10-Q · September 14, 2026
Marwynn delivered a substantial year-over-year improvement, with revenue increasing to $1,090,445 and net loss narrowing 95.99% to $108,927. Growth was driven by newly reported food and e-waste sales, but blended gross…
Earnings analysis · 10-K
MWYN earnings analysis
Filed September 22, 2026 · Our reading of the company's report
The latest report
The Form 10-K/A is narrowly corrective and does not change the original annual report's operating, financial, or outlook disclosures. Governance and compensation disclosures show limited cash compensation and a fully…
Read full summary
The Form 10-K/A is narrowly corrective and does not change the original annual report's operating, financial, or outlook disclosures. Governance and compensation disclosures show limited cash compensation and a fully allocated 93,000-share director option plan, but the broader business remains characterized by severe revenue and margin volatility, minimal cash, and previously disclosed substantial doubt about going-concern viability. No quantitative revenue or EPS guidance is provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Amendment Does Not Change Operating Disclosures
The amendment states that it is filed solely to correct typos in executive compensation disclosures and does not amend, update, or otherwise modify the original Form 10-K.
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Limited Executive Cash Compensation
The company reports fiscal 2026 compensation of $120,000 for CEO Yin Yan, while CFO Shengnan Xu served without compensation during the fiscal year.
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Director Equity Plan Fully Allocated
The 2024 Amended and Restated Equity Incentive Plan authorizes up to 93,000 shares; all 93,000 options had been granted to independent directors, with 62,000 fully vested as of July 30, 2026.
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Director Fees Include Prior-Year Catch-Up
Non-employee directors received aggregate compensation of $37,500 for fiscal 2026, including $7,500 of unpaid fees earned in fiscal 2025.
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Small Public Equity Base
The company had 20,194,804 common shares issued and outstanding as of July 29, 2026, versus an aggregate non-affiliate market value of $7,558,490 on October 31, 2025.
What to watch
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Going-Concern and Liquidity Risk
The prior quarterly filing disclosed substantial doubt about going-concern viability, with only $3,541 of cash and operating cash flow of negative $327,612. The amendment does not provide any updated liquidity resolution.
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Unproven New Business Lines
The prior filing reported that consulting remained loss-making and that AI and infrastructure services were still in the exploration and development stage and not yet fully operational. The company therefore lacks a demonstrated operating track record for these planned growth areas.
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Extreme Revenue and Margin Volatility
Quarterly results remain highly volatile: reported revenue ranged from $43,750 in 2026Q2 to $3 million in 2026Q4, while operating margins ranged from negative 797.2% to positive 9.2%. This volatility makes sustained profitability difficult to establish.
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Reduced Governance Independence
The company relies on controlled-company exemptions and states that its compensation committee is not composed entirely of independent directors; CEO Yin Yan serves on the committee.
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Limited Executive Retention Arrangements
The company has no employment or consulting agreements with its executive officers, and the CFO's disclosed annual salary begins at $36,000 on May 1, 2026. This may limit retention protections as the company develops its operations.
Management's outlook
This Form 10-K/A only corrects typos in Item 11 and states that it does not amend or update other information from the original Form 10-K. No numeric revenue or EPS outlook is provided; annual outlook is deferred to the earnings press release or call.
Earlier filings 4
10-Q · March 17, 2026
Marwynn Holdings reported Q3 revenue of $1,383,941 (up from $623,709 in the three months ended January 31, 2025) but posted an operating loss of $551,607 and diluted EPS of $(0.03). Cash and working capital remain…
10-Q · December 22, 2025
Marwynn Holdings, Inc. reported a notable decline in net income for the quarter ended October 31, 2025. Revenue remained stable at $43,750 compared to the same quarter last year, but the company continues to encounter…
10-K · August 8, 2025
Marwynn Holdings operates two segments — a FuAn food & non-alcoholic beverage supply chain and brand management business and an indoor home improvement business — and positions FuAn as a B2B importer/distributor of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.