Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 58

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 its equity interests in FGI Industries Inc. (“FGI Industries”), FGI Europe Investment Limited, an entity formed in the British Virgin Islands, and FGI International, Limited, an entity formed under the laws of Hong Kong, each a 

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wholly-owned subsidiary of Foremost, to the newly formed FGI Industries Ltd. Foremost was established in 1987 and has become a global leader in kitchen and bath design, indoor and outdoor furniture, food service equipment, and manufacturing.

Results of Operations

The following table summarizes the results of our operations for the three months ended March 31, 2025 and 2024 and provides information regarding the dollar and percentage increase (decrease) during such periods.

For the Three Months Ended March 31, 2025 and 2024

For the Three Months EndedMarch 31,Change20252024AmountPercentageUSDUSDUSD%Revenue$33,212,548 $30,753,519 $2,459,029 8.0 Cost of revenue24,312,290 22,340,036 1,972,254 8.8 Gross profit8,900,258 8,413,483 486,775 5.8 Selling and distribution expenses7,163,178 6,130,886 1,032,292 16.8 General and administrative expenses2,701,213 2,282,858 418,355 18.3 Research and development expenses316,726 320,673 (3,947)(1.2)(Loss) income from operations(1,280,859)(320,934)(959,925)299.1 Operating margins (%)(3.9)(1.0)(290)bpsTotal other expenses, net(274,228)(194,636)(79,592)40.9 (Benefit of) provision for income taxes(739,530)22,289 (761,819)(3417.9)Net loss(815,557)(537,859)(277,698)51.6 Net loss attributable to FGI Industries Ltd. shareholders(629,092)(412,189)(216,903)52.6 Adjusted loss from operations(1)(1,260,953)(199,445)(1,061,508)532.2 Adjusted operating margins (%)(1)(3.8)(0.6)(320)bpsAdjusted net loss attributable to