Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 180

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 2
Chunk 180
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, we were renamed
as “Foxx Development Holdings Inc.”, and the Merger Sub was renamed as “Foxx Development Inc.” (the “Subsidiary”).

The ACAC securities previously
traded on the Nasdaq Capital Market (“Nasdaq”) were delisted and ceased trading following the Closing. On September 27, 2024,
one business day after the Closing, our Common Stock and Warrants became listed on the Nasdaq under trading symbols “FOXX”
and “FOXXW,” respectively.

Together with our Subsidiary,
we are a technology innovation firm specializing in the communications sector. Since our establishment in 2017, we have expanded our presence
to include various locations throughout the United States, such as San Francisco, CA, Dallas, TX, Atlanta, GA, Los Angeles, CA, Miami,
FL, and New York, NY. This expansion enables us to provide sales, retail, distribution, and after-sales support services while
simultaneously driving innovation through active research and development efforts aimed at pioneering new customization standards and
services.

Our business model involves providing comprehensive hardware and software
specifications to original design manufacturers. Once the products are developed, we engage with third-party agencies to secure necessary
testing and certifications, including Equipment Authorizations from the FCC and certifications from the Global Mobile Suppliers Association.
We currently offer a range of Foxx-branded products, including tablets, smartphones, wearables, and expects to launch other high-quality
communication terminals. Our products are generally priced competitively after considering various factors such as product costs, research
and development investments, regulatory compliance, testing expenses, and shipping costs. Our customers are primarily distributors who
sell Foxx-branded products in the U.S. public channels and to major carriers in the United States such as T-Mobile, AT&T,
and Verizon. Our customers also included individual e-commerce customers from TikTok Shop, which we began our e-commerce operations in
March 2024.

We have generated most of
our revenue from the sales of tablets and smartphones. We expect to enter the U.S. IoT markets and potentially the private label
Mobile Virtual Network Operator (“MVNO”) market, with the aim of growing into a key player both domestically and globally.
We have been preparing to enter these markets by adding additional features and providing related services that enable Foxx-branded devices
to have IoT and MVNO capabilities.

30

We manage inventory and meet
market demand through our build