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KBSX on Nasdaq

FST Corp.

FST Corp. is a sporting and athletic goods company, listed on Nasdaq (KBSX).1

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Last updated Oct 21, 2026.

Overview

$48.0MRevenue, fiscal 20252
-$1.5MNet income, fiscal 20252

Compare with TruGolf Holdings, Inc., American Outdoor Brands, Inc. or Nautilus, Inc., or pick any stock.

  • TickerKBSX on Nasdaq1
  • IndustrySporting & Athletic Goods, NEC1
  • Business addressNo. 3, Gongye 1St Rd., Minxiong Township, Chiayi County3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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10% or more of the outstanding shares) were not permitted to transfer all their shares to FST Corp., as required by the FST Restructuring.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

43.0%Gross margin2
-4.9%Operating margin2
-3.1%Net margin2
31.4%Revenue growth, 20252
-9.7%Return on equity2
1.89×Debt to equity2
-$1.6MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Sales Of Golf Shafts brought in 97% of the revenue FST Corp. broke down this way in fiscal 2025.

  1. Sales Of Golf Shafts$46.6M297%up 32% from 2024
  2. Sales Of Sports Accessories Food And Beverage$1.1M22%up 13% from 2024
  3. Software Service$282.6K21%up 14% from 2024
Products and services by year
Products and services202320242025
Sales Of Golf Shafts$27.8M$35.3M$46.6M
Sales Of Sports Accessories Food And Beverage$904.6K$935.6K$1.1M
Software Service$248.7K$282.6K

Regions

United States brought in 50% of the revenue FST Corp. broke down this way in fiscal 2025.

  1. United States$24.2M250%up 28% from 2024
  2. China$7.5M216%up 89% from 2024
  3. VN$5.4M211%up 26% from 2024
  4. M X$3.8M28%up 25% from 2024
  5. Japan$2.3M25%up 35% from 2024
  6. TWMember$2.1M24%down 15% from 2024
  7. Others$1.5M23%up 46% from 2024
  8. Europe$1.2M22%up 3% from 2024
Regions by year
Regions202320242025
United States$16.7M$18.9M$24.2M
China$2.6M$4.0M$7.5M
VN$2.9M$4.3M$5.4M
M X$1.1M$3.0M$3.8M
Japan$1.7M$1.7M$2.3M
TWMember$1.9M$2.5M$2.1M
Others$951.9K$1.0M$1.5M
Europe$824.6K$1.2M$1.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue57¢$27.3M
  • Research and development3¢$1.5M
  • Selling, general and admin26¢$12.3M
  • Other costs13¢$6.1M
  • Income tax2¢$729.9K

Out of $48.0M in revenue.2 The company lost money this year.

Financial statements

Revenue2$48.0M in 2025+67% since 2023
0$20.0M$40.0M$60.0M2023: $28.7M$28.7M20232024: $36.5M$36.5M2024+27%2025: $48.0M$48.0M2025+31%
Gross profit2$20.6M in 2025+53% since 2023
0$10.0M$20.0M$30.0M2023: $13.4M$13.4M20232024: $15.7M$15.7M2024+17%2025: $20.6M$20.6M2025+31%
Operating income2-$2.3M in 2025−25% since 2023
-$4.0M-$3.0M-$2.0M-$1.0M02023: -$3.1M-$3.1M20232024: -$3.6M-$3.6M2024+17%2025: -$2.3M-$2.3M2025−36%
Net income2-$1.5M in 2025−31% since 2023
-$4.0M-$3.0M-$2.0M-$1.0M02023: -$2.2M-$2.2M20232024: -$3.2M-$3.2M2024+49%2025: -$1.5M-$1.5M2025−54%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue$48.0M$36.5M$28.7M
Cost of sales$27.3M$20.8M$15.3M
Gross profit$20.6M$15.7M$13.4M
Selling expenses$12.3M$10.5M$9.2M
General and administrative expenses$9.2M$7.5M$5.8M
Research and development expenses$1.5M$1.3M$1.5M
Total costs and operating expenses$23.0M$19.4M$16.6M
LOSS FROM OPERATIONS-$2.3M-$3.6M-$3.1M
Interest expense, net-$845.0K-$543.3K-$14.7K
Foreign exchange (loss) gain-$852.2K$197.2K$44.4K
Other income, net$352.5K$1.1M$637.8K
Gain on change in fair value of warrants$599.3K
Unrealized gain on change in fair value of OET derivative liability$909.5K
(Loss) gain on long-term investments-$63.6K$87.5K-$466.3K
Total other income, net$100.4K$865.6K$201.2K
LOSS BEFORE INCOME TAX EXPENSE-$2.2M-$2.8M-$2.9M
INCOME TAX (BENEFIT) EXPENSE-$729.9K$456.2K-$751.1K
NET LOSS-$1.5M-$3.2M-$2.2M
Less: Net loss attributable to non-controlling interests-$3.7K
Net loss attributable to the Companys shareholders-$1.5M-$3.2M-$2.2M
Foreign currency translation adjustment$933.2K-$1.3M-$26.6K
Remeasurement of defined benefit obligations$12.2K$1.6K
TOTAL COMPREHENSIVE LOSS-$558.5K-$4.5M-$2.2M
Less: Total comprehensive loss attributable to non-controlling interests-$3.7K
Comprehensive loss attributable to FST Corp.s shareholders-$554.8K-$4.5M-$2.2M
Weighted average number of shares outstanding, basic (in Shares)44.5M shares37.7M shares46.2M shares
Weighted average number of shares outstanding, diluted (in Shares)44.5M shares37.7M shares46.2M shares
Loss per share, basic (in Dollars per share)-$0.03-$0.09-$0.05
Loss per share, diluted (in Dollars per share)-$0.03-$0.09-$0.05

Compare FST Corp. with another company

Corporate structure

FST Corp. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of FST Corp.

  • FST Corp.

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What FST Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$1.0M2 Dec 31, 2025$971.3K2 Dec 31, 2024+3.8%
Property and equipment, before depreciation$32.4M2 Dec 31, 2025$30.6M2 Dec 31, 2024+5.8%
Accumulated depreciation$14.2M2 Dec 31, 2025$11.9M2 Dec 31, 2024+19.2%
Property and equipment, net$19.0M2 Dec 31, 2025$19.5M2 Dec 31, 2024−2.4%
Operating-lease assets (leased space)$5.8M2 Dec 31, 2025$5.4M2 Dec 31, 2024+6.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.2M2 Dec 31, 2025$5.1M2 Dec 31, 2024+40.8%
Marketable securities, current$61.0K2 Dec 31, 2024
Long-term investments$551.6K2 Dec 31, 2025$344.9K2 Dec 31, 2024+59.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$7.6M2 Dec 31, 2025$7.5M2 Dec 31, 2024+1.0%
Accumulated amortization$2.7M2 Dec 31, 2025$2.3M2 Dec 31, 2024+16.1%
Finite-lived intangibles, net$4.8M2 Dec 31, 2025$5.1M2 Dec 31, 2024−6.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$11.8M2 Dec 31, 2025$14.5M2 Dec 31, 2024−18.7%
Raw materials$804.5K2 Dec 31, 2025$920.4K2 Dec 31, 2024−12.6%
Work in process$304.3K2 Dec 31, 2025$187.8K2 Dec 31, 2024+62.1%
Finished goods$11.8M2 Dec 31, 2025$14.6M2 Dec 31, 2024−19.1%

Leadership

Who has led FST Corp., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (1)

Calendar

Coming up

  1. Nov 17, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.02) a share, on Nov 18, 2025.7

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

63 filings to the SEC since October 2021: 2 annual reports, 1 insider forms, 1 large holders, 59 other. The latest 20:

  1. Jul 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Jul 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Jul 15, 20266-K/A AMENDMENT NO. 1 TO FORM 6-K EDGAR
  4. Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Jul 6, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  6. Jul 2, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  7. Jun 8, 2026EFFECT EDGAR
  8. Jun 5, 2026CORRESP EDGAR
  9. Jun 4, 2026UPLOAD EDGAR
  10. May 29, 2026F-3 REGISTRATION STATEMENT EDGAR
  11. May 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. May 4, 20263 PRIMARY DOCUMENT EDGAR
  13. Apr 24, 2026S-8 REGISTRATION STATEMENT EDGAR
  14. Apr 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Apr 20, 202620-F ANNUAL REPORT EDGAR
  16. Feb 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Jan 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Dec 10, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Nov 18, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Nov 12, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 63 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How FST Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFST Corp.1
  • CIK0002014254
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)3949 Sporting & Athletic Goods, NEC1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressNo. 3, Gongye 1St Rd., Minxiong Township, Chiayi County, Taiwan1
  • Phone886-5-276-61711
  • Shares outstanding44,766,003 shares as of Dec 31, 20254
  • AuditorEnrome LLP, Singapore PCAOB ID 6907; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 17, 20241
  • Filings63 in all: 6-K (15), CORRESP (10), UPLOAD (9), F-4/A (5), EFFECT (3), 20-F (2), 424B3 (2), 424B5 (2)1
    All 22 form types

    F-1/A (2), 3 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), F-1 (1), F-3 (1), F-4 (1), NT 20-F (1), S-8 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 20, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value $0.0001 per shareKBSXNasdaq

From the cover page of the 20-F filed Apr 20, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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