Free cash flow remains erratic and deeply unstable, highlighted by a peak negative FCF margin of -123.1% in 2023Q4 and a -4.3% margin in 2026Q1.
| Cash from Operations | -223.87K | -369.45K | -1.31M | -11.21M | 12.72M | 7.2M | 4.19M |
| Operating CF Margin % | - | -0.77% | -3.6% | -39% | 25.56% | 18.48% | 15.16% |
| Operating CF Growth % | -342.31% | 71.85% | 88.29% | -188.08% | 76.79% | 71.76% | - |
| Net Income | -2.34M | -7.12M | -3.32M | -2.24M | 9.38M | 2.32M | 841.91K |
| Depreciation & Amortization | 0 | 0 | 0 | 4.1M | 3.54M | 2.77M | 2.18M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -46.31K | -223.02K | 0 | 0 |
| Other Non-Cash Items | 1.44M | 6.75M | 769.04K | 486.2K | -178.48K | 713.27K | 123.2K |
| Working Capital Changes | 0 | 0 | 1.24M | -13.5M | 202.63K | 1.39M | 1.04M |
| Change in Receivables | 0 | 0 | -782.83K | 1.73M | -1.51M | -13.02K | -2.18M |
| Change in Inventory | 0 | 0 | -445.3K | -6.75M | -2.13M | 1.17M | 1.83M |
| Change in Payables | 0 | 0 | 332.07K | -466.54K | 412.3K | 0 | 0 |
| Cash from Investing | -1.37M | -1.26M | 3.64M | -11.59M | -2.46M | -6.41M | -3.47M |
| Capital Expenditures | -1.22M | -1.05M | 0 | -11.59M | -2.45M | -4.13M | -1.69M |
| CapEx % of Revenue | 2.38% | 2.19% | 11.34% | 40.32% | 4.93% | 10.6% | 6.12% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -150.25K | -210.11K | 0 | -7.06K | -6.12K | -2.28M | -1.78M |
| Cash from Financing | 4.21M | 3.32M | -2.33M | 11.3M | 2.3M | 826.01K | -1.39M |
| Debt Issued (Net) | 884.08K | 3.35M | 1.39M | 14.02M | 2.58M | -1.46M | -960.66K |
| Equity Issued (Net) | -19.38K | -38.75K | -4.75M | -95.62M | 135.3M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -2.72M | -281.68K | 0 | 0 |
| Share Repurchases | -19.38K | -38.75K | -4.75M | -95.62M | 0 | 0 | 0 |
| Other Financing | 3.35M | 0 | 1.03M | 95.62M | -135.3M | 2.28M | -428.32K |
| Net Change in Cash | 491.99K | 2.04M | -4M | -11.52M | 10.22M | 1.44M | -617.19K |
| Free Cash Flow | -1.44M | -1.42M | -1.31M | -22.8M | 10.24M | 3.07M | 2.5M |
| FCF Margin % | -2.8% | -2.96% | -3.6% | -79.35% | 20.56% | 7.88% | 9.04% |
| FCF Growth % | 28.83% | -8.25% | 94.24% | -322.74% | 233.72% | 22.73% | - |
| FCF per Share | -0.03 | -0.03 | -0.18 | -0.49 | 0.23 | 0.06 | 0.05 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.05x | 0.41x | 5.17x | 1.36x | -79.48x | 4.98x |
| Interest Paid | 505.49K | 657.05K | 506.01K | 282.48K | 155.4K | 358.83K | 295.76K |
| Taxes Paid | 177.71K | 0 | 466.13K | 2.56M | 790.3K | 0 | 0 |
Persistent negative operating cash
As reported in financial statements, KBSX exhibits a chronic disconnect between net income and operating cash flow, evidenced by the 2025Q3 period where the company reported a $672.8K net loss while simultaneously generating $4.4M in operating cash, suggesting significant volatility in accrual-based accounting recognition.
The erratic OCF/NI ratios across the ten-quarter dataset indicate that reported earnings are not a reliable proxy for the company's underlying cash-generating capacity. Investors should monitor whether this divergence stems from aggressive revenue recognition timing or lumpy working capital shifts that mask the true cost of operations.
Based on the provided quarterly data, KBSX's free cash flow trajectory remains deeply unstable, with a peak negative FCF margin of -123.1% in 2023Q4 and only sporadic positive quarters, indicating that the business model has yet to achieve a self-sustaining cash flow profile despite top-line growth.
The inability to maintain positive free cash flow suggests that the company's expansion efforts are currently consuming more capital than the core business can internally fund. This pattern warrants further investigation into whether the current cash burn is a temporary byproduct of scaling or a structural requirement of the business model.
According to recent SEC filings, KBSX's capital expenditure as a percentage of revenue reached as high as 67.8% in 2023Q4, highlighting a heavy reliance on physical asset investment that continues to weigh on the company's ability to reach a break-even cash flow position.
While recent quarters show a moderation in CapEx intensity, the historical data suggests that the Chiayi manufacturing facility requires constant reinvestment to maintain its precision engineering standards. This high capital intensity limits the company's financial flexibility and increases the risk of liquidity strain during periods of soft demand.
As indicated by the historical cash flow statements, KBSX experienced significant working capital fluctuations, including a $813.5K build in 2023Q4, which suggests that inventory management and collection cycles are major drivers of the company's erratic quarterly cash flow performance.
The reliance on working capital adjustments to bridge the gap between net income and operating cash flow suggests that the company's cash position is highly sensitive to the timing of OEM payments and inventory turnover. Investors should monitor these cycles closely, as any disruption in the supply chain could rapidly exacerbate the existing cash burn.
Quick answers to the most common questions about buying KBSX stock.
FST Corp. (KBSX) generated $-0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FST Corp. (KBSX) reported negative free cash flow of $1.4M in 2025, indicating capital requirements exceeded cash from operations.
FST Corp. (KBSX) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FST Corp. (KBSX) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.