Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 213

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 2
Chunk 213
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551,267 
  
    Mobile phone products 
     37,722,545  
     281,560 
  
    Wearable products 
     1,780,637  
     - 
  
    Subtotal product revenues 
     39,676,297  
     832,827 
  
    App service commission revenue, net 
     915,986  
     - 
  
    Total revenues, net 
    $40,592,283  
    $832,827 

Tablet product sales were
insignificant in our operations for the six months ended December 31, 2024. Revenue from the sales of tablets decreased by approximately
$0.4 million, or 68.6%, to approximately $0.2 million for the six months ended December 31, 2024 from $0.6 million for the same period
in 2023. Revenue from sales of mobile phones increased by approximately $37.4 million, or 13,297.7%, to approximately $37.7 million
for the six months ended December 31, 2024 from $0.3 million for the same period in 2023 as we rolled out some new mobile phone products
beginning in January 2024 and the sales from three new wholesale customers who aggregately accounted for 93% of our sales. Revenue from
sales of wearable products increased by approximately $1.8 million, or 100.0%, to approximately $1.8 million for the six months ended
December 31, 2024 from $0 for the same period in 2023 as we rolled out some new wearable products beginning in October 2024. Revenue from
App service commission increased by approximately $0.9 million, or 100.0%, to approximately $0.9 million for the six months ended
December 31, 2024 from $0 for the same period in 2023 as we started to generate income by providing installation of App service to our
partners on our mobile devices and procure the distribution of these devices to the end users beginning in July 2024.

39

Cost of Goods Sold

Our cost of goods sold mainly
consists of cost of merchandise and freight. Total cost of goods sold increased by approximately $37.3 million, or 5,082.9%, to approximately
$38.0 million for the six months ended December 31, 202