FST Corp (KBSX) AI Stock Analysis

• Market Cap: $51.03M
• Dividend Yield: N/A
• Average Volume (3M): 6.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.27
• Revenue Growth: N/A
• EPS Growth: -267.14%
• Country: US
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): -0.55
• Shares Outstanding: 44,766,003
• 10 Day Avg. Volume: 3,328
• 30 Day Avg. Volume: 6,006
• PEG Ratio: -0.02
• Price to Book (P/B): 3.00
• Price to Sales (P/S): 1.88
• P/FCF Ratio: -52.25
• Enterprise Value/Market Cap: 1.21
• Enterprise Value/Revenue: 1.40
• Enterprise Value/Gross Profit: 3.22
• Enterprise Value/Ebitda: -13.95
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: $1.00 ▼(-32.89% Downside)

KBSX's overall stock score is primarily impacted by its poor financial performance and weak valuation. The technical analysis also indicates bearish trends, further contributing to the low score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Healthy gross margin

A 43.38% gross margin provides a durable buffer against raw-material cost swings and supports pricing flexibility. Over 2–6 months this margin strength can enable the company to defend product-level profitability while management addresses operating inefficiencies.

Positive revenue trend

Consistent top-line growth of 7.88% TTM signals sustained demand for the company’s steel products. Over the medium term, revenue expansion can support scale economies and provide management room to improve operating leverage if cost controls are implemented.

Extended structured financing

Extending the prepaid share forward maturity to 24 months materially smooths near-term capital structure pressure. This structural financing tweak gives management time to improve operations or pursue alternatives without an immediate share overhang or forced financing events.

Negative Factors

High leverage

A debt-to-equity ratio of 1.75 indicates significant leverage that raises refinancing and interest-rate risk. Over the medium term it constrains financial flexibility, limits capacity for capex or strategic investment, and increases vulnerability during industry downturns.

Persistent operating losses

A -21.35% net margin and negative EBIT/EBITDA show structural profitability issues. Persistent operating losses hinder retained-earnings growth, impair return on equity, and require sustained operational fixes or external capital to restore long-term viability.

Weak cash generation

An OCF-to-net-income ratio of 0.10 and negative free-cash-flow growth reflect poor cash conversion. Over months this limits the company’s ability to service debt, fund working capital or invest organically, increasing reliance on external financing and elevating execution risk.

FST Corp Business Overview & Revenue Model

Company Description

FST Corp (KBSX) is a technology company specializing in advanced biometric identification solutions. The company operates primarily in the security and identity management sectors, providing products and services that enhance security and streamline access control for businesses and governmental organizations. FST Corp's core offerings include facial recognition systems, access control systems, and comprehensive identity management software that integrates with existing security infrastructures.

How the Company Makes Money

FST Corp generates revenue through the sale of its biometric identification products and software solutions, which are typically offered on a license or subscription basis. Key revenue streams include direct sales of hardware components, such as cameras and sensors, as well as software licensing fees for its identity management platforms. The company may also earn income through installation services, ongoing maintenance contracts, and training programs for clients. Significant partnerships with security firms and technology integrators further enhance its market reach and revenue potential, allowing FST Corp to tap into larger projects and governmental contracts.

FST Corp Financial Statement Overview

Summary

KBSX is facing significant financial challenges. Despite some revenue growth, the company has negative profit margins and high leverage, indicating financial instability. Cash flow metrics are weak, with poor cash generation relative to net losses.

Income Statement

FST Corp's income statement shows a mixed performance. The TTM data indicates a gross profit margin of 43.38%, which is relatively healthy, but the net profit margin is negative at -21.35%, indicating significant losses. Revenue growth is positive at 7.88% TTM, suggesting some top-line improvement. However, negative EBIT and EBITDA margins highlight operational inefficiencies and challenges in cost management.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.75 TTM, suggesting significant leverage and potential financial risk. Return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is not explicitly calculated, but the high leverage indicates a lower proportion of equity in the asset base.

Cash Flow

Cash flow analysis shows concerning trends. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is low at 0.10 TTM, indicating weak cash generation relative to net losses. The free cash flow to net income ratio is relatively better at 0.88, but overall cash flow health is poor.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.08M	36.50M	28.73M	49.78M	38.94M	27.63M
Gross Profit	19.12M	15.71M	13.44M	26.57M	16.80M	12.73M
EBITDA	-4.42M	-3.32M	-1.30M	16.07M	4.26M	2.38M
Net Income	-9.41M	-3.24M	-2.17M	9.38M	-90.53K	841.91K
Balance Sheet
Total Assets	61.01M	58.58M	63.31M	59.98M	46.59M	40.02M
Cash, Cash Equivalents and Short-Term Investments	7.97M	5.16M	8.90M	20.74M	10.55M	7.01M
Total Debt	18.59M	15.42M	16.03M	9.36M	15.48M	12.31M
Total Liabilities	50.27M	35.58M	35.88M	27.56M	21.56M	17.15M
Stockholders Equity	10.60M	22.83M	27.42M	32.42M	25.03M	22.87M
Cash Flow
Free Cash Flow	2.77M	-1.31M	-22.80M	10.24M	3.07M	2.50M
Operating Cash Flow	3.14M	-1.31M	-11.21M	12.72M	7.20M	4.19M
Investing Cash Flow	4.00M	3.64M	-11.59M	-2.46M	-6.41M	-3.47M
Financing Cash Flow	-6.49M	-2.33M	11.30M	2.30M	826.01K	-1.39M

FST Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KBSX, the sentiment is Negative. The current price of 1.49 is above the 20-day moving average (MA) of 1.31, above the 50-day MA of 1.38, and below the 200-day MA of 1.61, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 17.50 is Positive, neither overbought nor oversold. The STOCH value of 6.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KBSX.

FST Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRD	69 Neutral	$139.61M	12.06	8.47%	0.75%	8.72%	43.14%
ACNT	64 Neutral	$151.80M	174.68	-3.84%	―	-29.03%	―
ZEUS	63 Neutral	$541.57M	40.95	2.40%	1.42%	-5.64%	-48.34%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HUDI	53 Neutral	$17.85M	-12.81	-0.69%	―	-20.24%	-119.83%
KBSX	40 Underperform	$51.03M	-2.45	―	―	―	-267.14%

FST Corp Corporate Events

FST Corp. Extends Maturity of SPAC-Era Share Forward Deal to Two Years

FST Corp., the post-SPAC parent of Femco Steel Technology Co., has disclosed further details of its financing arrangements surrounding its merger with Chenghe Acquisition I Co., under which Chenghe merged into a wholly owned FST Corp. subsidiary and was renamed FST Ltd. On December 27, 2024, the company and Femco Steel Technology entered into a prepaid share forward transaction with Harraden Circle Investors and Harraden Circle Special Opportunities covering up to 3 million Class A shares, with an initial price tied to the SPAC redemption price and a prepayment made at the close of the business combination; the investors also agreed to waive most redemption rights on these shares, supporting deal completion and post-merger float. On January 9, 2026, FST Corp. signed an amendment extending the valuation and maturity date of the share forward from 12 to 24 months after the business combination’s closing, effectively lengthening the life of this structured financing and potentially smoothing the company’s capital structure and share overhang over a longer post-merger period, while leaving all other terms in force.

The most recent analyst rating on (KBSX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on FST Corp stock, see the KBSX Stock Forecast page.

FST Corp. Shareholders Approve 2025 Equity Incentive Plan

FST Corp. held its Annual General Meeting of Shareholders on December 8, 2025, where the shareholders approved the 2025 Equity Incentive Plan. The meeting achieved a quorum with 35,661,357 shares represented, out of 44,766,003 outstanding shares. The approval of the 2025 Plan Proposal reflects a strong consensus among shareholders, with 35,658,358 votes in favor and only 2,999 against, indicating robust support for the company’s strategic initiatives.

The most recent analyst rating on (KBSX) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on FST Corp stock, see the KBSX Stock Forecast page.

FST Corp. Reports Increased Revenue Amidst Financial Challenges

On November 18, 2025, FST Corp. released its unaudited condensed consolidated financial statements for the nine months ending September 30, 2025. The financial report highlights a significant increase in revenue to $34.7 million compared to $26.4 million in the same period the previous year, reflecting a strong operational performance. However, the company’s net income faced challenges, with a notable decrease in total equity from $23 million at the end of 2024 to $10.7 million by September 2025, indicating financial pressures despite revenue growth.

The most recent analyst rating on (KBSX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on FST Corp stock, see the KBSX Stock Forecast page.

FST Corp. Schedules Virtual Annual Meeting to Approve 2025 Equity Plan

FST Corp. has announced its Annual General Meeting of Shareholders scheduled for December 8, 2025, which will be held virtually. The primary agenda item is the approval of the FST Corp. 2025 Equity Incentive Plan, which requires a majority vote from shareholders. The meeting will be conducted online to enhance shareholder participation and reduce costs, with pre-registration required by December 7, 2025. The Board of Directors recommends voting in favor of the proposal, emphasizing the importance of shareholder votes, especially for those holding shares through banks or brokers.

The most recent analyst rating on (KBSX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on FST Corp stock, see the KBSX Stock Forecast page.