FST (KBSX) Q4 2025 earnings summary

Executive summary

• Achieved 31% year-over-year revenue growth in 2025, reaching $47.97 million, driven by expanded product lines, increased steel and graphite shaft sales, and new geographic markets.

• Net loss narrowed by more than half to $1.5 million from $3.2 million in 2024, reflecting operational improvements and higher sales.

• Completed business combination and began trading on NASDAQ under ticker KBSX in January 2025.

• Professional adoption of products increased, with over 70 pros using KBS shafts globally; all usage is merit-based, with no paid endorsements, enhancing brand credibility.

• Management highlights robust growth in new geographic markets and expects continued momentum in 2026.

Financial highlights

• 2025 revenue reached $48 million, up from $36.5 million in 2024.

• Gross profit margin stable at 43% in 2025, with gross profit of $20.63 million.

• Net loss improved to $1.5 million ($0.03/share) from $3.2 million ($0.09/share) in 2024.

• Cash and cash equivalents at year-end 2025 were $7.18 million, up from $5.1 million.

• Total assets increased to $61 million; total liabilities rose to $45.4 million.

Outlook and guidance

• Focus for 2026 is on expanding sales in domestic and export markets, launching new graphite product lines, and securing additional OEM business.

• Additional cost control measures and strategies to mitigate currency risk planned.

• Q1 2026 expected to show significant improvements in revenue, gross profit margin, operating income, and net income versus Q1 2025.

• CapEx needs for 2026 expected to be similar to 2025, with no major projects planned.

• Liquidity and available credit facilities are expected to be sufficient for operating requirements over the next 12 months.