FST Corp (Nasdaq: KBSX) grows Q2 revenue and okays $3.0M buyback

Rhea-AI Filing Summary

FST Corp. reported second-quarter 2026 revenue of $12,552,012, up from $11,437,270 a year earlier, driven mainly by higher aftermarket sales in steel and graphite shafts. Operating income was $259,899, compared with an operating loss of $689,488 in second-quarter 2025. The company still posted a net loss of $1,046,379, or $0.02 per share, but this narrowed from a net loss of $3,029,029, or $0.07 per share, a year ago. For the first six months of 2026, FST was profitable, earning net income of $831,189, or $0.02 per share, versus a loss of $5,827,047 in the prior-year period.

As of June 30, 2026, cash and cash equivalents were $8,221,962, total assets were $62,890,586 and total shareholders’ equity was $15,949,864. Net cash provided by operating activities was $1,148,290 for the first half of 2026, compared with net cash used of $4,315,501 a year earlier. Management believes existing liquidity, operating cash flow and credit facilities will fund requirements for the next 12 months. The board authorized a share repurchase program of up to $3.0 million of ordinary shares, to be executed at management’s discretion, reflecting confidence in the company’s long-term strategy while balancing growth investments with returning capital to shareholders.

Positive

• Return to profitability in first-half 2026 with net income of $831,189 versus a $5,827,047 loss in the first half of 2025.
• Stronger Q2 performance as revenue rose to $12,552,012 from $11,437,270 and operating results improved from a $689,488 loss to $259,899 of income.
• Operating cash flow turnaround with $1,148,290 provided by operating activities in the first six months of 2026 versus $4,315,501 used a year earlier.
• Capital return flexibility through a newly authorized share repurchase program of up to $3.0 million of outstanding ordinary shares.

Negative

• None.

Filing Explained

The July 28 Form 6-K reports an authorized repurchase capacity of up to $3.0 million, but not a completed purchase: the six-month cash-flow statement records $0 for treasury-share buybacks in 2026; timing, price, method and share count remain management’s discretion.

Key Figures

Q2 2026 Revenue: $12,552,012 Q2 2025 Revenue: $11,437,270 Q2 2026 Net Loss: $1,046,379 +5 more

8 metrics

Q2 2026 Revenue $12,552,012 Revenue for the second quarter ended June 30, 2026

Q2 2025 Revenue $11,437,270 Revenue for the second quarter ended June 30, 2025

Q2 2026 Net Loss $1,046,379 Net loss for the second quarter of 2026

H1 2026 Net Income $831,189 Net income for the six months ended June 30, 2026

Q2 2026 Operating Income $259,899 Income from operations in second-quarter 2026

Cash and Cash Equivalents $8,221,962 Cash and cash equivalents as of June 30, 2026

Total Liabilities $46,940,722 Total liabilities as of June 30, 2026

Share Repurchase Authorization $3.0 million Maximum amount under authorized stock repurchase program

Key Terms

share repurchase program, warrant liabilities, operating lease liabilities, foreign currency translation adjustment, +1 more

5 terms

share repurchase program financial

"authorized a stock repurchase program under which the Company may repurchase up to"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

warrant liabilities financial

"Warrant liabilities | | | 725,482 | | | | 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.

operating lease liabilities financial

"Operating lease liabilities, current | | | 1,698,015"

Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.

foreign currency translation adjustment financial

"Foreign currency translation adjustment | | | (408,157 | )"

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.

non-controlling interests financial

"Non-controlling interests | | | 137,793"

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.

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FAQ

What were FST Corp. (KBSX)'s Q2 2026 revenue and year-over-year growth?

FST Corp. generated Q2 2026 revenue of $12,552,012, up from $11,437,270 in Q2 2025. The company described this as a 9.7 percent year-over-year increase, mainly driven by additional aftermarket sales in both its steel and graphite product lines.

Did FST Corp. (KBSX) report a profit or loss in Q2 2026?

FST Corp. reported a net loss of $1,046,379, or $0.02 per share, in Q2 2026. This was a substantial improvement from the Q2 2025 net loss of $3,029,029, or $0.07 per share, reflecting higher gross profit and lower operating expenses.

Was FST Corp. (KBSX) profitable for the first six months of 2026?

Yes, FST Corp. achieved net income of $831,189, or $0.02 per share, for the first half of 2026. This compares with a net loss of $5,827,047, or $0.13 per share, for the first six months of 2025, indicating a significant year-over-year improvement.

What is the size of FST Corp. (KBSX)'s new share repurchase program?

The board authorized a share repurchase program of up to $3.0 million of outstanding ordinary shares. Repurchases may occur via open-market or privately negotiated transactions, with timing and amount determined by management based on market conditions and capital needs.

How strong is FST Corp. (KBSX)'s liquidity position as of June 30, 2026?

As of June 30, 2026, FST Corp. held $8,221,962 in cash and cash equivalents, with current assets of $29,768,634 and current liabilities of $31,756,633. Management believes current liquidity, operating cash flows and available credit facilities will fund operating requirements for the next 12 months.

How did FST Corp. (KBSX)'s operating cash flow change in 2026?

For the first six months of 2026, FST Corp. generated $1,148,290 of net cash from operating activities. This contrasts with net cash used in operating activities of $4,315,501 during the first six months of 2025, indicating a notable improvement in cash generation.

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 July 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 July 28, 2026, FST Corp. (the “Company”) released its unaudited condensed consolidated financial statements as of and for the three months ended June 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 and for the three months ended June 30, 2026 is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and is incorporated herein by reference.

On July 28, 2026, the Company issued a press release announcing the release of its unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Share Repurchase Plan

The Company’s Board of Directors (the “Board”) has authorized a stock repurchase program under which the Company may repurchase up to $3.0 million of its outstanding ordinary shares.

Shares may be repurchased from time to time through open-market transactions, privately negotiated transactions or other legally permissible means. The timing, manner, price, and actual number of shares repurchased will be determined at management’s discretion, based on various factors, including stock price, market and business conditions, the Company’s capital position and liquidity requirements, applicable legal and regulatory requirements, and other relevant considerations.

The authorization reflects the Board’s confidence in the Company’s long-term strategy and growth trajectory, and its belief that opportunistic share repurchases may represent an appropriate use of capital when balanced against the Company’s operating, liquidity and growth requirements. The Company remains committed to maintaining a disciplined capital-allocation strategy that balances investments in growth with opportunities to return capital to shareholders.

The information above with respect to the Company’s share repurchase plan is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-295311) and the Company’s Registration Statement on Form F-3 (File No. 333-296326).

Exhibit

Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Financial Statements of FST Corp. as of and for the six months ended June 30, 2026.
99.2		Management’s discussion and analysis of financial condition and results of operations for six months ended June 30, 2026.
99.3		Press Release dated July 28, 2026.

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: July 28, 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 data, or otherwise noted)

		As of June 30, 2026				As of December 31, 2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			8,221,962				7,179,800
Restricted cash			486,702				158,865
Accounts and notes receivable, net			6,301,127				6,979,725
Prepaid tax			-				93,589
Inventories, net			12,463,255				11,812,740
Amounts due from a related party			77,267				73,820
Prepaid expenses and other current assets			2,218,321				1,188,451
Total current Assets			29,768,634				27,486,990
Non-current assets
Property, plant and equipment, net			18,343,684				19,044,954
Intangible assets, net			4,679,797				4,832,114
Long-term investments			737,978				551,628
Right-of-use assets			5,796,388				5,761,176
Deferred tax assets, net			1,677,753				1,692,802
Prepayment and other non-current assets			1,886,352				1,551,893
Total non-current assets			33,121,952				33,434,567
Total assets			62,890,586				60,921,557
LIABILITIES
Current liabilities
Short-term bank borrowings			20,867,343				18,199,806
Accounts payables			2,554,719				3,032,860
Operating lease liabilities, current			1,698,015				2,328,227
Amounts due to related parties			163,751				137,548
Current tax liabilities			696,642				367,902
Accrued expenses and other current liabilities			5,776,163				6,355,964
Total current Liabilities			31,756,633				30,422,307
Non-current liabilities
Long-term bank borrowings			9,584,042				10,963,881
Operating lease liabilities, non-current			4,874,565				3,974,560
OET derivative liability			-				5,310
Warrant liabilities			725,482				4,311
Total non-current liabilities			15,184,089				14,948,062
Total Liabilities			46,940,722				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			15,443,336				15,396,434
Retained earnings			2,381,596				1,566,364
Accumulated other comprehensive loss			(2,017,338	)			(1,537,922	)
Total FST Corp. shareholder’s equity			15,812,071				15,429,353
Non-controlling interests			137,793				121,835
Total shareholder’s equity			15,949,864				15,551,188
Total liabilities and shareholders’ equity			62,890,586				60,921,557

F-1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

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

		For the three Months Ended June 30								For the six Months Ended June 30
		2026				2025				2026				2025
Revenue			12,552,012				11,437,270				27,198,366				22,193,432
Cost of sales			6,539,950				6,177,881				13,629,833				11,978,297
Gross profit			6,012,062				5,259,389				13,568,533				10,215,135
COSTS AND OPERATING EXPENSES:
Selling expenses			3,166,484				3,315,626				6,034,397				6,232,888
General and administrative expenses			2,170,587				2,285,558				4,287,571				4,811,121
Research and development expenses			415,092				347,693				808,464				700,373
Total costs and operating expenses			5,752,163				5,948,877				11,130,432				11,744,382
GAIN (LOSS) FROM OPERATIONS			259,899				(689,488	)			2,438,101				(1,529,247	)
OTHER (EXPENSE) INCOME
Interest expense, net			(218,175	)			(208,607	)			(444,591	)			(402,491	)
Foreign exchange gain(loss)			(115,615	)			(2,510,002	)			278,457				(2,215,654	)
Other income, net			25,951				250,321				65,051				282,405
Unrealized gain(loss) on change in fair value of OET derivative liability			5,310				-				5,310				(1,884,824	)
Unrealized loss on change in fair value of Warrant liability			(721,171	)			-				(721,171	)			-
Total other loss, net			(1,023,700	)			(2,468,288	)			(816,944	)			(4,220,564	)
PROFIT (LOSS) BEFORE INCOME TAX EXPENSES			(763,801	)			(3,157,776	)			1,621,157				(5,749,811	)
INCOME TAX EXPENSES			282,578				(128,747	)			789,968				77,236
NET INCOME (LOSS)			(1,046,379	)			(3,029,029	)			831,189				(5,827,047	)
Less: net income(loss) attributable to non-controlling interests			3,566				(19,992	)			15,958				(38,459	)
Net income (loss) attributable to FST Corp.’s shareholders			(1,049,945	)			(3,009,037	)			815,231				(5,788,588	)
OTHER COMPREHENSIVE INCOME(LOSS)
Foreign currency translation adjustment			(408,157	)			2,438,330				(479,416	)			2,434,922
TOTAL COMPREHENSIVE INCOME(LOSS)			(1,454,536	)			(590,699	)			351,773				(3,392,125	)
Less: total comprehensive income (loss) attributable to non-controlling interests			4,036				(3,899	)			15,958				(22,388	)
Comprehensive income (loss) attributable to FST Corp.’s shareholders			(1,458,572	)			(586,800	)			335,815				(3,369,737	)
Weighted average number of shares outstanding, basic and diluted			44,766,003				44,766,003				44,766,003				44,766,003
Earnings per share, basic and diluted			(0.02	)			(0.07	)			0.02				(0.13	)

F-2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars)

		For the Six Months Ended June 30
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities			1,148,290				(4,315,501	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(831,405	)			(121,491	)
Purchase of intangible assets			(30,983	)			(21,996	)
Disposal of property and equipment			-				6,635
Purchase of long-term investments			(190,700	)			(104,346	)
Disposal of short-term investments			-				-
Net cash used in investing activities			(1,053,088	)			(241,198	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings			25,422,785				21,975,236
Repayments of bank borrowings			(23,682,810	)			(18,500,873	)
Buy back treasury shares			-				(38,754	)
Net cash provided by financing activities			1,739,975				3,435,609
Effect of foreign exchange rate on cash, cash equivalents and restricted cash			(465,178	)			2,849,580
Net increase in cash and cash equivalents			1,369,999				1,728,490
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			8,708,664				7,030,689
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid			355,506				303,125
Income taxes paid			364,553				114,019
Right of use assets obtained in exchange for operating lease obligations			1,696,192				335,513

F-3

Exhibit 99.2

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

Overview

During the quarter ended June 30, 2026, the Company reported revenue of $12.55 Million, compared to $11.43 Million for the same period in the prior year. Second quarter results were primarily driven by an increase in After-Market business and through the continued growth of KBS Graphite.

Results of Operations

● Revenue – Revenue for the quarter was US$12.55 million, representing a 9.7% increase over the same period in 2025. The revenue increase reflects additional sales in the After-Market business in both the steel and graphite lines.

● Gross Profit – Gross profit was US$6.01 million, or 48% of revenue, compared to US$5.26 million, or 46%, in the prior-year. The increase in gross margin was due to a change in product mix.

● Operating Expenses – SG&A and R&D expenses were US$5.75 million, a decrease of 3.3% from the prior-year period. In the quarter, the company decreased Selling Expenses by 4.5% and G&A expenses by 5% over the same period in the previous year. R&D expenses rose by 19% or $0.067 Million as the company focuses on developing new product lines.

● Operating Income – Operating income was US$0.26 million, compared to a loss of US$0.69 million in the prior-year period. This represents an improvement of US$0.95 million over the previous year.

● Non-Operating Income – Non-Operating Income was a loss of $1.02 Million in the quarter compared to a loss of $2.47 Million in the same quarter of the previous year. Interest expense in the quarter was $0.22 Million and Foreign Exchange Loss was $0.12 Million. The Q2 2026 figure also included a non-cash Unrealized Loss from the change in the Fair Market Value of Warrant Liabilities totaling $0.72 Million.

● Net Income – The company showed a net loss for the quarter of $1.05 Million compared to a net loss of $3.03 Million in Q2 2025.

Liquidity and Capital Resources

As of June 30, 2026, the Company had cash and cash equivalents of US$8.22 million. Total current assets are US$29.77 million and total current liabilities are US$31.76 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

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 include:

● Launch of new steel shaft product in Q3

● 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 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

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 such as the 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 market demand, competitive pressures, and other factors listed in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, 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

Exhibit 99.3

FST Corp. Reports Second Quarter 2026 Financial Results

10 Percent Revenue Increase Year-over-Year;

Operating Income and Bottom-Line Improvements Year-over-Year;

Board Approves Share Repurchase Program of up to $3 million.

BOULDER, Colo., July 28, 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 second quarter ended June 30, 2026.

Revenue for second quarter was $12,552,012, a 9.7 percent increase from revenue of $11,437,270 for the second quarter of 2025. This increase was mainly the result of additional aftermarket sales in both the Company’s steel and graphite lines.

Net loss for the second quarter was $1,046,379, or ($0.02) per share, compared to a net loss of $3,029,029, or $(0.07) per share, in the same period of 2025. This improvement was primarily the result of a $752,673 improvement in gross profit driven by increased revenue and a change in product mix, a decline in total costs and operating expenses of $196,714, and a $2,394,387 improvement in foreign exchange loss.

These improvements were offset in part by an unrealized loss on change in fair value of warrant liability of $721,171 compared to no such charge in the second quarter of last year, an income tax expense of $282,578 compared to an income tax benefit of $128,747 in the year ago period, and by a decrease in other income of $224,370 compared to Q2 2025.

Operating income in Q2 2026 was $259,899, an improvement of $949,387 compared to an operating loss of $689,488 in the second quarter of 2025.

For the first six months of 2026, the Company was profitable, reporting net income of $831,189, or $0.02 per share, a $6,658,236 improvement from a net loss of $5,827,047, or $(0.13) per share, in the first half of 2025.

The weighted average number of shares outstanding for the second quarter of 2026 and 2025 was 44,766,003.

As of June 30, 2026, and December 31, 2025, the Company had cash and cash equivalents of $8,221,962 and $7,179,800, total assets of $62,890,586 and $60,921,557, total liabilities of $46,940,722 and $45,370,369, and total shareholders’ equity of $15,949,864 and $15,551,188, respectively.

For the first six months of 2026, net cash provided by operating activities was $1,148,290 compared with net cash used in operating activities of $4,315,501 for the first six months of 2025. For the first six months of 2026 and 2025, net cash used in investing activities was $1,053,088 and $241,198, and net cash provided by financing activities was $1,739,975 and $3,435,609, respectively.

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.

“We’re pleased to report that our strong start to the year has continued throughout the second quarter, during which we’ve grown aftermarket revenue in both our steel and graphite lines and improved gross margins while reducing our operating expenses,” said FST Chairman and Chief Executive Officer David Chuang. “In addition, the flexibility utilized in our capital structure has enabled us to lay the foundation for providing greater long-term value for our shareholders.”

“Looking forward, we anticipate continued revenue growth through the end of the year via expanding sales in both domestic and export markets.” Mr. Chuang said these strategic initiatives include:

● Launch of new steel shaft product in Q3

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

● Expansion of regional sales coverage, development of new customer relationships and increased support provided to existing customers by the Company’s European office, allowing it to contribute incremental revenue across the European market;

● Hosting the second annual KBS Open in Taiwan, thereby providing additional marketing exposure, enhancing brand awareness, and strengthening engagement with customers and industry participants in Taiwan and other key Asian markets.

● Implement additional cost-control measures focused on production efficiency, inventory management, logistics and discretionary operating expenses.

Share Repurchase Plan

The Company’s Board of Directors (the “Board”) has authorized a stock repurchase program under which the company may repurchase up to $3.0 million of its outstanding ordinary shares. Shares may be repurchased from time to time through open-market transactions, privately negotiated transactions or other legally permissible means. The timing, manner, price, and actual number of shares repurchased will be determined at management’s discretion, based on various factors, including stock price, market and business conditions, the Company’s capital position and liquidity requirements, applicable legal and regulatory requirements, and other relevant considerations.

This authorization reflects the Board’s confidence in the Company’s long-term strategy and growth trajectory and provides the Company the flexibility to repurchase shares when balanced against the Company’s operating, liquidity and growth requirements.

The Company remains committed to maintaining a disciplined capital-allocation strategy that balances investments in growth with opportunities to return capital to shareholders.

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 press release contains forward-looking statements regarding future expectations, plans, and prospects, 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, as well as statements that are not historical facts. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including foreign exchange fluctuations, changes in market demand, competitive pressures, and other factors listed in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, which are beyond the Company’s control. Forward-looking statements can often be identified by terms such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely,” and similar expressions.

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The Company assumes no obligation to update or revise these statements to reflect new events or changes in expectations, except as required by law. While these statements reflect reasonable expectations, actual results may differ materially. Investors are encouraged to review the Company’s registration statement and SEC filings for additional information on factors that may impact future results.

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

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FST Corp.

CONSOLIDATED BALANCE SHEETS

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

		As of June 30, 2026				As of December 31, 2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			8,221,962				7,179,800
Restricted cash			486,702				158,865
Accounts and notes receivable, net			6,301,127				6,979,725
Prepaid tax			-				93,589
Inventories, net			12,463,255				11,812,740
Amounts due from a related party			77,267				73,820
Prepaid expenses and other current assets			2,218,321				1,188,451
Total current Assets			29,768,634				27,486,990
Non-current assets
Property, plant and equipment, net			18,343,684				19,044,954
Intangible assets, net			4,679,797				4,832,114
Long-term investments			737,978				551,628
Right-of-use assets			5,796,388				5,761,176
Deferred tax assets, net			1,677,753				1,692,802
Prepayment and other non-current assets			1,886,352				1,551,893
Total non-current assets			33,121,952				33,434,567
Total assets			62,890,586				60,921,557
LIABILITIES
Current liabilities
Short-term bank borrowings			20,867,343				18,199,806
Accounts payables			2,554,719				3,032,860
Operating lease liabilities, current			1,698,015				2,328,227
Amounts due to related parties			163,751				137,548
Current tax liabilities			696,642				367,902
Accrued expenses and other current liabilities			5,776,163				6,355,964
Total current Liabilities			31,756,633				30,422,307
Non-current liabilities
Long-term bank borrowings			9,584,042				10,963,881
Operating lease liabilities, non-current			4,874,565				3,974,560
OET derivative liability			-				5,310
Warrant liabilities			725,482				4,311
Total non-current liabilities			15,184,089				14,948,062
Total Liabilities			46,940,722				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			15,443,336				15,396,434
Retained earnings			2,381,596				1,566,364
Accumulated other comprehensive loss			(2,017,338	)			(1,537,922	)
Total FST Corp. shareholder’s equity			15,812,071				15,429,353
Non-controlling interests			137,793				121,835
Total shareholder’s equity			15,949,864				15,551,188
Total liabilities and shareholders’ equity			62,890,586				60,921,557

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

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

		For the three Months Ended June 30								For the six Months Ended June 30
		2026				2025				2026				2025
Revenue			12,552,012				11,437,270				27,198,366				22,193,432
Cost of sales			6,539,950				6,177,881				13,629,833				11,978,297
Gross profit			6,012,062				5,259,389				13,568,533				10,215,135
COSTS AND OPERATING EXPENSES:
Selling expenses			3,166,484				3,315,626				6,034,397				6,232,888
General and administrative expenses			2,170,587				2,285,558				4,287,571				4,811,121
Research and development expenses			415,092				347,693				808,464				700,373
Total costs and operating expenses			5,752,163				5,948,877				11,130,432				11,744,382
GAIN (LOSS) FROM OPERATIONS			259,899				(689,488	)			2,438,101				(1,529,247	)
OTHER (EXPENSE) INCOME
Interest expense, net			(218,175	)			(208,607	)			(444,591	)			(402,491	)
Foreign exchange gain(loss)			(115,615	)			(2,510,002	)			278,457				(2,215,654	)
Other income, net			25,951				250,321				65,051				282,405
Unrealized gain(loss) on change in fair value of OET derivative liability			5,310				-				5,310				(1,884,824	)
Unrealized loss on change in fair value of Warrant liability			(721,171	)			-				(721,171	)			-
Total other loss, net			(1,023,700	)			(2,468,288	)			(816,944	)			(4,220,564	)
PROFIT (LOSS) BEFORE INCOME TAX EXPENSES			(763,801	)			(3,157,776	)			1,621,157				(5,749,811	)
INCOME TAX EXPENSES			282,578				(128,747	)			789,968				77,236
NET INCOME (LOSS)			(1,046,379	)			(3,029,029	)			831,189				(5,827,047	)
Less: net income(loss) attributable to non-controlling interests			3,566				(19,992	)			15,958				(38,459	)
Net income (loss) attributable to FST Corp.’s shareholders			(1,049,945	)			(3,009,037	)			815,231				(5,788,588	)
OTHER COMPREHENSIVE INCOME(LOSS)
Foreign currency translation adjustment			(408,157	)			2,438,330				(479,416	)			2,434,922
TOTAL COMPREHENSIVE INCOME(LOSS)			(1,454,536	)			(590,699	)			351,773				(3,392,125	)
Less: total comprehensive income (loss) attributable to non-controlling interests			4,036				(3,899	)			15,958				(22,388	)
Comprehensive income (loss) attributable to FST Corp.’s shareholders			(1,458,572	)			(586,800	)			335,815				(3,369,737	)
Weighted average number of shares outstanding, basic and diluted			44,766,003				44,766,003				44,766,003				44,766,003
Earnings per share, basic and diluted			(0.02	)			(0.07	)			0.02				(0.13	)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars)

		For the Six Months Ended June 30
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities			1,148,290				(4,315,501	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(831,405	)			(121,491	)
Purchase of intangible assets			(30,983	)			(21,996	)
Disposal of property and equipment			-				6,635
Purchase of long-term investments			(190,700	)			(104,346	)
Disposal of short-term investments			-				-
Net cash used in investing activities			(1,053,088	)			(241,198	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings			25,422,785				21,975,236
Repayments of bank borrowings			(23,682,810	)			(18,500,873	)
Buy back treasury shares			-				(38,754	)
Net cash provided by financing activities			1,739,975				3,435,609
Effect of foreign exchange rate on cash, cash equivalents and restricted cash			(465,178	)			2,849,580
Net increase in cash and cash equivalents			1,369,999				1,728,490
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			8,708,664				7,030,689
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid			355,506				303,125
Income taxes paid			364,553				114,019
Right of use assets obtained in exchange for operating lease obligations			1,696,192				335,513

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Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF FST CORP. AS OF AND FOR 76.5 KB
• EX-99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERA 18.9 KB
• EX-99.3 PRESS RELEASE DATED JULY 28, 2026 96.7 KB