FST Financials
This page shows FST (KBSX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FST’s improving loss profile came less from better unit margins than from lower cash-heavy reinvestment.
Operating margin improved from-10.9% to-4.9% even as gross margin slipped, which points to fixed-cost absorption rather than cleaner unit economics. At the same time, free cash flow moved much closer to break-even because capital spending and other cash demands normalized, so the earlier cash drain looks more like a build-out phase than a permanently cash-hungry operating model.
Inventory intensity eased: inventory fell from
Leverage became a larger part of the operating story: debt-to-equity rose from 1.3x to 1.9x, and interest expense climbed with it. That means narrower losses do not automatically create much flexibility, because more of each gross profit dollar is committed before it can support working capital or new investment.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of FST's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FST has an operating margin of -4.9%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 5/100, suggesting thin profitability after operating expenses. This is up from -10.0% the prior year.
FST's revenue surged 31.4% year-over-year to $48.0M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
FST has a moderate D/E ratio of 1.89. This balance of debt and equity financing earns a leverage score of 63/100.
FST's current ratio of 0.90 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While FST generated -$1.0M in operating cash flow, capex of $603K consumed most of it, leaving -$1.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
FST generates a -9.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -14.2% the prior year.
FST passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, FST generates $0.67 in operating cash flow (-$1.0M OCF vs -$1.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
FST earns $-3.5 in operating income for every $1 of interest expense (-$2.3M vs $658K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
FST generated $48.0M in revenue in fiscal year 2025. This represents an increase of 31.4% from the prior year.
FST's EBITDA was -$128K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 92.6% from the prior year.
FST reported -$1.5M in net income in fiscal year 2025. This represents an increase of 53.6% from the prior year.
FST earned $-0.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 66.7% from the prior year.
Cash & Balance Sheet
FST generated -$1.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 72.0% from the prior year.
FST held $7.2M in cash against $29.2M in long-term debt as of fiscal year 2025.
FST had 45M shares outstanding in fiscal year 2025. This represents an increase of 18.6% from the prior year.
Margins & Returns
FST's gross margin was 43.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.0 percentage points from the prior year.
FST's operating margin was -4.9% in fiscal year 2025, reflecting core business profitability. This is up 5.1 percentage points from the prior year.
FST's net profit margin was -3.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.7 percentage points from the prior year.
FST's ROE was -9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.5 percentage points from the prior year.
Capital Allocation
FST invested $1.5M in research and development in fiscal year 2025. This represents an increase of 15.0% from the prior year.
FST invested $603K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.4% from the prior year.
KBSX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Revenue | $13.2M+5.3% | $12.6M | N/A | $10.1M+18.9% | $8.5M | N/A |
| Cost of Revenue | $7.7M+1.2% | $7.6M | N/A | $5.5M+4.9% | $5.2M | N/A |
| Gross Profit | $5.5M+11.6% | $4.9M | N/A | $4.7M+41.1% | $3.3M | N/A |
| R&D Expenses | $398K+16.0% | $343K | N/A | $297K-12.6% | $340K | N/A |
| SG&A Expenses | $3.3M+16.2% | $2.9M | N/A | $3.2M+18.0% | $2.7M | N/A |
| Operating Income | -$922K+2.6% | -$947K | N/A | -$1.7M-27.4% | -$1.3M | N/A |
| Interest Expense | $211K-8.9% | $232K | N/A | $168K+19.4% | $141K | N/A |
| Income Tax | $245K+9.8% | $223K | N/A | $356K+632.5% | -$67K | N/A |
| Net Income | -$621K+13.3% | -$716K | N/A | -$1.6M+11.5% | -$1.8M | N/A |
| EPS (Diluted) | $-0.01+50.0% | $-0.02 | N/A | $-0.04-33.3% | $-0.03 | N/A |
KBSX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Total Assets | $60.9M-0.1% | $61.0M-3.3% | $63.1M+8.0% | $58.5M | N/A | $63.4M |
| Current Assets | $27.5M-6.6% | $29.4M+0.4% | $29.3M+10.0% | $26.7M | N/A | $30.5M |
| Cash & Equivalents | $7.2M-12.3% | $8.2M+16.4% | $7.0M+37.9% | $5.1M-18.1% | $6.2M-30.0% | $8.9M |
| Inventory | $11.8M-10.6% | $13.2M-2.6% | $13.6M-6.6% | $14.5M | N/A | $15.2M |
| Accounts Receivable | $7.0M+10.6% | $6.3M+1.4% | $6.2M+17.5% | $5.3M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $45.4M-9.7% | $50.3M+0.2% | $50.1M+41.4% | $35.5M | N/A | $35.9M |
| Current Liabilities | $30.4M-6.7% | $32.6M-4.5% | $34.2M+54.4% | $22.1M | N/A | $21.4M |
| Long-Term Debt | $29.2M+113.6% | $13.7M+16.1% | $11.8M-52.4% | $24.7M | N/A | N/A |
| Total Equity | $15.4M+45.6% | $10.6M-17.3% | $12.8M-43.9% | $22.8M | N/A | $27.5M |
| Retained Earnings | $1.6M+136.7% | -$4.3M-61.6% | -$2.6M-186.4% | $3.1M | N/A | $6.3M |
KBSX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.4M-197.9% | $4.4M | N/A | -$2.1M-143.7% | -$872K | N/A |
| Capital Expenditures | $226K-11.4% | $255K | N/A | $1.9M+118.3% | $848K | N/A |
| Free Cash Flow | -$4.6M-209.3% | $4.2M | N/A | -$4.0M-131.2% | -$1.7M | N/A |
| Investing Cash Flow | -$370K-96.6% | -$188K | N/A | -$1.9M-74.0% | -$1.1M | N/A |
| Financing Cash Flow | $5.6M+324.8% | -$2.5M | N/A | $4.1M+1187.5% | -$381K | N/A |
| Dividends Paid | $0 | $0 | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A |
KBSX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q4'23 |
|---|---|---|---|---|---|---|
| Gross Margin | 41.6%+2.4pp | 39.2% | N/A | 46.0%+7.2pp | 38.8% | N/A |
| Operating Margin | -7.0%+0.6pp | -7.5% | N/A | -16.6%-1.1pp | -15.5% | N/A |
| Net Margin | -4.7%+1.0pp | -5.7% | N/A | -15.3%+5.3pp | -20.6% | N/A |
| Return on Equity | -6.6%+0.1pp | -6.8% | N/A | -6.8% | N/A | N/A |
| Return on Assets | -1.0%+0.1pp | -1.2% | N/A | -2.6% | N/A | N/A |
| Current Ratio | 0.900.0 | 0.90+0.0 | 0.86-0.3 | 1.21 | N/A | 1.43 |
| Debt-to-Equity | 1.89+0.6 | 1.29+0.4 | 0.92-0.2 | 1.08 | N/A | 1.31 |
| FCF Margin | -33.3%-66.7pp | 33.4% | N/A | -39.2%-19.0pp | -20.2% | N/A |
Note: The current ratio is below 1.0 (0.90), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is FST's annual revenue?
FST (KBSX) reported $48.0M in total revenue for fiscal year 2025. This represents a 31.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FST's revenue growing?
FST (KBSX) revenue grew by 31.4% year-over-year, from $36.5M to $48.0M in fiscal year 2025.
Is FST profitable?
No, FST (KBSX) reported a net income of -$1.5M in fiscal year 2025, with a net profit margin of -3.1%.
What is FST's EBITDA?
FST (KBSX) had EBITDA of -$128K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FST have?
As of fiscal year 2025, FST (KBSX) had $7.2M in cash and equivalents against $29.2M in long-term debt.
What is FST's gross margin?
FST (KBSX) had a gross margin of 43.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is FST's operating margin?
FST (KBSX) had an operating margin of -4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is FST's net profit margin?
FST (KBSX) had a net profit margin of -3.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is FST's return on equity (ROE)?
FST (KBSX) has a return on equity of -9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is FST's free cash flow?
FST (KBSX) generated -$1.6M in free cash flow during fiscal year 2025. This represents a 72.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FST's operating cash flow?
FST (KBSX) generated -$1.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are FST's total assets?
FST (KBSX) had $60.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FST's capital expenditures?
FST (KBSX) invested $603K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FST spend on research and development?
FST (KBSX) invested $1.5M in research and development during fiscal year 2025.
What is FST's current ratio?
FST (KBSX) had a current ratio of 0.90 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is FST's debt-to-equity ratio?
FST (KBSX) had a debt-to-equity ratio of 1.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FST's return on assets (ROA)?
FST (KBSX) had a return on assets of -2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is FST's cash runway?
Based on fiscal year 2025 data, FST (KBSX) had $7.2M in cash against an annual operating cash burn of $1.0M. This gives an estimated cash runway of approximately 86 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is FST's Piotroski F-Score?
FST (KBSX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FST's earnings high quality?
FST (KBSX) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FST cover its interest payments?
FST (KBSX) has an interest coverage ratio of -3.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FST?
FST (KBSX) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.