Company: FSTWF
Filing Date: 2025-07-08
Form Type: F-1/A
Source: 0001213900-25-061884
Chunk: 180

Company: FST Corp.
Filing Date: 2025-07-08
Form: F-1/A
Chunk 180
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, and the consideration is paid immediately when the customer purchases the product.

Software service

The Group has contracted with Parametric Technology Corporation (“PTC”) to act as a distributor for its software. The Group purchased the subscription account of certain software from PTC and resold the software usage rights to other customers. The Group recognizes revenue over the duration of the contract with its customers. The Group is deemed as the principal, recognizing revenue on a gross basis as the Group is primarily responsible for fulfilling the contract, bears the inventory risk, and has the discretion in establishing the sales price.

Revenue by categories

The following table disaggregates the Group’s revenue categories for the years ended December 31, 2024 and 2023:

|                                                |     | For the Years Ended 
 December 31,        |       2024 |     |   |       2023 |
|:-----------------------------------------------|:----|:--------------------|-----------:|:----|:--|-----------:|
| Sales of golf shafts                           |     | $                   | 35,315,363 |     | $ | 27,825,905 |
| Sales of sports accessories, food and beverage |     |                     |    935,593 |     |   |    904,644 |
| Software service                               |     |                     |    248,688 |     |   |          — |
| Total revenues                                 |     | $                   | 36,499,644 |     | $ | 28,730,549 |

Revenue by geography

The following table sets forth disaggregation of revenue by customer location.

| Primary geographical markets |     | For the Years Ended 
 December 31,        
 2024                |            |     | 2023 |            |
|:-----------------------------|:----|:--------------------|-----------:|:----|:-----|-----------:|
| United States                |     | $                   | 18,877,162 |     | $    | 16,707,660 |
| Vietnam                      |     |                     |  4,263,006 |     |      |  2,860,192 |
| China mainland               |     |                     |  3,960,825 |     |      |  2,644,342 |
| Mexico                       |     |                     |  3,015,173 |     |      |  1,130,696 |
| Taiwan                       |     |                     |  2,478,429