Foxx Development Holdings Inc.
For the period ended Mar 31, 2025. Filed May 15, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:March 31,2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______to _______
Commission File Number001-42285
Foxx Development Holdings Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 99-5119494 |
|---|---|
| (State or other jurisdiction of Incorporation or organization) | (IRS Employer Identification No.) |
15375 Barranca Parkway C106
Irvine, CA 92618
(Address of principal executive offices)
+201-962-5550
(Issuer’s telephone number including area code)
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.0001 per share | FOXX | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 | FOXXW | The Nasdaq Stock Market LLC |
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer ☐ | Accelerated filer ☐ |
|---|---|
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
| Emerging growth company ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
State the number of shares outstanding of each of the issuer’s classes of common equity as of the latest practicable date. As of May 14, 2025, there were 6,780,597 shares of common stock issued and outstanding.
CONTENTS
| PART 1 – FINANCIAL INFORMATION | 1 |
|---|---|
| Item 1. – Financial Statements (unaudited) | 1 |
| Condensed Consolidated Balance Sheets | 1 |
| Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) | 2 |
| Condensed Consolidated Statements of Shareholders’ Equity (Deficit) (unaudited) | 3 |
| Condensed Consolidated Statements of Cash Flows (unaudited) | 4 |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 5 |
| Item 2. – Management’s Discussion and Analysis of Financial Condition And Results of Operations | 31 |
| Item 3. – Quantitative and Qualitative Disclosures about Market Risk | 49 |
| Item 4. – Controls and Procedures | 49 |
| PART II – OTHER INFORMATION | 50 |
| Item 1. – Legal Proceedings | 50 |
| Item 1A. – Risk Factors | 50 |
| Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds | 51 |
| Item 3. – Defaults Upon Senior Securities | 51 |
| Item 4. – Mine Safety Disclosures | 51 |
| Item 5. – Other Information | 51 |
| Item 6. – Exhibits | 51 |
| SIGNATURES | 52 |
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