Maase Inc. (MAAS)
Maase Inc., through its subsidiaries and consolidated variable interest entity, operates as an integrated provider and operator of AI-centric full-scene digital systems in China. The company focuses on flexible energy deployment and intelligent commercial network operations, offering closed-loop solutions that span computing infrastructure, smart hardware, and full-scene services. Through Huazhi Future (Chongqing) Technology Co., Ltd., acquired in March 2026, it provides computing power and AI algorithm solutions, including high-performance computing services, distributed intelligent computing, large language model applications, and enterprise AI platforms for government and enterprise customers. The company also sells mobile charging robots, charging piles, and energy storage systems, provides electric vehicle charging services, and offers health and wellness products, including bird's nest-based products and premium tea. The company exited its former wealth management and insurance agency businesses in 2025. Maase Inc. was formerly known as Highest Performances Holdings Inc. and Puyi Inc. and was incorporated in the Cayman Islands in 2018. The company is headquartered in Qingdao, China.
Sector: Investment Advice
Industry: Information Technology Services
Maase Inc.
NASDAQ:MAASFinancial Services · Asset Management
-0.39%$10.15
CLOSED · Nov 9Prev close$10.19-0.39%Close$10.150.00%AH close$10.15
AH$10.15+0.00%vs close
Mkt Cap$4.49B
Float220.32M
O/S442.22M
VOL89K sh
$ Vol$931K
RVOL1.17×
Inst Own0.1%
SI0.3%
Dilution
Financials Summary
Revenue$27.45M
Net Income-$29.44M
Total Assets$738.35M
Free Cash Flow-$15.98M
Debt & Equity
Debt 1%
Equity 98%
Preferred 1%
Total Debt$5.95M
Total Equity$699.14M
Preferred Stock$7.51M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MAAS's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$738.35M
Liabilities$39.08M
Accounts Receivable$23.21M
Accounts Payable$0
Inventory$0
PP&E (Net)$2.98M
Goodwill$0
Intangible Assets$319.84M
Income Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 | 2019-06-30 | 2018-06-30 | 2017-06-30 |
| Revenue | $27.45M | $122.57M | $177.63M | $17.15M | $28.28M | $28.65M | $19.4M | $30.46M | $24.85M | $23.33M |
| YoY Growth | -77.6% | -31.0% | 935.8% | -39.4% | -1.3% | 47.7% | -36.3% | 22.6% | 6.5% | - |
| Cost of Revenue | $27.8M | $91.03M | $107.24M | $3.04M | $8.25M | $6.6M | $4.76M | $4.66M | $4.32M | $8M |
| Gross Profit | -$350K | $31.54M | $70.39M | $14.11M | $20.03M | $22.05M | $14.65M | $25.8M | $20.53M | $15.33M |
| Gross Margin | -1.3% | 25.7% | 39.6% | 82.3% | 70.8% | 77.0% | 75.5% | 84.7% | 82.6% | 65.7% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $0 | $75.54M | $22.92M | $31.14M | $33.02M | $22.67M | $17.39M | $11.1M | $8.25M |
| Other | $4.3M | $65.3M | $63.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $4.3M | $65.3M | $139.44M | $22.92M | $31.14M | $33.02M | $22.67M | $17.39M | $11.1M | $8.25M |
| Operating Income (EBIT) | -$4.65M | -$33.77M | -$69.05M | -$8.81M | -$11.11M | -$10.97M | -$8.02M | $8.4M | $9.43M | $7.08M |
| Operating Margin | -16.9% | -27.6% | -38.9% | -51.4% | -39.3% | -38.3% | -41.3% | 27.6% | 37.9% | 30.3% |
| Interest Expense | $210K | $0 | $0 | $0 | $0 | $0 | $0 | $157K | $0 | $346K |
| Interest Income | $0 | $4.29M | $2.49M | $1.29M | $1.12M | $1.64M | $1.65M | $893K | $545K | $8K |
| Other Income (Expense) | $1.41M | -$20.21M | -$5.75M | $3.57M | $1.87M | $2.62M | $2.63M | $800K | $1.35M | $45K |
| Income Before Tax (EBT) | -$3.24M | -$53.98M | -$74.8M | -$5.24M | -$9.23M | -$8.34M | -$5.39M | $9.2M | $10.77M | $7.12M |
| Income Tax Expense | -$57K | -$2.98M | $1.94M | $1.29M | -$139K | -$1.44M | -$359K | $1.41M | $1.24M | $1.15M |
| Net Income | -$29.44M | -$29.7M | -$43.41M | -$6.53M | -$9.09M | -$6.95M | -$4.93M | $8.02M | $9.68M | $5.67M |
| Net Income Margin | -107.3% | -24.2% | -24.4% | -38.1% | -32.1% | -24.3% | -25.4% | 26.3% | 39.0% | 24.3% |
| Supplementary Data | ||||||||||
| EPS | -0.67 | -26.34 | -4.80 | -0.72 | -1.01 | -0.77 | -0.55 | 0.95 | 1.15 | 0.67 |
| Diluted EPS | -0.67 | -26.34 | -4.80 | -0.72 | -1.01 | -0.77 | -0.55 | 0.95 | 1.15 | 0.67 |
| Weighted Average OS | 295.15M | 7.61M | 60.31M | 60.31M | 60.31M | 60.31M | 60.31M | 56.67M | 56.02M | 56.02M |
| EBITDA | -$978K | -$38.58M | $3.35M | -$7.91M | -$9.39M | -$8.22M | -$5.89M | $9.62M | $11.05M | $7.72M |
| EBITDA Margin | -3.6% | -31.5% | 1.9% | -46.1% | -33.2% | -28.7% | -30.4% | 31.6% | 44.5% | 33.1% |
Balance Sheet
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 | 2019-06-30 | 2018-06-30 | 2017-06-30 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $6.54M | $13.33M | $44.31M | $24.65M | $29.11M | $39.05M | $42.85M | $56.71M | $15.47M | $8.27M |
| Short-Term Investments | $5.53M | $82.13M | $87.51M | $0 | $749K | $0 | $599K | $300K | $2.35M | $2.13M |
| Cash and Short-Term Investments | $12.06M | $95.46M | $131.82M | $24.65M | $29.86M | $39.05M | $43.45M | $57.01M | $17.82M | $10.41M |
| Accounts Receivable | $23.21M | $24K | $208.97M | $8.63M | $9.35M | $8.49M | $14.17M | $4.32M | $12.21M | $16.38M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $291.58M | $14.49M | $956K | $17.8M | $10.82M | $445K | $7.77M | $1.31M | $276K |
| Total Current Assets | $35.28M | $387.06M | $357.47M | $34.62M | $59.16M | $60.44M | $58.93M | $70M | $32.16M | $27.74M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $2.98M | $19.85M | $31.32M | $2.27M | $6.52M | $6.2M | $4.04M | $603K | $133K | $153K |
| Goodwill | $0 | $0 | $36.43M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $319.84M | $127K | $62.58M | $268K | $167K | $240K | $54K | $110K | $105K | $225K |
| Long-Term Investments | $15.58M | $2.45M | $1.29M | $0 | $0 | $0 | $0 | $300K | $749K | $0 |
| Deferred Tax Assets | $0 | $1.41M | $5.28M | $2.48M | $3.59M | $3.24M | $1.63M | $769K | $636K | $601K |
| Other Long-Term Assets | $364.67M | $93.42M | $146.72M | $3K | $83K | $6K | $190K | $59K | $69K | $0 |
| Total Long-Term Assets | $703.07M | $117.25M | $283.62M | $5.03M | $10.37M | $9.68M | $5.92M | $1.84M | $1.69M | $979K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $150 | $0 | $0 |
| Total Assets | $738.35M | $504.32M | $641.09M | $39.64M | $69.53M | $70.12M | $64.85M | $71.84M | $33.85M | $28.72M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $0 | $5K | $29.13M | $943K | $1.75M | $1.84M | $1.35M | $880K | $551K | $0 |
| Short-Term Debt | $5.42M | $16.68M | $14.74M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $14.5M | $263K | $486K | $1.58M | $1.71M | $1.67M | $2.1M | $1.88M |
| Current Unearned Revenue | $0 | $0 | $0 | $120K | $0 | $10.82M | $63K | $27K | $0 | $221K |
| Other Current Liabilities | $0 | -$80K | $1.57M | $0 | $17.8M | $0 | $445K | $7.77M | $1.31M | $276K |
| Total Current Liabilities | $5.42M | $16.68M | $127.53M | $3.61M | $25.05M | $19.53M | $7.12M | $11.36M | $4.83M | $4.96M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $310K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $4.23M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $1.07M | $30.61M | $35.53M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $27.83M | $124.7M | $73.01M | $2.06M | $2.02M | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $33.67M | $159.8M | $117.97M | $3.51M | $5.51M | $2.59M | $2.2M | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $39.08M | $176.48M | $245.5M | $7.12M | $30.55M | $22.12M | $9.33M | $11.36M | $4.83M | $4.96M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $7.51M | $7.18M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $42.25M | $1.55M | $392K | $90K | $90K | $90K | $90K | $90K | $79K | $79K |
| Retained Earnings | -$227M | -$77.52M | -$48.14M | -$4.72M | $1.77M | $10.9M | $18.03M | $23.27M | $16.1M | $7.29M |
| Comprehensive Income & Other | $2.24M | $2.58M | $3.11M | $3.48M | $3.43M | $3.34M | $3.35M | $2.97M | $2.12M | $1.25M |
| Other Stockholders' Equity | $883.89M | $178.45M | $240.34M | $37.16M | $37.11M | $37.01M | $37.02M | $36.65M | $11.52M | $14.92M |
| Total Equity | $699.14M | $102.49M | $192.59M | $32.53M | $38.97M | $48M | $55.14M | $60M | $27.69M | $22.29M |
| Minority Interest | $127K | $225.35M | $203M | $0 | $0 | $0 | $378K | $476K | $1.33M | $1.47M |
| Total Liabilities and Equity | $738.22M | $278.96M | $438.09M | $39.64M | $69.53M | $70.12M | $64.47M | $71.37M | $32.52M | $27.25M |
| Supplementary Data | ||||||||||
| Total Debt | $5.95M | $21.16M | $32.3M | $2.17M | $5.27M | $4.65M | $3.31M | $0 | $0 | $0 |
| Net Debt | -$588K | $7.83M | -$12.01M | -$22.48M | -$23.84M | -$34.4M | -$39.54M | -$56.71M | -$15.47M | -$8.27M |
Cash Flow Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 | 2019-06-30 | 2018-06-30 | 2017-06-30 |
| Operating Activities | ||||||||||
| Net Income | -$3.25M | -$24.84M | -$76.74M | -$6.53M | -$9.09M | -$6.9M | -$5.03M | $7.8M | $9.53M | $5.94M |
| Depreciation & Amortization | $2.05M | $15.4M | $8.87M | $658K | $964K | $2.04M | $1.37M | $261K | $279K | $250K |
| Deferred Income Tax | $0 | $0 | $979K | $2.38M | $776K | $454K | $324K | $229K | $0 | $300K |
| Stock-Based Compensation | $0 | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||
| Accounts Receivable | -$21.84M | $3.66M | $11.41M | $4.09M | $147K | -$3.95M | -$2.86M | $393K | -$1.28M | $17.85M |
| Inventory | $3.35M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$11.28M | -$25.07M | -$9.23M | -$806K | -$95K | $489K | $474K | $329K | -$1.42M | $216K |
| Other Working Capital | $29.93M | $30.04M | -$9.64M | -$3.31M | -$3.26M | $7.4M | -$7.95M | $6.07M | $931K | -$29.38M |
| Total Working Capital Change | $157K | $8.63M | -$7.46M | -$31K | -$3.21M | $3.94M | -$10.34M | $6.8M | -$1.77M | -$11.31M |
| Other Non-Cash Items | -$14.45M | $11.63M | $79.5M | -$278K | $2.15M | $45K | $375K | -$390K | -$1.32M | $1.37M |
| Net Cash from Operating | -$15.49M | $10.83M | $8.65M | -$3.8M | -$8.42M | -$423K | -$13.3M | $14.69M | $6.73M | -$3.46M |
| Investing Activities | ||||||||||
| Capital Expenditures | -$493K | -$937K | -$645K | -$132K | -$710K | -$1.26M | -$412K | -$637K | -$71K | -$103K |
| Acquisitions | -$19.8M | -$24.98M | $88.29M | -$1.19M | $0 | $626K | $0 | -$501K | -$3.96M | $8.39M |
| Purchases of Investments | -$2.94M | -$30.51M | -$261.66M | $0 | -$749K | $0 | -$5.99M | -$44K | -$164.84M | -$29.28M |
| Sales of Investments | $3.31M | $30.74M | $312.93M | $723K | $0 | $398K | $6.17M | $2.98M | $164.93M | $33.53M |
| Other Investing Activities | $3.69M | -$23.88M | -$103.83M | -$149K | -$128K | $7.43M | -$7.72M | $7.58M | $5.43M | -$9.37M |
| Net Cash from Investing | -$16.24M | -$49.57M | $35.09M | -$747K | -$1.59M | $7.19M | -$7.95M | $9.37M | $1.51M | $3.16M |
| Financing Activities | ||||||||||
| Debt Repaid | - | - | - | - | - | - | - | $157K | - | - |
| Common Stock Issuance | $22.47M | $466K | $6.74M | $0 | $0 | $0 | $0 | $24.48M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$1.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $30K | $549K | -$8.37M | $0 | $0 | $0 | $0 | -$1.06M | $0 | $4.5M |
| Net Cash from Financing | $18.53M | -$2.15M | -$13.01M | $0 | $0 | $0 | $0 | $23.27M | $0 | -$3.93M |
| Forex Effect | $19.9M | $14.1M | $131K | $84K | $62K | -$191K | $68K | $364K | $0 | $0 |
| Net Change in Cash | $6.7M | -$26.79M | $30.86M | -$4.46M | -$9.94M | $6.58M | -$21.19M | $47.7M | $8.24M | -$4.22M |
| Supplementary Data | ||||||||||
| Operating Cash Flow | -$15.49M | $10.83M | $8.65M | -$3.8M | -$8.42M | -$423K | -$13.3M | $14.69M | $6.73M | -$3.46M |
| Capital Expenditure | -$493K | -$840K | -$645K | -$281K | -$839K | -$1.36M | -$543K | -$725K | -$209K | -$103K |
| Free Cash Flow | -$15.98M | $9.99M | $8.01M | -$4.08M | -$9.25M | -$1.78M | -$13.84M | $13.97M | $6.52M | -$3.56M |
| Cash at Beginning | $36K | $40.37M | $24.65M | $29.11M | $39.05M | $43.29M | $64.48M | $16.78M | $8.55M | $12.77M |
| Cash at End | $6.73M | $13.58M | $55.51M | $24.65M | $29.11M | $49.87M | $43.29M | $64.48M | $16.78M | $8.55M |