Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 116

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 116
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.2% and 12.6% of our total revenue for the years ended December 31, 2024 and 2023, respectively. Revenue generated from bath furniture sales decreased by 0.2% to $14.7 million for the year ended December 31, 2024 from $14.8 million for the year ended December 31, 2023. 

Revenue from shower systems made up approximately 19.4% and 17.1% of our total revenue for the years ended December 31, 2024 and 2023, respectively. Revenue from sales of shower systems increased by 27.6% to $25.5 million for the year ended December 31, 2024 from $20.0 million for the year ended December 31, 2023.  Our strategic initiatives in the shower systems category continue driving significant revenue growth.

Our revenue from sales of other products (custom kitchen cabinetry and other small offerings) increased by 50.9% to $10.4 million for the three months ended December 31, 2024, compared to $6.9 million for the year ended December 31, 2023. This growth was primarily driven by a significant increase in sales volume for custom kitchen cabinetry, supported by the expansion of our network of kitchen cabinetry dealers in the United States. Additionally, revenue benefited from continued dealer acquisitions and the successful introduction of new product offerings, which further strengthened our market presence and customer reach.

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

For the Years Ended December 31,Change2024Percentage2023PercentagePercentageUSD%USD%%United States$82,378,167 62.5 $74,572,336 63.6 10.5 Canada35,151,631 26.7 31,092,989 26.5 13.1 Europe13,301,990 10.1 11,477,070 9.8 15.9 Rest of World986,285 0.7 99,209 0.1 894.1 Total$131,818,073 100.0 $117,241,604 100.0 12.4 

We generated the majority of our revenue in the United States market, which amounted to $82.4 million for the year ended December 31, 2024