$KBSX

FST Corp.

CIK:0002014254|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 47,969,791	$ 36,499,644	$ 28,730,549
Cost of sales	27,336,417	20,786,255	15,287,532
Gross profit	20,633,374	15,713,389	13,443,017
COSTS AND OPERATING EXPENSES:
Selling expenses	12,287,010	10,533,039	9,194,267
General and administrative expenses	9,188,447	7,527,952	5,838,969
Research and development expenses	1,492,137	1,296,969	1,529,690
Total costs and operating expenses	22,967,594	19,357,960	16,562,926
LOSS FROM OPERATIONS	(2,334,220)	(3,644,571)	(3,119,909)
OTHER (EXPENSE) INCOME
Interest expense, net	(845,026)	(543,328)	(14,703)
Foreign exchange (loss) gain	(852,182)	197,165	44,362
Other income, net	352,537	1,124,323	637,830
Gain on change in fair value of warrants	599,255
Unrealized gain on change in fair value of OET derivative liability	909,454
(Loss) gain on long-term investments	(63,644)	87,482	(466,262)
Total other income, net	100,394	865,642	201,227
LOSS BEFORE INCOME TAX EXPENSE	(2,233,826)	(2,778,929)	(2,918,682)
INCOME TAX (BENEFIT) EXPENSE	(729,907)	456,246	(751,071)
NET LOSS	(1,503,919)	(3,235,175)	(2,167,611)
Less: Net loss attributable to non-controlling interests	(3,728)
Net loss attributable to the Company’s shareholders	(1,500,191)	(3,235,175)	(2,167,611)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	933,215	(1,260,555)	(26,625)
Remeasurement of defined benefit obligations	12,205	1,591
TOTAL COMPREHENSIVE LOSS	(558,499)	(4,494,139)	(2,194,236)
Less: Total comprehensive loss attributable to non-controlling interests	(3,728)
Comprehensive loss attributable to FST Corp.’s shareholders	$ (554,771)	$ (4,494,139)	$ (2,194,236)
Weighted average number of shares outstanding, basic (in Shares)	44,477,649	37,749,381	46,207,400
Weighted average number of shares outstanding, diluted (in Shares)	44,477,649	37,749,381	46,207,400
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)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,503,919)	$ (3,235,175)	$ (2,167,611)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,206,703	1,932,074	1,815,588
Amortization of right-of-use assets	2,273,649	2,171,124	2,279,490
Deferred tax (benefit) expense	(1,267,903)	147,998	(663,227)
Inventories write-downs	638,145	494,204	192,766
Loss (gain) on revaluation of long-term investments	63,644	(87,482)	466,262
Gain on change in fair value of warrant liabilities	(599,255)
Unrealized gain on change in fair value of OET derivative liability	(909,454)
Allowance for credit losses	254,292	34,730	1,652
Reversal of allowance for credit losses	(26,531)		(154,929)
Loss (gain) on disposal of property, plant and equipment	18,975	(1,483)
Remeasurement of defined benefit obligations	12,205		(19,552)
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(1,777,712)	(782,826)	1,726,982
Due from/to related parties	5,339	(202,946)	124,744
Operating lease liabilities	250,259	(1,260,469)	(565,604)
Prepaid tax	235,136	(162,010)	(2,108,483)
Inventories	2,534,824	(445,302)	(6,746,575)
Prepaid expenses and other current assets	262,439	266,169	(409,170)
Accounts payable	1,507,996	332,075	(466,541)
Right-of-use assets	(2,536,883)	(840,915)	(1,560,254)
Accrued expenses and other current liabilities	(2,118,504)	76,063	(2,192,882)
Prepaid expenses and other non-current assets	(523,459)	(7,359)	(758,080)
Other non-current liabilities		(4,599)
Net cash used in operating activities	(1,000,014)	(1,576,129)	(11,205,424)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(602,960)	(4,138,945)	(11,585,245)
Purchase of intangible assets	(7,215)	(177,539)
Purchase of long-term investments	(257,839)	(76,605)	(7,062)
Purchase of short-term investments		(62,293)
Proceeds from disposal of property, plant and equipment	6,635	1,483
Disposal of short-term investments	62,183
Net cash used in investing activities	(799,196)	(4,453,899)	(11,592,307)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings	52,598,938	41,610,136	38,752,418
Repayments of bank borrowings	(49,244,300)	(37,898,778)	(24,734,659)
Purchase of non-controlling interests	(38,754)
Dividend distribution			(2,715,297)
Net cash provided by financing activities	3,315,884	3,711,358	11,302,462
Effect of foreign exchange rate on cash, cash equivalents and restricted cash	519,792	(1,684,859)	(20,915)
Net increase/ (decrease) in cash and cash equivalents	2,036,466	(4,003,529)	(11,516,184)
Cash, cash equivalents and restricted cash at the beginning of year	5,302,199	9,305,728	20,821,912
Cash, cash equivalents and restricted cash at the end of year	7,338,665	5,302,199	9,305,728
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid	657,053	506,009	282,484
Income taxes paid, net of refunds	297,851	466,127	2,564,373
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION:
Right of use assets obtained in exchange for operating lease obligations	2,790,155	1,107,424	1,822,488
Cash and cash equivalents, beginning of the year	5,098,420	8,904,618
Restricted cash, beginning of the year	203,779	401,110
Total cash, cash equivalents and restricted cash, beginning of the year	5,302,199	9,305,728
Cash and cash equivalents, end of the year	7,179,800	5,098,420	8,904,618
Restricted cash, end of the year	158,865	203,779	401,110
Total cash, cash equivalents and restricted cash, end of the year	$ 7,338,665	$ 5,302,199	$ 9,305,728

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 7,179,800	$ 5,098,420
Restricted cash	158,865	203,779
Accounts and notes receivable, net	6,979,725	5,294,088
Short-term investment		60,994
Inventories, net	11,812,740	14,530,841
Prepaid tax	93,589	98,471
Prepaid expenses and other current assets	1,188,451	1,307,040
Total current assets	27,486,990	26,655,003
Non-current assets
Property, plant and equipment, net	19,044,954	19,521,672
Intangible assets, net	4,832,114	5,138,437
Long-term investments	551,628	344,876
Right-of-use assets	5,761,176	5,421,236
Deferred tax assets, net	1,692,802	380,892
Prepayment and other non-current assets	1,551,893	1,007,586
Total non-current assets	33,434,567	31,814,699
Total assets	60,921,557	58,469,702
Current liabilities
Short-term bank borrowings	18,199,806	15,265,739
Accounts payables	3,032,860	1,500,927
Operating lease liabilities, current	2,328,227	2,060,022
Current tax liability	367,902	126,332
Accrued expenses and other current liabilities	6,355,964	3,040,716
Total current liabilities	30,422,307	22,113,495
Non-current liabilities
Long-term bank borrowings	10,963,881	9,446,467
Warrant liabilities	4,311
OET derivative liability	5,310
Operating lease liabilities, non-current	3,974,560	3,911,466
Total non-current liabilities	14,948,062	13,357,933
Total liabilities	45,370,369	35,471,428
COMMITMENTS AND CONTINGENCIES (Note 18)
SHAREHOLDERS’ EQUITY
Ordinary share (par value of US$0.0001 per share; 500,000,000 shares authorized; 44,766,003 and 37,749,381 shares issued and outstanding as of December 31, 2025 and 2024)	4,477	3,775
Additional paid in capital	15,396,434	22,246,969
Retained earnings	1,566,364	3,054,350
Accumulated other comprehensive loss	(1,537,922)	(2,471,137)
Total FST Corp. shareholders’ equity	15,429,353	22,833,957
Non-controlling interests	121,835	164,317
Total shareholders’ equity	15,551,188	22,998,274
Total liabilities and shareholders’ equity	60,921,557	58,469,702
Related Party
Current assets
Amounts due from a related party	73,820	61,370
Current liabilities
Amounts due to related parties	$ 137,548	$ 119,759