Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 238

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 238
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    Mobile phone products 
     8,868,686  
     513,836 
  
    Wearable products and others 
     1,557,962  
     - 
  
    Subtotal product revenues 
     10,646,193  
     513,836 
  
    App service commission revenue, net, and others 
     745,885  
     - 
  
    Total revenues, net 
    $11,392,078  
    $513,836 

Revenue from the sales of
tablets increased by approximately $0.2 million, or 100.0%, to approximately $0.2 million for the three months ended March 31, 2025 from
$0 for the same period in 2024. Revenue from sales of phones, which accounts for 78% of total revenue, increased by approximately $8.4 million,
or 1,626.0%, to approximately $8.9 million for the three months ended March 31, 2025 from $0.5 million for the same period in 2024 as
we rolled out some new phone products beginning in January 2024 and the sales from two new major wholesale customers who aggregately accounted
for 52% of our sales. Revenue from sales of wearable products and others, which was new for the three months ended March 31, 2025, increased
by approximately $1.6 million, or 100.0%, to approximately $1.6 million for the three months ended March 31, 2025 from $0 for the
same period in 2024 as we rolled out some new wearable products beginning in October 2024 and the sales from one new wholesale customer
who aggregately accounted for 13% of our sales. Revenue from App service commission and others increased by approximately $0.7 million,
or 100.0%, to approximately $0.7 million for the three months ended March 31, 2025 from $0 for the same period in 2024 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.

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 $10.1 million, or 1,838.