Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 236

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 236
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We invest significant resources
in outsourcing partnerships and dedicates efforts to research and develop new products, solutions, agent platforms, and related services.
This commitment is essential to uphold our competitiveness in the industry, especially in the realm of IoT services. Advancing technology
and enhancing capabilities are pivotal for enterprise growth, necessitating continual progress in electronic product technologies, novel
services, and expanded capabilities.

To maintain and expand our
customer base, we must sustain a culture of innovation that aligns with the industry’s evolution. This entails continuously introducing
cutting-edge technologies to the market. Our current focus in research and development revolves around bolstering comprehensive communication,
storage, and energy solutions, as well as advancing 5G technology. This includes areas such as baseband development, Radio Frequency (RF)
layout optimization, Session Initiation Protocol (SIP) integration, and rigorous system testing.

Our ability to expand our products and services
and diversifying customer base

Currently, our main revenue
stream originates from the sale of tablets and mobile phones. As brand recognition and acceptance grow, we anticipate a surge in user
adoption of our wireless services and intelligence products. Our capacity to broaden our products portfolio, offer new services and attract
a more diversified customer base could significantly influence our future operating results.

Results of Operations

Comparison for the three months ended March
31, 2025 and 2024

     For the Three Months Ended March 31,   

    2025  
    2024  
    Change ($)  
    Change (%) 

     (Unaudited)  
    (Unaudited)  

    Revenues, net 
    $11,392,078  
    $513,836  
    $10,878,242  
     2,117.1%
  
    Cost of goods sold 
     10,728,765  
     553,518  
     10,175,247  
     1,838.3%
  
    Gross profit 
     663,313  
     (39,682) 
     702,995  
     (1,771.6)%
  
    Operating expenses 

    Selling expense 
     1,551,369  
     155,219  
     1,396,150  
     899.5%
  
    General, and administrative expense 
     1,823,287  
     552,