Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 67

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 67
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Revenue Of the total revenue of $49,779,465 for the year ended December 31, 2022, $49,111,948 of revenue was from the sales of golf club shafts, and $667,517 of revenue was from the sales of sports accessories, food and beverage. The total revenue decreased from $49,779,465 for the year ended December 31, 2023 to $28,730,549 for the year ended December 31, 2023, representing a 42.3% decrease. The total revenue decreased in the year ended December 31, 2023 due to decline of sales volume: i) as the weaker demands from our customers for their spending on golf under the impact of slowdown in global economy; ii) besides, with the easing of the COVID -19pandemic, golf is no longer the only outdoor sports option during the pandemic. Cost of Revenue Cost of revenue decreased by $7,919,584 or 34.1%, from $23,207,116 for the year ended December 31, 2022 to $15,287,532 for the year ended December 31, 2023, which was in line with the decrease in total revenue. Gross Profit The gross profit decreased from $26,572,349 for the year ended December 31, 2022 to $13,443,017 for the year ended December 31, 2023, representing a decrease of 49.4%. This decline was primarily due to a decrease in total revenue. Gross profit margin increased to 46.8% for the year ended December 31, 2023, as compared to 53.4% for the year ended December 31, 2022. The decrease of gross profit margin was primarily attributable to the decrease of products sold, as the Group sold less KBS golf club shafts compared to that for the year ended December 31, 2022.

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Selling Expenses Selling expenses increased by $646,183, or 7.6%, from $8,548,084 for the year ended December 31, 2022 to $9,194,267 for the year ended December 31, 2023. This increase was primarily due to increase of personnel expense, such as travel expenses to participate in Professional Golfers’ Association Tour, in FST America for market promotion. General and Administrative Expenses General and administrative expenses decreased to $5,180,683