Company: FGI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040149
Chunk: 7

Company: FGI Industries Ltd.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 774.7 Total$64,210,808 100.0 $60,124,468 100.0 6.8 

We consistently generated the majority of our revenue in the United States market, which amounted to $18.0 million for the three months ended June 30, 2025 and June 30, 2024. For the six months ended June 30, 2025, however, revenue from United States market increased by 4.0% to $39.1 million, compared to $37.6 million for the same period of 2024. Such revenue accounted for approximately 60% of our total revenue for the three and six months ended June 30, 2025 and 2024, with minor period-to-period variation. The growth during the six months period was largely attributable to higher sales of bath furniture and kitchen cabinetry, as previously discussed, partially offset by a decrease due to tariff related uncertainties in the second quarter.

Our second largest market is Canada. Our revenue generated in the Canadian market was $8.8 million for the three months ended June 30, 2025, compared to $8.6 million for the three months ended June 30, 2024, representing a 2.0% increase. For the six months ended June 30, 2025, revenue from Canadian market increased by 2.9% to $17.0 million, compared to $16.5 million for the same period in 2024. The increased sales in the Canada market were primarily driven by stabilized demand from wholesale customers.

We also derive revenue from Europe, which consists primarily of sales in Germany. This amounted to $3.6 million and $6.7 million for the three and six months ended June 30, 2025, compared to $2.7 million and $5.9 million for the three and six months ended June 30, 2024, representing a 36.7% and 15.1% increase for the three-month and six-month periods, respectively. 

Gross Profit

Gross profit was $8.7 million and $17.6 million for the three and six months ended June 30, 2025, a decrease of 2.9% and an increase of 1.3% compared to the same periods of 2024, respectively. Gross profit margin was 28.1% and 27.4% for the three and six months