FST Corp. Reports Third Quarter 2026 Financial Results 2 Percent Revenue Increase Year-over-Year; FST Launched KBS TOUR V-X Family of Steel Iron Shafts

Quarterly profitability returned, while short-term bank borrowings stood at $20,518,189 and working capital remained in deficit.

Rhea-AI Summary

FST (KBSX) reported third-quarter 2026 revenue of $12,804,404, up year over year, and returned to profitability in its unaudited results. Revenue rose 2.0% as sales increased in the original equipment manufacturer (OEM) business across steel and graphite shafts. Net income was $291,001 versus a $715,955 loss a year earlier. Shareholder-attributable earnings were $0.01 per share versus a $0.02 loss. Operating income reached $31,405 versus a $946,709 loss.

At September 30, cash and equivalents were $6,129,149, while the working capital deficit was $2,536,130 and short-term bank borrowings were $20,518,189. Nine-month operating cash flow was $730,253. FST acquired the remaining interests in FST Taiwan and repurchased 66,577 shares during the quarter. Management anticipates continued revenue growth in fourth-quarter 2026, with plans for new OEM programs, incremental European-office revenue and additional cost controls.

11 points · 0 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 2.0% to $12,804,404 from $12,554,939, reflecting additional OEM steel and graphite sales.
• Moderate pointNet income reached $291,001, versus a $715,955 loss in third-quarter 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter 2026 revenue growth is anticipated by management as domestic and export sales expansion continues.
• Minor pointShareholder-attributable earnings reached $290,819, or $0.01 per share, versus a $672,771 loss, or $0.02 per share.
• Minor pointOperating income reached $31,405, versus a $946,709 loss in third-quarter 2025.

6 minor points

• Minor pointNine-month operating cash flow was $730,253, providing cash from operations.
• Minor pointFST Taiwan became wholly owned on August 28, 2026 through acquisition of its remaining non-controlling interests.
• Minor point66,577 ordinary shares repurchased for approximately $69,861 in third-quarter 2026; approximately $2.93 million remained authorized.
• Minor point. Forward-looking: it has not happened yet and may not happen.New OEM stock-shaft programs are planned for the remainder of 2026 and early 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Incremental revenue from the newly established European office is planned as regional sales coverage expands.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional cost-control measures are planned across production, inventory, logistics and discretionary operating expenses.

Negative

• Moderate pointWorking capital deficit was $2,536,130 at September 30, with current liabilities exceeding current assets.
• Moderate pointShort-term bank borrowings were $20,518,189 at September 30; FST has historically renewed or refinanced them.
• Minor pointNet bank borrowings of $1,166,177 added financing during the nine months ended September 30, 2026.
• Minor pointProperty, plant and equipment purchases used $1,590,620 during the first nine months, including machinery and office renovations.
• Minor pointAcquisition of remaining FST Taiwan interests cost $247,409 during the first nine months of 2026.

News Explained

At September 30, 2026, about $2.93 million remained available under FST’s board-authorized share-repurchase program, which has no fixed expiry; this is capacity for further purchases, not a report that those purchases have occurred.

Key Figures

Revenue: $12,804,404 Net income: $291,001 Net income attributable to shareholders: $290,819, or $0.01 per share +4 more

Revenue

$12,804,404

Q3 2026; up 2.0% year over year

Net income

$291,001

Q3 2026; compared with a net loss in Q3 2025

Net income attributable to shareholders

$290,819, or $0.01 per share

Q3 2026; compared with a net loss of $672,771, or $(0.02) per share, in Q3 2025

Operating income

$31,405

Q3 2026; compared with an operating loss in Q3 2025

Working capital deficit

$2,536,130

As of September 30, 2026

Short-term bank borrowings

$20,518,189

Included in current liabilities as of September 30, 2026

Shares repurchased

66,577 ordinary shares

Three months ended September 30, 2026

Previous Earnings Reports

1 past event · Latest: Jul 28

Same Type 1 event

1. Jul 28

   Q2 earnings

   24h Move

   -2.2%

   Revenue grew year over year and operating income turned positive, while net loss narrowed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

restricted cash, working capital deficit, non-controlling interests, weighted average number of shares outstanding

4 terms

restricted cash financial

"cash and cash equivalents of $6,129,149 and restricted cash of $517,340"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

working capital deficit financial

"resulting in a working capital deficit of $2,536,130"

A working capital deficit occurs when a company's short-term obligations—like bills, supplier payments and near-term debt—are larger than its readily available short-term resources such as cash, money expected from customers, and inventory that can be sold. Like a household whose monthly bills exceed its checking account, it signals potential difficulty paying immediate expenses, which matters to investors because it raises the chance the company will need outside financing or cut operations, affecting risk and value.

non-controlling interests financial

"acquisition of the remaining non-controlling interests in FST Taiwan"

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

weighted average number of shares outstanding financial

"The weighted average number of shares outstanding for the third quarter"

The weighted average number of shares outstanding is the average count of a company's shares available during a reporting period, adjusted for any issues, buybacks, or other changes so each day’s share count is weighted by how long it applied. Investors use it to calculate per-share measures like earnings per share, because it ensures profits or losses are divided by a fair, time-adjusted share base — like averaging how many people occupied a room across a meeting to get a per-person cost.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Boulder, Colorado, Oct. 29, 2026 (GLOBE NEWSWIRE) -- FST Corp. (Nasdaq: KBSX) (“FST” or the “Company”), a leading manufacturer and marketer of steel and graphite golf shafts and a provider of other golf-related services, today announced its unaudited financial results for the third quarter ended September 30, 2026.

Revenue for the third quarter was $12,804,404, a 2.0 percent increase from revenue of $12,554,939 for the third quarter of 2025. The revenue increase reflects additional sales in the OEM business in both the steel and graphite lines.

Net income for the quarter was $291,001, compared to a net loss of $715,955 in the third quarter of 2025. Net income attributable to FST Corp.’s shareholders was $290,819, or $0.01 per share, compared to a net loss attributable to FST Corp.’s shareholders of $672,771, or US$(0.02) per share, in the prior-year period.

Operating income in Q3 2026 was $31,405, compared to an operating loss of $946,709 in the third quarter of 2025.

The weighted average number of shares outstanding for the third quarter of 2026 and 2025 was 44,989,549, and 44,766,003, respectively.

As of September 30, 2026, the Company had cash and cash equivalents of $6,129,149 and restricted cash of $517,340. Total current assets were $29,636,813 and total current liabilities were $32,172,943, resulting in a working capital deficit of $2,536,130. Current liabilities included short-term bank borrowings of $20,518,189, which the Company has historically renewed or refinanced in the ordinary course of business.

For the nine months ended September 30, 2026, net cash provided by operating activities was $730,253; net cash used in investing activities was $1,812,138, primarily for purchases of property, plant and equipment of $1,590,620, including an automatic straightening machine in Taiwan and the renovation of the Company’s Boulder office; and net cash provided by financing activities was $848,907, reflecting net bank borrowings of $1,166,177, partially offset by the acquisition of the remaining non-controlling interests in FST Taiwan, which became a wholly owned subsidiary on August 28, 2026, for $247,409 and repurchases of ordinary shares of $69,861.

“During the third quarter we continued to leverage our favorable position in the market and execute our operating plan. Importantly, we launched the KBS TOUR V-X Family of Steel Iron Shafts and leading brands such as TaylorMade continued to select KBS shafts as the stock offering for several of its new family offerings to the marketplace,” said FST Chairman and Chief Executive Officer David Chuang. “Meanwhile, we have taken meaningful actions to establish a new European office to expand our sales footprint and strengthen both new and existing customer relationships in the region.”

Share Repurchases

During the three months ended September 30, 2026, the Company repurchased an aggregate of 66,577 ordinary shares at an aggregate cost of approximately $69,861 under the $3.0 million share repurchase program authorized by its board of directors and announced on July 28, 2026. As of September 30, 2026, approximately $2.93 million remained available for repurchase under the program, which has no fixed expiration date.

Outlook

In the fourth quarter of 2026, management anticipates continued revenue growth as the Company focuses on expanding sales in both domestic and export markets. Strategic initiatives for the remainder of 2026 and early 2027 include:

• Launch of new programs with OEM partners where KBS provides the stock shaft;
• Realize incremental revenue from its newly established European office as it expands regional sales coverage, develops new customer relationships and provides more direct support to existing customers;
• Host the second annual KBS Open in Taiwan in late January 2027 to gain additional marketing exposure and enhanced brand awareness of the Company’s products in Taiwan and other key Asian markets; and
• Implement additional cost-control measures across its operations, including initiatives focused on production efficiency, inventory management, logistics and discretionary operating expenses.

About FST Corp.

Founded in 1989, FST Corp. manufactures and sells golf club shafts, along with other golf-related items, to golf equipment brands, OEMs, distributors, and consumers via the company’s KBS Golf Experience retail outlets. FST’s equipment, marketed under the KBS brand, is utilized by golfers at all levels, including many professional players participating in the PGA and other major golf associations. The company’s product portfolio, retail presence, and golf-related services are part of a vertically integrated business model that has established the KBS brand on a global scale and created significant competitive advantages over peer brands. The company’s growth strategies currently position it for expansion into under-tapped golf shaft markets.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding future performance, market conditions, such as foreign exchange conditions, and strategic initiatives, and the Company’s belief with respect to its ability to capture growth opportunities and the impact of hosting the second annual KBS Open in Taiwan. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including foreign exchange fluctuations, changes in U.S. and other trade policies, including tariffs and the availability, timing and amount of any tariff refunds, changes in market demand, the Company’s ability to renew or refinance its short-term bank borrowings, competitive pressures, and other factors listed in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 20, 2026, and in other filings with the SEC, many of which are beyond the Company’s control. Actual results may differ materially from those projected.

All forward-looking statements included in this report are made only as of the date of this report, and, except as required by law, the Company assumes no obligation to revise or update any forward-looking statements made by the Company as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future.

Company Contact:
FST Corp.
1801 13th Street, Suite 306,
Boulder, CO 80302
Office: 303-444-2226
Email: investorrelations@fstshafts.com 

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835

Email: ir@skylineccg.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did FST (KBSX) perform in the third quarter of 2026?

FST reported $12,804,404 in revenue, up 2.0% from $12,554,939 a year earlier, and net income of $291,001 versus a $715,955 loss. Shareholder-attributable earnings were $0.01 per share, compared with a $0.02 loss per share in third-quarter 2025.

What is FST (KBSX) expecting for fourth-quarter 2026 revenue?

Management anticipates continued revenue growth in fourth-quarter 2026 as FST focuses on expanding domestic and export sales. Its plans for the remainder of 2026 and early 2027 include new OEM stock-shaft programs, incremental European-office revenue and additional cost controls.

How much remains under FST (KBSX)'s share repurchase program?

Approximately $2.93 million remained available at September 30, 2026, under FST's $3.0 million share repurchase program. The program was announced on July 28, 2026, and has no fixed expiration date.