FGI Industries Ltd.

Listed Company

FGIWWCIK 0001864943NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthHeating Equip, Except Elec & Warm Air; & Plumbing FixturesE9FY ends Dec 31

Period

FY 2025

Revenue

$130.53M

Net Income

$-6.14M

Total Assets

$69.54M

Equity

$17.28M

Shares Out

1.93M

Op. Cash Flow

$673.2K

Business

FGI Industries Ltd. is a global supplier of bath and kitchen products focused on the business-to-business home improvement and repair & remodel markets. It offers a wide range of products including sanitaryware (toilets, sinks, seats), bath furniture (vanities, mirrors, cabinets), shower systems (walls, doors, basins) and other items such as custom kitchen cabinetry, sold under both private label and owned brands. Its operating product segments are Sanitaryware, Bath Furniture, Shower Systems and Other. FGI distributes primarily across the United States, Canada and Europe through mass retailers, wholesalers, commercial distributors, e-commerce channels and independent dealers.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	131	132	117	162	182
Cost of revenue	95	96	85	130	150
Gross profit	35	35	32	32	32
Selling and distribution	25	26	20	18	18
General and administrative	11	10	8	8	6
Research and development	1	2	1	1	646,069
Total operating expenses	38	38	30	26	24
Loss from operations	−2	−2	2	5	8
Interest income	5,142	9,792	10,543	—	—
Interest expense	−1	−1	−749,729	—	—
Other (expenses) income, net	−611,386	1	−177,469	46,211	2
Total other (expenses) income, net	−2	−182,507	−916,655	−551,428	1
Loss before income taxes	−4	−2	1	5	9
Current	332,388	948,931	711,518	658,694	1
Deferred	2	−1	96,706	201,936	−221,648
Total provision for (benefit of) income taxes	3	−547,821	808,224	860,630	961,634
Net loss	−7	−2	579,564	4	—
Less: net loss attributable to non-controlling shareholders	−985,880	−533,188	−154,040	—	—
Net loss attributable to FGI Industries Ltd. shareholders	−6	−1	733,604	4	8
Foreign currency translation adjustment	836,614	−1	284,820	−741,587	59,071
Comprehensive loss	−6	−3	864,384	3	—
Less: comprehensive loss attributable to non-controlling shareholders	−985,880	−533,188	−154,040	—	—
Comprehensive loss attributable to FGI Industries Ltd. shareholders	−5	−2	1	3	8
Basic (in shares)	2	2	10	9	7
Diluted (in shares)	2	2	10	9	7
Basic (in dollars per share)	−3.2	−0.63	0.08	0.39	1.13
Diluted (in dollars per share)	−3.2	−0.63	0.07	0.39	1.13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	2	5	8	10	4
Accounts receivable, net of allowances of 1,210,930 and 1,193,748 as of December 31, 2025 and 2024, respectively	14	20	16	14	26
Inventories, net	15	14	10	13	21
Total current assets	52	53	46	46	56
PROPERTY AND EQUIPMENT, NET	4	4	2	1	387,655
Intangible assets, net	2	2	102,227	—	—
Operating lease right-of-use assets, net	11	13	15	10	8
Deferred tax assets, net	211,581	3	1	1	1
Other noncurrent assets	1	2	1	2	3
Total other assets	14	19	18	13	13
Total assets	70	75	66	60	69
Short-term loans	12	15	7	10	15
Income tax payable	0	23,189	189,119	33,350	1
Operating lease liabilities current	2	2	2	2	1
Accrued expenses and other current liabilities	6	6	4	4	6
Total current liabilities	44	43	28	30	55
Operating lease liabilities noncurrent	10	11	14	8	7
Total liabilities	54	54	42	38	62
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preference Shares ($0.0001 par value, 2,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024)	0	0	0	—	—
Ordinary shares ($0.0005 par value, 40,000,000 shares authorized, 1,920,140 and 1,912,783 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	960	956	955	950	700
Additional paid-in capital	22	21	21	20	—
(Accumulated deficit) retained earnings	−3	3	4	4	—
Accumulated other comprehensive loss	−1	−2	−1	−1	—
FGI Industries Ltd. shareholders equity	17	22	24	23	8
Non-controlling interests	−2	−687,228	−154,040	—	—
Total shareholders equity	16	22	24	23	8
Total liabilities and shareholders equity	70	75	66	60	69

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	667,432	474,828	200,764	—	—
Amortization	2	3	2	—	—
Share-based compensation	333,183	401,216	417,978	383,572	—
Provision for credit losses	165,801	137,592	78,640	261,381	30,825
Provision for defective return	5,392	257,643	−851,554	−2	2
Foreign exchange transaction loss (gain)	563,740	−659,544	185,317	7,417	234,742
Deferred income tax expense (benefit)	2	−1	96,707	213,050	−215,194
Accounts receivable	6	−5	−1	13	−11
Inventories	−1	−4	3	8	−13
Other noncurrent assets	426,625	−344,697	883,108	860,770	−3
Income taxes	−447,271	−165,930	155,769	−1	640,903
Operating lease liabilities	−2	−2	−1	−1	−1
Accrued expenses and other current liabilities	−297,719	2	459,139	−2	3
Net cash provided by (used in) operating activities	673,220	−7	2	980,265	−3
Purchase of property and equipment	−885,740	−2	−840,387	−1	−57,839
Purchase of intangible assets	−130,107	−669,764	−925,351	—	—
Net cash used in investing activities	−1	−3	−2	−1	−51,890
Proceeds from credit facilities	60	74	—	—	—
Repayments of Lines of Credit	−63	−67	—	—	—
Net cash (used in) provided by financing activities	−3	8	−3	7	3
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH	317,807	−461,140	98,604	−743,477	−182,277
NET CHANGES IN CASH	−3	−3	−2	6	−134,662
Cash paid during the period for interest	−1	−1	−749,646	−600,043	−406,859
Cash paid during the period for income taxes	−766,903	−1	−552,163	−2	−545,095
Lease liability arising from obtaining a right-of-use asset	−1	−158,082	−7	−3	—
Derecognition of right-of-use asset and lease liability upon early termination	−1	0	0	—	—
Noncash or Part Noncash Acquisition, Intangible Assets Acquired	0	−1	—	—	—

Filings

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