Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 115

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 115
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.8)Adjusted operating margins (%)(1)(1.2)2.4 (360)bpsAdjusted net (loss) income attributable to FGI Industries Ltd. shareholders(1)$(939,648)$1,731,512 $(2,671,160)(154.3)

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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 $14.6 million, or 12.4%, to $131.8 million for the year ended December 31, 2024, from $117.2 million for the year ended December 31, 2023. The increase in our revenue was primarily driven by increases in sales of sanitaryware, shower system and custom kitchen cabinetry categories. 

Revenue categories by product are summarized as follow:

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For the Years Ended December 31,Change2024Percentage2023PercentagePercentageUSD%USD%%Sanitaryware$81,109,955 61.5 $75,551,117 64.4 7.4 Bath Furniture14,739,205 11.2 14,770,376 12.6 (0.2)Shower System25,521,977 19.4 19,997,197 17.1 27.6 Others10,446,936 7.9 6,922,914 5.9 50.9 Total$131,818,073 100.0 $117,241,604 100.0 12.4 

We derive the majority of our revenue from sales of sanitaryware, which accounted for 61.5% and 64.4% of our total revenue for the years ended December 31, 2024 and 2023, respectively. Revenue generated from the sales of sanitaryware increased by 7.4% to $81.1 million for the year ended December 31, 2024, from $75.6 million for the year ended December 31, 2023. This growth was primarily driven by higher sales volumes. Despite the overall increase in revenue, the decline in sanitaryware’s share of total revenue suggests a diversification of our product mix, reflecting our strategic efforts to expand other product categories.

Our revenue from bath furniture sales accounted for 11