Foxx Development net loss widens to $52.69 million as revenue drops 20%
FOXX•Foxx Development Holdings reported fiscal 2026 revenue of $52.58 million, down 20%, and a net loss of $52.69 million. Gross profit fell 65% to $1.69 million, while gross margin narrowed to 3.2%.
1. Fiscal 2026 results
Foxx Development Holdings posted revenue of $52.58 million for the year ended June 30, 2026, down 20%, and a net loss of $52.69 million. Loss from operations was $43.90 million. Gross profit fell 65% to $1.69 million, and gross margin narrowed by 4.0 percentage points to 3.2%.
2. Costs and warehouse changes
Management attributed the revenue decline to tariff-related cost volatility and higher memory chip prices that pressured order volumes. The company recorded $25.86 million of right-of-use asset impairments after expanding dropship arrangements and deciding to sublease warehouse space.
