KBSX

MKT CAP:$62M

FST Corp.

Market Cap

$62M

Basic Materials·Steel·🇹🇼 Taiwan·NASDAQ

Materials·Steel·🇹🇼·NASDAQ

Stock Price

$1.24-$0.15 (-10.50%)

Apr 20, 2026

Company Details

FST Corp. designs, manufactures, markets, and distributes steel golf shafts to golf club original equipment manufacturers and distributors worldwide. The company offers steel shafts under the KBS brand name. FST Corp.is based in Chiayi, Tai...

CEO

David Chuang

IPO Date

Mar 1, 2022

Website

fstcorp.com

Key Metrics TTM

Revenue

$45M

+27.8% YoY

Net Income

-$9M

EPS (Diluted)

-$0.55

Free Cash Flow

-$6M

Revenue / Share

$1.00

Gross Margin

44.0%

Operating Margin

-10.3%

Net Margin

-20.9%

FCF Margin

-13.0%

P/S

1.4x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Apr 20, 2026

NEW

$48MEPS -$0.16

Q4 2025

Apr 20, 2026

NEW

$13M+41.6%EPS -$0.01

Q2 2025

Aug 20, 2025

$11M+24.5%EPS -$0.07

Q1 2025

Mar 31, 2025

$11M+24.5%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$10M	$5M	$1M
Q3 21	$10M	$0	-$1.4K
Q4 21	$9M	$3M	-$268.0K
Q1 22	$12M	$0	-$256.0K
Q2 22	$11M	$0	-$406.0K
Q3 22	$0	$0	-$286.0K
Q1 23	$6M	$0	-$361.0K
Q2 23	$6M	$0	-$292.0K
Q3 23	$8M	$3M	-$523.0K
Q1 24	$9M	$4M	-$645.0K
Q2 24	$9M	$4M	-$370.0K
Q3 24	$9M	$4M	-$551.0K
Q4 24	$9M	$4M	-$2M
Q1 25	$11M	$5M	-$764.6K
Q2 25	$11M	$5M	-$764.6K
Q4 25	$13M	$5M	-$922.2K

Valuation

Quarter	P/S	P/E
Q2 21	2.5x	30.9x
Q3 21	2.4x	39.0x
Q4 21	2.4x	84.0x
Q1 22	2.3x	12.5x
Q2 22	2.2x	11.4x
Q3 22	2.8x	12.7x
Q1 23	3.1x	9.5x
Q2 23	3.8x	24.8x
Q3 23	4.5x	43.5x
Q1 24	3.1x	41.7x
Q2 24	2.9x	172.6x
Q3 24	2.6x	—
Q4 24	2.3x	—
Q1 25	0.4x	—
Q2 25	0.3x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$835.9K	-$835.9K
Q2 23	-$261.5K	-$261.6K
Q3 23	$3M	-$8M
Q1 24	-$446.5K	-$446.5K
Q2 24	-$277.0K	-$277.0K
Q3 24	-$370.9K	-$370.9K
Q4 24	-$218.2K	-$218.2K
Q1 25	-$546.0K	-$606.7K
Q2 25	-$546.0K	-$606.7K
Q4 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q1 22	$3
Q2 23	$4
Q3 23	$11M
Q1 24	$0
Q2 24	$0
Q3 24	$4
Q4 24	$4
Q1 25	$60.7K
Q2 25	$60.7K
Q4 25	$674.8K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+91.0%	+59.5%
Q3 21	+18.1%	+32.6%
Q4 21	+10.9%	+28.1%
Q1 22	+20.6%	+41.5%
Q2 22	+13.9%	+35.5%
Q3 22	-100.0%	-97.0%
Q1 23	-32.4%	-30.5%
Q2 23	-46.3%	-45.0%
Q3 23	-30.6%	-28.5%
Q1 24	—	+3242.7%
Q2 24	+41.2%	+39.1%
Q3 24	+47.9%	+49.7%
Q4 24	+18.8%	+37.2%
Q1 25	+24.5%	+24.1%
Q2 25	+24.5%	+27.7%
Q4 25	+41.6%	+43.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	$341.4K	$1M	$2M	—
Q3 21	—	—	—	$1.4K
Q4 21	$541.3K	$1M	$2M	—
Q1 22	$362.1K	$1M	$2M	—
Q2 22	$348.8K	$1M	$2M	—
Q3 22	$427.7K	$2M	$2M	—
Q1 23	$399.3K	$1M	$2M	—
Q2 23	$399.3K	$1M	$2M	—
Q3 23	$375.3K	$1M	$2M	—
Q1 24	$330.2K	$2M	$2M	—
Q2 24	$330.2K	$2M	$2M	—
Q3 24	$318.3K	$2M	$3M	—
Q4 24	$318.3K	$2M	$3M	—
Q1 25	$350.2K	$2M	$3M	—
Q2 25	$350.2K	$2M	$3M	—
Q4 25	$397.6K	$3M	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1M	$0	$1M
Q2 22	$1M	$0	$1M
Q3 22	$1M	$0	$1M
Q4 22	$21M	$0	$21M
Q1 23	$934.6K	$0	$934.6K
Q2 23	$523.1K	$0	$523.1K
Q3 23	$10M	$0	$10M
Q4 23	$9M	$0	$9M
Q1 24	$8M	$7.5K	$8M
Q2 24	$8M	$0	$8M
Q3 24	$5M	$68.6K	$5M
Q4 24	$5M	$61.0K	$5M
Q1 25	$7M	$63.0K	$7M
Q2 25	$7M	$63.0K	$7M
Q3 25	$8M	$0	$8M
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	55M	0.0%	-0.5%
Q3 21	55M	-0.1%	+0.1%
Q4 21	55M	+0.0%	+0.1%
Q1 22	12M	-77.1%	-77.1%
Q2 22	16M	+30.1%	-70.2%
Q3 22	55M	+235.7%	+0.0%
Q1 23	13M	-76.2%	-76.2%
Q2 23	10M	-20.8%	-17.6%
Q3 23	10M	0.0%	-36.6%
Q1 24	7M	-30.2%	-86.8%
Q2 24	7M	0.0%	-44.7%
Q3 24	7M	0.0%	-30.2%
Q4 24	7M	-1.3%	-31.1%
Q1 25	45M	+530.9%	+522.4%
Q2 25	45M	0.0%	+522.4%
Q4 25	45M	0.0%	+522.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$23.7K	394
Q1 25	$28.2K	394
Q2 25	$28.2K	394
Q4 25	$33.6K	394

Revenue / Employee