FGI Industries Ltd.FGI

FGI Industries Ltd. Segments Disclosure

10-KFiled Apr 10, 20262 min read
Segment information
The Company follows ASC 280, “Segment Reporting” and adopted ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The Company has one reporting segment. The Company’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company, and hence the Company has only one reportable segment which derives its revenue from the supply of bath and kitchen products.
The accounting policies of the kitchen and bath segment are the same as those described in the summary of significant accounting policies. The measure of segment net income (loss) is reported on the consolidated statements of operations and comprehensive (loss) income as net income (loss). The measure of segment total assets is reported on the consolidated balance sheets as total assets.
The Company's segment revenue, segment expenses, segment net income (loss), and a reconciliation of the total reportable segment's net income (loss) to the consolidated net income (loss) are as follows:
Kitchen and Bath Segment
For the Year Ended
December 31,
20252024
USDUSD
Revenue$130,528,652 $131,818,073 
Less:
Cost of revenue95,277,560 96,390,733 
Selling and distribution expenses25,129,256 25,627,634 
General and administrative expenses11,106,563 10,199,914 
Research and development expenses1,417,329 1,699,383 
Other segment items(1)
1,936,958 182,507 
Provision for (benefit of) income taxes2,786,392 (547,821)
Segment net loss(7,125,406)(1,734,277)
Reconciliation of profit or loss
Adjustments and reconciling items— — 
Consolidated net loss$(7,125,406)$(1,734,277)
(1) Other segment items included interest income, interest expense and non-recurring other income and expenses.

Historical Timeline

Fiscal YearFiled
2025Apr 10, 2026Showing above
2024Mar 31, 2025
2023Mar 26, 2024
2022Apr 17, 2023

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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