	$	132,150
Supplemental disclosure of cash flow information:
Cash paid for income tax		21,273	$	5,598	$	222,026
Cash paid for interest		155,572	$	151,335	$	69,572
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for operating lease obligation		177,415	$	66,419	$	18,639

MaxsMaking Inc. Reports Fiscal Year 2025 Financial Results

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