Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 77

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 77
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3 was $28,730,549, including revenue generated from sales of golf shafts of $27,825,905, and sales of
sports accessories, food and beverage of $904,644. The total revenue for the year ended December 31, 2024 was $36,499,644, including
revenue generated from the sales of golf shafts of $35,315,363, sales of sports accessories, food and beverage of $935,593, and software
service of $248,688.

The table below sets forth
the revenue contribution by types of products in the years ended December 31, 2024 and 2023:

  Year                                                December 31, 2024                                                  December 31, 2023                             
  Revenue Categories                                  Revenue                                Revenue                     Revenue                                       
                                                      Amount                                 Proportion/                 Amount                                        
                                                                                             Share,                                                                    
                                                                                             %                                                                         
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Sales of golf shafts                                $                      35,315,363                        96.8      $                      27,825,905       96.9  
  Sales of sports accessories, food and beverage                                935,593                         2.6                                904,644        3.1  
  Software service                                                              248,688                         0.6                                      -          -  
  Total                                               $                      36,499,644                       100.0      $                      28,730,549      100.0  

Cost of Revenue

The Group’s cost of revenue
consists primarily of costs of product parts and materials purchased from manufacturers, labor costs, depreciation, maintenance, and other
overhead related costs, such as salaries and related personnel expenses.

Selling Expenses

The Group’s selling expenses
consist of personnel expenses and advertising expenses and shipping expenses.

The Group expects its selling
expenses to increase for the foreseeable future as the Group invests to support the growth of its expansion and to build out its sales
force and marketing capabilities.

General and Administrative Expenses

The Group’s general and
administrative expenses consist primarily of personnel-related expenses for employees involved in general corporate functions, including
executive and administration, legal, human resources, accounting, finance, tax, and information technology and outside professional services,
including legal, audit and accounting services, as well as expenses for allocated facilities costs, such as office rent, depreciation,
other