{"success":true,"data":{"pressRelease":{"id":"178817","rtpr_id":"nGNX1rZRtw-20261023","ticker":"YMAT","exchange":"NASDAQ","all_tickers":["YMAT"],"title":"J-Star Holding Co., Ltd. Files Interim Financial Report on Form 6-K","author":"Globe Newswire","published_at":"2026-10-23T20:15:00.130Z","article_body":"TAICHUNG, Taiwan and HOUSTON, Oct. 23, 2026 (GLOBE NEWSWIRE) -- J-Star Holding\nCo., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), an innovator in\nadvanced composite manufacturing, today announced it has filed its unaudited\ninterim financial results for the six months ended June 30, 2026, on Form 6-K\nwith the U.S. Securities and Exchange Commission.\n\nBacked by a robust operating heritage spanning over 50 years and guided by\nleadership with three decades of hands-on global industrial experience across\nthe globe, J-Star has consistently navigated global industrial evolutions\nthrough an unyielding commitment to execution and core operations. Building\nupon this foundation of discipline, J-Star executed a deliberate and strategic\npivot during the first half of 2026; whereby we proactively exited from\nhigh-risk outsourced production in China to focus our business on new\nopportunities in the United States.\n\nFinancial and Operational Highlights for the Six Months Ended June 30, 2026\n\nFor the six months ended June 30, 2026, the Company reported operating revenue\nof $6.8 million, compared to $10.6 million in the prior-year period, and an\nimprovement in total equity from a negative $6.8 million at the close of\nDecember 2025 to a positive $2.8 million as of June 30, 2026, completely\nwiping out the prior year's deficit to leave the Company in a nearly debt-free\nposition. The year-over-year revenue decline was largely an intentional and\nstrategic decision designed to eliminate legacy original equipment\nmanufacturing business in China and pivot resources toward U.S. manufacturing\noperations for commercial and defense unmanned aerial systems.\n\nDuring this period, the Company made significant improvement to its balance\nsheet. J-Star executed on a debt to equity conversion by eliminating an $8.2\nmillion related-party loan into Class A ordinary shares as well as the\nirrevocable cancellation of shareholder debt by the Chief Executive Officer,\nJing-Bin Chiang. At the period ending June 30, 2026, the company has\nessentially eliminated most of its debt outstanding.\n\nTotal equity also rebounded from a negative $6.8 million at December 31, 2025\nto a positive $2.8 million as of June 30, 2026. By completely eliminating\nprior year's deficit, J-Star is now in a position of strength as the Company\nnavigates 2026.\n\nFor the six months ended June 30, 2026, the Company recorded $1.1 million in\nshare-based compensation. This is crucial in attracting top-tier engineering\ntalent as well as management’s commitment to align with its shareholders as\nthe Company executes its strategic business plan in the U.S.\n\nThe Company also recorded professional service expenses of $372,000,\nreflecting expenses related to SEC and Nasdaq compliance. These strategic\ninvestments in talent alignment and U.S. regulatory readiness largely\naccounted for our operating expenses during this transitional period,\nunderscoring management’s commitment to our long-term growth and corporate\ngovernance as we execute our strategic business plan in the United States.\n\nManagement Commentary & Expression of Gratitude\n\nMr. Jing-Bin Chiang, the Chairman of the Board of Directors and Chief\nExecutive Officer of J-Star, commented:\n\n“The decline in revenue for the first half of 2026 was entirely an\nintentional and strategic decision. We decisively eliminated our risk exposure\nby exiting our outsourced production and legacy assets in China in order to\nfocus on attractive opportunities in the U.S. through a series of strategic\npartnership and investments. While pivoting on our operations, we also\nexecuted a plan to strengthen the balance sheet by converting millions in\nloans to equity, providing a solid footing as we execute on that strategic\nplan.”\n\n“I want to express my deepest appreciation to our entire team for their\ndedication and commitment to the Company,” continued Mr. Chiang. “With the\nimprovement in our balance sheet, we are well positioned to move forward in\nour strategic plan and execution in advancing our U.S. drone manufacturing\noperations.\"\n\nAbout J-Star Holding Co., Ltd.\n\nJ-Star Holding Co., Ltd. is a global manufacturer of carbon fiber and\ncomposite material products, with a legacy in high-performance cycling\ncomponents and a growing portfolio of applications across healthcare,\nautomotive, and other advanced materials markets. For more information, visit\nj-starholding.com\n(https://www.globenewswire.com/Tracker?data=w7ibzYX_tfYicI9AIa0UkldGsUmp3BbjYNFEKFDnkFEFPjpZSfc_z_i4udZp675Rkls9wbatnt4IyeityGPEgHqU8sBtzCKb8lEFiORfl1k=).\n\nBacked by a 50-year legacy of industrial excellence, J-Star Holding Co., Ltd.\n(Nasdaq: YMAT) develops and commercializes cutting-edge technology in carbon\nreinforcement and resin systems. Headquartered in Taichung, Taiwan, with IP\ntechnology developed to facilitate its expansion into United States, J-Star is\ndedicated to delivering high-performance composite solutions for\nnext-generation mobility, sports, and defense applications.\n\nForward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nthe safe harbor provisions of the U.S. Private Securities Litigation Reform\nAct of 1995, including statements regarding the Company's capital markets\nstrategy, its U.S. expansion plans, and its evaluation of opportunities in\naerospace and defense-adjacent markets. These statements are based on current\nexpectations and assumptions and are subject to risks and uncertainties that\ncould cause actual results to differ materially, including those described in\nthe Company's filings with the U.S. Securities and Exchange Commission,\nincluding its Annual Report on Form 20-F and its registration statement on\nForm F-3, as amended. The Company undertakes no obligation to update any\nforward-looking statements, except as required by law.\n\nContact\n\nMatt Chesler, CFA\nFNK IR\n646-809-2183\ninvestor@j-starholding.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/1a4c6faf-93be-4d28-a35f-1df9c4f0404e)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX1rZRtw-20261023","title":"J-Star Holding Co., Ltd. Files Interim Financial Report on Form 6-K","author":"Globe Newswire","ticker":"YMAT","created":"2026-10-23T20:15:00.130Z","tickers":["YMAT"],"exchange":"NASDAQ","article_body":"TAICHUNG, Taiwan and HOUSTON, Oct. 23, 2026 (GLOBE NEWSWIRE) -- J-Star Holding\nCo., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), an innovator in\nadvanced composite manufacturing, today announced it has filed its unaudited\ninterim financial results for the six months ended June 30, 2026, on Form 6-K\nwith the U.S. Securities and Exchange Commission.\n\nBacked by a robust operating heritage spanning over 50 years and guided by\nleadership with three decades of hands-on global industrial experience across\nthe globe, J-Star has consistently navigated global industrial evolutions\nthrough an unyielding commitment to execution and core operations. Building\nupon this foundation of discipline, J-Star executed a deliberate and strategic\npivot during the first half of 2026; whereby we proactively exited from\nhigh-risk outsourced production in China to focus our business on new\nopportunities in the United States.\n\nFinancial and Operational Highlights for the Six Months Ended June 30, 2026\n\nFor the six months ended June 30, 2026, the Company reported operating revenue\nof $6.8 million, compared to $10.6 million in the prior-year period, and an\nimprovement in total equity from a negative $6.8 million at the close of\nDecember 2025 to a positive $2.8 million as of June 30, 2026, completely\nwiping out the prior year's deficit to leave the Company in a nearly debt-free\nposition. The year-over-year revenue decline was largely an intentional and\nstrategic decision designed to eliminate legacy original equipment\nmanufacturing business in China and pivot resources toward U.S. manufacturing\noperations for commercial and defense unmanned aerial systems.\n\nDuring this period, the Company made significant improvement to its balance\nsheet. J-Star executed on a debt to equity conversion by eliminating an $8.2\nmillion related-party loan into Class A ordinary shares as well as the\nirrevocable cancellation of shareholder debt by the Chief Executive Officer,\nJing-Bin Chiang. At the period ending June 30, 2026, the company has\nessentially eliminated most of its debt outstanding.\n\nTotal equity also rebounded from a negative $6.8 million at December 31, 2025\nto a positive $2.8 million as of June 30, 2026. By completely eliminating\nprior year's deficit, J-Star is now in a position of strength as the Company\nnavigates 2026.\n\nFor the six months ended June 30, 2026, the Company recorded $1.1 million in\nshare-based compensation. This is crucial in attracting top-tier engineering\ntalent as well as management’s commitment to align with its shareholders as\nthe Company executes its strategic business plan in the U.S.\n\nThe Company also recorded professional service expenses of $372,000,\nreflecting expenses related to SEC and Nasdaq compliance. These strategic\ninvestments in talent alignment and U.S. regulatory readiness largely\naccounted for our operating expenses during this transitional period,\nunderscoring management’s commitment to our long-term growth and corporate\ngovernance as we execute our strategic business plan in the United States.\n\nManagement Commentary & Expression of Gratitude\n\nMr. Jing-Bin Chiang, the Chairman of the Board of Directors and Chief\nExecutive Officer of J-Star, commented:\n\n“The decline in revenue for the first half of 2026 was entirely an\nintentional and strategic decision. We decisively eliminated our risk exposure\nby exiting our outsourced production and legacy assets in China in order to\nfocus on attractive opportunities in the U.S. through a series of strategic\npartnership and investments. While pivoting on our operations, we also\nexecuted a plan to strengthen the balance sheet by converting millions in\nloans to equity, providing a solid footing as we execute on that strategic\nplan.”\n\n“I want to express my deepest appreciation to our entire team for their\ndedication and commitment to the Company,” continued Mr. Chiang. “With the\nimprovement in our balance sheet, we are well positioned to move forward in\nour strategic plan and execution in advancing our U.S. drone manufacturing\noperations.\"\n\nAbout J-Star Holding Co., Ltd.\n\nJ-Star Holding Co., Ltd. is a global manufacturer of carbon fiber and\ncomposite material products, with a legacy in high-performance cycling\ncomponents and a growing portfolio of applications across healthcare,\nautomotive, and other advanced materials markets. For more information, visit\nj-starholding.com\n(https://www.globenewswire.com/Tracker?data=w7ibzYX_tfYicI9AIa0UkldGsUmp3BbjYNFEKFDnkFEFPjpZSfc_z_i4udZp675Rkls9wbatnt4IyeityGPEgHqU8sBtzCKb8lEFiORfl1k=).\n\nBacked by a 50-year legacy of industrial excellence, J-Star Holding Co., Ltd.\n(Nasdaq: YMAT) develops and commercializes cutting-edge technology in carbon\nreinforcement and resin systems. Headquartered in Taichung, Taiwan, with IP\ntechnology developed to facilitate its expansion into United States, J-Star is\ndedicated to delivering high-performance composite solutions for\nnext-generation mobility, sports, and defense applications.\n\nForward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nthe safe harbor provisions of the U.S. Private Securities Litigation Reform\nAct of 1995, including statements regarding the Company's capital markets\nstrategy, its U.S. expansion plans, and its evaluation of opportunities in\naerospace and defense-adjacent markets. These statements are based on current\nexpectations and assumptions and are subject to risks and uncertainties that\ncould cause actual results to differ materially, including those described in\nthe Company's filings with the U.S. Securities and Exchange Commission,\nincluding its Annual Report on Form 20-F and its registration statement on\nForm F-3, as amended. The Company undertakes no obligation to update any\nforward-looking statements, except as required by law.\n\nContact\n\nMatt Chesler, CFA\nFNK IR\n646-809-2183\ninvestor@j-starholding.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/1a4c6faf-93be-4d28-a35f-1df9c4f0404e)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-23T20:15:00.189035362Z","server_sent_at_ms":1792786500189},"received_at":"2026-10-23T20:15:00.254Z","source_url":null},"analysis":{"id":"166725","press_release_id":"178817","analysis_json":{"industry":{"label":"Aerospace & Defense","sector":"Industrials"},"redFlags":["revenue down ~36% YoY during strategic transition","company recently had negative equity (negative $6.8M at Dec 31, 2025)","reliance on related-party debt forgiveness by the CEO"],"eventType":"earnings","narrative":"J-Star Holding filed unaudited interim results for the six months ended June 30, 2026, reporting operating revenue of $6.8 million, down from $10.6 million a year earlier.\n\nThe revenue decline was framed as deliberate: the company exited high-risk outsourced production in China to pivot toward U.S. manufacturing of commercial and defense unmanned aerial systems.\n\nThe balance sheet improved sharply, with total equity swinging from negative $6.8 million at year-end 2025 to positive $2.8 million, driven by converting an $8.2 million related-party loan to equity and the CEO irrevocably canceling shareholder debt.\n\nThe company is now nearly debt-free but is in a transitional period with smaller revenue and rising compliance and share-based compensation costs.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Micro-cap turnaround story: balance sheet repaired via debt-to-equity conversion as revenue intentionally shrinks during China-to-US pivot."},"keyFigures":{"revenue":"$6.8 million","customDimensions":{"prior_total_equity":"negative $6.8 million","prior_year_revenue":"$10.6 million","total_equity_positive":"$2.8 million","share_based_compensation":"$1.1 million","debt_to_equity_conversion":"$8.2 million","professional_service_expenses":"$372,000"}},"quotedText":"The decline in revenue for the first half of 2026 was entirely an intentional and strategic decision.","namedEntities":{"people":[{"name":"Jing-Bin Chiang","role":"Chairman and CEO"},{"name":"Matt Chesler, CFA","role":"Investor Relations (FNK IR)"}],"products":[],"companies":[{"name":"J-Star Holding Co., Ltd.","ticker":"YMAT","relationship":"filer"}],"dollarAmounts":[{"amount":"$6.8 million","context":"H1 2026 operating revenue"},{"amount":"$10.6 million","context":"prior-year H1 revenue"},{"amount":"$8.2 million","context":"related-party loan converted to Class A ordinary shares"},{"amount":"$1.1 million","context":"share-based compensation for the six months ended June 30, 2026"},{"amount":"$372,000","context":"professional service expenses for SEC and Nasdaq compliance"}]},"materialImpact":{"score":2,"reasoning":"Interim 6-K financials for a micro-cap: revenue fell ~36% YoY, but the balance sheet improved materially via debt-to-equity conversion and equity swinging from negative $6.8M to positive $2.8M. Not a market-moving event."},"tickerRelevance":{"others":[],"primary":"YMAT"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["restructuring"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"routine interim filing with strategic pivot commentary","issuerAuthored":true,"retailFavoriteBoost":false}},"event_type":"earnings","event_type_secondary":["restructuring"],"sentiment":"mixed","material_impact_score":2,"narrative":"J-Star Holding filed unaudited interim results for the six months ended June 30, 2026, reporting operating revenue of $6.8 million, down from $10.6 million a year earlier.\n\nThe revenue decline was framed as deliberate: the company exited high-risk outsourced production in China to pivot toward U.S. manufacturing of commercial and defense unmanned aerial systems.\n\nThe balance sheet improved sharply, with total equity swinging from negative $6.8 million at year-end 2025 to positive $2.8 million, driven by converting an $8.2 million related-party loan to equity and the CEO irrevocably canceling shareholder debt.\n\nThe company is now nearly debt-free but is in a transitional period with smaller revenue and rising compliance and share-based compensation costs.","key_figures":{"revenue":"$6.8 million","customDimensions":{"prior_total_equity":"negative $6.8 million","prior_year_revenue":"$10.6 million","total_equity_positive":"$2.8 million","share_based_compensation":"$1.1 million","debt_to_equity_conversion":"$8.2 million","professional_service_expenses":"$372,000"}},"named_entities":{"people":[{"name":"Jing-Bin Chiang","role":"Chairman and CEO"},{"name":"Matt Chesler, CFA","role":"Investor Relations (FNK IR)"}],"products":[],"companies":[{"name":"J-Star Holding Co., Ltd.","ticker":"YMAT","relationship":"filer"}],"dollarAmounts":[{"amount":"$6.8 million","context":"H1 2026 operating revenue"},{"amount":"$10.6 million","context":"prior-year H1 revenue"},{"amount":"$8.2 million","context":"related-party loan converted to Class A ordinary shares"},{"amount":"$1.1 million","context":"share-based compensation for the six months ended June 30, 2026"},{"amount":"$372,000","context":"professional service expenses for SEC and Nasdaq compliance"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-23T20:15:06.296Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"micro-cap","eventGravity":"routine interim filing with strategic pivot commentary","issuerAuthored":true,"retailFavoriteBoost":false}},"durationMs":6019,"modelName":"glm-5.3-flashx"}}