Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 79

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 79
---
 $28,730,549 for the year ended December 31, 2023 to $36,499,644 for the year ended December 31,
2024, representing a27.0% increase. The revenue from sales of golf shafts
increased 26.9% from $27,825,905 for the year ended December 31, 2023 to $35,315,363 for the year ended December 31, 2024.
The increase was attributable to the fact that: (i) we opened KBS Taipei Flagship Store during the fiscal year 2024, which greatly enhanced
customer experience as well as brand awareness; (ii) we expanded our brand portfolio to offer more high-end product lines, allowing customers
to choose from advanced features and premium designs. The revenue of sales of sports accessories, food and beverage remained stable
with a minor increase of 3.4%. Revenue generated from software service climbed from nil for
the year ended December 31, 2023to $248,688 for the year ended December 31,
2024 since it’s a new business commenced in fiscal year 2024 in which we contracted with Parametric Technology Corporation (“ PTC”)
to act as a distributor for its software.

  Year/Period                                         December 31, 2024                                                                                 
  Revenue Categories                                  Revenue Amount                                                                                    
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Sales of golf shafts                                                       35,315,363       96.8      27,825,905       96.9      7,489,458      26.9  
  Sales of sports accessories, food and beverage                                935,593        2.6         904,644        3.1         30,949       3.4  
  Software service                                                              248,688        0.6               -        0.0        248,688         -  
  Total                                                                      36,499,644      100.0      28,730,549      100.0      7,769,095      27.0  

Cost of Revenue

Cost of revenue increased by
$5,498,723 or 36.0%, from $15,287,532 for the year ended December 31, 2023 to $20,786,255 for the year ended December 31, 202