Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 47

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 47
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     -  
     - 
  
    Segment net loss 
    $(2,865,442) 
    $(2,266,789)

Note 23 — Subsequent events

The Company evaluated
all events and transactions that occurred after September 30, 2025 up through the date the Company issued these unaudited condensed
consolidated financial statements. Based on this review, except as disclosed below, the Company did not identify any other
subsequent events that would require adjustment or disclosure in the unaudited condensed consolidated financial statements.

On November 4, 2025, two
of the Company’s employees resigned from their position with the Company and the Company agreed to accelerate the vesting term for
an immediate vesting for a total of 31,819 or approximately 50% of their unvested RSUs previously granted to two them due to termination
of their employment. A total of 31,817 or approximately 50% of their unvested RSUs previously granted to two them were forfeited due to
termination of their employment.

29

ITEM 2.  MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion
and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods
indicated. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related
notes included elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and the other information set forth
in the Annual Report on Form 10-K for the fiscal year ended June 30, 2025 filed with the Securities and Exchange Commission (the “SEC”)
on October 15, 2025. In addition to historical information, the following Management’s Discussion and Analysis of Financial Condition
and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly
from those anticipated in these forward-looking statements as a result of certain factors discussed herein and any other periodic reports
filed and to be filed with the SEC. 

Overview

Foxx Development Holdings
Inc. (“we,” “our”, “us”, or the “Company”) was incorporated on November 13, 2023 under
the name “Acri Capital Merger Sub I Inc.” On September 26, 2024 (the “Closing”), Acri Capital Acquisition Corporation,
a Delaware corporation and our