Exhibit 99.1
FST Corp.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share data, or otherwise noted)
| As of September 30, 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 payable | ||||||||
| 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 shares (par value of US$ | ||||||||
| Additional paid in capital | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Treasury Stock ( |
( |
) | ||||||
| Total FST Corp. shareholders’ equity | ||||||||
| Non-controlling interests | ||||||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | ||||||||
F-1
FST Corp.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(In U.S. dollars, except for share data, or otherwise noted)
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
| 2026 | 2025 | 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 | ||||||||||||||||
| INCOME (LOSS) FROM OPERATIONS | ( | ) | ( | ) | ||||||||||||
| OTHER (EXPENSE) INCOME | ||||||||||||||||
| Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Foreign exchange gain(loss) | ( | ) | ||||||||||||||
| Other income(loss), net | ( | ) | ||||||||||||||
| Unrealized gain(loss) on change in fair value of OET derivative liability | ( | ) | ||||||||||||||
| Unrealized gain(loss) on change in fair value of Warrant 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 INCOME (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 (loss) per share, basic and diluted | ( | ) | ( | ) | ||||||||||||
F-2
FST Corp.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars)
| For the Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net cash provided by (used in) 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 | ( |
) | ( |
) | ||||
| Disposal of short-term investments | ||||||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from bank borrowings | ||||||||
| Repayments of bank borrowings | ( | ) | ( | ) | ||||
| Repurchase of ordinary shares | ( |
) | ||||||
| Repurchase of subsidiary shares from dissenting shareholders | ( |
) | ||||||
| Acquisition of non-controlling interests | ( |
) | ||||||
| Net cash provided by financing activities | ||||||||
| Effect of foreign exchange rate on cash, cash equivalents and restricted cash | ( | ) | ||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ) | ||||||
| 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