FST (KBSX) Q4 2024 earnings summary

Executive summary

• Completed a business combination on January 15, 2025, resulting in a new holding structure and Nasdaq listing under the symbol KBSX.

• The company is a leading manufacturer of golf shafts, operating under the KBS brand, with a vertically integrated model and global presence.

• Revenue for 2024 increased 27% year-over-year to $36.5 million, driven by expanded product lines and new store openings.

• Net loss attributable to shareholders was $3.24 million in 2024, compared to a net loss of $2.17 million in 2023.

Financial highlights

• 2024 revenue: $36.5 million (up 27% from $28.7 million in 2023).

• Gross profit: $15.7 million (up 16.9% year-over-year), but gross margin declined to 43.1% from 46.8% due to product mix and higher unit costs.

• Operating loss: $3.64 million in 2024, compared to $3.12 million in 2023.

• Net loss: $3.24 million in 2024, compared to $2.17 million in 2023.

• Cash and cash equivalents at year-end: $5.1 million, down from $8.9 million in 2023.

• Total assets: $58.6 million; total liabilities: $35.6 million as of December 31, 2024.

Outlook and guidance

• Management expects steady revenue growth in 2025, supported by new store openings and product launches.

• Liquidity pressures remain; plans include refinancing short-term debt and potential asset sales to meet obligations.

• The company is actively seeking long-term financing and may dispose of non-core land assets if needed.