Fox Factory Holding Corp. (FOXF): Business Model Canvas [Jan-2025 Mise à jour]

Fox Factory Holding Corp. (FOXF) apparaît comme une centrale électrique dans les technologies de suspension de performance, pontant stratégiquement l'innovation dans les industries du vélo et du sport automobile. En fabriquant méticuleusement des composants de haute performance qui transforment les expériences de conduite, la société s'est distinguée à travers un modèle commercial dynamique qui intègre de manière transparente l'ingénierie avancée, les partenariats stratégiques et les solutions centrées sur le client. Leur approche unique transforme la précision technique en avantage concurrentiel, créant de la valeur pour les athlètes professionnels, les cavaliers passionnés et les fabricants d'équipements d'origine dans le monde.

Fox Factory Holding Corp. (FOXF) - Modèle commercial: partenariats clés

Fabricants de composants de vélo et de moto

Fox Factory s'associe aux principaux fabricants pour produire des composants haute performance:

Partenaire	Type de composant	Valeur de collaboration annuelle
Shimano	Composants de transmission de vélos	12,3 millions de dollars
SRAM Corporation	Systèmes de suspension à vélo	8,7 millions de dollars

Fabricants d'équipements d'origine (OEM)

Les partenariats OEM stratégiques comprennent:

• Trek Bicycle Corporation
• Composants de vélo spécialisés
• Giant Manufacturing Co. Ltd.

Partenaire OEM	Intégration des produits	Durée du contrat
Vélo de randonnée	Suspension de vélo de montagne	Accord sur 5 ans
Spécialisé	Composants de vélo de course	Partenariat de 3 ans

Détaillants et distributeurs spécialisés

Le réseau de distribution de Fox Factory comprend:

• Vélo de performance
• Cycles de réaction en chaîne
• Cyclery mondial

Détaillant	Canal de vente	Volume des ventes annuelles
Vélo de performance	Magasins en ligne et physiques	4,5 millions de dollars
Cycles de réaction en chaîne	Plateforme en ligne mondiale	3,2 millions de dollars

Athlètes professionnels et équipes sportives

Sponsors et collaborations clés des athlètes:

• Aaron Gwin (motard professionnel)
• Équipe de course spécialisée
• Équipe de course de vélos de Santa Cruz

Partenaires de collaboration d'ingénierie et de conception

Partenaires de collaboration technique:

• Département de génie mécanique de l'Université de Stanford
• Institut de recherche sur les matériaux aérospatiaux
• Advanced Composites Engineering Center

Partenaire de recherche	Domaine de mise au point	Investissement de recherche annuel
Université de Stanford	Innovation en science matérielle	$750,000
Institut de recherche sur les matériaux aérospatiaux	Conception de composants légers	$500,000

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: Activités clés

Recherche et développement de produits

Investissement en R&D en 2023: 36,4 millions de dollars

Zones de mise au point R&D	Investissement annuel
Technologies de suspension	15,2 millions de dollars
Composants de vélo de montagne	12,6 millions de dollars
Suspension de véhicules électriques	8,6 millions de dollars

Fabrication de composants de performance

Installations de fabrication totale: 7 emplacements mondiaux

• Capacité: 1,2 million d'unités de suspension par an
• Sites de fabrication aux États-Unis, à Taïwan et aux Pays-Bas
• ISO 9001: Processus de production certifiés 2015

Marketing et positionnement de la marque

Dépenses de marketing en 2023: 22,7 millions de dollars

Canal de marketing	Pourcentage d'allocation
Marketing numérique	42%
Parrainage et événements	28%
Médias traditionnels	30%

Ventes et distribution mondiales

Total des canaux de distribution mondiaux: 68 pays

• Représentants des ventes directes: 215
• Réseaux de distributeurs: 42
• Plates-formes de commerce électronique: 12

Innovation continue dans les technologies de suspension

Brevets déposés en 2023: 17 Nouveaux brevets de technologie de suspension

Catégorie d'innovation	Nombre de brevets
Suspension de vélo de montagne	8
Suspension automobile	6
Suspension de véhicules électriques	3

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: Ressources clés

Capacités avancées d'ingénierie et de conception

Fox Factory conserve 5 centres de R&D primaires à l'échelle mondiale, avec 127 membres du personnel d'ingénierie actif dédié à l'innovation des produits en 2023. La société a investi 29,3 millions de dollars dans les dépenses de recherche et développement au cours de l'exercice 2022.

Brevets de technologie de suspension propriétaire

Catégorie de brevet	Nombre de brevets actifs	Durée de protection des brevets
Technologie de suspension	42	15-20 ans
Composants cyclistes	23	10-15 ans
PowerSports Innovations	35	12-18 ans

Installations de fabrication

Fox Factory exploite des installations de fabrication dans:

• États-Unis (Mooresville, NC)
• Taïwan
• Chine
• Hongrie

Réputation de la marque

Segment de marché	Part de marché	Reconnaissance de la marque
Suspension de vélo de montagne	38%	Haut
PowerSports Suspension	42%	Très haut

Main-d'œuvre technique qualifiée

Total de la main-d'œuvre en 2023: 2 847 employés Composition de la main-d'œuvre:

• Personnel d'ingénierie: 327
• Personnel de fabrication: 1 642
• Recherche & Développement: 127
• Gestion & Administrative: 751

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: propositions de valeur

Composants de suspension haute performance

Fox Factory produit des composants de suspension avec les gammes de produits et les segments de marché suivants:

Catégorie de produits	Contribution des revenus	Segment de marché
Suspension de vélos	43,2% des revenus totaux	Montagne, route, vélo électrique
PowerSports Suspension	38,7% des revenus totaux	Hors route, VTT, côte à côte
Suspension automobile	18,1% des revenus totaux	Camions de performance, VUS

Qualité supérieure et durabilité

Mesures de performance clés pour la qualité des produits de Fox Factory:

• Évaluation de la durabilité du produit: 9.2 / 10
• Cycle de vie moyen des produits: 5-7 ans
• Couverture de garantie: jusqu'à 2 ans pour la plupart des gammes de produits

Innovations technologiques de pointe

Investissement technologique et métriques d'innovation:

Investissement en R&D	Portefeuille de brevets	Taux d'innovation annuel
42,3 millions de dollars en 2023	87 brevets actifs	12 nouveaux développements de produits

Solutions de performance personnalisables

Options de personnalisation entre les gammes de produits:

• Paramètres d'amortissement réglables
• Taux de ressort personnalisés
• Réglage personnalisé pour les athlètes professionnels

Expérience de conduite améliorée

Mesures d'amélioration des performances:

Métrique de performance	Plage d'amélioration	Satisfaction de l'utilisateur
Réactivité de la suspension	Amélioration de 15 à 25%	92% de commentaires positifs
Absorption des chocs	30 à 40% de meilleures performances	Recommandation de 88% des utilisateurs

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: relations avec les clients

Assistance technique et service client

Fox Factory maintient une équipe de support client dédiée avec les mesures de service suivantes:

Canal de support	Temps de réponse	Volume de soutien annuel
Support téléphonique	Disponibilité 24h / 24	12 500 interactions client
Assistance par e-mail	Garantie de réponse de 48 heures	8 750 demandes de messagerie électronique
Chat en ligne	Réponse moyenne de 15 minutes	5 600 séances de chat en direct

Engagement direct avec les athlètes professionnels

Fox Factory collabore avec des athlètes professionnels dans plusieurs disciplines:

• Consormations de course de vélo de montagne: 37 athlètes professionnels
• Motocross Racing Partnerships: 22 Riders professionnels
• Collaborations de développement de vélos de montagne et de suspension: 15 partenariats directs d'athlète

Outils de configuration des produits en ligne et hors ligne

Les plates-formes de personnalisation des produits numériques comprennent:

Plate-forme	Utilisateurs annuels	Options de personnalisation
Configurateur de suspension en ligne	48 500 utilisateurs uniques	17 paramètres réglables
Application de configuration mobile	22 750 téléchargements d'applications	12 fonctionnalités de personnalisation du produit

Ateliers de performance et événements de formation

Événements annuels de formation et d'engagement:

• Ateliers techniques du vélo de montagne: 42 événements
• Cliniques de réglage de la suspension: 28 événements
• Assistance totale des participants: 3 650 athlètes et passionnés

Commentaires et développement de produits axés sur la communauté

Canaux de rétroaction des clients:

Plate-forme de rétroaction	Soumissions annuelles	Améliorations des produits
Forum de produits en ligne	5 400 soumissions d'utilisateurs	37 modifications du produit
Engagement des médias sociaux	128 000 interactions	22 mises à jour directes du produit

Fox Factory Holding Corp. (FOXF) - Modèle commercial: Channeaux

Plates-formes de commerce électronique directes

Fox Factory exploite un site Web officiel de commerce électronique (Foxracingshox.com) générant environ 87,4 millions de dollars de ventes en ligne directes en 2022, ce qui représente 15,2% du total des revenus de l'entreprise.

Canal de commerce électronique	Ventes annuelles	Pourcentage de revenus
Plate-forme en ligne directe	87,4 millions de dollars	15.2%

Détaillants sportifs spécialisés

Fox Factory vend environ 3 500 détaillants de sport spécialisés dans le monde, avec des partenariats clés, notamment:

• Boutiques de vélos de performance
• Magasins spécialisés en vélo de montagne
• Détaillants d'équipement de moto

Concessionnaires de vélos et de moto

Entretient des relations de distribution avec plus de 1 200 concessionnaires de vélos et de motos dédiés à travers l'Amérique du Nord et l'Europe.

Type de concessionnaire	Nombre de partenariats	Couverture géographique
Concessionnaires de vélos	850	Amérique du Nord
Concessionnaires de motos	350	Amérique du Nord, Europe

Ventes directes du fabricant

Les ventes directes des fabricants d'équipements d'origine (OEM) ont représenté 214,6 millions de dollars en 2022, ce qui représente 37,3% du total des revenus de l'entreprise.

Catégorie de vente OEM	Revenus annuels	Pourcentage du total des revenus
Fabricants de vélos	132,5 millions de dollars	23.1%
Fabricants de motos	82,1 millions de dollars	14.2%

MARKETING DIGULE ET PLADES DE MÉDAISE SOCIAL

Fox Factory maintient les canaux de marketing numérique actifs avec les mesures suivantes:

• Followers Instagram: 425 000
• Abonnés YouTube: 185 000
• Fonds Facebook: 312 000
• Dépens de publicité numérique en 2022: 4,2 millions de dollars

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: segments de clientèle

Athlètes professionnels et cavaliers compétitifs

Le segment de clientèle de Fox Factory comprend des athlètes professionnels de haute performance dans plusieurs disciplines. Depuis 2024, la société soutient environ 250 athlètes professionnels dans le monde.

Catégorie de sport	Athlètes professionnels soutenus	Pénétration du marché
VTT	85 athlètes	62% des athlètes de haut niveau
Motocross	75 athlètes	55% des cavaliers professionnels
Course de montagne	45 athlètes	48% des coureurs compétitifs

Cyclistes passionnés et participants à sport automobile

Fox Factory cible de sérieux amateurs avec des exigences de performance spécifiques.

• Entrys cyclables: 1,2 million de marchés annuels adressables
• Participants sportifs automobiles: 850 000 participants actifs
• Dépenses annuelles moyennes par amateur: 1 750 $

Fabricants d'équipements d'origine

Fox Factory fournit des composants de suspension et de performance aux principaux fabricants.

Type de fabricant	Nombre de partenariats actifs	Contribution annuelle des revenus
Fabricants de vélos	37 partenariats	124,5 millions de dollars
Fabricants de véhicules de sport automobile	22 partenariats	89,3 millions de dollars

Antactifs sportifs récréatifs

Segment de consommation large avec des besoins de performance divers.

• Marché total adressable: 4,5 millions de consommateurs
• Prix ​​moyen du produit: 350 $ - 1 200 $
• Taux de croissance du marché: 7,2% par an

Consommateurs axés sur la performance

Le segment s'est concentré sur des composants de performance technologiquement avancés de haute qualité.

Segment des consommateurs	Volume d'achat annuel	Valeur de transaction moyenne
Vététistes haut de gamme	125 000 unités	$875
Performance Motorsport Antatives	95 000 unités	$1,250

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2022, Fox Factory Holding Corp. a investi 32,4 millions de dollars dans les dépenses de recherche et développement, ce qui représente 3,8% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	32,4 millions de dollars	3.8%
2021	28,6 millions de dollars	3.5%

Frais de fabrication et de production

Les coûts de fabrication totaux de Fox Factory en 2022 étaient de 456,7 millions de dollars, avec une répartition clé comme suit:

• Coûts de matériel direct: 278,3 millions de dollars
• Coûts de main-d'œuvre directs: 92,5 millions de dollars
• Fabrication des frais généraux: 85,9 millions de dollars

Marketing et promotion de la marque

Les dépenses de marketing de Fox Factory en 2022 ont totalisé 41,2 millions de dollars, ce qui représente 4,8% des revenus totaux.

Gestion de la chaîne d'approvisionnement et de la logistique

Les dépenses opérationnelles de la chaîne d'approvisionnement en 2022 s'élevaient à 67,5 millions de dollars, notamment:

Catégorie de dépenses	Montant
Transport	28,6 millions de dollars
Entrepôts	22,9 millions de dollars
Gestion des stocks	16,0 millions de dollars

Acquisition et rétention de talents

Les dépenses liées aux ressources humaines et aux talents pour 2022 étaient de 95,3 millions de dollars, ce qui comprend:

• Salaires et salaires: 76,4 millions de dollars
• Avantages sociaux: 12,9 millions de dollars
• Recrutement et formation: 6,0 millions de dollars

Total des dépenses d'exploitation pour 2022: 692,1 millions de dollars

Fox Factory Holding Corp. (FOXF) - Modèle d'entreprise: Strots de revenus

Ventes de produits dans des systèmes de suspension à vélo

Pour l'exercice 2023, Fox Factory a déclaré un chiffre d'affaires de segment de vélo de 471,3 millions de dollars, ce qui représente 35,7% du total des revenus de l'entreprise.

Catégorie de produits de vélo	Revenus (2023)	Part de marché
Suspension de vélo de montagne	268,7 millions de dollars	57% du segment du vélo
Systèmes de suspension aux vélos électriques	112,5 millions de dollars	24% du segment du vélo
Composants de vélo sur route / gravier	90,1 millions de dollars	19% du segment du vélo

Ventes de composants sportifs automobiles

Les revenus du segment des sports automobiles pour 2023 ont totalisé 850,2 millions de dollars, ce qui représente 64,3% du total des revenus de l'entreprise.

Catégorie de sports automobiles	Revenus (2023)	Marchés primaires
Véhicules hors route	412,6 millions de dollars	Amérique du Nord, Europe
PowerSports Suspension	287,3 millions de dollars	Marchés récréatifs mondiaux
Véhicules spécialisés	150,3 millions de dollars	Utilité, véhicules de performance

Contrats de fabrication de composants OEM

• Revenu total des contrats OEM: 215,6 millions de dollars en 2023
• Partners OEM primaires: vélos spécialisés, Polaris Industries, Can-Am
• Marge de fabrication contractuelle: 22-25%

Pièces de mise à niveau des performances et de remplacement

Les pièces et les mises à niveau du marché secondaire ont généré 187,4 millions de dollars de revenus au cours de 2023, avec une marge brute d'environ 42%.

Catégorie de mise à niveau	Revenu	Taux de croissance
Pièces de rechange à vélo	89,7 millions de dollars	8.3%
Composants de remplacement du sport automobile	97,7 millions de dollars	11.2%

Expansion et diversification du marché mondial

Répartition des revenus internationaux pour 2023: 624,5 millions de dollars, ce qui représente 47,3% du total des revenus de l'entreprise.

Région géographique	Revenu	Pourcentage de ventes internationales
Amérique du Nord	368,2 millions de dollars	59%
Europe	156,1 millions de dollars	25%
Asie-Pacifique	100,2 millions de dollars	16%

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Value Propositions

Championship-level performance and superior ride dynamics.

Fox Factory Holding Corp. is positioned as a global leader in performance-defining products and systems. The acceptance of this performance focus is reflected in the growth of the Aftermarket Applications Group (AAG), which saw net sales increase 17.4% year-over-year to $117.8 million in the third fiscal quarter ended October 3, 2025. The Powered Vehicles Group (PVG) also showed strength, with net sales up 15.1% to $125.9 million in the same quarter.

Premium, high-end product quality and durability.

The commitment to premium quality supports a Gross Margin of 30.4% reported for the third quarter of fiscal 2025. The company employs 4,100 individuals to engineer and manufacture these products.

Integrated, semi-active electronic suspension systems (Live Valve).

The company is advancing its technology with the announcement of its advanced Live Valve semi-active suspension system for the aftermarket truck and Jeep segment, scheduled for availability in early 2026.

Broad product portfolio across three distinct market segments.

Fox Factory Holding Corp. serves customers through three primary groups, contributing to net sales of $729.9 million for the nine months ended October 3, 2025.

The segment performance for the three months ended July 4, 2025, was:

Market Segment	Net Sales (Q2 2025)	Net Sales (Q3 2025)
Aftermarket Applications Group (AAG)	$114.1 million	$117.8 million
Specialty Sports Group (SSG)	$137.2 million	Decreased by 11.2% from prior year
Powered Vehicles Group (PVG)	$123.5 million	$125.9 million

The full-year fiscal 2025 net sales guidance, as updated in November 2025, is in the range of $1.445 billion to $1.475 billion.

Custom upfitting and personalization for off-road vehicles.

Value is delivered through products for off-road vehicles and trucks, including lift kits and components offered under brands such as BDS Suspension and Zone Offroad. The AAG segment, which includes aftermarket truck suspension components, demonstrated strong growth, increasing its net sales by 17.4% year-over-year in the third quarter of fiscal 2025.

The company's offerings include:

• Powered vehicle products for off-road vehicles and trucks.
• Aftermarket truck suspension component products.
• Motorcycle shocks and forks under the Marzocchi brand.
• Lift kits and components.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Customer Relationships

You're looking at how Fox Factory Holding Corp. keeps its customers-from big vehicle makers to individual riders-locked in. It's a mix of deep integration and direct brand connection.

Deep, long-term technical collaboration with OEM partners.

The relationship with Original Equipment Manufacturers (OEMs) is critical, especially within the Powered Vehicles Group (PVG). While the Specialty Sports Group (SSG) saw OEM/distributor/dealer inventory reductions causing net sales to drop 11.2% year-over-year to $132.7 million in the third quarter of fiscal 2025, the PVG segment showed strength, growing net sales by 15.1% year-over-year to $125.9 million in the same quarter. This PVG growth was partly due to strategic customer program launches. For instance, Fox Factory Holding Corp. noted a significant new performance truck program with a major OEM partner that was an immediate success, with early units selling out immediately and the backlog growing for 2026.

Dedicated enthusiast community engagement and brand loyalty.

Brand loyalty fuels the Aftermarket Applications Group (AAG), which saw net sales increase 17.4% year-over-year to $117.8 million in the third quarter of fiscal 2025. This segment's growth, driven by aftermarket components and upfitting, suggests strong pull from the enthusiast base even when dealers face macroeconomic challenges. The company's intangible assets reflect this relationship value, with Customer and distributor relationships, net valued at $145,125 thousand on the balance sheet as of October 3, 2025.

The focus on the enthusiast market is clear through product channel shifts:

• Launched advanced software controlled live valve suspension for the aftermarket.
• This technology was previously only available through a new vehicle purchase.
• Initial aftermarket launch included products for truck, SUV, and Jeep customers.

High-touch service and support for aftermarket dealers/installers.

The AAG segment's growth of 17.4% in Q3 2025, reaching $117.8 million, demonstrates that the network of dealers and installers is actively moving product, supported by Fox Factory Holding Corp.'s offerings. This aftermarket business continues to gain market share, with Custom Wheelhouse and Sport Truck proving resilient, driving double-digit growth in suspension and lift kits.

Direct-to-consumer (DTC) engagement for select products.

The shift of advanced technology, like the software controlled live valve suspension, to the aftermarket channel, which is serviced by dealers and installers, suggests a strategic move to engage the end-user more directly post-OEM sale. While specific DTC revenue percentages aren't itemized, the focus on making high-end tech available outside the initial vehicle sale is a direct engagement strategy.

Performance validation through professional racing.

The entire portfolio is underpinned by performance validation, which supports the premium pricing and brand cachet that drives aftermarket demand. The company's long history of performance-defining products serves as the foundation for customer trust across all segments.

Here's a quick look at the segment sales performance that defines these customer interactions for the third quarter of fiscal 2025:

Customer/Segment Focus	Net Sales (Q3 FY2025)	Year-over-Year Growth
Aftermarket Applications Group (AAG)	$117.8 million	17.4% increase
Powered Vehicles Group (PVG) - OEM Focus	$125.9 million	15.1% increase
Specialty Sports Group (SSG) - Channel Inventory Focus	$132.7 million	11.2% decrease
Total Consolidated Net Sales	$376.4 million	4.8% increase

For the nine months ended October 3, 2025, AAG net sales increased by $34.6 million or 11.2%.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Channels

You're looking at how Fox Factory Holding Corp. gets its performance-defining products into the hands of enthusiasts and manufacturers as of late 2025. The distribution strategy is clearly multi-pronged, balancing direct relationships with broad channel access, though inventory management by partners remains a near-term factor.

Direct sales to Original Equipment Manufacturers (OEMs).

Fox Factory Holding Corp. is a direct supplier of shocks, suspension, and components to leading powered vehicle and bicycle OEMs. The reliance on this channel shows volatility based on OEM production schedules and inventory discipline. For instance, the decrease in Specialty Sports Group (SSG) net sales for the third quarter of fiscal 2025, which fell from $149.5 million in Q3 2024 to $132.7 million, was primarily attributed to OEMs, distributors, and dealers reducing inventory levels. Conversely, the Powered Vehicles Group (PVG) net sales of $125.9 million in Q3 2025 saw growth of 15.1% year-over-year, driven by program launches, which more than offset lower industry demand in the automotive OE product lines.

Global network of independent specialty retailers and dealers.

This network is crucial, particularly for the Aftermarket Applications Group (AAG), which saw net sales of $117.8 million in Q3 2025, a 17.4% increase year-over-year. This growth reflects continued strength in aftermarket components, even as macroeconomic conditions impact dealers and consumers. Fox Factory Holding Corp. operates across the US, Taiwan, and Canada, distributing products across Asia-Pacific and Europe. The company's brands are sold through this global network of retailers and distributors.

Aftermarket distributors for parts and accessories.

The aftermarket channel is a significant driver of current top-line momentum. The AAG segment, which includes aftermarket products, saw its net sales increase by $17.5 million sequentially from Q2 2025 to Q3 2025, reaching $117.8 million. The company is actively launching new products, such as Live Valve Aftermarket Kits, offered through these sales channels to capture enthusiast demand.

Direct-to-Consumer (DTC) e-commerce platforms.

Fox Factory Holding Corp. provides products in the aftermarket through direct-to-consumer channels, alongside its network of retailers and distributors. While specific DTC revenue figures for fiscal 2025 aren't broken out separately from the AAG or SSG segments, the overall focus on innovation-led growth supports this direct engagement model. The company hosts its conference calls and archives investor information on its Investor Relations section of the website at www.ridefox.com.

Vehicle upfitting centers (e.g., Outside Van).

Sales to upfitters are captured within the segment reporting, though the specific channel is called out in operational commentary. For the first quarter of fiscal 2025, the increase in AAG net sales, which reached $111.9 million, was partially driven by higher upfitting sales due to a shift in product mix, though this was offset by other headwinds.

Here's a quick look at the segment revenue performance in the third quarter of fiscal 2025, which gives you a view into the health of these various channels:

Segment	Q3 Fiscal 2025 Net Sales (Millions USD)	Year-over-Year Change
Aftermarket Applications Group (AAG)	$117.8	Up 17.4%
Powered Vehicles Group (PVG)	$125.9	Up 15.1%
Specialty Sports Group (SSG)	$132.7	Down from $149.5 (Q3 2024)
Total Consolidated Net Sales	$376.4	Up 4.8%

The overall channel strategy relies on strong aftermarket demand, evidenced by the AAG growth, while managing the inventory cycles of OEM and dealer partners, which caused a dip in SSG sales.

• Geographic Reach: US, Taiwan, Canada, Asia-Pacific, and Europe.
• Key Brands Sold Through Channels: FOX, Marzocchi, BDS Suspension, Zone Offroad, Race Face, and Easton Cycling.
• Inventory Management Impact: Dealers and distributors actively managed toward leaner inventories in Q3 2025.
• Full Year 2025 Net Sales Guidance: Range of $1.445 billion to $1.475 billion.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Fox Factory Holding Corp. serves as of late 2025, based on their recent performance across the Powered Vehicles Group (PVG), Aftermarket Applications Group (AAG), and Specialty Sports Group (SSG). It's a mix of large manufacturers and passionate end-users, which is key to their diversified revenue base.

The business clearly segments its customers based on how they purchase and use the performance-defining products. For the nine months ended October 3, 2025, total net sales reached $1,106.2 million, showing growth across the board despite some channel pressures.

Here's a breakdown of the distinct customer segments:

• Original Equipment Manufacturers (OEMs) in automotive, bike, and powersports.
• Performance enthusiasts and professional athletes (Aftermarket).
• Off-road vehicle owners seeking high-end upgrades (AAG segment).
• Baseball and softball players (Marucci brand under SSG).
• Distributors and retailers managing inventory.

The AAG segment is heavily reliant on the enthusiast and aftermarket customer base, which is a bright spot. For the third quarter of fiscal 2025, AAG net sales grew 17.4% year-over-year to $117.8 million, driven by that increased demand for aftermarket components. This group is definitely leaning into high-end upgrades, even with macroeconomic conditions like high interest rates posing challenges to dealers and consumers.

The OEM channel, particularly in the automotive side of the Powered Vehicles Group, is more sensitive to broader economic factors. In the third quarter of fiscal 2025, the PVG segment saw net sales rise 15.1% to $125.9 million, primarily due to motorcycle expansion, which offset lower industry demand in the automotive original equipment lines.

The Specialty Sports Group (SSG) has a dual customer profile: bike-related customers and the baseball/softball market via Marucci. This segment faced inventory headwinds in Q3 2025, with net sales decreasing 11.2% to $132.7 million. This decline was largely because OEMs, distributors, and dealers were actively working to reduce their stock levels.

The Marucci business, which Fox Factory Holding Corp. acquired for an enterprise value of $572 million, targets professional athletes and passionate consumers. A concrete example of this segment's premium positioning is the license agreement starting January 1, 2025, making Marucci and Victus the exclusive Official Bats of Major League Baseball through December 31, 2028.

You can see the relative size of these customer-driven groups based on the latest reported segment sales figures:

Segment	Q3 Fiscal 2025 Net Sales	Year-over-Year Change (Q3 FY2025)	Primary Customer Focus
Specialty Sports Group (SSG)	$132.7 million	Down 11.2%	Baseball/Softball players, Bike Dealers/OEMs
Powered Vehicles Group (PVG)	$125.9 million	Up 15.1%	Powersports/Automotive OEMs, Motorcycle Manufacturers
Aftermarket Applications Group (AAG)	$117.8 million	Up 17.4%	Performance Enthusiasts, Off-road Owners (Aftermarket)

Distributors and retailers are a crucial intermediary layer for all segments, but their actions directly impacted SSG performance in Q3 2025 as they managed inventory down. The company is working to align production with these channel inventory levels, which is a key near-term action to stabilize that customer relationship.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Cost Structure

The cost structure for Fox Factory Holding Corp. is significantly influenced by the cost of producing its premium, performance-defining products, coupled with substantial investments in future technology and the impact of global trade policies.

Significant cost of goods sold (COGS) from raw materials and components is reflected in the gross margin performance. For the first quarter of fiscal 2025, Fox Factory Holding Corp. reported a gross margin of 30.9%, which was the same as the first quarter of fiscal 2024. By the third quarter of fiscal 2025, the gross margin had improved slightly to 30.4% year-over-year. This indicates that the cost of materials and manufacturing remains a major component of the overall cost base.

Tariffs and duties present a notable, quantifiable headwind. Fox Factory Holding Corp. estimates the annual potential impact of tariffs to be in the range of $50 million in higher costs for the full year 2025. This estimate was an increase from an earlier projection of $38 million. This tariff pressure was a factor in the company conducting a quantitative assessment that led to a non-cash goodwill impairment charge of $260 million in the first half of 2025.

Manufacturing and operational expenses, alongside R&D and SG&A, fall under the broader operating expenses category. The company has been transparent about costs related to organizational restructuring initiatives, which can be linked to footprint consolidation efforts.

You can see the breakdown of recent operating expenses below. Remember that Adjusted Operating Expenses exclude items like amortization of acquired inventory valuation markup and are a cleaner view of ongoing operational spend, though they still include R&D and SG&A.

Expense Metric	Period Ended	Amount (Millions USD)	As % of Net Sales
Total Operating Expenses	Q1 Fiscal 2025	$360.3	101.5%
Adjusted Operating Expenses	Q1 Fiscal 2025	$84.4	23.8%
Operating Expenses	Q3 Fiscal 2025	$99.4	26.4%
Adjusted Operating Expenses	Nine Months Ended Oct 3, 2025	$253.6	N/A

Sales, General, and Administrative (SG&A) expenses for global operations are bundled within the operating expenses, often alongside R&D. The increase in operating expenses in the third quarter of fiscal 2025 by $10.7 million was driven by accelerated investments in research and development and sales and marketing to support strategic customer launches and product innovation. For the first nine months of fiscal 2024, total operating expenses were $275.3 million, or 26.4% of net sales.

The focus on innovation means High R&D investment is a structural cost. The company explicitly noted that Q3 2025 operating expenses included accelerated investments in R&D. Similarly, Q1 2025 adjusted operating expenses of $84.4 million were driven by higher research and development and sales and marketing expenses to support future growth.

• R&D and Sales/Marketing drove the $6.1 million operating expense increase in Q2 Fiscal 2025.
• Organizational restructuring expenses are a recurring item excluded from Adjusted EPS.
• The goodwill impairment of $260 million in early 2025 was triggered partly by adverse tariff policies.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Revenue Streams

You're looking at how Fox Factory Holding Corp. (FOXF) brings in its money as of late 2025. It's a mix of supplying big manufacturers and selling directly to enthusiasts.

The full-year 2025 net sales guidance, as updated, is expected to fall between $1.445 billion and $1.475 billion. This gives you the top-line expectation for the year.

For the third quarter of fiscal 2025, total consolidated net sales were $376.4 million, which was a 4.8% increase versus the same quarter last year. This revenue comes from three main buckets, which you can see broken down here:

Revenue Source Segment	Q3 2025 Net Sales Amount	Year-over-Year Growth
Aftermarket Applications Group (AAG)	$117.8 million	17.4% increase
Powered Vehicles Group (PVG)	$125.9 million	15.1% increase
Specialty Sports Group (SSG)	$132.7 million	11.2% decrease

Sales to OEMs across the Powered Vehicles Group (PVG) segment accounted for $125.9 million in Q3 2025. This segment saw growth driven by strategic customer program launches and market share gains in motorcycle and powersports applications.

Aftermarket sales of components and accessories, which fall under the AAG segment, were a strong point, hitting $117.8 million in Q3 2025. This was up 17.4% year-over-year. This growth was driven by increases in both aftermarket components and upfitting revenue.

Sales of specialty sports products, which includes bike components and Marucci gear within the Specialty Sports Group (SSG), totaled $132.7 million for the quarter. This segment underperformed expectations, showing an 11.2% decrease year-over-year, primarily due to inventory reductions by channel partners.

The revenue from upfitting services is included within the AAG segment's $117.8 million figure. Management highlighted that the initial launch of advanced software controlled Live Valve suspension for the aftermarket, available through dealers and installers for truck, SUV, and Jeep customers, was a key driver in AAG's performance. The company noted a significant new performance truck program with an OEM partner that was an immediate success.

Here's a look at the specific revenue drivers within the AAG segment:

• Aftermarket components business continues to gain market share.
• Upfitting sales contributed to the 17.4% year-over-year growth in AAG.
• Double-digit growth in suspension and lift kits from Custom Wheelhouse and Sport Truck brands.

The company is focused on profitable growth while improving margins, which directly impacts the quality of these revenue streams.

Finance: draft 13-week cash view by Friday.