Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 239

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 239
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3%, to approximately
$10.7 million for the three months ended March 31, 2025 as compared to $0.6 million for the three months ended March 31, 2024. The
increase in cost of goods sold is a direct result of an increase in our revenue, consistent with the acquisition of our three new major
wholesale customers and new product line as discussed above for the three months ended March 31, 2025 as compared to the same period in
2024.

Our cost of goods sold from
their revenue categories are summarized as follows:

    For the Three Months Ended 

    March 31,  2025  
    March 31,  2024 

    (Unaudited)  
    (Unaudited) 
  
    Tablet products 
    $175,135  
    $- 
  
    Mobile phone products 
     9,117,657  
     553,518 
  
    Wearable products 
     1,415,375  
     - 
  
    Other service cost 
     20,598  
     - 
  
    Total cost of goods sold 
    $10,728,765  
    $553,518 

37

Our cost of goods sold for
tables 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. Cost of goods sold for mobile phone products increased by approximately $8.5 million, or 1,547.2%,
to approximately $9.1 million for the three months ended March 31, 2025 from $0.6 million for the same period in 2024, which is consistent
with the direct result of an increase in our revenue. Cost of goods sold for wearable products and others increased by approximately $1.4 million,
or 100.0%, to approximately $1.4 million for the three months ended March 31, 2025 from $0 for the same period in 2024. Other service
cost increased by approximately $21,000, or 100.0% to approximately $21,000 for the three months ended March 31, 2025 from $0 for the
same period in 2024.

Gross Profit

Our gross profit increased
by