Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 155

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 155
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. shareholders(1)$(1,072,383)$(197,476)$(874,907)443.0 

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(1)See “Non-GAAP Measures” below for more information on our use of these adjusted figures and a reconciliation of these financial measures to their closest U.S. generally accepted accounting principles (“GAAP”) comparators.

Revenue

Our revenue increased by $2.5 million, or 8.0%, to $33.2 million for the three months ended March 31, 2025, from $30.8 million for the three months ended March 31, 2024. The increase in our revenue was primarily driven by increases in sales of bath furniture and custom kitchen cabinetry. 

Revenue categories by product are summarized as follow:

For the Three Months Ended March 31,Change2025Percentage2024PercentagePercentageUSD%USD%%Sanitaryware$20,159,852 60.7 $20,517,562 66.7 (1.7)Bath Furniture4,100,382 12.3 3,089,211 10.0 32.7 Shower System5,686,317 17.1 5,760,869 18.7 (1.3)Others3,265,997 9.9 1,385,877 4.6 135.7 Total$33,212,548 100.0 $30,753,519 100.0 8.0 

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We derive the majority of our revenue from sales of sanitaryware, which accounted for 60.7% of our total revenue for the three months ended March 31, 2025, compared to 66.7% for the comparable period of 2024. Revenue generated from the sales of sanitaryware decreased by 1.7% to $20.2 million for the three months ended March 31, 2025 from $20.5 million for same period of 2024. While the U.S. and China have temporarily agreed to reduce their reciprocal tariffs during trade talks, we expect demand for this category to be uncertain due to the current environment as consumers await clarity on tariffs affecting a number of jurisdictions.

Our revenue from bath furniture sales accounted for 12.3% of our total revenue for the three months ended March 31, 2025, compared to 10.0% for the comparable period of 202