Company: FGI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040149
Chunk: 187

Company: FGI Industries Ltd.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 187
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 such as IPO-related compensation, legal fees and business expansion expenses, income taxes at historical average effective rate, as well as net income attributable to non-controlling shareholders. We define Adjusted Operating Margins as adjusted income from operations divided by revenue. 

We use these non-GAAP measures, along with GAAP measures, to evaluate our business, measure our financial performance and profitability and our ability to manage expenses, after adjusting for certain one-time expenses, identify trends affecting our business and assist us in making strategic decisions. We believe these non-GAAP measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance over time on a consistent basis. 

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The following table reconciles Income from Operations to Adjusted Income from Operations and Adjusted Operating Margins, as well as Net income to Adjusted Net Income for the periods presented.

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024USDUSDUSDUSDLoss from operations$(832,338)$(450,362)$(2,113,197)$(771,296)Adjustments:Non-recurring IPO-related share-based compensation— 59,719 19,906 119,438 Business expansion expense— 61,770 — 123,540 Adjusted Operating Loss$(832,338)$(328,873)$(2,093,291)$(528,318)Revenue$30,998,260 $29,370,949 $64,210,808 $60,124,468 Adjusted Operating Margins (%)(2.7)(1.1)(3.3)(0.9)

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024USDUSDUSDUSDLoss before income taxes$(1,579,041)$(321,830)$(3,134,128)$(837,400)Adjustments:Non-recurring IPO-related share-based compensation— 59,719 19,906 119,438 Business expansion expense— 61,770 — 123,540 Adjusted loss before income taxes(1,579,041)(200,341)(3,114,222)(594