Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 67

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 67
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    $(886,570) 
    $(3,198,353) 
     360.8%

36

Revenues

Our revenue primarily derived
from sales of electronic products. The total revenues increased by approximately $10.9 million, or 2,117.1%, to approximately $11.4 million
for the three months ended March 31, 2025 as compared to $0.5 million for the three months ended March 31, 2024. The increase of the total
revenue was mainly attributable to the sales from three new major wholesale customers who aggregately accounted for 65% of our sales and
to launching a new line of products, which is the wearable electronic products, and new service.

Our revenues from our revenue
categories are summarized as follows:

    For the Three Months Ended 

    March 31,  2025  
    March 31,  2024 

    (Unaudited)  
    (Unaudited) 
  
    Tablet products 
    $219,545  
    $     - 
  
    Mobile phone products 
     8,868,686  
     513,836 
  
    Wearable products and others 
     1,557,962  
     - 
  
    Subtotal product revenues 
     10,646,193  
     513,836 
  
    App service commission revenue, net, and others 
     745,885  
     - 
  
    Total revenues, net 
    $11,392,078  
    $513,836 

Revenue from the sales of
tablets increased by approximately $0.2 million, or 100.0%, to approximately $0.2 million for the three months ended March 31, 2025 from
$0 for the same period in 2024. Revenue from sales of phones, which accounts for 78% of total revenue, increased by approximately $8.4 million,
or 1,626.0%, to approximately $8.9 million for the three months ended March 31, 2025 from $0.5 million for the same period in 2024 as
we rolled out some new phone products beginning in January 2024 and the sales from two new major wholesale customers who aggregately accounted
for 52% of our sales. Revenue from sales of wearable products and others, which was new for the