Quarterly ResultMay 20, 2026, 05:02 PM
Foxx Development Q3 Net Loss $(36.27)M; Going Concern Warning
AI Summary
Foxx Development Holdings Inc. reported a significant net loss of $(36.27) million for the three months ended March 31, 2026, and $(43.42) million for the nine months, largely due to a $25.86 million impairment of right-of-use assets. The company also disclosed a working capital deficit of approximately $(24.9) million and raised substantial doubt about its ability to continue as a going concern. Revenues declined to $8.67 million for the quarter and $45.61 million for the nine months.
Key Highlights
- Net loss for Q3 2026 was $(36.27) million, compared to $(4.08) million in Q3 2025.
- Net loss for the nine months ended March 31, 2026, was $(43.42) million, up from $(4.93) million in 2025.
- Revenues for Q3 2026 decreased to $8.67 million from $11.39 million in Q3 2025.
- Revenues for the nine months ended March 31, 2026, were $45.61 million, down from $51.98 million in 2025.
- Company recognized $25.86 million in impairment of right-of-use assets for Q3 and YTD 2026.
- Working capital deficit stood at $(24.86) million as of March 31, 2026.
- Total liabilities increased to $75.94 million as of March 31, 2026, from $31.36 million in June 2025.
- Management raised substantial doubt about the company's ability to continue as a going concern.
Price Impact
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