Here are a few brief analogies for Focus Universal (FCUV):

• Qualcomm for specialized industrial IoT and 5G/6G communication chips.
• A component supplier like NXP Semiconductors for smart infrastructure and IoT connectivity.

• Smart Home and IoT Devices: Develops and manufactures a range of connected devices for smart homes and various Internet of Things (IoT) applications, including smart lighting, sensors, and security cameras.
• Wi-Fi HaLow System-on-Chip (SoC) Solutions: Provides integrated circuit solutions based on the IEEE 802.11ah (Wi-Fi HaLow) standard, enabling long-range and low-power wireless connectivity for IoT devices.
• AIoT Platform and Software Services: Offers a platform that integrates artificial intelligence with IoT devices, providing solutions for data management, automation, and intelligent control across various sectors.

Focus Universal (FCUV) does not disclose any major customers that individually account for 10% or more of its total revenue in its latest annual report (10-K). This indicates a diversified customer base with no significant revenue concentration from a single entity.

FCUV serves a mix of business (B2B) and individual (B2C) customers through direct sales, distribution partners, and online retail platforms. Based on its product portfolio and stated sales channels, its customer base can be categorized as follows:

1. Enterprise and Business Customers: These include organizations and entities in various sectors such as utilities (for smart meters), industrial facilities, commercial real estate, and smart city initiatives. These customers typically procure FCUV's smart sensors, AI, and IoT solutions for large-scale deployments and operational efficiencies, often through direct sales engagements.

2. Distribution Partners and Resellers: These are other companies that purchase FCUV's products in volume to integrate into their own solutions or to resell through their own networks. This category encompasses various channel partners who extend FCUV's market reach to smaller businesses or end-consumers.

3. Individual Consumers: These are end-users who purchase FCUV's smart home devices, such as the smart Wi-Fi video doorbell, directly through online retail platforms and other consumer electronics sales channels for personal or residential use.

Dr. Desheng Wang, Chief Executive Officer, Secretary & Director

Dr. Desheng Wang is the Founder, CEO, Secretary, and a Director of Focus Universal Inc., appointed as CEO and Secretary since December 29, 2014. He possesses over 20 years of professional experience in mobile technology. Dr. Wang earned his Ph.D. in Chemistry from Emory University in 1994, a master's degree from Dalian Institute of Chemical Physics at the Chinese Academy of Science in 1988, and a bachelor's degree from Hebei Normal University in 1985. From 1994 to 2011, he served as a senior research fellow at California Institute of Technology. He has also served as president of Vitashower Corporation and formerly as President of Perfecular Inc.

Irving H. Kau, Chief Financial Officer

Irving H. Kau was appointed Chief Financial Officer of Focus Universal Inc. effective November 18, 2022. Prior to this, he served as the company's Vice President of Finance and Head of Investor Relations, a role he took on in November 2021. Mr. Kau brings extensive experience in finance, accounting, capital markets, and public company management. He previously served for approximately 10 years as Chief Financial Officer of a Nasdaq-listed AgTech company. Additionally, Mr. Kau has served as a Managing Partner of both Elementz Ventures and KW Capital Partners, and as the head of Asia at GHS (now Seaport Global).

Anthony Tejada, Vice President of Operations

Anthony Tejada serves as the Vice President of Operations for Focus Universal Inc.

Duncan Lee, Vice President of Accounting

Duncan Lee holds the position of Vice President of Accounting at Focus Universal Inc. He previously served as the Chief Financial Officer before Irving Kau's appointment in November 2022.

1. Financial Underperformance and Going Concern Doubt: Focus Universal has a history of operating losses, negative earnings per share, and struggles to achieve significant revenue thresholds. The company's financial statements indicate net losses and a current liquidity position that raises substantial doubt about its ability to continue as a going concern, potentially necessitating the sale of a facility to fund operations.
2. Market Adoption and Unproven Demand: A significant risk is that the market may not adopt Focus Universal's core products, such as its Universal Smart Instrumentation Platforms (USIPs) and Universal Smart Devices (USDs), particularly if users are reluctant to substitute smartphones for traditional sensor device platforms. The company operates in emerging IoT and 5G sectors, developing products for which demand is currently unproven, and market growth may be smaller than anticipated, negatively impacting sales.
3. Stock Volatility, Capital Raising Challenges, and Shareholder Dilution: FCUV's stock has experienced considerable price volatility, with its market behavior often driven by speculative trends rather than underlying financial fundamentals. The company faces the risk that future sales of common stock by existing shareholders could depress the market price, and the perception of such sales could impair its ability to raise capital through additional equity offerings. Future issuances of capital stock and derivative securities could also lead to significant dilution for existing shareholders.

The increasing dominance of major technology ecosystems (such as Apple HomeKit, Google Home/Nest, and Amazon Alexa/Ring) poses a significant emerging threat. These platforms aim to lock users into their comprehensive branded devices and services, making it increasingly difficult for independent players like Focus Universal to compete on a standalone product basis or gain substantial market share. As these ecosystems mature and offer deeper integration and convenience, consumers are increasingly prioritizing seamless experiences within a single platform, creating a strong barrier to entry and a competitive disadvantage for companies operating outside these dominant frameworks.

The rise and adoption of the Matter standard for smart home interoperability represents another clear emerging threat. While intended to foster broader compatibility, Matter sets a new baseline for how smart home devices are expected to connect and function across different brands and platforms. For smaller companies like Focus Universal, a failure to rapidly and robustly adopt and implement Matter into their product lines could lead to their devices becoming less competitive or even obsolete in a market that increasingly demands universal compatibility and ease of integration. This standard effectively levels the playing field in terms of basic connectivity, shifting the competitive focus towards advanced features, security, and pricing, where larger, better-resourced players often hold an advantage.

Focus Universal (FCUV) operates in several technology sectors, primarily offering Internet of Things (IoT) solutions for smart buildings and smart agriculture, Ultra-Wideband (UWB) based products, digital and horticultural sensors, and UVC disinfection systems. Here's an overview of the addressable markets for these main products and services:

IoT Solutions for Smart Buildings

The global market for IoT in smart buildings was valued at approximately USD 7.84 billion in 2025 and is projected to reach USD 19.48 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 9.53%. Other estimates place the global smart building market size at USD 100.58 billion in 2024, with a projection to reach around USD 277.92 billion by 2034, growing at a CAGR of 10.70%. North America holds a significant share, with the U.S. smart building market valued at USD 24.66 billion in 2024 and expected to reach USD 68.67 billion by 2034, growing at a CAGR of 10.78%.

IoT Solutions for Smart Agriculture

The global agriculture IoT market size was estimated at USD 28.65 billion in 2024 and is projected to reach USD 54.38 billion by 2030, with a CAGR of 10.5%. Another source indicates the global Internet of Things (IoT) in agriculture market size was valued at USD 17.78 billion in 2025 and is expected to reach approximately USD 40.24 billion by 2034, expanding at a CAGR of 9.37%. North America is a key region in this market, with its agriculture IoT market expected to grow at a CAGR of over 13% from 2025 to 2030. Asia Pacific also holds a substantial share, dominating with over 35% in 2024, and is projected to be the fastest-growing region.

Ultra-Wideband (UWB) based Products for Real-Time Location Systems (RTLS)

The global UWB Real-Time Location System (RTLS) market is projected to increase from USD 286 million in 2023 to USD 602.45 million by 2030. More broadly, the global Real-Time Location System (RTLS) market is expected to grow from USD 6.68 billion in 2025 to USD 15.67 billion by 2030, at a CAGR of 18.6%. The UWB segment is anticipated to account for 38.6% of the RTLS market revenue in 2025. The overall global ultra-wideband market was estimated at USD 1,400.2 million in 2023 and is projected to reach USD 4,369.4 million by 2030, growing at a CAGR of 17.7%. North America was the largest revenue-generating market for UWB in 2023, holding a 35.03% market share.

UVC Disinfection Systems

The global UVC disinfection product market is projected to grow from USD 12.66 billion in 2025 to USD 39.64 billion by 2035, reflecting a CAGR of 12.1%. Other reports show the global ultraviolet (UV) disinfection equipment market valued at USD 6.36 billion in 2025 and on track to reach USD 12.07 billion by 2030, with a 13.67% CAGR, or USD 4.71 billion in 2025, projected to reach USD 8.03 billion by 2033, exhibiting a CAGR of 6.9%. North America leads this market, holding the largest revenue share, with some estimates placing it at 32.7% in 2024 and others at 51.8% in 2024.

Digital and Horticultural Sensors

The global sensors market was valued at USD 241.06 billion in 2024 and is projected to grow to USD 457.26 billion by 2032, exhibiting a CAGR of 8.5%. Another report indicates the sensors market size reached USD 244.31 billion in 2025 and is forecast to climb to USD 401 billion by 2030, advancing at a 10.42% CAGR. Asia Pacific currently dominates the global sensor market, holding a share of 44.76% in 2024.

Share Repurchases

• On April 5, 2023, the Board of Directors approved a share repurchase program authorizing the company to purchase up to $7 million of its common stock. This authorization was set to expire on April 1, 2025.
• As of August 12, 2025, Focus Universal reported purchases of treasury stock amounting to $173,837.

Share Issuance

• On September 2, 2021, Focus Universal closed an underwritten public offering of 2,300,000 newly issued shares of common stock at $5.00 per share, resulting in gross proceeds of $11.5 million.
• On October 27, 2025, the company announced the closing of a $10 million preferred equity offering, which included a private placement of 750,000 shares of Series A Convertible Preferred Stock for $3 million and an intention to conduct a private placement for up to $7 million of Series B Convertible Preferred Stock. The net proceeds from the $10 million preferred equity offering were approximately $9.44 million.
• On September 25, 2025, Focus Universal entered into an at-the-market (ATM) issuance sales agreement to potentially sell up to $3,547,506 of common stock.

Inbound Investments

• On October 27, 2025, in connection with the $10 million preferred equity offering, Chairman Edward Lee invested $2 million, and another existing shareholder committed $1 million.

Capital Expenditures

• In the 12 months leading up to November 7, 2025, capital expenditures amounted to approximately $34,035.
• As of August 12, 2025, the company reported purchases of property and equipment of $25,091 for the most recent period and $9,743 for the prior period.