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First America Resources Corporation (FSTJ) reported 2025 revenue of $18.8 million, up from $16.2 million in 2024, driven by growth in electronics recycling, IT asset disposition, and data center and AI infrastructure decommissioning services.
Despite higher gross profit of $10.3 million, operating expenses rose 19.6% to $10.5 million, flipping operating income of $296,269 in 2024 to an operating loss of $186,808 in 2025. Net income fell sharply to $2,765, largely sustained by a one-time $346,000 Employee Retention Credit recorded in other income.
The company ended 2025 with $276,855 in cash, $2.1 million of notes payable, and lease liabilities with a present value of $2.33 million, while carrying an accumulated deficit of $3.21 million and a stockholders’ deficit of $1.59 million. Operations are concentrated in related-party relationships with First America Metal Corp. and First American Management Group Corp., which are major shareholders, lenders, vendor, and customer. Management reports material weaknesses in internal control over financial reporting, including an ineffective control environment and lack of segregation of duties.
First America Resources Corporation (FSTJ) reported solid growth for the quarter ended September 30, 2025. Revenue for the quarter rose to $5,470,273 from $4,582,419 a year earlier, an increase of about 19%, while gross margin eased slightly to 54% from 57% as freight and material processing costs grew. Operating expenses increased to $2,689,090, driven by higher payroll, general and administrative costs, rent, and merger-related professional fees, resulting in operating income of $247,537 versus $404,775 in the prior-year quarter.
For the nine months ended September 30, 2025, revenue grew to $14,318,108 from $12,437,307, and net income was $501,013 compared to $510,448 a year earlier, supported in part by a $346,000 Employee Retention Credit recorded in other income. The balance sheet shows total assets of $6,648,090 and total liabilities of $7,516,075, leaving a stockholders’ deficit of $867,985, with 87,964,090 common shares issued and outstanding. Management notes the business is expanding and may need additional debt or equity financing to fund operations.
First America Resources Corporation filed a Form 12b-25 to notify regulators and investors that its Form 10-Q will be filed late. The company states it was prepared to file the report on November 13, 2025, but a third-party service provider did not provide confirmation of shares issued and outstanding in time. That confirmation arrived at the close of business on November 14, 2025, which the company says prevented it from meeting the original filing deadline. The notice indicates an administrative timing issue rather than describing any operational or financial problems.
First America Resources Corp (FSTJ) reported limited quarterly filing details showing 500,000,000 authorized common shares and 87,964,090 shares issued and outstanding as of June 30, 2025 and December 31, 2024. The filing lists property and maintenance amounts including $86,117 in equipment and $28,004 in repair costs, and references amounts of $556,000, $657,000, and $157,000 without contextual explanation. Contact and registration identifiers appear in the header but substantive narrative, revenue, profitability, or balance-sheet totals are not provided in the supplied content.