Company: FGI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040149
Chunk: 120

Company: FGI Industries Ltd.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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13.9% of the Company’s total revenue, respectively. For the six months ended June 30, 2024, two customers accounted for 17.8% and 16.3% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the six months ended June 30, 2025 and 2024.As of June 30, 2025, four customers accounted for 19.2%, 12.0%, 11.4% and 10.9% of the total balance of accounts receivable, respectively. As of December 31, 2024, two customers accounted for 29.4% and 11.4% of the total balance of 

27

accounts receivable, respectively. No other customer accounted for more than 10% of the Company’s accounts receivable as of June 30, 2025 and December 31, 2024.Vendor concentration riskFor the three months ended June 30, 2025, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) accounted for 51.0% of the Company’s total purchases, respectively. For the three months ended June 30, 2024, Huida and another vendor accounted for 57.0% and 11.9% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the three months ended June 30, 2025 and 2024.For the six months ended June 30, 2025, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) accounted for 56.5% of the Company’s total purchases. For the six months ended June 30, 2024, Huida accounted for 54.6% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the six months ended June 30, 2025 and 2024.As of June 30, 2025, Huida accounted for 78.8% of the total balance of accounts payable. As of December 31, 2024, Huida accounted for 69.6% of the total balance of accounts payable. No other supplier accounted for more than 10% of the Company’s accounts payable as of June 30, 2025 and December 31, 2024.

Note 14