FST Corp. (KBSX) swings to Q1 2026 profit as revenue rises

Rhea-AI Filing Summary

FST Corp. reported a strong turnaround for the quarter ended March 31, 2026, with revenue of $14.65 million, up from $10.76 million a year earlier, mainly from higher OEM business and growth at KBS Graphite. Operating income reached $2.18 million, compared with an operating loss of $0.84 million in the prior-year period, an improvement of $3.02 million. Net income attributable to shareholders was $1.87 million versus a net loss of $2.78 million, and earnings per share moved from a loss of $0.06 to a profit of $0.04 on a similar share count. Cash and cash equivalents were $7.37 million as of March 31, 2026, slightly above year-end, with current assets of $30.14 million and current liabilities of $31.50 million. Management states that existing liquidity, operating cash flows and credit facilities are expected to cover funding needs for the next 12 months.

Positive

• Strong revenue growth and mix – Q1 2026 revenue was $14.65 million versus $10.76 million a year earlier, supported by increased OEM business and continued growth of KBS Graphite.
• Return to profitability – Operating income reached $2.18 million versus a prior operating loss of $0.84 million, and net income improved to $1.87 million from a $2.80 million loss, lifting EPS from -$0.06 to $0.04.

Negative

• Tight short-term liquidity – As of March 31, 2026, current assets of $30.14 million were slightly below current liabilities of $31.50 million, indicating a relatively constrained working-capital position.
• Negative operating cash flow – Net cash provided by operating activities was a use of $0.40 million for the quarter, despite reporting positive net income.

Insights

Equity research analyst

FST delivers a sharp swing to profitability on higher Q1 revenue.

FST Corp. posted Q1 2026 revenue of $14.65 million, up from $10.76 million in Q1 2025, driven by increased OEM business and growth of KBS Graphite. This supported operating income of $2.18 million, reversing a prior operating loss of $0.84 million.

Net income attributable to shareholders improved to $1.87 million from a loss of $2.78 million, with earnings per share rising to $0.04 from a loss of $0.06. This indicates that higher gross profit more than offset relatively stable operating expenses.

On liquidity, cash and cash equivalents were $7.37 million as of March 31, 2026, modestly above year-end. Current assets of $30.14 million versus current liabilities of $31.50 million show a tight short-term position, though management believes existing resources and credit lines are sufficient for the next 12 months.

Key Figures

Q1 2026 revenue: $14,646,354 Q1 2025 revenue: $10,756,162 Operating income Q1 2026: $2,178,202 +5 more

8 metrics

Q1 2026 revenue $14,646,354 For the three months ended March 31, 2026

Q1 2025 revenue $10,756,162 For the three months ended March 31, 2025

Operating income Q1 2026 $2,178,202 Gain from operations, quarter ended March 31, 2026

Net income Q1 2026 $1,877,568 Net income attributable to shareholders, Q1 2026

Earnings per share Q1 2026 $0.04 Basic and diluted EPS for the quarter ended March 31, 2026

Cash and cash equivalents $7,367,184 As of March 31, 2026

Current assets vs liabilities $30,138,151 vs $31,501,852 Current assets and current liabilities as of March 31, 2026

Operating cash flow Q1 2026 ($400,397) Net cash provided by operating activities, quarter ended March 31, 2026

Key Terms

OEM business, KBS Graphite, OET derivative liability, warrant liabilities, +2 more

6 terms

OEM business financial

"First quarter results were primarily driven by an increase in OEM business"

KBS Graphite financial

"driven by an increase in OEM business and through the continued growth of KBS Graphite"

OET derivative liability financial

"Unrealized loss on change in fair value of OET derivative liability"

warrant liabilities financial

"Warrant liabilities | | | 4,311"

Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.

foreign currency translation adjustment financial

"Foreign currency translation adjustment | | | ( 71,258 | )"

An adjustment that records the effect of changing exchange rates when a company converts the results and assets of its foreign operations into its reporting currency. It’s like converting pocket money from one currency to another and noticing its value rise or fall as exchange rates move; the adjustment doesn’t immediately affect cash but can change reported equity and periodic profit, so investors use it to judge how much currency swings are driving reported results versus core business performance.

forward-looking statements regulatory

"This report contains forward-looking statements within the meaning of applicable securities laws"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-42475

FST Corp.

(Registrant’s Name)

No. 3, Gongye 1st Rd., Minxiong Township

Chiayi County 621018, Taiwan

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Financial Statements

On May 5, 2026, FST Corp. (the “Company”) released its unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026. A copy of the unaudited condensed consolidated financial statements of the Company and the management’s discussion and analysis of financial condition and results of operations of the Company as of and for the three months ended March 31, 2026 is attached hereto as Exhibit 99.1 and Exhibit 99.2 and is incorporated herein by reference.

Exhibit 

Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Financial Statements of FST Corp. as of and for the three months ended March 31, 2026.
99.2		Management’s discussion and analysis of financial condition and results of operations for three months ended March 31, 2026.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FST Corp.
Date: May 5, 2026	By:	/s/ David Chuang
	Name:	David Chuang
	Title:	Chief Executive Officer and Chairman of the Board

2

Exhibit 99.1

FST Corp.

CONSOLIDATED BALANCE SHEETS

(In U.S. dollars, except for share and per share data, or otherwise noted)

		As of March 31, 2026				As of December 31, 2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			7,367,184				7,179,800
Restricted cash			155,494				158,865
Accounts and notes receivable, net			8,200,864				6,979,725
Prepaid tax			-				93,589
Inventories, net			12,530,100				11,812,740
Amounts due from a related party			54,648				73,820
Prepaid expenses and other current assets			1,829,861				1,188,451
Total current Assets			30,138,151				27,486,990
Non-current assets
Property, plant and equipment, net			18,473,716				19,044,954
Intangible assets, net			4,734,760				4,832,114
Long-term investments			608,909				551,628
Right-of-use assets			5,177,027				5,761,176
Deferred tax assets, net			1,675,779				1,692,802
Prepayment and other non-current assets			1,531,189				1,551,893
Total non-current assets			32,201,380				33,434,567
Total assets			62,339,531				60,921,557
LIABILITIES
Current liabilities
Short-term bank borrowings			19,488,713				18,199,806
Accounts payables			4,280,149				3,032,860
Operating lease liabilities, current			1,959,730				2,328,227
Amounts due to related parties			165,245				137,548
Current tax liabilities			792,029				367,902
Accrued expenses and other current liabilities			4,815,986				6,355,964
Total current Liabilities			31,501,852				30,422,307
Non-current liabilities
Long-term bank borrowings			10,046,871				10,963,881
Operating lease liabilities, non-current			3,751,842				3,974,560
OET derivative liability			5,310				5,310
Warrant liabilities			4,311				4,311
Total non-current liabilities			13,808,334				14,948,062
Total Liabilities			45,310,186				45,370,369
SHAREHOLDERS’ EQUITY
Ordinary share (par value of US$0.0001 per share; 500,000,000 shares authorized; 44,766,003 shares issued and outstanding)			4,477				4,477
Additional paid in capital			15,468,090				15,396,434
Retained earnings			3,423,455				1,566,364
Accumulated other comprehensive loss			(1,987,868	)			(1,537,922	)
Total FST Corp. shareholder’s equity			16,908,154				15,429,353
Non-controlling interests			121,191				121,835
Total shareholder’s equity			17,029,345				15,551,188
Total liabilities and shareholders’ equity			62,339,531				60,921,557

F-1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In U.S. dollars, except for share and per share data, or otherwise noted)

		For the three Months Ended March 31
		2026				2025
Revenue			14,646,354				10,756,162
Cost of sales			7,089,883				5,800,416
Gross profit			7,556,471				4,955,746
COSTS AND OPERATING EXPENSES:
Selling expenses			2,867,913				2,917,262
General and administrative expenses			2,116,984				2,525,563
Research and development expenses			393,372				352,680
Total costs and operating expenses			5,378,269				5,795,505
GAIN (LOSS) FROM OPERATIONS			2,178,202				(839,759	)
OTHER INCOME (EXPENSE)
Interest expense, net			(226,416	)			(193,884	)
Foreign exchange gain			394,072				294,349
Other income, net			39,100				32,083
Unrealized loss on change in fair value of OET derivative liability			-				(1,884,824	)
Total other income (loss), net			206,756				(1,752,276	)
PROFIT (LOSS) BEFORE INCOME TAX EXPENSES			2,384,958				(2,592,035	)
INCOME TAX EXPENSES			507,390				205,983
NET INCOME (LOSS)			1,877,568				(2,798,018	)
Less: net income(loss) attributable to non-controlling interests			12,392				(18,467	)
Net income (loss) attributable to FST Corp.’s shareholders			1,865,176				(2,779,551	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment			(71,258	)			(3,408	)
TOTAL COMPREHENSIVE INCOME (LOSS )			1,806,310				(2,801,426	)
Less: total comprehensive income (loss) attributable to non-controlling interests			11,922				(18,489	)
Comprehensive income (loss) attributable to FST Corp.’s shareholders			1,794,388				(2,782,937	)
Weighted average number of shares outstanding, basic and diluted			44,766,003				44,477,649
Earnings per share, basic and diluted			0.04				(0.06	)

F-2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars)

		For the three Months Ended March 31
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities			(400,397	)			(1,078,635	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(233,149	)			(80,979	)
Purchase of intangible assets			-				(21,311	)
Net cash used in investing activities			(233,149	)			(102,290	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings			12,176,853				13,100,496
Repayments of bank borrowings			(11,173,047	)			(11,060,842	)
Net cash used in financing activities			1,003,806				2,039,654
Effect of foreign exchange rate on cash, cash equivalents and restricted cash			(186,247	)			(296,168	)
Net increase in cash and cash equivalents			184,013				562,561
Cash, cash equivalents and restricted cash at the beginning of period			7,338,665				5,302,199
Cash, cash equivalents and restricted cash at the end of period			7,522,678				5,864,760
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid			169,619				141,815
Income taxes paid			219				1,826
Right of use assets obtained in exchange for operating lease obligations			153,963				67,358

F-3

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Exhibit 99.2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

During the first quarter ended March 31, 2026, the Company reported revenue of $14.64 million, compared to $10.76 million for the same period in the prior year. First quarter results were primarily driven by an increase in OEM business and through the continued growth of KBS Graphite.

Results of Operations

● Revenue – Revenue for the quarter was US$14.64 million, representing a 36.15% increase over the same period in 2025. Revenue was driven by a 70% increase in sales to our OEM partners compared to the first quarter of 2025. Additionally, we saw a 64% increase in the sale of KBS Graphite Shafts compared to the first quarter of 2025. The main driver was the successful launch of the KBS TGBlack Driver Shaft.

● Gross Profit – Gross profit was US$7.56 million, or 52% of revenue, compared to US$4.96 million, or 46%, in the prior-year. The increase in gross margin was driven by economies of scale in manufacturing, as higher volumes improved fixed cost absorption and enhanced production efficiency, resulting in lower per-unit costs.

● Operating Expenses – SG&A and R&D expenses were US$5.38 million, a decrease of 7.2% from the prior-year period. The decrease was driven by lower listing related expenses.

	●	Operating Income – Operating income was US$2.18 million, compared to a loss of US$0.84 million in the prior-year period. This represents an improvement of US$3.02 million over the previous year.
	●	Net Income – Net income for the quarter was $1.88 million compared to a loss of $2.80 million in the first quarter of 2025, an improvement of $4.68 million.

Liquidity and Capital Resources

As of March 31, 2026, the Company had cash and cash equivalents of US$7.37 million. This is a US$0.19 million increase over the 2025 year-end. Total current assets are US$30.14 million and total current liabilities are US$31.50 million. Management believes that its current liquidity, together with cash flows from operations and available credit facilities, will be sufficient to fund operating requirements for the next 12 months.

Outlook

The Company is focused on expanding sales in both domestic and export markets. We anticipate continued variability in freight rates, which may impact near-term margins. Strategic initiatives for Q2 2026 include:

● Expansion of retail and distribution channels in Europe;

● Aggressively pursuing future additional OEM business with strategic business partners;

● Continued growth of KBS Graphite Shafts

● Growth of the KBS Open leading to additional exposure in Asia; and

● Implementation of additional cost control measures to maintain margins.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of applicable securities laws, including, without limitation, statements regarding future performance, market conditions, and strategic initiatives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including, but not limited to, foreign exchange fluctuations, changes in market demand, competitive pressures, and other factors 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.

FAQ

How did FST Corp. (KBSX) perform financially in Q1 2026?

FST Corp. reported net income of $1.88 million in Q1 2026, versus a net loss of $2.80 million a year earlier. Revenue rose to $14.65 million from $10.76 million, reflecting stronger OEM demand and growth from KBS Graphite.

What drove FST Corp. (KBSX) revenue growth in the first quarter of 2026?

Revenue increased to $14.65 million in Q1 2026, compared with $10.76 million in Q1 2025. Management explains that higher OEM business and continued expansion of the KBS Graphite segment were the primary drivers of this top-line improvement.

Did FST Corp. (KBSX) return to profitability in Q1 2026?

Yes. FST Corp. generated operating income of $2.18 million in Q1 2026, reversing a $0.84 million operating loss a year earlier. Net income attributable to shareholders was $1.87 million, compared with a $2.78 million net loss in the prior-year quarter.

What were FST Corp. (KBSX) earnings per share for Q1 2026?

Earnings per share for FST Corp. were $0.04 basic and diluted in Q1 2026, versus a loss of $0.06 per share in Q1 2025. The weighted average shares outstanding were about 44.77 million in 2026 and 44.48 million in 2025.

What is FST Corp. (KBSX) liquidity position as of March 31, 2026?

As of March 31, 2026, FST Corp. held $7.37 million in cash and cash equivalents. Current assets totaled $30.14 million versus current liabilities of $31.50 million. Management believes available liquidity and credit facilities will cover operating needs for the next 12 months.

How did FST Corp. (KBSX) cash flow from operations look in Q1 2026?

Net cash from operating activities was a use of $0.40 million in Q1 2026, compared with a use of $1.08 million in Q1 2025. Despite posting positive net income, working capital and other items led to an overall operating cash outflow.

Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF FST CORP. AS OF AND FOR 104.0 KB
• EX-99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERA 10.5 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 5.1 KB
• EX-101 XBRL CALCULATION FILE 28.9 KB
• EX-101 XBRL DEFINITION FILE 38.7 KB
• EX-101 XBRL LABEL FILE 107.2 KB
• EX-101 XBRL PRESENTATION FILE 52.5 KB