THS Maple Holdings Ltd. (YAY) Reports Financial Results for Q4 and Fiscal Year 2025

Executive Summary

• THS Maple Holdings Ltd. reported audited FY 2025 results, showing sales of $14.44 M (up 40% YoY) and a reduced net loss of $1.55 M versus $3.0 M in FY 2024.
• Gross margin improved to 21.8%, and Adjusted EBITDA narrowed to a loss of $0.31 M, reflecting higher volumes and cost discipline.
• Operationally, the Vermont warehouse/distribution centre is fully operational, U.S. revenue nearly tripled, new international purchase orders were signed in five markets, and additional retail/kiosk locations were secured.

Key Details

• Financial Highlights (FY 2025 vs FY 2024):
• Sales: $14,438,038 vs $5,808,042
• Cost of Sales: $11,289,318 vs $4,649,351
• Gross Profit: $3,148,720 vs $1,158,691 (Gross margin 21.8% vs 19.9%)
• Operating Loss: $(863,279) vs $(856,464)
• Pre‑tax Loss: $(1,547,504) vs $(2,998,943)

• Net Loss per Share: $(0.026) vs $(0.083)

• EBITDA:

• EBITDA loss improved by $2.1 M to a loss of $0.31 M (Adjusted EBITDA).

• Working Capital: Increased to $1.24 M from $0.24 M at June 30, 2024.

• Liquidity Enhancements:

• Bank overdraft facility raised from $2.3 M to $5.0 M.

• Standby Letter of Credit of $750,000 issued by Export Development Canada (EDC) for maple syrup purchases under the PPAQ.

• U.S. Expansion: Vermont warehouse and distribution centre fully operational; U.S. revenue grew from $0.65 M (FY 2023) to ~$1.9 M (FY 2025).

• Production Capacity: Additional leased space at Granby facility fitted out, expanding packaging/warehousing capacity.

• International Growth: Products now in >25 countries; new purchase orders signed in five additional markets during FY 2025.

• Retail/Kiosk Activity:

• Old Port of Montreal kiosk lease extended through 2026.

• New retail kiosk agreement in Grande Prairie, Alberta effective Oct 1, 2025 (second direct‑to‑consumer location).

• Future Lease Commitments: Multi‑year lease for warehouse and office space in Delta, BC to support regional customers and reduce freight costs.

Notable Quotes

“Fiscal 2025 marked a turning point for THS,” said Tom Zaffis, CEO. “We invested deliberately in infrastructure and brand expansion that position us for sustainable, medium‑to‑long‑term growth… With our U.S. operations now fully active, expanded production capacity in Granby, and an expanding international customer base, we're building the foundations for improved profitability and lasting shareholder value.”

Materiality Assessment: Material – Positive (significant improvement in revenue, margins, loss reduction, and operational expansion).