FST Corp. achieved a 32.0% year-over-year revenue increase in 2026Q1, though operating margins remain volatile, reaching 14.9% after a history of negative performance.
| Sales/Revenue | 51.52M | 47.97M | 36.5M | 28.73M | 49.78M | 38.94M | 27.63M |
| Revenue Growth % | 33.19% | 31.42% | 27.04% | -42.28% | 27.83% | 40.94% | - |
| Cost of Goods Sold | 28.44M | 27.33M | 20.79M | 15.29M | 23.21M | 22.14M | 14.9M |
| COGS % of Revenue | - | 56.98% | 56.95% | 53.21% | 46.62% | 56.85% | 53.91% |
| Gross Profit | 23.08M | 20.63M | 15.71M | 13.44M | 26.57M | 16.8M | 12.73M |
| Gross Margin % | 44.8% | 43.02% | 43.05% | 46.79% | 53.38% | 43.15% | 46.08% |
| Gross Profit Growth % | - | 31.31% | 16.89% | -49.41% | 58.12% | 31.98% | - |
| Operating Expenses | 23.54M | 24.03M | 19.36M | 16.56M | 16.27M | 13.66M | 11.38M |
| OpEx % of Revenue | - | 50.1% | 53.04% | 57.65% | 32.68% | 35.07% | 41.18% |
| Selling, General & Admin | 22.05M | 22.59M | 18.06M | 15.03M | 14.76M | 90.53K | 10.07M |
| SG&A % of Revenue | - | 47.1% | 49.48% | 52.32% | 29.66% | 0.23% | 36.44% |
| Research & Development | 1.48M | 1.44M | 1.3M | 1.53M | 1.51M | 1.52M | 1.31M |
| R&D % of Revenue | - | 3% | 3.55% | 5.33% | 3.03% | 3.91% | 4.74% |
| Other Operating Expenses | 0 | 0 | 9 | 0 | 0 | 12.04M | 0 |
| Operating Income | -455.36K | -3.4M | -3.64M | -3.12M | 10.3M | 3.15M | 1.35M |
| Operating Margin % | -0.88% | -7.08% | -9.99% | -10.86% | 20.7% | 8.09% | 4.9% |
| Operating Income Growth % | - | 6.76% | -16.81% | -130.29% | 227.12% | 132.42% | - |
| EBITDA | 510.67K | -1.47M | -1.71M | -1.3M | 13.85M | 4.26M | 2.38M |
| EBITDA Margin % | 0.99% | -3.06% | -4.69% | -4.54% | 27.81% | 10.95% | 8.63% |
| EBITDA Growth % | 117.86% | 14.39% | -31.29% | -109.42% | 224.69% | 78.8% | - |
| D&A (Non-Cash Add-back) | 966.04K | 1.93M | 1.93M | 1.82M | 3.54M | 1.11M | 1.03M |
| EBIT | -455.37K | -3.4M | -3.64M | -3.12M | 12.52M | -90.53K | 1.35M |
| Net Interest Income | -870.57K | -845.4K | -543.33K | -14.7K | -52.7K | 0 | -236K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 870.57K | 845.4K | 543.33K | 14.7K | 52.7K | 0 | 236K |
| Other Income/Expense | -903.27K | -3.22M | 865.64K | 201.23K | 2.17M | -2.18M | -262K |
| Pretax Income | -1.36M | -6.62M | -2.78M | -2.92M | 12.47M | 973.24K | 1.09M |
| Pretax Margin % | -2.64% | -13.8% | -7.61% | -10.16% | 25.05% | 2.5% | 3.96% |
| Income Tax | 1.01M | 545.06K | 456.25K | -751K | 3.1M | 1.06M | 251.09K |
| Effective Tax Rate % | -74.62% | -8.24% | -16.42% | 25.73% | 24.82% | 109.3% | 22.97% |
| Net Income | -2.34M | -7.12M | -3.24M | -2.17M | 9.38M | -90.53K | 841.91K |
| Net Margin % | -4.54% | -14.84% | -8.86% | -7.55% | 18.84% | -0.23% | 3.05% |
| Net Income Growth % | 57.43% | -119.97% | -49.22% | -123.12% | 10456.22% | -110.75% | - |
| Net Income (Continuing) | -2.37M | -7.16M | -3.23M | -2.17M | 9.38M | -90.53K | 841.91K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 121.19K | 144.94K | 164.32K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05 | -0.16 | -0.47 | -0.05 | 0.21 | 0.04 | 0.02 |
| EPS Growth % | 87.83% | 65.96% | -902.13% | -122.33% | 395.28% | 177.12% | - |
| EPS (Basic) | - | -0.16 | -0.47 | -0.05 | 0.21 | 0.04 | 0.02 |
| Diluted Shares Outstanding | 44.77M | 44.77M | 7.12M | 46.21M | 44.77M | 54.58M | 54.52M |
| Basic Shares Outstanding | 44.77M | 44.77M | 7.12M | 46.21M | 44.77M | 54.64M | 54.95M |
| Dividend Payout Ratio | - | - | - | - | 3% | - | - |
Operating leverage deficiency
According to the provided quarterly data, KBSX achieved a 32.0% year-over-year revenue increase in 2026Q1, signaling a robust demand environment that appears to be successfully capturing market share within the premium golf equipment segment despite the inherent cyclicality of biennial product release cycles from major OEM partners.
The acceleration in top-line growth suggests that the company's proprietary engineering and tour-validated brand status are effectively driving volume. However, investors should monitor whether this growth is sustainable or merely a reflection of inventory stocking ahead of new product launches, as the company remains highly dependent on a concentrated group of OEM partners.
As reported in financial statements, KBSX maintains a strong 51.6% gross margin as of 2026Q1, which underscores the premium nature of its steel shaft offerings and suggests significant pricing power that allows the firm to navigate the high-grade steel alloy cost environment without sacrificing its competitive market position.
While the gross margin profile is impressive, the inability to translate this into positive operating income suggests that the cost of maintaining specialized manufacturing in Chiayi and supporting professional tour sponsorships is substantial. The company appears to be prioritizing brand equity over immediate margin expansion, which warrants further investigation into the long-term scalability of its current production model.
Based on the reported figures, KBSX's operating margin of 14.9% in 2026Q1 follows a prolonged period of negative operating performance, indicating that the company has struggled to achieve the necessary economies of scale to offset its high fixed-cost base and aggressive marketing expenditures during previous fiscal quarters.
The recent swing to positive operating income suggests a potential inflection point, yet the historical volatility in SG&A expenses implies that the company's cost structure is not yet optimized for consistent profitability. Investors should remain cautious until the company demonstrates that it can scale revenue without a commensurate, unsustainable increase in operating overhead.
Data from the last ten quarters reveals that KBSX has frequently operated with negative net margins, with a significant -26.3% net margin recorded in 2025Q2, raising concerns about whether the company is effectively buying market share through unsustainable discounting or excessive sponsorship spending that may not yield long-term returns.
Short-sellers would likely focus on the disconnect between the company's high revenue growth and its persistent inability to generate consistent net income. This pattern suggests that the current business model may be overly reliant on constant new customer acquisition, leaving the firm vulnerable if the premium golf equipment market experiences a cyclical downturn or a shift toward graphite-composite alternatives.
Quick answers to the most common questions about buying KBSX stock.
For fiscal year 2025, FST Corp. (KBSX) reported total revenue of $48.0M. This represents a 73.6% increase compared to $27.6M in 2020.
FST Corp. (KBSX) reported a net loss of $7.1M for the fiscal year ending 2025.
FST Corp. (KBSX) reported an operating income of $-3.4M, resulting in an operating profit margin of -7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
FST Corp. (KBSX) generated $20.6M in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.