BOULDER, CO, May 16, 2025 (GLOBE NEWSWIRE) — FST Corp. (Nasdaq: KBSX), a leading manufacturer and marketer of steel and graphite golf shafts and a provider of other golf-related services, today announced that, for the fiscal year ended December 31, 2024, the Company had revenue of $36,499,644, a 27 percent increase compared with revenue of $28,730,549 for the fiscal year ended December 31, 2023.
The Company had a net loss of $3,235,175, or $(.09) per share, for fiscal 2024, a 49 percent increase compared with a net loss of $2,167,611, or $(.05) per share, for fiscal 2023.
FST’s increase in revenue was primarily due to increased sales of golf shafts, which grew to $35,315,363 in fiscal 2024, from $27,825,905 in fiscal 2023, an improvement of 27 percent. The increase in golf shaft sales was mainly attributable to the enhanced brand awareness generated by the opening of the KBS Taipei Flagship Store during fiscal 2024 and the expansion during that year of the Company’s brand portfolio to include more high-end product lines. FST’s 2024 revenue was also boosted by revenue generated from a new software distributor service, totaling $248,688, compared with no such revenue in 2023. Revenue from sales of sports accessories, food and beverage increased by 3 percent to $935,593 in 2024, compared with $904,644 in 2023.
The Company’s increased net loss was mainly the result of increases of $5,498,723, or 36 percent, in cost of revenue, $1,688,983, or 29 percent, in general and administrative expenses, $1,338,772, or 15 percent, in selling expenses, as well as increases of $1,207,317 in income tax expense and $528,625 in interest expense, compared to 2023. These increases were offset in part by increases of $2,270,372, or 17 percent, in gross profit, and $664,415, or 341 percent, in other income, compared with 2023.
FST’s increase in selling expenses in 2024 was primarily due to the opening of its KBS Taipei Flagship Store and the establishment of a machining tool department. The Company’s rise in general and administrative expenses in that year was primarily due to increased transaction and professional fees incurred in connection with the Business Combination and SPAC merger for the year ended December 31, 2024. The increase in income tax expense in 2024 was due to a change in deferred tax asset valuation allowance for that year.
As of December 31, 2024, and December 31, 2023, FST had cash and cash equivalents of $5,098,420 and $8,904,618, respectively, which consisted of cash, bank deposits, and short-term, highly liquid investments readily convertible to cash.
For 2024 and 2023, respectively, net cash used in operating activities was $1,576,129 and $11,205,424, net cash used in investing activities was $4,453,899 and $11,592,307, and net cash generated from financing activities was $3,711,358 and $11,302,462.
Total non-current liabilities were $13,469,262 and $14,521,362 at December 31, 2024, and December 31, 2023, respectively.
The weighted average number of ordinary shares was 37,749,381 for 2024 and 46,207,400 for 2023.
“Our increase in revenue over 2023 was a result of our successful introduction of several high-end product lines, many of which were showcased at our newest KBS Flagship Store in Taipei in 2024,” said FST’s chief executive, David Chuang. “In addition, our multiple wins on the PGA and LIV tours during 2024 had a positive effect on stimulating sales and permitted us to not only maintain visibility amongst our retail customers, but also amongst major golf club manufacturers such as TaylorMade, Callaway, PXG, and others.”
“Regarding cost control, although our selling and G&A expenses did impact our bottom line in 2024, we expect both to show significant improvement in 2025.”
“Looking forward, we expect our sales momentum to continue, boosted by a revenue contribution from our recently introduced graphite shaft, KBS PGW. We also expect in 2025 to strategically position the company in Japan, Korea, and Europe for continued growth by capitalizing on these markets.”
“As always, we remain committed to sustaining our reputation as a provider of the finest golf shafts available anywhere in the world.”
About FST Corp.
Founded in 1992, FST Corp. manufactures and sells golf club shafts, along with other golf-related items, to golf equipment brands, OEMs, distributors, and consumers via the company’s KBS Golf Experience retail outlets. FST’s equipment, marketed under the KBS brand, is utilized by golfers at all levels, including many professional players participating in the PGA and other major golf associations. The company’s product portfolio, retail presence, and golf-related services are part of a vertically integrated business model that has established the KBS brand on a global scale and created significant competitive advantages over peer brands. The company’s growth strategies currently position it for expansion into the PRC and other under-tapped golf shaft markets.
Forward-Looking Statements
This press release contains forward-looking statements regarding future expectations, plans, and prospects, as well as statements that are not historical facts. These statements involve known and unknown risks, uncertainties, and assumptions based on the Company’s current expectations about events that may impact its financial condition, results, strategy, and needs. Forward-looking statements can often be identified by terms such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely,” and similar expressions.
The Company assumes no obligation to update or revise these statements to reflect new events or changes in expectations, except as required by law. While these statements reflect reasonable expectations, actual results may differ materially. Investors are encouraged to review the Company’s registration statement and SEC filings for additional information on factors that may impact future results.
Company Contact:
FST Corp.
1801 13th Street, Suite 306,
Boulder, CO 80302
Office: 303-444-2226
Email: [email protected]
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: [email protected]
