F
Foxx Development Holdings Inc.
FOXXCIK 0002013807NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthComputer Communications EquipmentDelawareFY ends Jun 30
Period
FY 2025
Revenue
$65.92M
Net Income
$-9.00M
Total Assets
$26.00M
Equity
$-5.36M
Shares Out
7.04M
Op. Cash Flow
$-6.60M
Business
Foxx Development Holdings Inc. designs and sells affordable mobile phones, tablets, and IoT wearable devices under its Foxx brand to distributors, carriers (T-Mobile, AT&T, Verizon), and direct-to-consumer channels including e-commerce platforms and TikTok Shop. The company manufactures through a build-to-order model with contract manufacturers, offering smartphones (MIRO line), tablets (C10 LTE), kids' smartwatches, and emerging smart-home and automotive IoT products. Revenue streams span carrier-channel distribution, government programs (Lifeline, ACP), and digital retail; the company also operates an IoT cloud platform for device management and is expanding into smart-home solutions and automotive connectivity.
Summary from 10-K filed 2025-10-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 |
|---|---|---|---|---|
| REVENUES, NET | 66 | 3 | 22 | |
| COST OF GOODS SOLD | 61 | 3 | — | |
| GROSS PROFIT | 5 | 115,943 | 1 | |
| Selling expenses | 5 | 1 | 262,767 | |
| General and administrative expenses | 7 | 2 | 487,706 | |
| Research and development | 2 | — | 272,080 | |
| Total Operating Expenses | 14 | 3 | 1 | |
| LOSS FROM OPERATIONS | −10 | −3 | 86,227 | |
| Interest expense | −5 | −278,328 | −9,277 | |
| Other income (expense), net | 25,589 | −4,016 | −4,522 | |
| Change in fair value of earnout liabilities | 6 | — | — | |
| Total Other Income (Expense), net | 754,541 | −282,344 | −13,799 | |
| LOSS BFORE INCOME TAXES | −9 | −3 | 72,428 | |
| PROVISION FOR INCOME TAXES | 76,743 | 19,828 | 14,237 | |
| NET LOSS | −9 | −3 | 58,191 | |
| Foreign currency translation adjustment | −5,002 | — | — | |
| COMPREHENSIVE LOSS | −9 | −3 | — | |
| Basic (in Shares) | 6 | 3 | 1 | |
| Diluted (in Shares) | 6 | 3 | 1 | |
| Basic (in Dollars per share) | −1.47 | −1.04 | 0.06 | |
| Diluted (in Dollars per share) | −1.47 | −1.04 | 0.06 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 | FY 2022 2022-06-30 |
|---|---|---|---|---|---|
| Cash | 2 | 587,448 | — | — | |
| Accounts receivable, net of allowance for credit losses of $595,907 and $0 as of June 30, 2025 and 2024, respectively | 7 | 251,894 | — | — | |
| Inventories | 13 | 2 | — | — | |
| Contract assets | 454,842 | 2 | — | 583,895 | |
| Prepaid expenses and other receivables, net of allowance for credit losses of $317,282 and $0 as of June 30, 2025 and 2024, respectively | 2 | 44,116 | 11,411 | — | |
| Total Current Assets | 24 | 4 | 2 | — | |
| PROPERTY AND EQUIPMENT, NET | 131,722 | 142,619 | 173,659 | — | |
| Operating right-of-use assets | 1 | 405,758 | — | — | |
| Deferred transaction costs | — | 462,177 | — | — | |
| Security deposits | 1 | 29,909 | — | — | |
| Total Non-current Assets | 2 | 897,844 | — | — | |
| Total Assets | 26 | 5 | 2 | — | |
| Accounts payable | 26 | 1 | — | — | |
| Other payables and accrued liabilities | 4 | 468,225 | 27,453 | — | |
| Contract liabilities | 378 | 649,450 | 27 | 609,229 | |
| Income taxes payable | 76,743 | — | 15,842 | — | |
| Short-term loans | — | 291,208 | 291,208 | — | |
| Current maturity of long-term loan | 23,743 | 19,539 | 15,967 | — | |
| Operating lease liabilities - current | 211,525 | 72,531 | — | — | |
| Convertible promissory notes | — | 6 | 2 | — | |
| Total Current Liabilities | 30 | 9 | 2 | — | |
| Operating lease liabilities - non-current | 889,827 | 332,435 | — | — | |
| Long-term loan - non-current | 73,418 | 95,442 | — | — | |
| Total Non-current Liabilities | 963,245 | 427,877 | — | — | |
| Total Liabilities | 31 | 9 | 3 | — | |
| COMMITMENTS AND CONTINGENCIES (See Note 20) | — | — | — | — | |
| Common stock, $0.0001 par value, 50,000,000 and 6,606,664 shares authorized as of June 30, 2025 and 2024, respectively; 6,780,597 and 3,303,333 shares issued and outstanding as of June 30, 2025 and 2024, respectively | 678 | 330 | 1,000 | — | |
| Additional paid-in capital | 15 | 7 | — | — | |
| Accumulated deficit | −20 | −11 | −8 | — | |
| Accumulated other comprehensive loss | −5,002 | — | — | — | |
| Total Shareholders' Deficit | −5 | −4 | −571,794 | −629,985 | |
| Total Liabilities and Shareholders' Deficit | 26 | 5 | 2 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 |
|---|---|---|---|---|
| Depreciation | 47,732 | 39,783 | 20,819 | |
| Interest expense from convertible promissory notes | 140,740 | 264,445 | — | |
| Amortization of operating right of use assets | 214,313 | 32,468 | — | |
| Provision for credit losses | 913,190 | — | — | |
| Stock-based compensation expenses | 815,678 | — | — | |
| Loss on sale of equipment | 3,400 | — | — | |
| Accounts receivable | −7 | −251,894 | — | |
| Inventories | −11 | −2 | — | |
| Contract assets | 1 | −2 | — | |
| Prepaid expenses and other current assets | −2 | −32,705 | 581,979 | |
| Amount due from related parties | −7,860 | −140 | — | |
| Security deposits | −1 | −29,909 | — | |
| Accounts payable | 25 | 1 | — | |
| Contract liabilities | −649,072 | 649,423 | — | |
| Taxes payable | −226,262 | −15,842 | 14,237 | |
| Other payables and accrued liabilities | 2 | 155,526 | 20,572 | |
| Other payable - related parties | −150,830 | 26,168 | — | |
| Operating lease liabilities | −175,607 | −33,260 | — | |
| Net cash used in operating activities | −7 | −5 | 30,176 | |
| Purchases of property and equipment | −68,336 | −8,743 | −66,899 | |
| Proceeds from sale of equipment | 28,100 | — | — | |
| Net cash used in investing activities | −40,236 | −8,743 | −66,899 | |
| Repayments to short-term loans - related party | — | −91,235 | — | |
| Repayments to short-term loans | −291,208 | — | −154,322 | |
| Principal payments of long-term loan | −17,820 | −15,967 | −5,848 | |
| Proceeds from convertible promissory note | 9 | 4 | 2 | |
| Proceeds from reverse recapitalization, net of payments of transaction costs | 20 | — | — | |
| Proceeds from issuance of common stock through exercise of warrants | 120,750 | — | — | |
| Payment of redemption payable | −20 | — | — | |
| Payments of deferred transaction costs | −131,400 | −441,377 | — | |
| Net cash provided by financing activities | 8 | 3 | 2 | |
| EFFECT OF EXCHANGE RATE CHANGES | −2,458 | — | — | |
| NET CHANGE IN CASH | 1 | −1 | — | |
| Cash paid for income tax | 850 | 35,670 | — | |
| Cash paid for interest | 3 | 13,662 | 7,104 | |
| Initial recognition of operating right-of-use assets and lease liabilities | 750,338 | 438,226 | — | |
| Modification of operating right-of-use assets and lease liabilities | 121,655 | — | — | |
| Conversion of convertible promissory notes into common stock | 15 | — | — | |
| Reverse recapitalization transaction costs net against additional-paid in capital | 893,577 | — | — | |
| Deferred transaction costs included in other payables and accrued liabilities | 300,000 | 20,800 | — | |
| Initial recognition of earnout liabilities | 6 | — | — | |
| Conversion from employee advance to receivable from a third party | 19,500 | — | — |
Filings
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Frequently asked questions
What is Foxx Development Holdings Inc.'s CIK number?
Foxx Development Holdings Inc.'s SEC CIK number is 0002013807 (2013807). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Foxx Development Holdings Inc.'s SEC filings?
All of Foxx Development Holdings Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.