Company: FGI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040149
Chunk: 145

Company: FGI Industries Ltd.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 145
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Table of Contents

FGI INDUSTRIES LTD.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Nature of business and organization

FGI Industries Ltd. (“FGI” or the “Company”) is a holding company organized on May 26, 2021, under the laws of the Cayman Islands. The Company has no substantive operations other than holding all of the outstanding equity of its operating subsidiaries as described below. The Company is a supplier of global kitchen and bath products and currently focuses on the following categories: sanitaryware (primarily toilets, sinks, pedestals and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodeling (“R&R”) activity and, to a lesser extent, new home or commercial construction. The Company sells its products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and independent dealers and distributors.The accompanying unaudited condensed consolidated financial statements reflect the activities of FGI and each of the following entities as described below:NameBackgroundOwnershipFGI Industries Inc.(“FGI Industries”, formerly named Foremost Groups, Inc.)•A New Jersey corporation•Incorporated on January 5, 1988•Sales and distribution in the United States100% owned by FGIFGI Europe Investment Limited(“FGI Europe”)•A British Virgin Islands holding company•Incorporated on January 1, 2007100% owned by FGIFGI International, Limited(“FGI HK”)•A Hong Kong company•Incorporated on June 2, 2021•Sales, sourcing and product development100% owned by FGIFGI Canada Ltd.(“FGI Canada”)•A Canadian company•Incorporated on October 17, 1997•Sales and distribution in Canada100% owned by FGI Industries Inc.FGI Germany GmbH & Co. KG(“FGI Germany”)•A German company•Incorporated on January 24, 2013•Sales and distribution in Germany100% owned by FGI Europe Investment LimitedFGI China, Ltd.(“FGI China”)•A PRC limited liability company•Incorporated on August 19, 2021•Sourcing and product development100% owned by FGI International, LimitedFGI United Kingdom Ltd(“FGI UK”)•An UK company•In