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Foxx Development Holdings (FOXX) filed its annual report detailing a SPAC business combination completed on September 26, 2024 and subsequent Nasdaq listing of common stock and warrants. For the year ended June 30, 2025, revenue rose to $65.9 million, driven largely by mobile phones and new wearables, with three new wholesale customers accounting for 76% of sales. Gross profit was $4.8 million, while operating expenses increased to $14.5 million, resulting in a net loss of $9.0 million.
Mobile phone revenue reached $59.7 million; app service commission added $2.17 million at high margin. Interest expense was $5.0 million, partly offset by a $5.69 million gain from the change in fair value of earnout liabilities. Cash and cash equivalents were about $1.9 million, and operating cash outflow was $6.56 million. Management disclosed substantial doubt about the company’s ability to continue as a going concern.
The company issued 43,125 shares to EF Hutton at closing and authorized 1,454,019 shares under its 2024 Equity Incentive Plan. A Delaware class action was dismissed as moot on March 4, 2025, with FOXX agreeing to pay an $85,000 mootness fee.
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