Fst Corp. · NASDAQ:KBSX
Fst — Investor Presentation (April 2026)
25 slides from Fst's investor presentation, April 2026
Slide 1: FST Corporation Investor Presentation April 2026
KBSX FST Corporation Investor Presentation April 2026
Slide 2: Disclaimer
Disclaimer Some of the information contained in this Presentation, or incorporated by reference herein, constitutes “forward-looking statements” within the definition of the Private Securities Litigation Reform Act of 1995. These statements can be identified by forward-looking words such as “may,” “
Slide 3: Who We Are
Who We Are Founded in 1989, FST Corp. manufactures and sells a full range of golf club shafts, along with other golf-related items, to Golf Equipment Brands, OEMs, Distributors, and Consumers via the Company’s KBS Golf Experience retail outlets. Our Product Portfolio, Retail Presence, and golf-relat
Slide 4: Company History
Company History 1989 2007 2019 2023 2025 Commenced golf Opened KBS Ranked in the Began trading Launched the club shaft Golf Experience top 100 on the Nasdaq KBS brand manufacturing, R&D, store in the U.S. businesses in the under the name. and sales of golf golf industry. symbol KBSX. club shafts. Op
Slide 5: Global Presence
Global Presence Our Golf Shafts, Retail Merchandise and Hospitality Services are Offered Across the Globe. Boulder, CO Carlsbad, CA Tokyo, Japan Taiwan Taipei, Taiwan Headquarters KBS Golf Experience Location Offices Where Our Products Are Bought & Used 5
Slide 6: Product Portfolio
Product Portfolio Premium Shafts Standard Shafts Economy Shafts Customization Full Limited Little Sophisticated process Cost-efficient process Streamlined process Manufacturing Proprietary designs Customers’ specification Industry standard specifications International golf club brands, International
Slide 7: Vertically Integrated Business Model
Vertically Integrated Business Model Our Vertically Integrated Business Model allows the Company to compete effectively with other global and local competitors in terms of Production Technology, Strength of Research and Development, and Mass Production Metrics Design, Research In-House Sales & & Dev
Slide 8: Design and Research & Development
Design and Research & Development Our Design & Production Approach Kim Braly • Proprietary Shaft Design Technology Head of Design of FST Corp. • Finest Sourced Materials Led by world-renowned shaft • Advanced Production Tools designer Kim Braly and performed by 19 full-time employees. • Customer Fee
Slide 9: In-House Manufacturing
In-House Manufacturing Specialized production equipment in leased Taiwan production facilities, combined with the Company’s proprietary automated processing technology and smart manufacturing software, ensures: Faster Production Higher Product Accurate Monitoring of Process Quality Production Equipm
Slide 10: Sales and Marketing
Sales and Marketing FST Corp employs 30+ sales OEM Customers representatives servicing all segments of golf-playing clientele • Major International Golf Club Brands • OEM Companies that Manufacture for Golf Equipment Brand Companies • National Golf Equipment Distributors Custom Fitters • Individual
Slide 11: KBS Golf Experience
KBS Golf Experience • One-on-one custom fitting services • Evaluation of customer’s current equipment • New equipment build service to custom build new golf club or set of golf clubs • Retro-build service to keep existing club heads and customize all other parts • Simulation tracking technology, Car
Slide 12: KBS Services
KBS Services Our Online Fitting Tool On-Site PGA Tour Trucks Operation of a Combo Allows customers to choose Supply customized KBS new Restaurant / Bar the most appropriate shafts equipment build and retro- In Chiayi, Taiwan, and a bar for irons, wedges, putters, build services to support in Taipei,
Slide 13: Over 127 Wins Using KBS Shafts
Over 127 Wins Using KBS Shafts • Among Most Popular Golf Shaft 2022 2024 2026 Brands Across the Globe 6 PGA Tour Wins • Unparalleled Performance: Used 11 PGA Tour Wins 6 PGA Tour Wins in over 127 tournament wins 5 President's Cup Wins 8 LPGA Tour Wins 2 LPGA Tour Wins across PGA, LPGA, LIV, Korn 8 K
Slide 14: Competitive Advantages
Competitive Advantages Minimal Risk of Future Competition in Steel Shaft Manufacturing Proximity of Product Components to Assembly Point in SE Asia Yields Lowest Shipping Costs Product Manufacturing in Taiwan Offers Lowest Labor Costs Direct Engagement with Professional & Amateur Golfers Through KBS
Slide 15: Steel Shaft Manufacturing Leader
Steel Shaft Manufacturing Leader FST Corp is one of three About the Steel Shaft Market players, which together hold and its Performance: 96% of the market, yielding: • Comprises about • Greater pricing power 55-60% of the total golf shaft market • Lower manufacturing value and labor costs than compe
Slide 16: Global Market: Golf Shafts $460M
Global Market: Golf Shafts Global Golf Shaft Market Size (US$ Millions) $720 According to a July 2025 report by Business $651 $684 Research Insights: $620 $590 $561 $534 $508 The global golf shaft market size was valued at $483 $460 $460M in 2024 and is projected to grow at a CAGR of 5.1% to reach $
Slide 17: Financial Overview
Financial Overview Full Year Performance (in Thousands) $60,000 $50,000 $47,970 $40,000 $36,500 $30,000 $28,731 $22,968 $20,633 $19,358 $20,000 $15,713 $16,563 $13,443 $10,000 $3,147 $2,098 $1,724 $0 -$2,168 -$1,504 -$3,235 -$10,000 Revenue Gross Profit Operating Expenses EBITDA Net Loss December 31
Slide 18: Growth Strategies
Growth Strategies Increase Acquire Market Share Graphite Shaft Recently Completed Land Conversion with OEM Manufacturer in Chiayi County, Taiwan, to a New Production Facility, thereby: Partners 33% $0 Production Increase Production Rental Costs From 900,000 to 1.2 Eliminates Production Expand KBS Ex
Slide 19: Management Team
Management Team David Warren Sebastian Marie Rob Chuang Chen-Teng Huang Tadla Wen-Chi Chao Cheng Chief Executive Officer President, Head of Chief Financial Officer Executive Vice President, President & & Chairman Production & Supply General Administration Head of FST Golf Chains and Compliance 24+ y
Slide 20: Investment Highlights
Investment Highlights Protected Status 50% EBITDA in Steel Shaft Increase in FY2025 Manufacturing Vertically Operating leverage converting top-line growth As one of three dominant players, Integrated with a high barrier to entry Business Model Provides Numerous Global Expansion Competitive Advantage
Slide 21: KBSX FST Corporation
KBSX FST Corporation Company Investor Relations investorrelations@fstshafts.com ir@skylineccg.com +1 (303) 444-2226 +1 (646) 893-5835 1801 13th Street, Suite 306, 1177 Avenue of the Americas, 5th Floor Boulder, CO 80302 New York, NY 10036
Slide 22: Appendix
Appendix 22
Slide 23: Combining the Best of Both Worlds
Combining the Best of Both Worlds Established OEM Distinguished Brand Credibility & Scalability Agility & Innovation • Industry recognition • Professional user recognition • Production leader • Player-centric product development • Global distribution • KBS branded shafts incorporated with client • F
Slide 24: Transaction Overview
Transaction Overview Transaction Highlights Estimated Transaction Sources & Uses • Pre-money equity value of $400 million. Sources $ millions % • FST’s existing shareholders will retain an ownership interest of approximately 64.94%(1) of FST Corp., the Post-business SPAC cash-in-trust(1) 44 9.91% co
Slide 25: Board of Directors
Board of Directors Kerry Lin Liu Shintaro Tanahara Nick Ping-Chia Chen Director Director Independent Director 25+ years of brand marketing 25+ years in corporate loans, 20+ years of corporation and market research experience securities investment and management experience securitized transactions Da