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KBSX

FST Corp.

KBSX

FST Corp. • NASDAQ
$1.41 ▲ 6.74% (+0.09)
Market Cap $63.12 M
52w High $15.48
52w Low $1.26
Dividend Yield 0%
P/E -7.83
Volume 15.11K
Outstanding Shares 44.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $11.097M $5.872M $-2.914M -26.256% $-0.065 $-281.605K
Q1-2025 $11.097M ▲ $5.872M ▲ $-2.914M ▼ -26.256% ▲ $-0.065 ▲ $-281.605K ▲
Q4-2024 $9.335M ▲ $5.486M $-2.91M ▼ -31.173% ▼ $-0.41 ▼ $-2.91M ▼
Q3-2024 $9.335M ▲ $5.486M ▲ $224.112K ▲ 2.401% ▲ $0.031 ▲ $224.112K ▲
Q2-2024 $8.915M $4.193M $108.516K 1.217% $0.015 $108.516K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $6.865M $63.12M $50.144M $12.819M
Q1-2025 $6.865M ▲ $63.12M ▲ $50.144M ▲ $12.819M ▼
Q4-2024 $5.159M ▼ $58.581M ▲ $35.583M ▲ $22.834M ▼
Q3-2024 $5.167M ▼ $45.867M ▼ $4.931M ▼ $40.936M ▲
Q2-2024 $8.099M $60.051M $33.795M $26.256M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-2.914M $-545.975K $-120.599K $106.029K $0 $-606.721K
Q1-2025 $-2.914M ▼ $-545.975K ▼ $-120.599K ▼ $106.029K ▲ $0 $-606.721K ▼
Q4-2024 $-2.91M ▼ $-218.236K ▲ $4.432M ▲ $-4.213M ▼ $0 $-218.24K ▲
Q3-2024 $224.112K ▲ $-370.936K ▼ $-315.35K ▲ $686.286K ▲ $0 $-370.94K ▼
Q2-2024 $108.516K $-276.979K $-721.641K $513.491K $0 $-276.98K

Five-Year Company Overview

Income Statement

Income Statement FST’s income statement shows a tiny but fairly steady business that has struggled to turn its strong product story into consistent profits. Revenue has moved around a bit but not in a dramatic way, suggesting a stable niche rather than fast growth so far. The company had a clearly profitable year shortly after listing, but more recently results have slipped back toward losses, with the latest year showing a noticeable loss per share. This pattern fits a company investing heavily in growth, marketing, and expansion while still being small in scale. The core gross profit looks reasonable for a premium product brand, but overhead and growth-related expenses are absorbing most of that, leaving little room for consistent bottom‑line profits yet.

Balance Sheet

Balance Sheet The balance sheet looks lean and tightly sized for a niche manufacturer. Total assets have stayed fairly flat, which implies the company is not yet building a large physical footprint or heavy manufacturing base. Cash levels appear modest, without much build‑up, which limits financial flexibility and heightens the importance of steady cash inflows or access to external funding. Debt is present and meaningful relative to the size of the business, while equity has not grown much and even edged down recently. That combination points to a capital structure that can work if growth turns profitable, but it leaves less room for prolonged losses or large, sudden investments without raising more capital.

Cash Flow

Cash Flow Cash flow is tight and mirrors the small scale of the company. Operating cash flow has hovered around break‑even over the last few years, with only a brief period of clearly positive cash generation. Free cash flow tells a similar story: some years slightly positive, some slightly negative, with no long stretch of comfortable surplus. Capital spending has been light, which is consistent with outsourcing some production (especially graphite) and running a relatively asset‑light model. The flip side is that any move to bring more production in‑house or expand retail and fitting locations could require fresh funding, since the business does not yet throw off strong internal cash to pay for that growth on its own. Overall, the company appears to be managing day‑to‑day needs, but with limited cushion and a stated need for additional liquidity over the coming year.

Competitive Edge

Competitive Edge FST, through the KBS brand, has built a strong name in a very specific corner of the golf market: premium shafts for players who care deeply about feel and performance. The brand benefits from heavy validation on professional tours, with many elite players using its products. That tour presence, combined with the reputation of designer Kim Braly, gives KBS strong credibility among serious golfers and equipment makers alike. FST’s vertically integrated approach—design, manufacturing, OEM supply, distribution, and direct retail/fitting—adds to its moat. Supplying major club manufacturers while also running its own fitting-focused retail outlets keeps KBS visible at multiple points in the golfer’s buying journey. However, it still operates in a niche, with competition from both large golf brands and specialized shaft makers. Its small size relative to giants in the industry, combined with reliance on a few key personalities and relationships, means its competitive position is strong in reputation but more fragile in financial and scale terms.

Innovation and R&D

Innovation and R&D Innovation is the clear bright spot for FST. The company is built around a recognized shaft designer and a "player‑driven, tour‑proven" development philosophy. That means new products are refined with direct feedback from top professionals, aiming for better feel, tighter shot patterns, and more control. Technically, FST shows strength in both steel and graphite design, with features like constant‑taper profiles, precise manufacturing steps, and emerging graphite wrap technologies that target consistency and stability. Its expansion into graphite shafts for woods, hybrids, and putters, and into solutions for slower swing speeds, shows it is chasing the fastest‑growing segments of the shaft market. The main risk is that this level of ongoing R&D and product expansion is costly. To fully capitalize on these innovations—especially if it acquires its own graphite production—it must balance technical ambition with the financial realities of its current size and cash position.

Summary

FST Corp. is a small but well‑regarded specialist in golf shafts, with a brand (KBS) that punches above its financial weight thanks to tour visibility, strong OEM ties, and a clear technical identity. On the positive side, the company has: - A respected brand among serious golfers and pros - Differentiated technology and product breadth across steel and graphite - A vertically integrated model with both OEM and direct‑to‑consumer reach On the risk side, the financials show: - Modest, uneven profitability, with a recent return to net losses - Tight cash flow and limited cash reserves - Debt and only slowly growing equity, which constrain its room for error The story hinges on execution: whether FST can convert its innovation pipeline, graphite expansion, and new markets into sustained revenue growth and healthy, recurring profits, while carefully managing its funding needs. The opportunity is meaningful within its niche, but the financial cushion is thin, so outcomes may be more volatile than for larger, more established manufacturers.

NEWS

November 26, 2025 · 8:00 AM UTC

FST Corp. to Present at Noble Capital Markets 21st Annual Emerging Growth Conference on December 3, 2025

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November 19, 2025 · 8:30 AM UTC

FST Corp. Revenue Up 47 Percent in Q3 2025; Improved Gross Margin and Bottom Line

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October 8, 2025 · 8:30 AM UTC

FST Corp. to Present at The LD Micro Main Event XIX

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September 5, 2025 · 8:00 AM UTC

FST Corp. to Present at the 27th Annual H.C. Wainwright Global Investment Conference

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