Rising sales but deeper 2025 loss at FST Corp (NASDAQ: KBSX)

Rhea-AI Filing Summary

FST Corp. filed a Form 6-K presenting unaudited 2025 results. Full-year revenue rose to $47,968,742 from $36,499,644, and fourth-quarter revenue increased to $13,220,371 from $10,142,024, driven by higher business volume and growth at KBS Graphite.

Despite higher sales, the Company’s net loss widened to $7,163,554 from $3,235,175, and total equity fell to $9,511,497 from $22,998,274. Current assets were $27,481,480 versus current liabilities of $34,654,454 as of December 31, 2025, indicating a strained short-term balance sheet.

Cash, cash equivalents and restricted cash increased to $7,338,665, helped by net bank borrowing inflows, although operating activities used $369,452 of cash. Management states that existing liquidity, operating cash flows and credit facilities are expected to fund requirements for the next 12 months and notes anticipated foreign exchange volatility into 2026.

Positive

• Strong top-line growth: 2025 revenue increased to $47,968,742 from $36,499,644, with fourth-quarter revenue up to $13,220,371 from $10,142,024, supported by increased business activity and continued growth of KBS Graphite.

Negative

• Worsening profitability and equity position: Net loss widened to $7,163,554 from $3,235,175 and total equity declined to $9,511,497 from $22,998,274, while current liabilities of $34,654,454 exceeded current assets of $27,481,480, signaling balance sheet pressure.
• Reliance on borrowing amid negative operating cash flow: Operating activities used $369,452 of cash in 2025, while net proceeds from bank borrowings were needed to increase cash, raising leverage and refinancing risk.

Insights

Equity research analyst

Revenue grew strongly in 2025, but losses deepened and the balance sheet weakened.

FST Corp. expanded revenue to $47,968,742 in 2025 from $36,499,644, with Q4 sales also higher year over year. Gross profit improved to $20,633,859, yet operating costs and expenses climbed to $24,032,048, keeping the core business loss-making.

Net loss more than doubled to $7,163,554, while total equity dropped to $9,511,497 from $22,998,274, partly reflecting a $19,365,936 share subscription receivable and new derivative and warrant liabilities. The current ratio is under 1, with current liabilities of $34,654,454 exceeding current assets of $27,481,480.

Cash and restricted cash rose to $7,338,665, supported by significant bank borrowings in 2025, while operating cash flow was negative $369,452. Management nonetheless believes liquidity and credit lines can cover needs over the next 12 months and highlights expected foreign exchange volatility into 2026, which could influence margins and reported results.

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 February 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 February 11, 2026, FST Corp. (the “Company”) released its unaudited condensed consolidated financial statements as of and for the year ended December 31, 2025. 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 year ended December 31, 2025 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 year ended December 31, 2025.
99.2		Management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2025.
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: February 11, 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 December 31, 2025				As of December 31, 2024
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			7,179,800				5,098,420
Restricted cash			158,865				203,779
Short-term investment			-				60,994
Accounts receivable, net			6,979,725				5,294,088
Current tax assets			96,143				98,471
Inventories			11,813,504				14,530,841
Amounts due from related parties			77,345				61,370
Prepaid expenses and other current assets			1,176,098				1,307,040
Total current Assets			27,481,480				26,655,003
Non-current assets
Property, plant and equipment			19,044,954				19,521,672
Intangible assets			4,832,114				5,138,437
Long-term investment			614,858				344,876
Right-of-use assets			5,761,176				5,421,236
Deferred income tax assets			531,762				492,221
Prepayment and other non-current assets			1,552,943				1,007,586
Total non-current assets			32,337,807				31,926,028
Total assets			59,819,287				58,581,031
LIABILITIES
Current liabilities
Short-term bank loans			18,199,806				15,265,739
Accounts payable			4,556,390				1,500,927
Current lease liabilities			2,328,227				2,060,022
Amounts due to related parties			141,068				119,759
Current tax liabilities			383,941				126,332
OET derivative liability			2,799,588				-
Accrued expenses and other current liabilities			6,245,434				3,040,716
Total current Liabilities			34,654,454				22,113,495
Non-current liabilities
Long-term bank loans			10,963,881				9,446,467
Deferred tax liabilities			111,329				111,329
Non-current lease liabilities			3,974,560				3,911,466
Warrant liabilities			603,566				-
Total non-current liabilities			15,653,336				13,469,262
Total Liabilities			50,307,790				35,582,757
Shareholders’ Equity
Ordinary share (par value of US$0.0001 per share; 500,000,000 shares authorized; 44,766,003 shares issued and outstanding, as of December 31, 2025; 37,749,381 shares issued and outstanding as of December 31, 2024)			4,477				3,775
Share subscription receivable			(19,365,936	)			-
Additional paid in capital			34,817,825				22,246,969
Retained earnings			(4,134,450	)			3,054,350
Accumulated other comprehensive (loss) income			(1,916,610	)			(2,471,137	)
Treasury Stock			(38,754	)			-
Total shareholder’s equity			9,366,552				22,833,957
Non-controlling interest			144,945				164,317
Total equity			9,511,497				22,998,274
Total liabilities and shareholders’ equity			59,819,287				58,581,031

F-1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

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

		For the fourth quarter Ended December 31,								For the year Ended December 31,
		2025				2024				2025				2024
		(Unaudited)				(Unaudited)				(Unaudited)
Revenue			13,220,371				10,142,024				47,968,742				36,499,644
Cost of sales			7,725,031				5,477,339				27,334,883				20,786,255
Gross profit			5,495,340				4,664,685				20,633,859				15,713,389
COSTS AND OPERATING EXPENSES:
Selling expenses			3,312,809				3,169,843				12,397,320				10,533,039
General and administrative expenses			2,707,125				2,878,662				10,194,037				7,527,952
Research and development expenses			397,640				296,948				1,440,692				1,296,969
Total costs and operating expenses			6,417,573				6,345,453				24,032,048				19,357,960
LOSS FROM OPERATIONS			(922,233	)			(1,680,768	)			(3,398,189	)			(3,644,571	)
OTHER INCOME
Interest (expense) income, net			(211,121	)			(168,349	)			(845,401	)			(543,328	)
Foreign exchange (loss) gain			657,962				(366,265	)			(852,183	)			197,165
Other income			99,726				928,563				362,098				1,124,323
Gain(loss) on long-term investments			-				87,482				-				87,482
Unrealized loss on change in fair value of OET derivative liability			-				-				(1,884,824	)			-
Total other income(loss), net			546,568				481,431				(3,220,309	)			865,642
PROFIT (LOSS) BEFORE INCOME TAX EXPENSES			(375,665	)			(1,199,337	)			(6,618,498	)			(2,778,929	)
INCOME TAX EXPENSES			244,887				355,564				545,056				456,246
NET (LOSS) INCOME			(620,552	)			(1,554,901	)			(7,163,554	)			(3,235,175	)
Less: net loss attributable to non-controlling interests			(4,095	)			-				(47,279	)			-
Net income (loss) attributable to the Company’s shareholders			(616,457	)			(1,554,901	)			(7,116,275	)			(3,235,175	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment			(668,912	)			(638,274	)			1,249,567				(1,260,555	)
Remeasurement of defined benefit obligations			-				1,591				-				1,591
TOTAL COMPREHENSIVE LOSS			(1,289,464	)			(2,191,584	)			(5,913,987	)			(4,494,139	)
Less: total comprehensive loss attributable to non-controlling interests			(8,510	)			-				(39,032	)			-
Comprehensive loss attributable to the Company’s shareholders			(1,280,954	)			(2,191,584	)			(5,874,955	)			(4,494,139	)
Weighted average number of shares outstanding, basic and diluted			44,766,003				37,749,381				44,766,003				37,749,381
Earnings per share, basic and diluted			(0.01	)			(0.04	)			(0.16	)			(0.09	)

F-2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars)

		For the year Ended December 31
		2025				2024
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities			(369,452	)			(1,576,129	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(1,051,575	)			(4,138,945	)
Purchase of intangible assets			(19,897	)			(177,539	)
Disposal of property and equipment			6,635				1,483
Purchase of long-term investments			(257,839	)			(76,605	)
Disposal (Purchase) of short-term investments			60,994				(62,293	)
Net cash used in investing activities			(1,261,681	)			(4,453,899	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings			52,598,938				41,610,136
Repayments of bank borrowings			(49,244,300	)			(37,898,778	)
Buy back treasury shares			(38,754	)			-
Net cash used in financing activities			3,315,884				3,711,358
Effect of foreign exchange rate on cash, cash equivalents and restricted cash			351,716				(1,684,859	)
Net increase in cash and cash equivalents			2,036,466				(4,003,529	)
Cash, cash equivalents and restricted cash at the beginning of period			5,302,199				9,305,728
Cash, cash equivalents and restricted cash at the end of period			7,338,665				5,302,199
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expenses paid			657,053				506,009
Income taxes paid			295,400				466,127
Right of use assets obtained in exchange for operating lease obligations			2,790,155				1,107,424

F-3

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Exhibit 99.2

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

Overview

During the fourth quarter ended December 31, 2025, the Company reported revenue of $13.22 Million, compared to $10.14 Million for the same period in the prior year. Fourth quarter results were primarily driven by an increase in OEM business and through the continued growth of KBS Graphite, partially offset by higher landed costs.

Results of Operations

● Revenue – Revenue for the quarter was US$13.22 million, representing a 30.35% increase over the same period in 2024. The revenue increase reflects additional sales in the OEM business in both the steel and graphite lines.

● Gross Profit – Gross profit was US$5.49 million, or 41.57% of revenue, compared to US$4.66 million, or 45.99%, in the prior year. The decrease in gross margin was attributable to higher landed costs as well as an increase in sales of lower margin products.

● Operating Expenses – SG&A and R&D expenses were US$6.42 million, an increase of 1.1% from the prior-year period.

● Operating Loss – Operating loss was US$0.92 million, compared to US$1.68 million in the prior-year period. This represents an improvement of US$0.76 million over the previous year.

Liquidity and Capital Resources

As of December 31, 2025, the Company had cash and cash equivalents of US$7.34 million. This is a US$2.04 million increase over the previous year. Total current assets were US$27.48 million and total current liabilities were US$34.65 million as of December 31, 2025. 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 foreign exchange volatility into 2026. The Company is evaluating potential strategies to mitigate currency risk and is focused on expanding sales in both domestic and export markets. Strategic initiatives for 2026 include:

● Launch of new product lines in Q1 and Q2 2026;

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

● Expansion of distribution channels in Asia and Europe;

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

● Implementation of additional cost control measures to improve 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 such as the foreign exchange conditions, and strategic initiatives. 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, 2024, 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.

FAQ

How did FST Corp. (KBSX) perform financially in 2025?

FST Corp. grew 2025 revenue to $47,968,742 from $36,499,644, but its net loss widened to $7,163,554 from $3,235,175. Higher operating expenses and other losses offset the revenue gains, leading to weaker overall profitability.

What were FST Corp. (KBSX)’s fourth-quarter 2025 results?

In Q4 2025, FST Corp. reported revenue of $13,220,371, up from $10,142,024 a year earlier. Despite stronger sales and gross profit, the company still recorded a quarterly net loss of $620,552 attributable to shareholders.

What is FST Corp. (KBSX)’s liquidity position as of December 31, 2025?

As of December 31, 2025, FST Corp. held $7.34 million in cash and cash equivalents and total current assets of $27.48 million, against current liabilities of $34.65 million. Management believes available liquidity and credit facilities can fund operations for the next 12 months.

How did FST Corp. (KBSX)’s balance sheet change in 2025?

Total assets rose slightly to $59,819,287, but total equity fell to $9,511,497 from $22,998,274. Liabilities increased to $50,307,790, including higher bank borrowings and new derivative and warrant liabilities, indicating greater financial leverage.

What cash flow trends did FST Corp. (KBSX) show for 2025?

Operating activities used $369,452 of cash in 2025, while investing activities used $1,261,681, mainly for property and equipment. Financing activities provided $3,315,884, primarily from bank borrowings, resulting in a net cash increase of $2,036,466 for the year.

What outlook and risks did FST Corp. (KBSX) highlight for 2026?

Management expects continued foreign exchange volatility into 2026 and is evaluating strategies to mitigate currency risk. The company aims to expand sales in both domestic and export markets, while forward-looking statements emphasize uncertainties in demand, competition, and market conditions.

Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF FST CORP. AS OF AND FOR 132.5 KB
• EX-99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERA 11.4 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 5.1 KB
• EX-101 XBRL CALCULATION FILE 33.2 KB
• EX-101 XBRL DEFINITION FILE 43.0 KB
• EX-101 XBRL LABEL FILE 117.4 KB
• EX-101 XBRL PRESENTATION FILE 57.2 KB