FST Corp. (Nasdaq: KBSX), based in Boulder, CO, announced a 27% increase in revenue for the fiscal year ending December 31, 2024, reaching $36,499,644 compared to $28,730,549 in 2023. The company is a prominent manufacturer and marketer of steel and graphite golf shafts, also providing related services.

However, the company reported a net loss of $3,235,175, or $(.09) per share, for 2024, which is a 49% increase from the $2,167,611 net loss, or $(.05) per share, in 2023.

The revenue surge was largely driven by golf shaft sales, which rose by 27% to $35,315,363 in 2024, up from $27,825,905 the previous year. This growth is attributed to enhanced brand awareness following the opening of the KBS Taipei Flagship Store in 2024 and the expansion of FST’s high-end product lines. A new software distributor service also contributed $248,688 to the 2024 revenue, a figure absent in 2023. Additionally, sales of sports accessories, food, and beverages saw a 3% increase, reaching $935,593 in 2024 from $904,644 in 2023.

The increased net loss is primarily due to rises in cost of revenue by $5,498,723 (36%), general and administrative expenses by $1,688,983 (29%), and selling expenses by $1,338,772 (15%). There were also increases of $1,207,317 in income tax expense and $528,625 in interest expense compared to 2023. These increases were partially offset by a $2,270,372 (17%) increase in gross profit and a $664,415 (341%) increase in other income.

The rise in selling expenses in 2024 is mainly due to the opening of the KBS Taipei Flagship Store and the establishment of a machining tool department. The increase in general and administrative expenses resulted from higher transaction and professional fees related to the Business Combination and SPAC merger in 2024. The increase in income tax expense is attributed to a change in the deferred tax asset valuation allowance for that year.

As of December 31, 2024, FST held $5,098,420 in cash and cash equivalents, compared to $8,904,618 on December 31, 2023. These holdings include cash, bank deposits, and readily convertible short-term investments.

Net cash used in operating activities for 2024 and 2023 was $1,576,129 and $11,205,424, respectively. Net cash used in investing activities was $4,453,899 and $11,592,307 for the same periods, while net cash generated from financing activities amounted to $3,711,358 and $11,302,462.

Total non-current liabilities were $13,469,262 as of December 31, 2024, and $14,521,362 as of December 31, 2023.

The weighted average number of ordinary shares was 37,749,381 for 2024 and 46,207,400 for 2023.

According to FST’s CEO, David Chuang, the revenue increase was driven by the successful launch of several high-end product lines, prominently featured at the new KBS Flagship Store in Taipei in 2024. He added that multiple wins on the PGA and LIV tours during 2024 positively impacted sales and maintained visibility among retail customers and major golf club manufacturers like TaylorMade, Callaway, and PXG.

Chuang also stated that while selling and G&A expenses impacted the bottom line in 2024, significant improvement is expected in 2025.

Looking ahead, FST anticipates continued sales momentum, boosted by the newly introduced graphite shaft, *KBS PGW.* The company also plans to strategically position itself in Japan, Korea, and Europe in 2025 to capitalize on these markets for continued growth.

FST remains dedicated to upholding its reputation as a provider of premium golf shafts.

About FST Corp.

Established in 1992, FST Corp. manufactures and distributes golf club shafts and related items to golf equipment brands, OEMs, distributors, and consumers through its KBS Golf Experience retail outlets. Marketed under the KBS brand, FST’s equipment is used by golfers across skill levels, including professionals on the PGA and other major golf associations. Its vertically integrated business model, encompassing product portfolio, retail presence, and golf-related services, has established the KBS brand globally and created significant competitive advantages. The company’s growth strategies are focused on expansion into the PRC and other underserved golf shaft markets.

Forward-Looking Statements

This release contains forward-looking statements regarding future expectations, plans, and prospects, and statements that are not historical facts. These statements involve risks, uncertainties, and assumptions based on current expectations about events that may affect the company’s financial condition, results, strategy, and needs. These statements are often identified by terms like “may,” “will,” “expect,” and similar expressions.

The company is not obligated to update or revise these statements to reflect new events or changes in expectations, except as legally required. While the statements reflect reasonable expectations, actual results may differ. Investors are advised to review the company’s registration statement and SEC filings for more information on factors that could impact future results.

Company Contact:
FST Corp.
1801 13th Street, Suite 306,
Boulder, CO 80302
Office: 303-444-2226
Email:  

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:  

“`