FSTWF FST Corp.

Overview and Growth

In fiscal 2025, FST Corp. recorded $47.97M of revenue, net loss of $1.50M, and an operating cash outflow of $1.00M. Revenue of $47.97M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $36.50M in fiscal 2024, revenue recorded a 31.4% year-over-year increase. On a per-share basis, diluted EPS was -$0.03, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $60.92M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.79x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $20.63M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 43.0% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $2.33M after the reported operating expense base. An operating margin of -4.9% reflected costs exceeding revenue-level gross profit by 4.9% of sales. The bottom-line result was a net loss of $1.50M after operating, financing, tax, and other recognized items. Net margin was -3.1%, reflecting a loss equal to 3.1% of reported revenue. The company reported a pretax loss of $2.23M, before the effect of income taxes. Pretax margin was -4.7%, reflecting a pre-tax loss equal to 4.7% of revenue. The reported tax benefit was $729.91K, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 9.6%, placing the bottom-line deficit against shareholder capital. The net loss equaled 2.5% of period-end assets, showing the deficit relative to the asset base. Compared with a $3.24M net loss in fiscal 2024, the current loss improved to $1.50M.

Liquidity and Capital Structure

The company held $60.92M of assets against $45.37M of liabilities and $15.55M of equity, revealing how the asset base was financed. At period end, current assets of $27.49M compared with current liabilities of $30.42M, defining the company’s short-term resource position. At 0.9x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $7.18M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 23.6% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $47.36M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 3.05x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 77.7%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 74.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 11.8%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 4.2% from $58.47M in fiscal 2024, leaving current total assets higher year over year. Against $23.00M of equity in fiscal 2024, the current book-equity balance moved 32.4% and ended lower. Compared with $5.10M in fiscal 2024, the current cash balance moved 40.8% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $1.00M, rather than cash generation from operations. Capital spending of $602.96K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $1.60M cash deficit after capital spending. The free-cash-flow deficit equaled 3.3% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 2.6%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.