Exhibit 99.1
FST Corp.
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| As of June 30, 2025 | As of December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | ||||||||
| Restricted cash | ||||||||
| Short-term investment | ||||||||
| Accounts receivable, net | ||||||||
| Current tax assets | ||||||||
| Inventories | ||||||||
| Amounts due from related parties | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current Assets | ||||||||
| Non-current assets | ||||||||
| Property, plant and equipment | ||||||||
| Intangible assets | ||||||||
| Long-term investment | ||||||||
| Right-of-use assets | ||||||||
| Deferred income tax assets | ||||||||
| Prepayment and other non-current assets | ||||||||
| Total non-current assets | ||||||||
| Total assets | ||||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank loans | ||||||||
| Accounts payable | ||||||||
| Current lease liabilities | ||||||||
| Amounts due to related parties | ||||||||
| OET derivative liability | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Total current Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Long-term bank loans | ||||||||
F-1
| As of June 30, | As of December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| Deferred tax liabilities | ||||||||
| Non-current lease liabilities | ||||||||
| Warrant liabilities | ||||||||
| Total non-current liabilities | ||||||||
| Total Liabilities | ||||||||
| Shareholders’ Equity | ||||||||
| Ordinary share (par value of US$ | ||||||||
| Share subscription receivable | ( | ) | ||||||
| Additional paid in capital | ||||||||
| Retained earnings | ( | ) | ||||||
| Accumulated other comprehensive (loss) income | ( | ) | ||||||
| Treasury Stock | ( | ) | ||||||
| Total shareholders’ equity | ||||||||
| Non-controlling interest | ||||||||
| Total equity | ||||||||
| Total liabilities and shareholders’ equity | ||||||||
F-2
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS (UNAUDITED)
(In U.S. dollars, except for share and per share data, or otherwise noted)
| For the Six Months Ended June 30 | ||||||||
| 2025 | 2024 | |||||||
| 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 | ||||||||
| LOSS FROM OPERATIONS | ( | ) | ( | ) | ||||
| OTHER INCOME | ||||||||
| Interest (expense) income, net | ( | ) | ( | ) | ||||
| Foreign exchange (loss) gain | ( | ) | ||||||
| Other income | ||||||||
| 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 (LOSS) INCOME | ( | ) | ||||||
| Less: net loss attributable to non-controlling interests | ||||||||
| Net (income) loss attributable to the Company’s shareholders | ( | ) | ||||||
| OTHER COMPREHENSIVE LOSS | ||||||||
| Foreign currency translation adjustment | ( | ) | ||||||
| TOTAL COMPREHENSIVE LOSS | ( | ) | ( | ) | ||||
| Weighted average number of shares outstanding, basic and diluted | ||||||||
| Earnings per share, basic and diluted | ( | ) | ||||||
F-3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars)
| For the Six Months Ended June 30 | ||||||||
| 2025 | 2024 | |||||||
| 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 | ( | ) | ( | ) | ||||
| Disposal of property and equipment | ||||||||
| Purchase of long-term investments | ( | ) | ||||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from bank borrowings | ||||||||
| Repayments of bank borrowings | ( | ) | ( | ) | ||||
| Payment of offering costs | ( | ) | ( | ) | ||||
| Buy back treasury shares | ( | ) | ||||||
| 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-4