FST Corp. reported third‑quarter 2025 revenue of $12.55 million, a 47 percent increase from $8.44 million in the same period a year earlier. The jump was driven by a broader wholesale acceptance of its KBS graphite shafts and a rise in U.S. original‑equipment‑manufacturer sales, which together lifted the company’s top line while keeping the cost base relatively flat.
Gross profit margin expanded to 39.2 percent from 38.8 percent in Q3 2024. The improvement reflects a shift toward higher‑margin product mix—particularly branded programs—and operational efficiencies that lowered manufacturing and logistics costs. The margin lift indicates that FST is successfully pricing its premium shafts while managing input‑cost volatility.
Net loss for the quarter narrowed to $715,955, or $(0.02) per share, compared with a $1.76 million loss, or $(0.03) per share, in Q3 2024. The improvement was largely due to a foreign‑exchange gain of $705,508, offsetting a $403,710 loss in the prior year. However, the company’s nine‑month net loss widened to $6.54 million, driven by higher operating costs, listing‑related expenses, and derivative/foreign‑exchange losses, underscoring ongoing liquidity pressures.
Revenue was concentrated in the U.S. market, where wholesale and OEM channels accounted for the majority of sales. The company’s graphite‑shaft segment, which has higher margins than its steel‑shaft line, grew faster, while the steel‑shaft segment remained relatively flat. Geographic analysis shows that U.S. sales outpaced international sales, reflecting stronger demand for premium shafts in the domestic market.
Management did not provide forward guidance for the next quarter or the full fiscal year. CEO David Chuang emphasized the company’s focus on cost discipline and expanding market acceptance of its core products, but no specific outlook was disclosed. The absence of guidance limits the ability to assess management’s confidence in sustaining the current growth trajectory.
FST’s balance sheet shows current liabilities exceeding current assets, and a significant share‑subscription receivable suggests a pending capital‑raising effort. The liquidity position, combined with the widening nine‑month loss, raises concerns about the company’s ability to fund operations without additional capital infusion.
No market‑reaction data were available at the time of reporting, so the article does not speculate on investor or analyst responses.
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