Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 81

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 81
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 million, or 85.1%, to approximately $3.2 million for the year ended June 30, 2024 as compared to approximately $21.6 million for the year ended June 30, 2023. The decrease of the total revenue was mainly attributable to our change of business strategy as discussed in the aforementioned overview section. As we are steadily cultivating new business relationships with our customer base, we anticipate a gradual increase in sales to align with our previous volume levels.

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Our revenues from our revenue categories are summarized as follows:

|                       |     | For the Years Ended |  June 30, 
      2024 |     |   |   June 30, 
       2023 |
|:----------------------|:----|:--------------------|----------:|:----|:--|-----------:|
| Tablet products       |     | $                   |   660,787 |     | $ | 19,648,799 |
| Mobile phone products |     |                     | 2,567,772 |     |   |  1,944,750 |
| Other revenue         |     |                     |         — |     |   |     29,338 |
| Total revenues        |     | $                   | 3,228,559 |     | $ | 21,622,887 |

Tablets products experienced a decrease primarily attributed to our shift in business strategy as discussed in the aforementioned overview section. Revenue from the sales of tablets decreased by approximately $19.0 million, or 96.6%, to approximately $0.7 million for the year ended June 30, 2024 from approximately $19.6 million for the same period in 2023. Revenue from sales of phones increased by approximately $0.6 million, or 32.0%, to approximately $2.6 million for the year ended June 30, 2024 from approximately $2.0 million for the same period in 2023 as we rolled out some new phone products beginning in January 2024. Revenue from others consisted with sales of rugged cases and freight and shipping insurance income. The sales of others decreased by approximately $29,000, or 100.0%, to $0 for the year ended June 30, 2024 from approximately $29,000 for the year ended June 30, 2023. The decrease in sales of other products was not significant to our operations. Cost of Goods Sold Our cost of goods sold mainly consists of