SEC Form 6-K filed by J-Star Holding Co. Ltd.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2025.
Commission File Number 001-42767
J-Star Holding Co., Ltd.
(Translation of registrant’s name into English)
7/F-1, No. 633, Sec. 2, Taiwan Blvd.,
Xitun District, Taichung City 407,
Taiwan (R.O.C.)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F
J-Star Holding Co., Ltd. Announces Unaudited Interim 2025 Financial Results
J-Star Holding Co., Ltd. (“J-Star” or the “Company”) (Nasdaq: YMAT), a company which develops and commercializes the technology on carbon reinforcement and resin systems and with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan, today announced its unaudited financial results for the six months ended June 30, 2025.
J-Star Holding Co., Ltd. and its Subsidiaries
Interim Condensed Consolidated Balance Sheets
Expressed in United States Dollars
| As of June 30, | As of December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | (Unaudited) | (Audited) | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 909,995 | $ | 649,106 | ||||
| Current financial assets at amortized cost | 611,427 | 574,391 | ||||||
| Accounts receivable, net | 7,512,294 | 1,277,928 | ||||||
| Accounts receivable due from related parties, net | 5,482,668 | 5,029,583 | ||||||
| Other receivables | 1,762,648 | 1,952,834 | ||||||
| Others receivables due from related parties | 805,527 | 526,882 | ||||||
| Inventories, net | 830,461 | 555,680 | ||||||
| Prepayments | 618,243 | 519,817 | ||||||
| Prepayment to a related party | 2,110,639 | - | ||||||
| Guarantee deposits - Current assets | 149,189 | - | ||||||
| Deferred IPO Cost | 1,762,434 | 1,623,627 | ||||||
| Current assets | 22,555,525 | 12,709,848 | ||||||
| Non-current assets | ||||||||
| Non-current financial assets at fair value through other comprehensive income | 1,789,804 | 1,789,804 | ||||||
| Long-term receivables from related parties | 8,300,723 | 8,300,723 | ||||||
| Property, plant, and equipment, net | 532,853 | 451,742 | ||||||
| Right-of-use assets, net | 183,056 | 164,140 | ||||||
| Intangible assets, net | 15,557 | 2,572 | ||||||
| Deferred tax assets, net | 431,375 | 433,800 | ||||||
| Guarantee deposits - Non-current assets | 59,064 | 133,390 | ||||||
| Other non-current assets | 438,656 | 390,363 | ||||||
| Non-current assets | 11,751,088 | 11,666,534 | ||||||
| Total assets | $ | 34,306,613 | $ | 24,376,382 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Short-term loans | $ | 13,173,145 | $ | 8,999,751 | ||||
| Long-term loans due within one year | 516,444 | 42,478 | ||||||
| Contract liabilities | 193,583 | 107,786 | ||||||
| Accounts payable | 5,780,818 | 209,567 | ||||||
| Other payables | 348,388 | 802,840 | ||||||
| Current tax liabilities | - | 16,415 | ||||||
| Current lease liabilities | 146,909 | 163,775 | ||||||
| Other current liabilities | 26,422 | 28,235 | ||||||
| Current liabilities | 20,185,709 | 10,370,847 | ||||||
| Non-current liabilities | ||||||||
| Long-term loans | 1,072,029 | 995,290 | ||||||
| Deferred tax liabilities | 20,128 | 10,982 | ||||||
| Non-current lease liabilities | 36,511 | - | ||||||
| Non-current liabilities | 1,128,668 | 1,006,272 | ||||||
| Total liabilities | 21,314,377 | 11,377,119 | ||||||
| Equity | ||||||||
| Equity attributable to owners of parent | ||||||||
| Share capital | 7,881,444 | 7,881,444 | ||||||
| Capital surplus | 7,913,602 | 7,847,746 | ||||||
| Accumulated deficit | (3,232,143 | ) | (3,237,380 | ) | ||||
| Accumulated other comprehensive income | 429,333 | 507,453 | ||||||
| Total equity | 12,992,236 | 12,999,263 | ||||||
| Total liabilities and equity | $ | 34,306,613 | $ | 24,376,382 | ||||
| 2 |
J-Star Holding Co., Ltd. and its Subsidiaries
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
Expressed in United States Dollars
| For
the six months ended June 30 | ||||||||
| 2025 | 2024 | |||||||
| Operating revenue | $ | 10,588,835 | $ | 8,098,739 | ||||
| Cost of revenue | (7,740,725) | (5,650,177) | ||||||
| Gross profit from operations | 2,848,110 | 2,448,562 | ||||||
| Operating expenses | ||||||||
| Selling expenses | (607,807) | (645,251) | ||||||
| Administrative expenses | (1,620,373 | ) | (924,572 | ) | ||||
| Research and development expenses | (466,351) | (297,959) | ||||||
| Reversal of expected credit losses | - | 42,537 | ||||||
| Operating expenses | (2,694,531) | (1,825,245) | ||||||
| Net operating income | 153,579 | 623,317 | ||||||
| Non-operating income and expenses | ||||||||
| Other losses, net | (41,575 | ) | (10,109 | ) | ||||
| Finance costs | (210,043) | (448,432) | ||||||
| Interest income | 75,150 | 21,331 | ||||||
| Foreign exchange gains | 37,546 | 206,819 | ||||||
| Non-operating expenses, net | (138,922) | (230,391) | ||||||
| Profit before income tax | 14,657 | 392,926 | ||||||
| Income tax (expense) credit | (9,420) | 86,343 | ||||||
| Profit after income tax | $ | 5,237 | $ | 479,269 | ||||
| Components of other comprehensive loss that will be reclassified to profit or loss | ||||||||
| Exchange differences on translation of foreign operations | (78,120) | (34,526) | ||||||
Total comprehensive (loss) income | $ | (72,883 | ) | $ | 444,743 | |||
| Basic and diluted | ||||||||
| Earnings per share | $ | 0.00 | $ | 0.03 | ||||
Safe Harbor Statements
This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as J-Star’s strategic and operational plans, contain forward-looking statements. J-Star may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about J-Star’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business; the risk that we may be unable to realize our anticipated growth strategies and expected internal growth; its future business development, results of operations and financial condition; changes in the availability and cost of professional staff which we require to operate our business; changes in customers’ preferences and needs; changes in competitive conditions and our ability to compete under such conditions; changes in our future capital needs and the availability of financing and capital to fund such needs; changes in currency exchange rates or interest rates; projections of revenue, earnings, capital structure and other financial items; changes in our plan to enter into certain new business sectors; and other factors beyond our control. Further information regarding these and other risks is included in J-Star’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and J-Star undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Other Information
On December 18, 2025, the Company issued a press release entitled “J-Star Announces Interim Financial Results for the First Six Months of 2025.” A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated December 18, 2025 |
| 3 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: December 18, 2025 | J-Star Holding Co., Ltd. | |
| By: | /s/ Sam Van | |
| Name: | Sam Van | |
| Title: | Chief Executive Officer | |
| 4 |