Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 173

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 8
Chunk 173
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 of high credit quality, it also continually monitors their credit worthiness.The Company is also exposed to risk from its accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.Customer concentration riskFor the three months ended September 30, 2025, four customers accounted for 15.3%, 13.3%, 10.7% and 10.1% of the Company’s total revenue, respectively. For the three months ended September 30, 2024, two customers accounted for 19.5% and 15.1% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the three months ended September 30, 2025 and 2024.For the nine months ended September 30, 2025, four customers accounted for 15.2%, 12.7%, 10.8% and 10.0% of the Company’s total revenue, respectively. For the nine months ended September 30, 2024, two customers accounted for 

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17.5% and 16.8% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the nine months ended September 30, 2025 and 2024.As of September 30, 2025, two customers accounted for 26.9% and 12.5% of the total balance of accounts receivable, respectively. As of December 31, 2024, two customers accounted for 29.4% and 11.4% of the total balance of accounts receivable, respectively. No other customer accounted for more than 10% of the Company’s accounts receivable as of September 30, 2025 and December 31, 2024.Vendor concentration riskFor the three months ended September 30, 2025, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) accounted for 60.6% of the Company’s total purchases, respectively. For the three months ended September 30, 2024, Huida accounted for 57.3% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the three months ended September 30, 2025 and