Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 7

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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0 $96,223,647 100.0 4.0 

We consistently generated the majority of our revenue in the United States market, which amounted to $22.5 million  and $22.2 million for the three months ended September 30, 2025 and September 30, 2024, respectively. For the nine months ended September 30, 2025, however, revenue from United States market increased by 3.0% to $61.6 million, compared to $59.8 million for the same period of 2024. Such revenue accounted for approximately 62% of our total revenue for the three and nine months ended September 30, 2025 and 2024, with minor period-to-period variation. The growth during the nine-month 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 $9.1 million for the three months ended September 30, 2025, compared to $9.9 million for the three months ended September 30, 2024, representing a 8.0% decrease. For the nine months ended September 30, 2025, revenue from Canadian market decreased by 1.2% to $26.1 million, compared to $26.4 million for the same period in 2024. Revenue in the Canadian market remained largely stable for the nine months ended September 30, 2025, with third-quarter sales moderating as retailers slowed purchases following strong activity in the first half of this year. In the wholesale channel, after a slower start to the year, purchasing activity picked up in the third quarter.

We also derive revenue from Europe, which consists primarily of sales in Germany. This amounted to $3.7 million and $10.4 million for the three and nine months ended September 30, 2025, compared to $3.4 million and $9.3 million for the three and nine months ended September 30, 2024, representing a 7.3% and 12.2% increase for the three-month and nine-month periods, respectively. We believe this growth reflects continued demand in the European market.

Gross Profit

Gross profit was $9.5 million and $27.1 million for the three and nine months ended September 30, 202