FST Ltd
latamgrowthspac.comWhat Do They Do?
Manufactures and sells golf club shafts under its KBS brand for golf-equipment companies and individual golfers.
20-F for FY2025, filed Apr 20, 2026Since 1992, the Company has engaged in the research and development, manufacturing and sales of golf club shafts. The Company currently…View ↗
The Company specializes in the development and manufacturing of high-performance golf club shafts, catering to golfers of all skill levels…View ↗
The Company primarily supplies premium shafts to (a) major international golf club brands to be fitted in their premium clubs, (b) national…View ↗
How Do They Make Money?
Sports brand manufacturers and distributors buy golf shafts, with sales tied to shipment to a designated shipping point; retail customers pay immediately for accessories, while software usage rights are resold under contracts and earn revenue over the contract term.
20-F for FY2025, filed Apr 20, 2026The Group manufactures golf shafts and sells them to sports brand manufacturers and distributors. The revenue is recognized at a point in…View ↗
The Group is engaged in wholesale of alcoholic beverages and sale of sporting accessories in the retail market. Revenue is recognized when…View ↗
The Group has contracted with Parametric Technology Corporation (“PTC”) to act as a distributor for its software. The Group purchased the…View ↗
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20-F for FY2025, filed Apr 20, 2026
FY2025 revenue by product or service ↗
$48M
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20-F for FY2025, filed Apr 20, 2026
$48M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sales of golf shafts
Sold outright
20-F for FY2025, filed Apr 20, 2026 |
97% |
Sales of golf shafts, FY2025
$46.6M Sources
|
Sold outright |
|
Sales of sports accessories, food and beverage
Sold outright
|
2.2% |
Sales of sports accessories, food and beverage, FY2025
$1.1M Sources
|
Sold outright |
|
Software service
Recurring
|
0.6% |
Software service, FY2025
$282.6K Sources
|
Recurring |
Who Are Their Customers?
Sells to golf-equipment companies, OEMs and distributors through field representatives, and serves individual golfers through its website and KBS Golf Experience stores.
20-F for FY2025, filed Apr 20, 2026Customers serviced by the Company can broadly be categorized into four general types: golf equipment companies, OEM companies that…View ↗
Currently, the Company has its own field sales representatives in Taiwan, the United States and Japan, primarily covering major corporate…View ↗
The Company’s field sales agents also cover corporate customers including major international golf club brands, other OEMs, and national…View ↗
Do Revenues Turn Into Profits?
No. It lost $1.5M in FY2025.
20-F for FY2025, filed Apr 20, 2026
−$2.3MView ↗
20-F for FY2025, filed Apr 20, 2026
−$1.5MView ↗
20-F for FY2025, filed Apr 20, 2026
−$1.6MView ↗
How Are They Changing?
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