FST Corp. (NASDAQ: FSTWF)

FST Corp. is a manufacturer and innovator in the golf industry with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment. Founded in Taiwan in 1976 and commencing golf club shaft manufacture in 1992, FST Corp. has spent more than three decades meticulously crafting high-performance shafts for golfers worldwide. The company develops and manufactures high-performance golf club shafts for golfers of all skill levels and price sensitivities through three distinct product lines: premium shafts, standard shafts, and economy shafts. FST Corp. exclusively markets its premium shafts under the KBS brand and serves as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for other world-renowned golf equipment brands, golf equipment OEMs, and golf equipment distributors that provide consumers with customized golf club services. The company also develops its retail presences in the U. S. and Japan markets through its KBS Golf Experience stores, which provide retail customers new equipment build services and retro-build services for existing clubs.

FST Corp. generates revenue primarily through the sale of golf club shafts and related products and services. The company’s premium shafts, marketed under the KBS brand, accounted for approximately 49.73% of revenues for the year ended December 31, 2025. Standard shafts made up approximately 44.05% of revenues, while economy shafts contributed approximately 1.80% of revenues for the same period. FST Corp. sells KBS-branded shafts to retail customers, international golf brands, and sports retailers. The company also offers KBS-branded golf accessories, including golf apparel, golf bags, vessel bags, putter covers, and duffle bags, sourced from third-party suppliers and sold in its online store and KBS Golf Experience stores. Additionally, FST Corp. provides custom fitting services through its KBS Golf Experience stores and online fitting tool, Find Your Fit, which allow customers to build new clubs or retrofit existing clubs with new shafts and grips.

FST Corp. operates through the following segments:

• Premium Shafts: This segment focuses on the development and manufacturing of high-performance golf club shafts under the KBS brand. Premium shafts are made from top quality materials such as steel and carbon fiber (graphite) and are engineered to meet the rigorous demands of PGA professionals and serious players. The KBS brand includes product lines such as KBS TOUR, KBS C-Taper, KBS Tour Hybrid, KBS Tour-TGI graphite, and KBS TD Driver graphite shafts.

• Standard Shafts: This segment involves manufacturing steel shafts based on customer specifications for international golf club brands as OEM or ODM partners. Standard shafts are designed in accordance with brand customers’ specifications and are typically incorporated into pre-packaged branded clubs. The Company offers standard shafts to other international brands as an OEM or ODM partner.

• Economy Shafts: This segment produces steel shafts based on industry standard specifications with little customization for non-branded golf club manufacturers. Economy shafts target beginners with low budgets and are generally sold in bulk orders. The Company manufactures economy shafts based on industry standard designs with little customization and generally in bulk orders.

FST Corp. holds a leading position in the global golf shaft industry, particularly in the premium segment, due to its vertically integrated business model and strong brand presence. The company competes with established global brands such as True Temper and Nippon Shaft in the premium golf club shaft market. FST Corp. differentiates itself through its proprietary KBS brand, which has gained widespread acceptance among professional and recreational golfers, and its ability to combine design, production, and marketing capabilities under one integrated model. This vertical integration allows the company to charge brand premiums, achieve higher gross profit margins, and maintain production flexibility in response to market shifts.

FST Corp. serves a diverse customer base that includes major international golf club brands, national golf merchandise distributors, retail customers seeking custom fitting services, and non-branded golf club manufacturers. The company supplies premium shafts to major international golf club brands for fitting in their premium clubs and to national distributors for resale in their shops as standalone products. Retail customers upgrade their equipment through custom fitting processes via the company’s online store or KBS Golf Experience stores. Economy shafts are supplied to non-branded golf club manufacturers for use in generic clubs targeting budget-conscious beginners.