Foxx Development Q3 net loss more than doubled to $36.27 million; revenue drops 23.9% to $8.67 million

• Foxx Development Holdings posted a net loss of USD 36.27 million for the quarter ended March 31, 2026, widening from a year earlier, as revenue fell 23.9% to USD 8.67 million.
• Operating loss widened to USD 33.97 million, driven by a USD 25.86 million impairment of right-of-use assets tied to a shift to dropship arrangements and plans to sublease warehouse space.
• Gross margin swung to a loss of 16.7% from a profit margin of 5.8%, as inventory write-downs and higher chip prices weighed on product profitability.
• General and administrative expense more than doubled to USD 2.93 million, while provision for credit losses jumped to USD 1.68 million.
• Cash and cash equivalents totaled USD 3.2 million at March 31, 2026, while management flagged substantial doubt about the company’s ability to continue as a going concern within one year.

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