FST (KBSX) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 rose 24% year-over-year to $22.2 million, driven by increased sales of steel and graphite golf shafts to OEMs.

• Gross profit margin improved to 46.0% from 43.4% in the prior-year period, reflecting higher-margin product sales and operational efficiency.

• Net loss was $5.83 million versus net income of $77,617 a year earlier, impacted by higher operating expenses, one-time listing costs, derivative losses, and foreign exchange losses.

Financial highlights

• Operating loss was $1.53 million, compared to a $644,225 loss in the prior year; adjusted for one-time listing expenses, operating income was $220,000, an $870,000 improvement year-over-year.

• Cash and cash equivalents stood at $6.8 million as of June 30, 2025, up from $5.1 million at year-end 2024.

• Total current assets were $29.3 million, with current liabilities at $34.2 million as of June 30, 2025.

• Net cash used in operating activities was $1.09 million, compared to net cash provided of $1.42 million in the prior year.

Outlook and guidance

• Sales momentum is expected to continue, supported by a new product line launch in Q4 and expansion into Southeast and East Asia and Europe.

• Margin and bottom-line improvements are targeted through cost control measures and the conclusion of listing-related expenses by year-end 2025.