J-Star Holding

What J-Star Holding does

J-Star Holding Co., Ltd. is a Taiwan-domiciled, Nasdaq-listed (ticker: YMAT) holding company that develops and commercializes carbon fiber, carbon reinforcement, resin systems, and composite solutions. The operating platform is built around four wholly-owned subsidiaries: YMA Corporation, a carbon fiber and composite materials manufacturer operating for more than 53 years since 1968 and producing sporting goods, automobile parts, healthcare products, and other carbon fiber-based goods; J-Star Lab, an in-house Taiwan-based R&D arm that develops and customizes resin formulations and composite materials; Cycles Services Loire, a bicycle assembly operation in Saint-Cyprien, France with a stated capacity of 3,000 bikes per month; and YMA(TX) INC., a U.S. subsidiary established to operate a planned 100 MWh solid-state battery manufacturing facility in Baytown, Texas. J-Star sells carbon fiber composite hardware to enterprise customers in sporting goods, automotive, robotics, and healthcare, while pursuing a consumer-facing extension through USAPA-approved proprietary pickleball paddles (including the Supernova model). H1 2025 revenue was $10.6 million, up 30.7% year-over-year, following a $5 million IPO completed in July 2025.

The company's go-to-market is a hybrid of enterprise field sales for carbon fiber composite B2B customers, direct-to-consumer sales of branded sporting goods, channel partnerships (notably the exclusive global distribution rights for PSSSB solid-state batteries in electric-assist bicycles and electric motorcycles), and event-driven geographic expansion (Vietnam via the Nasdaq–Ho Chi Minh City MOU and the Vietnam Upgrade Conference). The technology stack combines proprietary resin formulation in Taiwan, large-scale composite manufacturing in China, retail-ready bicycle assembly in France, and a planned U.S. polymer-based solid-state battery line in partnership with PSSSB, with technical blueprint transfer and on-site technical residency committed by PSSSB's chairman. J-Star is positioning the Baytown facility (supported by a 5-acre site, a 12,000-square-foot ISO-7 Ultra-Dry Room, 4,000-amp electrical service, an 18-month exclusive site reservation, and a $60 million Central Bank of Taiwan-authorized sovereign-backed loan facility) to serve UAV, drone, defense, aerospace, and e-mobility end markets, with a non-binding $100 million MOU from Singapore-based White Group Pte., Ltd. targeting the same facility. Pricing is quote-based and not publicly disclosed; key risks include a Nasdaq Staff Delisting Determination received June 12, 2026, a current ratio of 0.43 signaling short-term liquidity pressure, and substantial execution risk on the unbuilt Baytown plant.

Name

J-Star Holding

Legal name

J-Star Holding Co., Ltd.

Website

https://j-starholding.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

J-Star Holding is a Taiwan-based, Nasdaq-listed (YMAT) holding company that develops and manufactures carbon fiber composite products — sporting goods, automotive and robotics parts, healthcare components, and resin systems — through subsidiaries in Taiwan, China, and France, and is expanding into U.S.-based solid-state battery production.

Ownership category

akta.pro rank

Headquarters

HQ city

Taichung

HQ country

Taiwan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Carbon fiber composite product sales: Hardware sales of carbon fiber composite products, sporting goods (pickleball paddles), automobile parts, healthcare products, resins, carbon fiber sheets and films; reported H1 2025 revenue of $10.6 million, up 30.7% YoY.
2. Solid-state battery distribution (PSSB): Exclusive global distribution rights for PSSB solid-state battery products for electric assist bicycles and electric motorcycles; non-exclusive distribution rights for other PSSB products.
3. Bicycle assembly (Loire, France): Retail-ready carbon fiber bicycle assembly through Cycles Services Loire in Saint-Cyprien, France with capacity of 3,000 bikes per month.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels5 records

Core offering

J-Star Holding develops, manufactures, and commercializes carbon fiber composites, carbon reinforcement, and custom resin systems through its operating subsidiaries YMA Corporation (composite manufacturing), J-Star Lab (resin R&D), and Cycles Services Loire (bicycle assembly). Its portfolio spans sporting goods, pickleball paddles, automotive and robotics parts, healthcare products, and a planned Made-in-USA polymer-based solid-state battery line for the UAV/drone market.

Product overview

J-Star Holding Co., Ltd. operates as a holding company of carbon fiber and composite solutions businesses rather than a single unified software product. Its portfolio combines acquired subsidiaries—YMA Corporation for carbon fiber and composite manufacturing and Cycles Services Loire for end-to-end carbon fiber bicycle assembly in France—with the in-house J-Star Lab R&D arm in Taiwan for resin formulation and composite materials research. On top of this base, the company is launching the Supernova pickleball paddle in the sports equipment segment and pursuing a planned 100 MWh solid-state battery manufacturing line in Baytown, Texas (through subsidiaries YMA Corporation and YMA(TX) INC. and partner PSSB) targeting the UAV, drone, defense, aerospace, energy storage, and industrial markets. Together, YMA Corp, J-Star Lab, Cycles Services Loire, the Baytown solid-state battery initiative, and the Supernova pickleball paddle form an end-to-end carbon-fiber-to-product value chain that J-Star is extending from raw materials into downstream advanced manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• YMA: Pioneer in composite materials manufacturing since 1968, producing carbon fiber equipment for world sports champions and mass-market products.
• J-Star Lab
• Cycles Services Loire
• Supernova

Products and services

• Carbon fiber composite products Hardware sales of carbon fiber composite products including automotive parts, healthcare products, resins, carbon fiber sheets and films for enterprise OEM customers in sporting goods, automotive, healthcare, robotics and industrial markets.
• Custom resin formulation and composite R&D services
• Retail-ready carbon fiber bicycle assembly
• Supernova Pickleball Paddle
• Exclusive global distribution of PSSB solid-state batteries

Quantifiable outcome

• Revenue grew 30.7% YoY to $10.6 million in H1 2025
• +3 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Patriot Green Energy Technology Co., Ltd. (PSSB)flagshipStrategic or Co-development Partner · 1 May 2026Strategic partnership to develop Made-in-USA polymer-based solid-state battery solutions, including plans for a 100 MWh modular automated production line in Baytown, Texas targeting UAV and drone sector. Joint DOE grant application submitted; PSSB's Chairman committing to transfer full technical blueprint, on-site technical residency and workforce training. Aligned with U.S.–Taiwan Agreement on Research and Technology framework and supported by ITRI-backed innovation.
• Baytown West Chambers County Economic Development FoundationcoreOthers · 14 April 2026Letter of Intent executed April 14, 2026 providing site selection assistance, 18-month exclusive site reservation at TGS Cedar Port Industrial Park, infrastructure specifications (5-acre site, 12,000 sq ft ISO-7 Ultra-Dry Room, 4,000-amp electrical service) and proposed lease with purchase option for YMA(TX) INC. Critical for meeting DOE Site Control requirements.
• Patriot Technology ResponsibilitiescoreStrategic or Co-development Partner · 14 January 2026MOU signed January 14, 2026 to develop lightweight battery technology using high-ion conductivity resins, targeting drones, electric bikes and other lightweight applications; supports market expansion beyond sports and recreation.
• Saigon Securities Inc. (SSI)minorGTM or Marketing Partner · 5 November 2025Collaboration showcased at the Vietnam Upgrade Conference: a limited-edition Supernova pickleball paddle co-marketed with Saigon Securities Inc. to support J-Star's brand expansion into Vietnam.

Scale indicators11 records

Recent moves8 records

Expansion highlights7 records

Emerging players

• QuantumScape: U.S.-listed solid-state battery developer targeting automotive and stationary storage with lithium-metal solid-state cells. Comparable to J-Star's planned 100 MWh Baytown solid-state battery facility through PSSB partnership and the overlapping UAV/drone/defense target markets.
• Solid Power: U.S.-listed developer of sulfide-based solid-state batteries with BMW and Ford investments, focused on automotive and aerospace. Comparable to J-Star via the parallel path of building a U.S. solid-state battery production line and targeting aerospace / defense applications.
• SES AI Corporation: Developer of hybrid lithium-metal solid-state and lithium-ion batteries for electric mobility and UAV applications. Comparable to J-Star's polymer-based solid-state battery roadmap through PSSB, particularly in the UAV/drone end market that J-Star explicitly targets.

Direct peers

• Toray Industries: Global leader in carbon fiber and composite materials supplying aerospace, automotive and sporting goods. Comparable to J-Star's YMA Corp and J-Star Lab carbon fiber / resin systems across multiple end markets, including the same bicycle, automotive and aerospace customers J-Star targets.
• Giant Manufacturing: World's largest bicycle manufacturer and a major carbon fiber bicycle assembler headquartered in Taiwan. Comparable to J-Star's Cycles Services Loire assembly operations (3,000 bikes/month) and to its carbon fiber bicycle value chain via YMA Corp and J-Star Lab.
• Mitsubishi Chemical Group: Mitsubishi Chemical's carbon fiber and composites division (formerly Mitsubishi Rayon / Mitsubishi Plastics) produces PAN-based carbon fibers and intermediates for sporting goods, aerospace and automotive uses. Directly comparable to YMA Corp's 53-year composite manufacturing heritage.
• Selkirk Sport: Leading U.S. pickleball paddle brand with USAPA-approved carbon fiber and composite paddles targeting competitive players. Directly comparable to J-Star's Supernova USAPA-approved pickleball paddle in materials (carbon fiber composite) and target customer (competitive sanctioned-play pickleball community).
• Hexcel Corporation: U.S.-listed advanced composites manufacturer serving aerospace, defense and industrial markets with carbon fiber reinforcements and prepregs. Comparable to J-Star's automotive, aerospace and robotics composite offerings and to its aerospace-grade materials capability.
• Solvay / Syensqo: Specialty chemicals and advanced materials group with a strong carbon fiber composites and specialty resin portfolio serving aerospace, automotive and industrial markets. Comparable to J-Star's combined resin R&D and composite parts manufacturing across automotive and aerospace customer bases.

Broad incumbents

• Trek Bicycle: Major global bicycle OEM with extensive carbon fiber road, mountain and e-bike product lines and in-house composite capabilities. Comparable to J-Star's carbon fiber bicycle assembly via Cycles Services Loire and YMA Corp, and to its planned PSSB-powered e-bike battery distribution franchise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about J-Star Holding