Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 124

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 124
---
 as total assets.The Company's segment revenue, segment expenses, segment net income (loss), and a reconciliation of the total reportable segment's net income (loss) to the consolidated net income (loss) are as follows:

29

Kitchen and Bath SegmentFor the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024USDUSDUSDUSDRevenue$35,848,861 $36,099,179 $100,059,669 $96,223,647 Less:Cost of revenue26,350,193 26,790,957 72,954,136 69,538,640 Selling and distribution expenses6,060,571 6,284,932 19,433,477 18,676,665 General and administrative expenses2,784,507 2,637,141 8,330,435 7,542,019 Research and development expenses283,867 451,975 1,085,095 1,303,445 Other segment items(1)438,190 364,885 1,459,121 430,989 Provision for income taxes1,879,599 267,537 925,493 (8,589)Segment net loss(1,948,066)(698,248)(4,128,088)(1,259,522)Reconciliation of profit or lossAdjustments and reconciling items— — — — Consolidated net loss$(1,948,066)$(698,248)$(4,128,088)$(1,259,522)(1) Other segment items included interest income, interest expense and non-recurring other income and expenses.

Note 16 — Subsequent Events

On October 21, 2025, the Company entered into a joint venture agreement with two partners to establish entities in Nigeria, in which the Company will hold a minority ownership interest. 

30

Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The disclosures in this Quarterly Report on Form 10-Q are complementary to those made in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2025 (the “2024 Form 10-K”). You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing in this Quarterly Report on Form