Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 65

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 65
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 six months ended June 30, 2024, representing a 41.2% increase. The total revenue increased in the six months ended June 30, 2024 which was mainly due to the recovery of market demand for the period ended June 30, 2024 compared with the same period of 2023.

41 Cost of Revenue Cost of revenue increased by $3,815,365 or 60.8%, from $6,272,032 for six months ended June 30, 2023 to $10,087,397 for the six months ended June 30, 2024, which was in line with the increase in total revenue. Gross Profit The gross profit increased from $6,353,186 for the six months ended June 30, 2023 to $7,742,348 for the six months ended June 30, 2024, representing an increase of 21.9%. This increase was primarily due to the increase in total revenue. Gross profit margin decreased to 43.4% for the six months ended June 30, 2024, as compared to 50.3% for the six months ended June 30, 2023. The decrease of gross profit margin was primarily due to FST America sold more OEM orders, which had lower gross margin, resulting in a lower gross profit margin in the first half of 2024 compared with the same period of 2023. Selling Expenses Selling expenses increased by $15,077, or 0.3%, from $4,662,788 for the six months ended June 30, 2023 to $4,677,865 for the six months ended June 30, 2024, which was relatively stable. General and Administrative Expenses General and administrative expenses increased to $3,048,387 for the six months ended June 30, 2024 from $2,595,007 for the six months ended June 30, 2023, representing a 17.5% increase, which was mainly due to the increase of extension fee of extending the SPAC Termination Date. Research and Development Expenses Research and development expenses decreased to $660,321 for the six months ended June 30, 2024 from $798,592 for the six months ended June 30, 2023, representing a 17.3% decrease, which was mainly due to the reclassification of software purchase fee for the six months ended June 30, 2024. The