Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 182

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 182
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 when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance over time on a consistent basis. 

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The following table reconciles Income from Operations to Adjusted Income from Operations and Adjusted Operating Margins, as well as Net income to Adjusted Net Income for the periods presented.

For the Three Months EndedMarch 31,20252024USDUSD(Loss) income from operations$(1,280,859)$(320,934)Adjustments:Non-recurring IPO-related share-based compensation19,906 59,719 Business expansion expense— 61,770 Adjusted Operating Loss$(1,260,953)$(199,445)Revenue$33,212,548 $30,753,519 Adjusted Operating Margins (%)(3.8)(0.6)

For the Three Months EndedMarch 31,20252024USDUSDLoss before income taxes$(1,555,087)$(515,570)Adjustments:Non-recurring IPO-related share-based compensation19,906 59,719 Business expansion expense— 61,770 Adjusted (loss) income before income taxes(1,535,181)(394,081)Less: income taxes at 18% rate(276,333)(70,935)Less: net loss attributable to non-controlling shareholders(186,465)(125,670)Adjusted Net Loss$(1,072,383)$(197,476)

Beginning in the first quarter of 2025, we have revised the presentation of non-GAAP measures to provide more meaningful insight into the Company's performance. Historical comparative figures have been adjusted to reflect the current presentation format. These changes are intended to better align with how management evaluates results and makes operating decisions. Reconciliations to the most directly comparable GAAP measures are provided to support transparency and comparability.

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting companies.

Item 4.   Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange