Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 156

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 156
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4. Bath Furniture sales increased by 32.7% to $4.1 million for the three months ended March 31, 2025, compared to $3.1 million for the same period of 2024. Our recently launched mid-tier products to better address the current demand environment of trading down to lower priced offering is gaining traction.

Revenue from sales of Shower Systems made up approximately 17.1% of our total revenue for the three months ended March 31, 2025, compared to 18.7% for the comparable periods of 2024. Revenue from sales of shower systems decreased by 1.3% to $5.7 million for the three months ended March 31, 2025, compared to $5.8 million for the comparable period of 2024. While revenue dropped slightly this quarter, our recently launched programs have driven growth in recent periods and we anticipate being 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 135.7% to $3.3 million for the three months ended March 31, 2025, compared to $1.4 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.

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 March 31,Change2025Percentage2024PercentagePercentageUSD%USD%%United States$21,168,372 63.7 $19,597,905 63.7 8.0 Canada8,184,143 24.6 7,881,081 25.6 3.8 Europe3,104,994 9.3 3,195,188 10.4 (2.8)Rest of World755,039 2.4 79,345 0.3 851.6 Total$33,212,548 100.0 $30,753,519 100.0 8.0 

We generated the majority of our revenue in the United States market, which amounted to $21.2