FST Corp Q1 Revenue Climbs 36%, Net Income Reaches $1.88M
KBSX•FST Corp.'s Q1 revenue rose 36.2% year-over-year to $14.65 million, driven by a 70% OEM sales surge and 64% growth in graphite shaft shipments. Net income swung to $1.88 million from a $2.8 million loss as gross margin improved to 51.6%, aided by economies of scale.
1. Strong Revenue and Sales Drivers
For the quarter ended March 31, 2026, FST Corp. reported revenue of $14.65 million, up 36.2% from $10.76 million a year earlier. This growth was led by a 70% increase in OEM partner sales and a 64% rise in graphite shaft shipments following the launch of the TGBlack Driver Shaft.
2. Margin Improvement and Profitability
Net income was $1.88 million, or $0.04 per share, reversing a $2.8 million loss in Q1 2025, as gross profit margin expanded to 51.6% from 46.1% due to manufacturing economies of scale. Total operating expenses declined 7.2% to $5.38 million, aided by a $408,579 reduction in general and administrative costs, though higher tax expenses and the absence of a $1.88 million derivative liability charge partly offset gains.
3. Balance Sheet Strength and Liquidity
As of March 31, 2026, cash and equivalents totaled $7.37 million, total assets were $62.34 million, and shareholders’ equity stood at $17.03 million. Management expects existing liquidity, operational cash flows and available credit facilities to fund operating requirements for the next 12 months.
