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Here are 1-3 brief analogies for Maison Solutions (MSS):

• Think of it as a regional supermarket chain, similar to a smaller Kroger or Albertsons, but specializing in a vast array of Asian groceries and food products.
• Essentially a Whole Foods Market, but with an exclusive focus on high-quality Asian specialty foods.
• Imagine a Trader Joe's, but dedicated entirely to a diverse range of Asian groceries and unique culinary items.

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• Wholesale Food Distribution: Provides a comprehensive range of Asian food ingredients and general groceries to various food service businesses and retailers.
• Restaurant Operations: Owns and manages a chain of full-service Asian restaurants, offering authentic dining experiences to consumers.
• Franchising Services: Grants licenses to independent entrepreneurs to operate restaurants under its established brands and business models.

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Maison Solutions (symbol: MSS) primarily sells to other companies (B2B) within the food service distribution industry.

According to its latest financial filings (specifically, the 10-K for the fiscal year ended December 31, 2023), no single customer accounted for more than 10% of Maison Solutions' total revenue. As a result, the company does not individually disclose the names of any major customers that would meet this threshold.

Instead, Maison Solutions serves a diverse and fragmented customer base, which primarily consists of the following types of businesses:

• Asian restaurants
• Boba tea shops
• Other food service establishments

These customers are mainly located across California, with a strong presence in the San Francisco Bay Area and Sacramento metropolitan area.

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John Xu, Chairman, President and Chief Executive Officer

John Xu has served as a director and the President and Chief Executive Officer of Maison Solutions since 2019. Prior to this, he was a director and President of J&C International Group LLC, a cross-border investment firm, starting in 2013. He also held positions as a director and President of Ideal City Realty, LLC, a real estate investment firm. Mr. Xu possesses extensive business operation experience, with significant expertise in investments, strategic management, and retail enterprises.

Alexandria Marie Lopez, Chief Financial Officer

Alexandria Marie Lopez has been a director and Chief Financial Officer of Maison Solutions since 2019. She previously served as Vice President and Chief Financial Officer of J&C International Group LLC. Ms. Lopez has over 10 years of financial and accounting experience and earned a B.A. in Accounting from the University of Phoenix.

Jacob Cao, Chief Operating Officer

Jacob Cao was appointed Chief Operating Officer of Maison Solutions in 2025. He brings extensive experience in the supermarket and e-commerce industries in the United States, with over seven years of expertise in retail operations, warehouse management, and supply chain optimization. Before joining Maison Solutions, he worked for multiple Fortune 500 companies and held various operational management roles within the grocery industry, including LSK and Sonic Plus LLC. Most recently, he served as Operations Manager at a Maison Solutions-owned entity in El Monte, California.

Xintong Ma, Chief Strategy Officer

Xintong Ma has served as the Chief Strategy Officer for Maison Solutions in a consulting capacity since 2025. He has extensive experience in the retail and supply chain sectors, with a strong focus on business innovation and operational growth. Mr. Ma is the founder and CEO of Discount Bull, a rapidly growing hard-discount retail chain in China. Before founding Discount Bull, he launched several successful ventures, including a community group-buying platform and an e-commerce brand that supported rural development. He was recognized by the Hurun Research Institute as one of China's "30 Most Promising Entrepreneurs Under 30".

Chris Zhang, Vice President, Corporate Development & Strategy

Chris Zhang has been with Maison Solutions since 2021, currently serving as Vice President, Corporate Development & Strategy. Prior to joining Maison Solutions, he specialized in organizational transformation and strategic business development at CAPCO. He has significant experience in business operations and strategy, as well as asset optimization for major financial services companies.

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Maison Solutions (MSS) faces several significant business risks, primarily stemming from its financial reporting and overall financial health:

1. Accounting Errors and Weak Internal Controls: Maison Solutions recently restated previously issued financial statements due to an accounting error related to an acquisition, indicating material misstatements in its financial reports. The company has acknowledged that a failure to maintain effective internal control over financial reporting could adversely affect its financial results and stock price. This raises concerns about the reliability of its financial disclosures and could lead to a loss of investor confidence and potential regulatory scrutiny.
2. Liquidity Challenges and High Debt Burden: The company exhibits significant liquidity challenges, with its short-term assets not covering its short-term liabilities, and a current ratio of 0.57. Furthermore, Maison Solutions carries a high debt-to-equity ratio, which has been reported as high as 94.5% and 476.99% in different periods, suggesting a substantial reliance on debt and potential difficulties in meeting its financial obligations.
3. Stock Volatility and Delisting Risk: Maison Solutions' stock is characterized by high volatility and has experienced significant declines. The company also faces the risk of being delisted from the Nasdaq Capital Market if it fails to consistently meet the continued listing rules. This volatility and the threat of delisting could further erode investor confidence and limit the company's ability to raise additional capital.

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The clear emerging threat for Maison Solutions (MSS) is the rise of digital B2B food marketplaces and technology-driven supply chain platforms. These platforms offer restaurants a more efficient, transparent, and often more convenient way to source their supplies compared to traditional distributors. This trend, gaining traction across the broader food service industry, enables restaurants to easily compare prices, access a wider array of products, and streamline their ordering and inventory management through a single online portal. If these platforms specifically target or expand into the specialized Asian food distribution niche that MSS serves, they could disintermediate traditional distributors by offering superior convenience, competitive pricing, and integrated digital tools, mirroring how online services like Netflix and Uber disrupted their respective industries.

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Maison Solutions (MSS) operates as a U.S.-based specialty grocery retailer, primarily offering traditional Asian food and merchandise to Asian-American communities. The company's main products and services encompass a wide range of perishable items, such as meat, seafood, vegetables, and fruit, as well as non-perishable goods including cooking utensils, canned foods, Asian seasonings and spices, and snacks.

The addressable market for Maison Solutions' main products and services is the U.S. Asian food market. This market was valued at approximately $37.2 billion in 2024 and is projected to grow to an estimated $51.3 billion by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period. The growth in this market is driven by increasing consumer interest in diverse culinary experiences and the growing presence of Asian American communities in the U.S.

Specifically, the Western U.S. Asian food market is expected to hold a significant share, accounting for 32% in 2024, largely due to the high concentration of Asian American populations in cities like San Francisco and Los Angeles, where Maison Solutions operates.

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Maison Solutions (MSS) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, an expanded product offering, and operational enhancements of its acquired assets.

Here are 3-5 expected drivers of future revenue growth:

1. Strategic Mergers and Acquisitions (M&A): A primary driver of Maison Solutions' revenue growth is its strategy of mergers and acquisitions. The acquisition of Lee Lee in April 2024 significantly contributed to a 114% revenue increase in fiscal year 2025. The company explicitly states that M&A remains a "core lever for growth" and plans to continue this strategy.
2. Expansion of Asian Sourcing Network and Product Range: Maison Solutions is initiating a broader effort to expand its Asian sourcing network. This initiative aims to introduce a wider variety of popular regional products across its supermarkets, which is anticipated to attract more customers and increase sales.
3. Strengthening Lee Lee Operations and Performance: The company is focused on enhancing the operations and performance of its acquired Lee Lee stores. By building on the proven success and financial contributions of the past year, Maison Solutions expects to drive sustained margin improvements and continued revenue generation from these locations.
4. Improved Supply Chain Efficiencies and Profit Margin Recovery: While Maison Solutions has faced inflationary pressures and performance issues in some California stores, potential recovery in profit margins and improved supply chain efficiencies are considered catalysts for future growth. Enhancing operational efficiency can lead to better pricing and availability, thus supporting revenue expansion.

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Share Issuance

• Maison Solutions completed its initial public offering on October 10, 2023, issuing 2,500,000 shares of Class A common stock at $4.00 per share, resulting in gross proceeds of $10 million.
• Stockholders approved the future issuance of up to 340,162,976 shares of Class A common stock convertible from senior secured convertible notes under a September 28, 2025 purchase agreement. An initial $3 million in principal of these notes was issued on October 1, 2025, for a purchase price of $2,745,000, with authorization for up to an additional $67 million over three years.
• The company approved the issuance of 760,000 Class B shares to Golden Tree USA Inc. for management services.

Inbound Investments

• Maison Solutions secured a Securities Purchase Agreement for up to $70 million in senior secured convertible notes from an institutional investor, with an initial $3 million principal note issued on October 1, 2025, for a purchase price of $2,745,000. These notes are intended to establish a Worldcoin (WLD) Digital Asset Treasury.

Outbound Investments

• Maison Solutions acquired Lee Lee International Supermarkets for approximately $22.2 million in April 2024, funded by $7.0 million cash and a $15.2 million senior secured promissory note.
• In December 2023, the company acquired a 10% equity interest in TMA Liquor Inc., a liquor wholesale company.
• On November 3, 2025, Maison Solutions purchased approximately 2.55 million Worldcoin (WLD) tokens as part of a Digital Asset Treasury initiative.

Capital Expenditures

• Proceeds from the October 2023 IPO were intended, in part, for new store acquisitions and expansion, including opening new stores, and for upgrades and renovations to existing stores.
• The company reported cash used in investing activities of $195,085 for the six months ended October 31, 2024.