Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 58

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 58
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 us is the rich blended nature of our management team. Our management team comprises executives with extensive experience in
electronics industry with IoT services related experiences. The wide array of industry experience captured by our management team allows
us to deliver advanced technology and superior products to our customers. Losing any member of our key executive team could significantly
impact the quality of services and products that we currently offer. Such departures may prompt customers to explore alternative products
or IoT cloud platforms offered by different vendors or service providers.

Investment in technology and talent

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 December
31, 2024 and 2023

    For the Three Months Ended December 31, 

    2024  
    2023  
    Change ($)  
    Change (%) 

    (Unaudited)  
    (Unaudited)  

    Revenues, net 
    $17,480,231  
    $832,827  
    $16,647,404  
     1,998.9%
  
    Cost of goods sold 
     15,289,565  
     733,244  
     14,556,321