Maison Solutions Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMaison Solutions Inc. is a specialty Asian grocery retailer operating traditional supermarkets in Los Angeles and Arizona under the Lee Lee banner, trading on Nasdaq as MSS.
What they do
The company operates traditional Asian-American supermarkets offering fresh produce, meat, seafood and daily necessities. Since July 2019 it has acquired equity interests in four traditional Asian supermarkets in Los Angeles, California, and in April 2024 acquired Lee Lee Oriental Supermart, a three-store chain in Arizona. It describes a center-satellite store network strategy and holds minority interests in related wholesale and grocery ventures.
Revenue drivers
- Los Angeles center stores — Four traditional Asian supermarkets in Los Angeles, California operate as center stores, selling meat, fresh produce and other merchandise to Asian-American family-oriented customers.
- Lee Lee Oriental Supermart — Acquired April 8, 2024 for approximately $22.2 million; a three-store Arizona supermarket chain that materially expanded revenue, coinciding with annual revenue rising from $58.0M in fiscal 2024 to $124.2M in fiscal 2025.
- Wholesale and supply investments — A 10% equity interest in Dai Cheong, an Asian food and grocery importer owned by CEO John Xu, intended to support a vertically integrated supply-retail structure with preferred wholesale pricing.
Recent performance
Annual revenue grew from $58.0M in fiscal 2024 to $124.2M in fiscal 2025, and net income swung from a $3.3M loss to $1.2M, with diluted EPS of $0.07 for fiscal 2025. Operating cash flow was $4.8M in fiscal 2025 after negative $3.5M in fiscal 2024. Recent quarterly revenue was $34.4M for the quarter ended April 30, 2025, $27.2M for July 31, 2025, $27.6M for October 31, 2025 and $29.5M for January 31, 2026. At January 31, 2026, total assets were $72.1M, total liabilities $64.5M, shareholder equity $7.7M and cash $1.5M.
Strategy
The company is building a center-satellite store network, using acquired Los Angeles supermarkets as center stores and planning smaller satellite locations. It acquired 100% of Lee Lee Oriental Supermart for approximately $22.2 million in April 2024 to expand into Arizona. It held minority stakes in HKGF Market of Arcadia (reduced to 49%, with an $848,493 impairment charge recorded during the nine months ended January 31, 2026) and sold that 49% interest on January 31, 2026 for $1. It also intends to acquire control of Dai Cheong and the remaining 90% of the Alhambra Store, both related-party transactions.
Risks
- Nasdaq listing failure — The company disclosed a delisting notice or listing-rule failure on August 25, 2026.
- Thin equity and high leverage — At January 31, 2026, total liabilities of $64.5M exceeded shareholder equity of $7.7M, leaving limited cushion against losses.
- Related-party dealings — Dai Cheong is owned by CEO John Xu and the Alhambra Store stake was acquired from his spouse, creating conflicts in planned acquisitions.
- Impairment and integration risk — The company recorded an $848,493 impairment on the HKGF Arcadia investment and sold the stake for $1, while integrating the approximately $22.2 million Lee Lee acquisition.
Outlook
The filings describe continued pursuit of the center-satellite network, control of Dai Cheong and the remaining 90% of the Alhambra Store. No specific revenue or earnings guidance is provided in the excerpts. Subsequent 8-K events through August 2026 include material agreements, an acquisition or disposition, shareholder vote results, amended charter and bylaws, and a delisting or listing-rule notice.