Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 0

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
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Table of Contents

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FGI INDUSTRIES LTD.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID: 688)45Consolidated Balance Sheets as of December 31, 2024 and 202346Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2024 and 202347Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2024 and 202348Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 202349Notes to Consolidated Financial Statements50

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Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

FGI Industries Ltd.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of FGI Industries Ltd. (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive (loss) income, changes in shareholders’ equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).  In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we