Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 114

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 114
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, indoor and outdoor furniture, food service equipment, and manufacturing. This discussion, and any financial information and results of operations discussed herein, refers to the assets, liabilities, revenue, expenses and cash flows that are directly attributable to the kitchen and bath business of Foremost before the completion of the Reorganization and are presented as if we had been in existence and the Reorganization had been in effect for the entirely of each of the periods presented.

Results of Operations

For the Years Ended December 31, 2024 and 2023

The following table summarizes the results of our operations for the years ended December 31, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase (decrease) during such periods.

For the Years EndedDecember 31,Change20242023AmountPercentageUSDUSDUSD%Revenue$131,818,073 $117,241,604 $14,576,469 12.4 Cost of revenue96,390,733 85,164,322 11,226,411 13.2 Gross profit35,427,340 32,077,282 3,350,058 10.4 Selling and distribution expenses25,627,634 19,971,912 5,655,722 28.3 General and administrative expenses10,199,914 8,424,083 1,775,831 21.1 Research and development expenses1,699,383 1,376,844 322,539 23.4 (Loss) income from operations(2,099,591)2,304,443 (4,404,034)(191.1)Operating margins (%)(1.6)2.0 (360)bpsTotal other expenses, net(182,507)(916,655)734,148 (80.1)(Benefit of) provision for income taxes(547,821)808,224 (1,356,045)(167.8)Net (loss) income(1,734,277)579,564 (2,313,841)(399.2)Net (loss) income attributable to FGI Industries Ltd. shareholders(1,201,089)733,604 (1,934,693)(263.7)Adjusted (loss) income from operations(1)(1,613,635)2,840,401 (4,454,036)(156