VSTD

MKT CAP:$3M

Vestand Inc.

Market Cap

$3M

Consumer Defensive·Food Distribution·🇺🇸 United States·NASDAQ

Consumer Def.·Food Distribution·🇺🇸·NASDAQ

Stock Price

$0.37+$0.13 (+55.42%)

Apr 21, 2026

Company Details

Vestand Inc., previously Yoshiharu Global Co., is a fast-growing restaurant operator specializing in authentic Japanese ramen & rolls. It operates 15 restaurants across Southern California and Las Vegas. The company announced a corporate re...

CEO

Ji-Won Kim

IPO Date

Sep 3, 2025

Website

vestand.com

Key Metrics TTM

Revenue

$14M

+30.4% YoY

Net Income

-$3M

EPS (Diluted)

-$0.57

Free Cash Flow

-$2M

Revenue / Share

$2.33

Gross Margin

5.4%

Operating Margin

-27.4%

Net Margin

-23.8%

FCF Margin

-15.3%

P/S

0.2x

P/E

—

Earnings Reports

Q2 2025

Aug 19, 2025

$4M+10.9%EPS -$0.20

Q1 2025

May 15, 2025

$4M+24.9%EPS -$0.24

FY 2024

Mar 26, 2025

$13M+39.3%EPS -$0.50

Q4 2024

Mar 26, 2025

$4M+47.4%EPS $0.10

Q3 2024

Nov 19, 2024

$3M+48.9%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$2M	-$27.1K	-$231.6K
Q4 21	$2M	$53.0K	-$2M
Q1 22	$2M	-$62.3K	-$758.2K
Q2 22	$2M	-$48.0K	-$426.4K
Q3 22	$2M	$39.6K	-$1M
Q4 22	$3M	$236.8K	-$1M
Q1 23	$2M	$115.5K	-$1M
Q2 23	$2M	$248.7K	-$950.8K
Q3 23	$2M	-$217.9K	-$822.6K
Q4 23	$3M	$218.1K	-$658.5K
Q1 24	$3M	$224.6K	-$771.9K
Q2 24	$3M	$222.7K	-$947.4K
Q3 24	$3M	-$41.1K	-$1M
Q4 24	$4M	$1M	$213.3K
Q1 25	$4M	$94.5K	-$1M
Q2 25	$4M	-$411.3K	-$2M

Valuation

Quarter	P/S	P/E
Q3 21	54.2x	592.7x
Q4 21	47.3x	—
Q1 22	42.1x	—
Q2 22	39.1x	—
Q3 22	2.1x	—
Q4 22	1.8x	—
Q1 23	2.2x	—
Q2 23	1.1x	—
Q3 23	0.7x	—
Q4 23	0.8x	—
Q1 24	0.6x	—
Q2 24	0.5x	—
Q3 24	0.9x	—
Q4 24	0.4x	—
Q1 25	1.4x	—
Q2 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$228.7K	-$194.3K
Q4 21	-$397.3K	-$479.8K
Q1 22	-$375.5K	-$564.3K
Q2 22	-$507.3K	-$607.3K
Q3 22	-$2M	-$3M
Q4 22	-$466.2K	-$1M
Q1 23	-$2M	-$3M
Q2 23	-$779.5K	-$881.3K
Q3 23	-$763.1K	-$1M
Q4 23	-$1M	-$1M
Q1 24	-$373.2K	-$729.8K
Q2 24	$994.7K	$952.7K
Q3 24	$543.3K	$504.9K
Q4 24	-$289.5K	-$614.0K
Q1 25	-$863.2K	-$895.8K
Q2 25	-$898.8K	-$1M

Capital Expenditures

Quarter	CapEx
Q3 21	$422.9K
Q4 21	$82.5K
Q1 22	$188.8K
Q2 22	$100.0K
Q3 22	$168.6K
Q4 22	$1M
Q1 23	$939.0K
Q2 23	$101.8K
Q3 23	$298.3K
Q4 23	$132.0K
Q1 24	$356.6K
Q2 24	$42.0K
Q3 24	$38.4K
Q4 24	$324.5K
Q1 25	$32.6K
Q2 25	$217.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+164.9%	+47.9%
Q4 21	+66.7%	+414.4%
Q1 22	+66.3%	+115.8%
Q2 22	+40.2%	+73.8%
Q3 22	-3.8%	+57.7%
Q4 22	+21.5%	-0.9%
Q1 23	+21.8%	+27.5%
Q2 23	+14.1%	+33.7%
Q3 23	+14.3%	-13.0%
Q4 23	-1.4%	-13.1%
Q1 24	+13.4%	+0.6%
Q2 24	+50.5%	+35.2%
Q3 24	+48.9%	+42.7%
Q4 24	+47.4%	+10.0%
Q1 25	+24.9%	+33.5%
Q2 25	+10.9%	+26.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	—
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$194.1K	$10.4K
Q4 21	$2M	$19.5K
Q1 22	$660.2K	$35.7K
Q2 22	$373.5K	$4.9K
Q3 22	$869.2K	$37.7K
Q4 22	$981.8K	$70.4K
Q1 23	$1M	$26.3K
Q2 23	$1M	$26.2K
Q3 23	$477.7K	$34.1K
Q4 23	$842.4K	$34.3K
Q1 24	$962.6K	$33.9K
Q2 24	$1M	$24.7K
Q3 24	$935.6K	$22.4K
Q4 24	$877.9K	$19.1K
Q1 25	$1M	$60.8K
Q2 25	$1M	$25.1K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$53.3K	$0	$53.3K
Q4 21	$1M	$0	$1M
Q1 22	$582.7K	$0	$582.7K
Q2 22	$28.5K	$0	$28.5K
Q3 22	$8M	$0	$8M
Q4 22	$6M	$0	$6M
Q1 23	$4M	$0	$4M
Q2 23	$3M	$0	$3M
Q3 23	$3M	$0	$3M
Q4 23	$1M	$0	$1M
Q1 24	$1M	$0	$1M
Q2 24	$1M	$0	$1M
Q3 24	$2M	$0	$2M
Q4 24	$1M	$0	$1M
Q1 25	$3M	$0	$3M
Q2 25	$1M	$0	$1M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	52M	+6.7%	+869.7%
Q4 21	55M	+6.3%	0.0%
Q1 22	55M	0.0%	0.0%
Q2 22	55M	0.0%	+13.4%
Q3 22	41M	-26.3%	-21.7%
Q4 22	5M	-87.2%	-90.6%
Q1 23	5M	-12.2%	-91.7%
Q2 23	5M	+13.9%	-90.6%
Q3 23	5M	0.0%	-87.2%
Q4 23	6M	+10.8%	+10.8%
Q1 24	5M	-6.5%	+18.1%
Q2 24	5M	+0.0%	+3.7%
Q3 24	5M	+0.1%	+3.8%
Q4 24	5M	+0.2%	-6.2%
Q1 25	6M	+10.7%	+11.0%
Q2 25	6M	0.0%	+11.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$19.5K	130
Q1 23	$19.1K	130
Q2 23	$17.0K	130
Q3 23	$15.6K	130
Q4 23	$13.9K	180
Q1 24	$15.6K	180
Q2 24	$18.5K	180
Q3 24	$16.8K	180
Q4 24	$14.2K	259
Q1 25	$13.6K	259
Q2 25	$14.2K	259

Revenue / Employee