Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 15

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 15
---
 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. 

39

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 EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024USDUSDUSDUSDLoss from operations$369,723 $(65,826)$(1,743,474)$(837,122)Adjustments:Non-recurring IPO-related share-based compensation— 59,719 19,906 179,157 Business expansion expense— 61,770 — 185,310 Adjusted Operating Income (Loss)$369,723 $55,663 $(1,723,568)$(472,655)Revenue$35,848,861 $36,099,179 $100,059,669 $96,223,647 Adjusted Operating Margins (%)1.0 0.2 (1.7)(0.5)

For the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024USDUSDUSDUSDLoss before income taxes$(68,467)$(430,711)$(3,202,595)$(1,268,111)Adjustments:Non-recurring IPO-related share-based compensation— 59,719 19,906 179,157 Business expansion expense— 61,770 — 185,310 Adjusted loss before income taxes(68,467)(309,222)(3,182,689)(903,644)Less: income taxes at 18% rate(12,324)(55,660)(572,884)(162,656)Less: net loss attributable to non-controlling shareholders(