FST Corp. swings to $291K profit in Q3 2026

A non-recurring US$1.13 million tariff refund was recognized in the nine-month period, alongside a US$2,536,130 working capital deficit.

Rhea-AI Filing Summary

FST Corp. (KBSX) reported third-quarter 2026 revenue of US$12,804,404, up 2.0% year over year, and net income of US$291,001 versus a net loss of US$715,955. Operating income was US$31,405, compared with an operating loss of US$946,709.

For the nine months ended September 30, 2026, revenue increased 15.1% to US$40,002,770; net income was US$1,122,190 versus a net loss of US$6,543,002. FST attributed revenue growth to OEM business, KBS Graphite and aftermarket shaft sales. Results included US$1,130,000 in IEEPA tariff refunds, described as non-recurring. Operating cash flow was US$730,253, versus US$1,151,249 used a year earlier.

At September 30, 2026, FST had a US$2,536,130 working capital deficit, US$6,129,149 in cash and cash equivalents, and US$20,518,189 in short-term bank borrowings. Management believes liquidity, operating cash flows and available credit facilities will be sufficient to fund operating requirements for the next 12 months. FST repurchased 66,577 ordinary shares for approximately US$69,861 in Q3 under its US$3.0 million program; approximately US$2.93 million remained available.

3 points · 0 major

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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.

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0 major · 1 point

How the balance works

Positive

• Moderate pointNine-month revenue increased 15.1% to US$40,002,770.
• Moderate pointNine-month net income was US$1,122,190, versus a US$6,543,002 loss.
• Moderate pointOperating cash flow was US$730,253, versus US$1,151,249 used in the prior-year period.

Negative

• Moderate pointWorking capital deficit was US$2,536,130 at September 30, 2026.

Filing Explained

FST reports acquiring the remaining noncontrolling interests in FST Taiwan on August 28, 2026, making it wholly owned; the nine-month cash-flow statement records a $247,409 payment, so this ownership change is completed, not proposed.

Key Figures

Third-quarter revenue: US$12,804,404 Nine-month revenue: US$40,002,770 Nine-month net income: US$1,122,190 +5 more

8 metrics

Third-quarter revenue US$12,804,404 Three months ended September 30, 2026; up 2.0% from US$12,554,939 in 2025

Nine-month revenue US$40,002,770 Nine months ended September 30, 2026; up 15.1% from US$34,748,371 in 2025

Nine-month net income US$1,122,190 Compared with a net loss of US$6,543,002 in the prior-year period

Operating cash flow US$730,253 Nine months ended September 30, 2026; compared with US$1,151,249 used in 2025

Working capital deficit US$2,536,130 As of September 30, 2026

Cash and cash equivalents US$6,129,149 As of September 30, 2026

Short-term bank borrowings US$20,518,189 As of September 30, 2026

Ordinary shares repurchased 66,577 shares; approximately US$69,861 Three months ended September 30, 2026

Key Terms

International Emergency Economic Powers Act, working capital deficit, non-controlling interests, OEM

4 terms

International Emergency Economic Powers Act regulatory

"tariffs imposed under the International Emergency Economic Powers Act"

A U.S. law that gives the president broad authority to control trade, financial transactions, and assets during a declared national emergency, such as by imposing sanctions, freezing property, or restricting exports and imports. For investors it matters because those powers can suddenly block deals, cut off access to markets or funds, and change the value of companies or securities much like an emergency brake that can stop or reroute economic activity overnight.

working capital deficit financial

"resulting in a working capital deficit of US$2.54 million"

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.

OEM technical

"increased OEM business"

OEM stands for Original Equipment Manufacturer, which is a company that produces parts or components used in the final products made by other companies. For investors, understanding OEMs is important because their performance can impact the supply chain and overall success of major industries, especially those relying on specialized parts. Think of OEMs as the suppliers that provide the building blocks for larger products, like the engine parts for a car.

FAQ

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

What were KBSX's third-quarter 2026 results?

FST reported third-quarter revenue of US$12,804,404, up 2.0% year over year. Net income was US$291,001, compared with a net loss of US$715,955 in the 2025 quarter; operating income was US$31,405 versus an operating loss of US$946,709.

How much revenue did KBSX report for the first nine months of 2026?

Revenue was US$40,002,770, up 15.1% from US$34,748,371 in the prior-year period. FST attributed the increase to higher OEM business, continued KBS Graphite growth and higher aftermarket sales of steel and graphite shafts.

How much tariff refund did FST recognize in 2026?

FST recognized US$0.77 million of tariff refunds during the third quarter and US$1.13 million for the nine months ended September 30, 2026, including US$0.37 million recognized in the second quarter. The company described the refunds as non-recurring.

What new product did FST launch?

FST launched the KBS TOUR V-X Family of Steel Iron Shafts during the third quarter. Chief Executive Officer and Chairman David Chuang also said the company was taking steps to establish a new European office.

How long does FST's share repurchase program run?

The board-authorized US$3.0 million program was announced on July 28, 2026, and has no fixed expiration date. Approximately US$2.93 million remained available as of September 30, 2026.

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

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

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Available on EDGAR 10/29/2026 - 04:17 PM EDT Accepted by SEC EDGAR 10/29/2026 - 04:16 PM EDT Learn about SEC filing dates

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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 October 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 October 29, 2026, FST Corp. (the “Company”) released its unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 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 September 30, 2026 and for the three and nine months ended September 30, 2026 is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and is incorporated herein by reference.

On October 29, 2026, the Company issued a press release announcing the release of its unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Exhibit

Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Financial Statements of FST Corp. as of September 30, 2026 and for the three and nine months ended September 30, 2026.
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine months ended September 30, 2026.
99.3		Press Release dated October 29, 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: October 29, 2026	By:	/s/ David Chuang
	Name:	David Chuang
	Title:	Chief Executive Officer and Chairman of the Board

2

Exhibit 99.1

FST Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

		As of September 30, 2026				As of December 31, 2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			6,129,149				7,179,800
Restricted cash			517,340				158,865
Accounts and notes receivable, net			7,962,897				6,979,725
Prepaid tax			-				93,589
Inventories, net			12,885,010				11,812,740
Amounts due from a related party			77,267				73,820
Prepaid expenses and other current assets			2,065,150				1,188,451
Total current assets			29,636,813				27,486,990
Non-current assets
Property, plant and equipment, net			19,435,135				19,044,954
Intangible assets, net			4,587,673				4,832,114
Long-term investments			739,280				551,628
Right-of-use assets			6,058,687				5,761,176
Deferred tax assets, net			1,677,753				1,692,802
Prepayment and other non-current assets			1,167,203				1,551,893
Total non-current assets			33,665,731				33,434,567
Total assets			63,302,544				60,921,557
LIABILITIES
Current liabilities
Short-term bank borrowings			20,518,189				18,199,806
Accounts payable			3,347,508				3,032,860
Operating lease liabilities, current			1,567,632				2,328,227
Amounts due to related parties			203,383				137,548
Current tax liabilities			708,389				367,902
Accrued expenses and other current liabilities			5,827,842				6,355,964
Total current liabilities			32,172,943				30,422,307
Non-current liabilities
Long-term bank borrowings			9,368,338				10,963,881
Operating lease liabilities, non-current			5,278,969				3,974,560
OET derivative liability			-				5,310
Warrant liabilities			7,380				4,311
Total non-current liabilities			14,654,687				14,948,062
Total liabilities			46,827,630				45,370,369
SHAREHOLDERS’ EQUITY
Ordinary shares (par value of US$0.0001 per share; 500,000,000 shares authorized; 45,013,179 shares and 44,766,003 shares issued, and 44,946,602 shares and 44,766,003 shares outstanding as of September 30, 2026 and December 31, 2025, respectively)			4,501				4,477
Additional paid in capital			15,799,577				15,396,434
Retained earnings			2,672,415				1,566,364
Accumulated other comprehensive loss			(1,931,718	)			(1,537,922	)
Treasury Stock (66,577 shares and nil shares as of September 30, 2026 and December 31, 2025, respectively)			(69,861	)			-
Total FST Corp. shareholders’ equity			16,474,914				15,429,353
Non-controlling interests			-				121,835
Total shareholders’ equity			16,474,914				15,551,188
Total liabilities and shareholders’ equity			63,302,544				60,921,557

F-1

FST Corp.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

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

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue			12,804,404				12,554,939				40,002,770				34,748,371
Cost of sales			6,561,676				7,631,555				20,191,509				19,609,852
Gross profit			6,242,728				4,923,384				19,811,261				15,138,519
COSTS AND OPERATING EXPENSES:
Selling expenses			3,342,295				2,851,623				9,376,692				9,084,511
General and administrative expenses			2,396,525				2,675,791				6,684,096				7,486,912
Research and development expenses			472,503				342,679				1,280,967				1,043,052
Total costs and operating expenses			6,211,323				5,870,093				17,341,755				17,614,475
INCOME (LOSS) FROM OPERATIONS			31,405				(946,709	)			2,469,506				(2,475,956	)
OTHER (EXPENSE) INCOME
Interest expense, net			(249,254	)			(231,789	)			(693,845	)			(634,280	)
Foreign exchange gain(loss)			34,818				705,508				313,275				(1,510,145	)
Other income(loss), net			27,122				(20,033	)			92,173				262,372
Unrealized gain(loss) on change in fair value of OET derivative liability			-				-				5,310				(1,884,824	)
Unrealized gain(loss) on change in fair value of Warrant liability			718,102				-				(3,069	)			-
Total other income(loss), net			530,788				453,686				(286,156	)			(3,766,877	)
PROFIT (LOSS) BEFORE INCOME TAX EXPENSES			562,193				(493,023	)			2,183,350				(6,242,833	)
INCOME TAX EXPENSES			271,192				222,932				1,061,160				300,169
NET INCOME (LOSS)			291,001				(715,955	)			1,122,190				(6,543,002	)
Less: net income(loss) attributable to non-controlling interests			182				(43,184	)			16,140				(43,184	)
Net income (loss) attributable to FST Corp.’s shareholders			290,819				(672,771	)			1,106,050				(6,499,818	)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment			85,620				(516,443	)			(393,796	)			1,918,479
TOTAL COMPREHENSIVE INCOME (LOSS)			376,621				(1,232,398	)			728,394				(4,624,523	)
Less: total comprehensive income (loss) attributable to non-controlling interests			182				(30,522	)			16,140				(30,522	)
Comprehensive income (loss) attributable to FST Corp.’s shareholders			376,439				(1,201,876	)			712,254				(4,594,001	)
Weighted average number of shares outstanding, basic and diluted			44,989,549				44,766,003				44,989,549				44,766,003
Earnings (loss) per share, basic and diluted			0.01				(0.02	)			0.02				(0.15	)

F-2

FST Corp.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars)

		For the Nine Months Ended September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities			730,253				(1,151,249	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(1,590,620	)			(376,807	)
Purchase of intangible assets			(30,910	)			(15,826	)
Disposal of property and equipment			-				6,635
Purchase of long-term investments			(190,608	)			(104,346	)
Disposal of short-term investments			-				60,994
Net cash used in investing activities			(1,812,138	)			(429,350	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings			36,948,625				38,484,913
Repayments of bank borrowings			(35,782,448	)			(36,213,304	)
Repurchase of ordinary shares			(69,861	)			-
Repurchase of subsidiary shares from dissenting shareholders			-				(38,754	)
Acquisition of non-controlling interests			(247,409	)			-
Net cash provided by financing activities			848,907				2,232,855
Effect of foreign exchange rate on cash, cash equivalents and restricted cash			(459,198	)			2,229,555
Net (decrease) increase in cash, cash equivalents and restricted cash			(692,176	)			2,881,811
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			6,646,489				8,184,010
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid			530,683				479,191
Income taxes paid			624,613				291,726
Right of use assets obtained in exchange for operating lease obligations			2,682,271				698,921

F-3

Exhibit 99.2

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

Overview

During the quarter ended September 30, 2026, the Company reported revenue of US$12.80 million, compared to US$12.55 million for the same period in the prior year. Third quarter results were primarily driven by an increase in OEM business and through the continued growth of KBS Graphite. The Company recognized a refund of US$0.77 million of tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) and previously paid on products imported during 2025 (US$1.13 million for the nine months ended September 30, 2026, including US$0.37 million recognized in the second quarter). These refunds are non-recurring in nature.

Results of Operations

● Revenue – Revenue for the quarter was US$12.80 million, representing a 2.0% increase over the same period in 2025. The revenue increase reflects additional sales in the OEM business in both the steel and graphite lines.

● Gross Profit – Gross profit was US$6.24 million, or 49% of revenue, compared to US$4.92 million, or 39%, in the prior-year period. Gross profit for the quarter included the US$0.77 million non-recurring benefit from the IEEPA tariff refund, which was recorded as a reduction of cost of sales.

● Operating Expenses – Total costs and operating expenses, consisting of selling, general and administrative (“SG&A”) and research and development (“R&D”) expenses, were US$6.21 million, an increase of 5.8% from the prior-year period. In the quarter, selling expenses rose by 17% primarily driven by additional marketing spend to promote new product lines and the KBS Open. General and administrative expenses decreased by 10.4% over the same period in the previous year. R&D expenses rose by 38%, or US$0.13 million, as the Company focused on developing new product lines and streamlining its manufacturing process.

● Operating Income – Operating income was US$0.03 million, compared to a loss of US$0.95 million in the prior-year period. This represents an improvement of US$0.98 million over the prior-year period. The US$0.77 million non-recurring IEEPA tariff refund recognized in the quarter accounted for most of this improvement.

● Non-Operating Income – Non-operating income was US$0.53 million in the quarter compared to US$0.45 million in the same quarter of the previous year, which included a foreign exchange gain of US$0.71 million. Interest expense in the quarter was US$0.25 million and the foreign exchange gain was US$0.03 million. The Q3 2026 figure also included a non-cash unrealized gain of US$0.72 million from the change in the fair value of warrant liabilities, which substantially reversed the unrealized loss of US$0.72 million recognized in the second quarter of 2026.

● Net Income – Net income for the quarter was US$0.29 million, compared to a net loss of US$0.72 million in the third quarter of 2025. Net income attributable to FST Corp.’s shareholders was US$0.29 million, or US$0.01 per share, compared to a net loss attributable to FST Corp.’s shareholders of US$0.67 million, or US$(0.02) per share, in the prior-year period.

Nine Months Ended September 30, 2026

For the nine months ended September 30, 2026, revenue was US$40.00 million, an increase of 15.1% from US$34.75 million in the prior-year period. The main drivers of revenue growth during this period were increased OEM business, continued growth in KBS Graphite, and higher aftermarket sales of steel and graphite shafts. Gross profit was US$19.81 million, or 50% of revenue (including the US$1.13 million IEEPA tariff refund), compared to US$15.14 million, or 44% of revenue, in the prior-year period. Income from operations was US$2.47 million, compared to a loss from operations of US$2.48 million in the prior-year period. Net income was US$1.12 million, compared to a net loss of US$6.54 million in the prior-year period, which included a non-cash unrealized loss of US$1.88 million on the change in fair value of the OET derivative liability and a foreign exchange loss of US$1.51 million. Net income attributable to FST Corp.’s shareholders was US$1.11 million, or US$0.02 per share, compared to a net loss attributable to FST Corp.’s shareholders of US$6.50 million, or US$(0.15) per share, in the prior-year period.

Liquidity and Capital Resources

As of September 30, 2026, the Company had cash and cash equivalents of US$6.13 million and restricted cash of US$0.52 million. Total current assets were US$29.64 million and total current liabilities were US$32.17 million, resulting in a working capital deficit of US$2.54 million. Current liabilities included short-term bank borrowings of US$20.52 million, 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 US$0.73 million; net cash used in investing activities was US$1.81 million, primarily for purchases of property, plant and equipment of US$1.59 million, including an automatic straightening machine in Taiwan and the renovation of the Company’s Boulder office; and net cash provided by financing activities was US$0.85 million, reflecting net bank borrowings of US$1.17 million, 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 US$0.25 million and repurchases of ordinary shares of US$0.07 million. Management believes that the Company’s current liquidity, together with cash flows from operations and available credit facilities, will be sufficient to fund operating requirements for the next 12 months.

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 US$0.07 million under the US$3.0 million share repurchase program authorized by its board of directors and announced on July 28, 2026. As of September 30, 2026, approximately US$2.93 million remained available for repurchase under the program, which has no fixed expiration date.

Outlook

Management anticipates continued revenue growth through the end of the year. The Company is focused on expanding sales in both domestic and export markets. Strategic initiatives for the remainder of 2026 and early 2027 include:

● Launch of new programs at its OEM partners where KBS is the stock shaft;

● The Company expects its newly established European office to contribute incremental revenue as it expands regional sales coverage, develops new customer relationships and provides more direct support to existing customers. Management believes the Company’s local presence will strengthen its ability to capture growth opportunities across the European market;

● The Company believes that hosting the second annual KBS Open in Taiwan, scheduled for January 21 to 24, 2027, will provide additional marketing exposure and enhanced brand awareness. It will strengthen engagement with customers and industry participants, and support broader awareness of the Company’s products in Taiwan and other key Asian markets. Management believes the event provides a valuable platform to showcase the KBS brand and deepen relationships within the golf community;

● The Company intends to implement additional cost-control measures across its operations, including initiatives focused on production efficiency, inventory management, logistics and discretionary operating expenses.

2

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:

Kathleen Lin

InvestorRelations@FSTShafts.com

Investor Relations:

Skyline CCG

IR@SkylineCCG.com

3

Exhibit 99.3

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

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

Filing Exhibits & Attachments

8 documents

Press Releases

• EX-99.1 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF FST CORP. AS OF SEPTEMB 132.4 KB
• EX-99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERA 19.2 KB
• EX-99.3 PRESS RELEASE DATED OCTOBER 29, 2026 15.0 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 5.1 KB
• EX-101 XBRL CALCULATION FILE 35.1 KB
• EX-101 XBRL DEFINITION FILE 24.2 KB
• EX-101 XBRL LABEL FILE 98.7 KB
• EX-101 XBRL PRESENTATION FILE 64.2 KB