Exhibit 99.1
FST Corp.
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| As of March 31, 2026 | As of December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | ||||||||
| Restricted cash | ||||||||
| Accounts and notes receivable, net | ||||||||
| Prepaid tax | ||||||||
| Inventories, net | ||||||||
| Amounts due from a related party | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current Assets | ||||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Intangible assets, net | ||||||||
| Long-term investments | ||||||||
| Right-of-use assets | ||||||||
| Deferred tax assets, net | ||||||||
| Prepayment and other non-current assets | ||||||||
| Total non-current assets | ||||||||
| Total assets | ||||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | ||||||||
| Accounts payables | ||||||||
| Operating lease liabilities, current | ||||||||
| Amounts due to related parties | ||||||||
| Current tax liabilities | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Total current Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Long-term bank borrowings | ||||||||
| Operating lease liabilities, non-current | ||||||||
| OET derivative liability | ||||||||
| Warrant liabilities | ||||||||
| Total non-current liabilities | ||||||||
| Total Liabilities | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Ordinary share (par value of US$ | ||||||||
| Additional paid in capital | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Total FST Corp. shareholder’s equity | ||||||||
| Non-controlling interests | ||||||||
| Total shareholder’s equity | ||||||||
| Total liabilities and shareholders’ equity | ||||||||
F-1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| For the three Months Ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Cost of sales | ||||||||
| Gross profit | ||||||||
| COSTS AND OPERATING EXPENSES: | ||||||||
| Selling expenses | ||||||||
| General and administrative expenses | ||||||||
| Research and development expenses | ||||||||
| Total costs and operating expenses | ||||||||
| GAIN (LOSS) FROM OPERATIONS | ( | ) | ||||||
| OTHER INCOME (EXPENSE) | ||||||||
| Interest expense, net | ( | ) | ( | ) | ||||
| Foreign exchange gain | ||||||||
| Other income, net | ||||||||
| Unrealized loss on change in fair value of OET derivative liability | ( | ) | ||||||
| Total other income (loss), net | ( | ) | ||||||
| PROFIT (LOSS) BEFORE INCOME TAX EXPENSES | ( | ) | ||||||
| INCOME TAX EXPENSES | ||||||||
| NET INCOME (LOSS) | ( | ) | ||||||
| Less: net income(loss) attributable to non-controlling interests | ( | ) | ||||||
| Net income (loss) attributable to FST Corp.’s shareholders | ( | ) | ||||||
| OTHER COMPREHENSIVE LOSS | ||||||||
| Foreign currency translation adjustment | ( | ) | ( | ) | ||||
| TOTAL COMPREHENSIVE INCOME (LOSS ) | ( | ) | ||||||
| Less: total comprehensive income (loss) attributable to non-controlling interests | ( | ) | ||||||
| Comprehensive income (loss) attributable to FST Corp.’s shareholders | ( | ) | ||||||
| Weighted average number of shares outstanding, basic and diluted | ||||||||
| Earnings per share, basic and diluted | ( | ) | ||||||
F-2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars)
| For the three
Months Ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net cash provided by operating activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property, plant and equipment | ( | ) | ( | ) | ||||
| Purchase of intangible assets | ( | ) | ||||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from bank borrowings | ||||||||
| Repayments of bank borrowings | ( | ) | ( | ) | ||||
| Net cash used in financing activities | ||||||||
| Effect of foreign exchange rate on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
| Net increase in cash and cash equivalents | ||||||||
| Cash, cash equivalents and restricted cash at the beginning of period | ||||||||
| Cash, cash equivalents and restricted cash at the end of period | ||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
| Interest expenses paid | ||||||||
| Income taxes paid | ||||||||
| Right of use assets obtained in exchange for operating lease obligations | ||||||||
F-3