FST (KBSX) Q1 2026 earnings summary

Executive summary

• Revenue rose 36.2% year-over-year to $14.6M in Q1 2026, driven by strong OEM and KBS Graphite Shaft sales, especially the KBS TGBlack Driver Shaft launch.

• Net income reached $1.88M, reversing a net loss of $2.8M in Q1 2025, with EPS at $0.04 versus $(0.06) last year.

• Gross profit margin improved to 51.6% from 46.1% year-over-year, aided by economies of scale and cost controls.

• Operating income was $2.18M, compared to an operating loss of $839K in the prior year.

Financial highlights

• OEM sales increased 70% and KBS Graphite Shaft sales grew 64% year-over-year.

• Total costs and operating expenses declined 7.2% to $5.38M, led by lower general and administrative expenses.

• Cash and cash equivalents stood at $7.37M as of March 31, 2026.

• Total assets were $62.3M, liabilities $45.3M, and shareholders' equity $17.0M at quarter-end.

Outlook and guidance

• Management expects current liquidity, cash flows, and credit facilities to fund operating requirements for the next 12 months.

• Focus remains on expanding domestic and export sales, pursuing new OEM partnerships, and growing KBS Graphite Shafts.

• Additional cost control measures and increased marketing of KBS events are planned for Q2.