FST Corp Financials
This page shows FST Corp (FSTWF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
FST Corp has an operating margin of -7.1%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 6/100, suggesting thin profitability after operating expenses. This is up from -10.0% the prior year.
FST Corp's revenue surged 31.4% year-over-year to $48.0M, reflecting rapid business expansion. This strong growth earns a score of 86/100.
FST Corp carries a low D/E ratio of 1.17, meaning only $1.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
FST Corp's current ratio of 0.79 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.
While FST Corp generated -$369K in operating cash flow, capex of $1.1M consumed most of it, leaving -$1.4M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.
FST Corp generates a -76.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -14.2% the prior year.
FST Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, FST Corp generates $0.05 in operating cash flow (-$369K OCF vs -$7.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
FST Corp earns $-4.0 in operating income for every $1 of interest expense (-$3.4M vs $845K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
FST Corp generated $48.0M in revenue in fiscal year 2025. This represents an increase of 31.4% from the prior year.
FST Corp reported -$7.2M in net income in fiscal year 2025. This represents a decrease of 121.4% from the prior year.
FST Corp earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 77.8% from the prior year.
Cash & Balance Sheet
FST Corp generated -$1.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.1% from the prior year.
FST Corp held $7.3M in cash against $11.0M in long-term debt as of fiscal year 2025.
FST Corp had 45M shares outstanding in fiscal year 2025. This represents an increase of 18.6% from the prior year.
Margins & Returns
FST Corp's gross margin was 43.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.0 percentage points from the prior year.
FST Corp's operating margin was -7.1% in fiscal year 2025, reflecting core business profitability. This is up 2.9 percentage points from the prior year.
FST Corp's net profit margin was -14.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.1 percentage points from the prior year.
FST Corp's ROE was -76.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 62.3 percentage points from the prior year.
Capital Allocation
FST Corp invested $1.4M in research and development in fiscal year 2025. This represents an increase of 11.1% from the prior year.
FST Corp invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 74.6% from the prior year.
FSTWF Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Revenue | $13.2M+5.3% | $12.6M | N/A | $10.1M+18.9% | $8.5M | N/A |
| Cost of Revenue | $7.7M+1.2% | $7.6M | N/A | $5.5M+4.9% | $5.2M | N/A |
| Gross Profit | $5.5M+11.6% | $4.9M | N/A | $4.7M+41.1% | $3.3M | N/A |
| R&D Expenses | $398K+16.0% | $343K | N/A | $297K-12.6% | $340K | N/A |
| SG&A Expenses | $3.3M+16.2% | $2.9M | N/A | $3.2M+18.0% | $2.7M | N/A |
| Operating Income | -$922K+2.6% | -$947K | N/A | -$1.7M-27.4% | -$1.3M | N/A |
| Interest Expense | $211K-8.9% | $232K | N/A | $168K+19.4% | $141K | N/A |
| Income Tax | $245K+9.8% | $223K | N/A | $356K+632.5% | -$67K | N/A |
| Net Income | -$621K+13.3% | -$716K | N/A | -$1.6M+11.5% | -$1.8M | N/A |
| EPS (Diluted) | $-0.01+50.0% | $-0.02 | N/A | $-0.04-33.3% | $-0.03 | N/A |
FSTWF Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Total Assets | $59.8M-2.0% | $61.0M-3.3% | $63.1M+7.7% | $58.6M | N/A | $63.4M |
| Current Assets | $27.5M-6.6% | $29.4M+0.4% | $29.3M+10.0% | $26.7M | N/A | $30.5M |
| Cash & Equivalents | $7.3M-10.3% | $8.2M+16.4% | $7.0M+37.9% | $5.1M-18.1% | $6.2M-30.0% | $8.9M |
| Inventory | $11.8M-10.6% | $13.2M-2.6% | $13.6M-6.6% | $14.5M | N/A | $15.2M |
| Accounts Receivable | $7.0M+10.6% | $6.3M+1.4% | $6.2M+17.5% | $5.3M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $50.3M+0.1% | $50.3M+0.2% | $50.1M+40.9% | $35.6M | N/A | $35.9M |
| Current Liabilities | $34.7M+6.3% | $32.6M-4.5% | $34.2M+54.4% | $22.1M | N/A | $21.4M |
| Long-Term Debt | $11.0M-19.7% | $13.7M+16.1% | $11.8M+24.4% | $9.4M | N/A | N/A |
| Total Equity | $9.4M-11.6% | $10.6M-17.3% | $12.8M-43.9% | $22.8M | N/A | $27.5M |
| Retained Earnings | -$4.1M+3.1% | -$4.3M-61.6% | -$2.6M-186.4% | $3.1M | N/A | $6.3M |
FSTWF Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.7M-183.8% | $4.4M | N/A | -$2.1M-143.7% | -$872K | N/A |
| Capital Expenditures | $675K+164.3% | $255K | N/A | $1.9M+118.3% | $848K | N/A |
| Free Cash Flow | -$4.4M-205.0% | $4.2M | N/A | -$4.0M-131.2% | -$1.7M | N/A |
| Investing Cash Flow | -$832K-342.4% | -$188K | N/A | -$1.9M-74.0% | -$1.1M | N/A |
| Financing Cash Flow | $5.6M+324.8% | -$2.5M | N/A | $4.1M+1187.5% | -$381K | N/A |
| Dividends Paid | $0 | $0 | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A |
FSTWF Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Gross Margin | 41.6%+2.4pp | 39.2% | N/A | 46.0%+7.2pp | 38.8% | N/A |
| Operating Margin | -7.0%+0.6pp | -7.5% | N/A | -16.6%-1.1pp | -15.5% | N/A |
| Net Margin | -4.7%+1.0pp | -5.7% | N/A | -15.3%+5.3pp | -20.6% | N/A |
| Return on Equity | -6.6%+0.1pp | -6.8% | N/A | -6.8% | N/A | N/A |
| Return on Assets | -1.0%+0.1pp | -1.2% | N/A | -2.6% | N/A | N/A |
| Current Ratio | 0.79-0.1 | 0.90+0.0 | 0.86-0.3 | 1.21 | N/A | 1.43 |
| Debt-to-Equity | 1.17-0.1 | 1.29+0.4 | 0.92+0.5 | 0.41 | N/A | 1.31 |
| FCF Margin | -33.3%-66.7pp | 33.4% | N/A | -39.2%-19.0pp | -20.2% | N/A |
Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is FST Corp's annual revenue?
FST Corp (FSTWF) reported $48.0M in total revenue for fiscal year 2025. This represents a 31.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FST Corp's revenue growing?
FST Corp (FSTWF) revenue grew by 31.4% year-over-year, from $36.5M to $48.0M in fiscal year 2025.
Is FST Corp profitable?
No, FST Corp (FSTWF) reported a net income of -$7.2M in fiscal year 2025, with a net profit margin of -14.9%.
How much debt does FST Corp have?
As of fiscal year 2025, FST Corp (FSTWF) had $7.3M in cash and equivalents against $11.0M in long-term debt.
What is FST Corp's gross margin?
FST Corp (FSTWF) had a gross margin of 43.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is FST Corp's operating margin?
FST Corp (FSTWF) had an operating margin of -7.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is FST Corp's net profit margin?
FST Corp (FSTWF) had a net profit margin of -14.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is FST Corp's return on equity (ROE)?
FST Corp (FSTWF) has a return on equity of -76.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is FST Corp's free cash flow?
FST Corp (FSTWF) generated -$1.4M in free cash flow during fiscal year 2025. This represents a 75.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FST Corp's operating cash flow?
FST Corp (FSTWF) generated -$369K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are FST Corp's total assets?
FST Corp (FSTWF) had $59.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FST Corp's capital expenditures?
FST Corp (FSTWF) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FST Corp spend on research and development?
FST Corp (FSTWF) invested $1.4M in research and development during fiscal year 2025.
What is FST Corp's current ratio?
FST Corp (FSTWF) had a current ratio of 0.79 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is FST Corp's debt-to-equity ratio?
FST Corp (FSTWF) had a debt-to-equity ratio of 1.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FST Corp's return on assets (ROA)?
FST Corp (FSTWF) had a return on assets of -12.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is FST Corp's cash runway?
Based on fiscal year 2025 data, FST Corp (FSTWF) had $7.3M in cash against an annual operating cash burn of $369K. This gives an estimated cash runway of approximately 238 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is FST Corp's Piotroski F-Score?
FST Corp (FSTWF) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FST Corp's earnings high quality?
FST Corp (FSTWF) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FST Corp cover its interest payments?
FST Corp (FSTWF) has an interest coverage ratio of -4.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FST Corp?
FST Corp (FSTWF) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.