Company: FGI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040149
Chunk: 178

Company: FGI Industries Ltd.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 178
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, launched to better address the current demand environment of trading down to lower priced offerings, is gaining traction.

Revenue from sales of Shower Systems made up approximately 16.9% and 17.0% of our total revenue for the three and six months ended June 30, 2025, compared to 20.1% and 19.4% for the comparable periods of 2024. Revenue from sales of shower systems decreased by 11.2% to $5.2 million for the three months ended June 30, 2025, compared to $5.9 million for the comparable period of 2024. For the six months ended June 30, 2025, revenue from sales of shower systems decreased by 6.3% to $10.9 million from $11.7 million for the same period of 2024. While shower system revenue dropped year-over-year this quarter, our recently launched programs have driven growth in recent periods and we anticipate them continuing to be a positive driver moving forward. Similar to Sanitaryware, however, we expect demand to be uncertain due to the current environment as consumers await tariff clarity, which may offset the impact of these programs.

Our revenue from sales of other products (custom kitchen cabinetry and other small offerings) increased by 67.7% to $3.5 million for the three months ended June 30, 2025, compared to $2.1 million for the same period of 2024. For the six months ended June 30, 2025, other revenue increased by 94.6% to $6.8 million from $3.5 million for the same period of 2024. The increase was primarily driven by volume growth resulting from continued strength in sales of the Covered Bridge custom-kitchen cabinetry businesses.

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Revenue Categories by Geographic Location

We derive our revenue primarily from the United States, Canada and Europe. Revenue categories by geographic location are summarized as follows:

For the Three Months Ended June 30,Change2025Percentage2024PercentagePercentageUSD%USD%%United States$17,970,861 58.0 $18,039,583 61.4 (0.4)Canada8,768,471 28.3 8,593,329 29.3 2.0 Europe3,636,110 11.7 2,659,858 9.1 36.7 Rest of World622,818 2