Press Release: FGI INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2024 RESULTS

Dow Jones
27 Mar

FGI INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2024 RESULTS

PR Newswire

EAST HANOVER, N.J., March 26, 2025

EAST HANOVER, N.J., March 26, 2025 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the fourth quarter and full-year 2024.

FOURTH QUARTER 2024 HIGHLIGHTS

(As compared to the fourth quarter of 2023)

   -- Total revenue of $35.6 million, +15.0% y/y 
 
   -- Gross profit of $8.7 million, -3.2% y/y 
 
   -- Gross margin of 24.6%, -460 bps y/y 
 
   -- Operating loss of $1.3 million and net loss attributable to shareholders 
      of $0.4 million 
 
   -- Adjusted operating loss of $1.1 million 
 
   -- Adjusted net loss of $0.7 million 

FULL-YEAR 2024 HIGHLIGHTS

(As compared to full-year 2023)

   -- Total revenue of $131.8 million, +12.4% y/y 
 
   -- Gross profit of $35.4 million, +10.4% y/y 
 
   -- Gross margin of 26.9%, -50 bps y/y 
 
   -- Operating loss of $2.1 million and net loss attributable to shareholders 
      of $1.2 million 
 
   -- Adjusted operating loss of $1.6 million 
 
   -- Adjusted net loss of $0.9 million 

MANAGEMENT COMMENTARY

Dave Bruce, President and CEO of FGI, stated, "FGI reported total revenue of $35.6 million in the quarter, representing a year-over-year increase of 15.0%. Gross profit was $8.7 million, a decrease of 3.2% compared to the prior year. The gross margin was 24.6%, a decline of 460 basis points compared to the fourth quarter of 2023 due, in part, to customer marketing support and costs related to new business and associated promotional expenses in Bath Furniture. The industry outlook remains relatively flat overall but FGI's strategic investments in our brands, products and channels strategy is bearing fruit and driving revenue growth well above the overall market. FGI's fourth quarter revenue increased significantly compared to the fourth quarter 2023 due to growth across all our businesses and geographies. Revenue grew 14.7%, 9.9% and 23.3% in the quarter for the US, Canada and Europe markets, respectively. Sanitaryware and Bath Furniture grew revenue 5.8% and 40.2% year-over-year, respectively, in the fourth quarter. Shower Systems revenue increased 17.0% year-over-year as demand trends remained steady and sales of both existing and new products drove growth across a broader customer base. Our Other segment, including Covered Bridge, continues to show strong growth increasing 68.3% over the prior year period due to continued order momentum, expanded geographies and higher dealer count. Isla Porter, our digital custom kitchen joint venture, continues to establish relationships with the premium design community with on-trend products via an AI-backed digital sales platform." Bruce continued, "We are excited about our new product introductions and continue to invest in our brands and our future growth initiatives in our core businesses.

"The increasing tariff environment in 2025 remains fluid. FGI is working with our suppliers and customers to support one another as we navigate these new dynamics together. We experienced a similar tariff process several years ago, so this is not new to us. We are confident that we can work through what comes given the close relationships we have cultivated over the years with our vendors and customers."

Perry Lin, Chief Financial Officer of FGI, commented, "Even as total revenue increased 12.4% year-over-year, operating expenses increased 28.4% year-over-year to $10.0 million. The increase in operating expenses was due primarily to investing in initiatives related to our BPC growth strategy. FGI ended the fourth quarter with total available liquidity of $15.6 million. We believe the best use of our capital is for internal investment and this will remain our priority in the near term."

FOURTH QUARTER 2024 RESULTS

Revenue totaled $35.6 million during the fourth quarter of 2024, an increase of 15.0% compared to the prior-year period due to growth across all our businesses and geographies.

   -- Sanitaryware revenue was $21.8 million during the fourth quarter of 2024, 
      an increase from $20.6 million in the prior-year period. 
 
   -- Bath Furniture revenue was $3.5 million during the fourth quarter of 
      2024, an increase from revenue of $2.5 million in the prior-year period. 
      Our shift to market-aligned program pricing and design outpaced our sales 
      expectations driven by new business wins. 
 
   -- Shower Systems revenue was $6.7 million during the fourth quarter of 
      2024, an increase from $5.7 million last year. Demand trends remain 
      positive, further supported by our new customer programs and continued 
      order growth from a broader customer base. 
 
   -- Other revenue, primarily from Kitchen Cabinets, was $3.6 million during 
      the fourth quarter, an increase from $2.1 million in the prior year, 
      driven by continued order momentum, expanded geographies and higher 
      dealer count. 

Gross profit was $8.7 million during the fourth quarter of 2024, a decrease of 3.2% compared to the prior-year period. Customer marketing support impacted gross profit and Bath Furniture incurred costs related to new business and associated promotional expenses. Gross profit margin decreased to 24.6% during the fourth quarter of 2024, down 460 basis points from the prior-year period.

Operating loss was $1.3 million during the fourth quarter of 2024, down from operating income of $1.2 million in the prior-year period. Operating loss during the fourth quarter of 2024 included non-recurring expenses of $0.1 million for business expansion expense and accruals for non-recurring IPO-related share-based compensation. Excluding these items, adjusted operating loss was $1.1 million during the fourth quarter. The decline in operating income and adjusted operating income from the prior year was a result of an increase in personnel costs, marketing and promotion expenses, warehouse expenses, and operating expenses tied to growth initiatives, as the Company continues to invest in its BPC growth strategy. As a result, operating margin and adjusted operating margin were (3.5%) and (3.2%) during the fourth quarter, respectively, down from 4.0% and 4.4% in the same period last year.

The Company reported GAAP net loss attributable to shareholders of $0.4 million, or net loss of $0.04 per diluted share during the fourth quarter of 2024, versus net income of $0.5 million, or $0.06 per diluted share, in the same period last year. Net loss for the fourth quarter of 2024 included after-tax expenses of $0.1 million related to business expansion expense and accruals for non-recurring IPO- related stock-based compensation. Net loss for the fourth quarter of 2023 included after-tax expense of $0.1 million related to business expansion expense and non-recurring IPO- related compensation. Excluding these items, adjusted net loss attributable to shareholders for the fourth quarter of 2024 was $0.7 million, or net loss attributable to shareholders of $0.07 per diluted share, versus adjusted net income attributable to shareholders of $0.9 million, or $0.09 per diluted share, for the same period last year.

Going forward, FGI will hold quarterly earnings calls only for the second and fourth quarters. The Company will continue to release results of operations via press releases and SEC filings on a quarterly basis as before. Inquiries may continue to be submitted to investorrelations@fgi-industries.com or by phone at 973-515-7190.

FINANCIAL RESOURCES AND LIQUIDITY

As of December 31, 2024, the Company had $4.6 million of cash and cash equivalents, total debt of $14.5 million and $11.0 million of availability under its credit facilities net of letters of credit. Total liquidity was $15.6 million at December 31, 2024.

FINANCIAL GUIDANCE

The Company provides its fiscal 2025 guidance as follows:

   -- Total net revenue of $135-145 million 
 
   -- Total adjusted operating income of $(2.0)-1.5 million 
 
   -- Total adjusted net income of $(1.9)-1.0 million 

Note that total adjusted operating income excludes certain non-recurring items and total adjusted net income excludes certain non-recurring extraordinary items and includes an adjustment for minority interest.

FOURTH QUARTER CONFERENCE CALL

FGI will conduct a conference call on Thursday, March 27th at 9:00 am Eastern Time to discuss the quarterly results.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company's corporate website at https://investor.fgi-industries.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register and download and install any necessary audio software.

To participate in the live teleconference:

 
Toll Free:             1-844-826-3035 
International Live:    1-412-317-5195 
 

To listen to a replay of the teleconference, which will be available through April 10, 2025:

 
Domestic Replay:         1-844-512-2921 
International Replay:    1-412-317-6671 
Conference ID:           10196480 
 

ABOUT FGI INDUSTRIES

FGI Industries Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 30 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores.

Non-GAAP Measures

In addition to the measures presented in our consolidated financial statements, we use the following non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business and assist us in making strategic decisions. Our non-GAAP measures are: Adjusted Operating Income, Adjusted Operating Margins and Adjusted Net Income. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). They are supplemental financial measures of our performance only, and should not be considered substitutes for net income, income from operations or any other measure derived in accordance with GAAP and may not be comparable to similarly titled measures reported by other entities. We define Adjusted Operating Income as GAAP income from operations excluding the impact of certain non-recurring income and expenses, including non-recurring compensation expenses related to our IPO, unusual litigation and business expansion expense. We define Adjusted Net Income as GAAP income before income taxes excluding the impact of certain non-recurring income and expenses, such as non-recurring compensation expenses related to our IPO, unusual litigation and business expansion expense, as well as income taxes at historical average effective rate and net income attributable to non-controlling shareholders. We define Adjusted Operating Margins as Adjusted Operating Income 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. With respect to the Company's expectations of its future performance, the Company's reconciliations of guidance for full year 2025 Adjusted Operating Income and 2025 Adjusted Net Income are not available, as the Company is unable to quantify certain amounts to the degree of precision that would be required in the relevant GAAP measures without unreasonable effort.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan", "see" and "believe," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements regarding FGI's guidance, the Company's growth strategies, outlook and potential acquisition activity, the macroeconomic instability and its associated impact on the national and global economy and the residential repair and remodel market, the company's planned product launches and new customer partnerships and the effect of supply chain disruptions and freight costs. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to FGI's periodic filings with the Securities & Exchange Commission including those described as "Risk Factors" in FGI's annual report on Form 10-K for the year ended December 31, 2024, and in quarterly reports on Form 10-Q filed thereafter. FGI does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 
                            FGI INDUSTRIES LTD. 
                        CONSOLIDATED BALANCE SHEETS 
 
                                                    As of          As of 
                                                 December 31,   December 31, 
                                                     2024           2023 
                                                -------------  ------------- 
                                                     USD            USD 
ASSETS 
 
CURRENT ASSETS 
 Cash                                            $  4,558,160   $  7,777,241 
 Accounts receivable, net                          20,293,555     16,195,543 
 Inventories, net                                  13,957,867      9,923,852 
 Prepayments and other current assets               2,091,407      4,617,751 
 Prepayments and other receivables -- related 
  parties                                          11,996,973      7,600,283 
                                                -------------  ------------- 
 Total current assets                              52,897,962     46,114,670 
                                                -------------  ------------- 
 
PROPERTY AND EQUIPMENT, NET                         3,634,340      1,910,491 
                                                -------------  ------------- 
 
OTHER ASSETS 
 Intangible assets                                  1,849,951        102,227 
 Operating lease right-of-use assets, net          12,823,747     15,203,576 
 Deferred tax assets, net                           2,665,585      1,168,833 
 Other noncurrent assets                            1,589,830      1,245,133 
                                                -------------  ------------- 
 Total other assets                                18,929,113     17,719,769 
                                                -------------  ------------- 
   Total assets                                  $ 75,461,415   $ 65,744,930 
                                                =============  ============= 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
 
CURRENT LIABILITIES 
 Short-term loans                                $ 14,502,367   $  6,959,175 
 Accounts payable                                  19,349,529     14,524,607 
 Accounts payable -- related parties                  894,661        735,308 
 Income tax payable                                    23,189        189,119 
 Operating lease liabilities -- current             1,867,956      1,595,998 
 Accrued expenses and other current 
  liabilities                                       5,905,124      4,039,499 
                                                -------------  ------------- 
 Total current liabilities                         42,542,826     28,043,706 
 
OTHER LIABILITIES 
 Operating lease liabilities -- noncurrent         11,352,939     13,674,452 
                                                -------------  ------------- 
 Total liabilities                                 53,895,765     41,718,158 
                                                -------------  ------------- 
 
COMMITMENTS AND CONTINGENCIES 
 
SHAREHOLDERS' EQUITY 
 Preference Shares ($0.0001 par value, 
 10,000,000 shares authorized, no shares 
 issued and outstanding as of December 31, 
 2024 and December 31, 2023)                               --             -- 
 Ordinary shares ($0.0001 par value, 
  200,000,000 shares authorized, 9,563,914 and 
  9,547,607 shares issued and outstanding as 
  of December 31, 2024 and December 31, 2023, 
  respectively)                                           956            955 
 Additional paid-in capital                        21,279,047     20,877,832 
 Retained earnings                                  3,212,435      4,413,524 
 Accumulated other comprehensive loss             (2,239,560)    (1,111,499) 
                                                -------------  ------------- 
 FGI Industries Ltd. shareholders' equity          22,252,878     24,180,812 
 Non-controlling interests                          (687,228)      (154,040) 
                                                -------------  ------------- 
   Total shareholders' equity                      21,565,650     24,026,772 
                                                -------------  ------------- 
     Total liabilities and shareholders' 
      equity                                     $ 75,461,415   $ 65,744,930 
                                                =============  ============= 
 
 
                                      FGI INDUSTRIES LTD. 
             CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME 
 
                               For the Three Months Ended             For the Years Ended 
                                       December 31,                       December 31, 
                            ---------------------------------  --------------------------------- 
                                  2024             2023              2024             2023 
                            ----------------  ---------------  ----------------  --------------- 
                                  USD               USD              USD               USD 
                              (Unaudited)       (Unaudited) 
Revenue                         $ 35,594,426     $ 30,956,813     $ 131,818,073    $ 117,241,604 
 
Cost of revenue                   26,852,093       21,921,378        96,390,733       85,164,322 
                            ----------------  ---------------  ----------------  --------------- 
 
Gross profit                       8,742,333        9,035,435        35,427,340       32,077,282 
                            ----------------  ---------------  ----------------  --------------- 
 
Operating expenses 
 Selling and distribution          6,950,969        5,887,712        25,627,634       19,971,912 
 General and 
  administrative                   2,657,895        1,678,028        10,199,914        8,424,083 
 Research and development            395,938          224,290         1,699,383        1,376,844 
                            ----------------  ---------------  ----------------  --------------- 
 Total operating expenses         10,004,802        7,790,030        37,526,931       29,772,839 
                            ----------------  ---------------  ----------------  --------------- 
 
(Loss) income from 
 operations                      (1,262,469)        1,245,405       (2,099,591)        2,304,443 
                            ----------------  ---------------  ----------------  --------------- 
 
Other income (expenses) 
 Interest income                       4,541            4,019             9,792           10,543 
 Interest expense                  (353,021)        (189,999)       (1,246,742)        (749,729) 
 Other income (expenses), 
  net                                596,962        (196,826)         1,054,443        (177,469) 
                            ----------------  ---------------  ----------------  --------------- 
 Total other income 
  (expenses), net                    248,482        (382,806)         (182,507)        (916,655) 
                            ----------------  ---------------  ----------------  --------------- 
 
(Loss) income before 
 income taxes                    (1,013,987)          862,599       (2,282,098)        1,387,788 
                            ----------------  ---------------  ----------------  --------------- 
 
Provision for (benefit of) 
income taxes 
 Current                             106,249          171,837           963,542          711,518 
 Deferred                          (645,481)          239,796       (1,511,363)           96,706 
                            ----------------  ---------------  ----------------  --------------- 
 Total (benefit of) 
  provision for income 
  taxes                            (539,232)          411,633         (547,821)          808,224 
                            ----------------  ---------------  ----------------  --------------- 
 
Net (loss) income                  (474,755)          450,966       (1,734,277)          579,564 
 Less: net loss 
  attributable to 
  non-controlling 
  shareholders                      (72,427)         (87,997)         (533,188)        (154,040) 
                            ----------------  ---------------  ----------------  --------------- 
 Net (loss) income 
  attributable to FGI 
  Industries Ltd. 
  shareholders                     (402,328)          538,963       (1,201,089)          733,604 
                            ----------------  ---------------  ----------------  --------------- 
 
Other comprehensive (loss) 
income 
 Foreign currency 
  translation adjustment           (727,772)          304,321       (1,128,061)          284,820 
                            ----------------  ---------------  ----------------  --------------- 
 
Comprehensive (loss) 
 income                          (1,202,527)          755,287       (2,862,338)          864,384 
 Less: comprehensive loss 
  attributable to non- 
  controlling shareholders          (72,427)         (87,997)         (533,188)        (154,040) 
                            ----------------  ---------------  ----------------  --------------- 
 Comprehensive (loss) 
  income attributable to 
  FGI Industries Ltd. 
  shareholders                 $ (1,130,100)    $     843,284     $ (2,329,150)     $  1,018,424 
                            ================  ===============  ================  =============== 
 
Weighted average number of 
ordinary shares 
 Basic                             9,563,914        9,547,607         9,565,167        9,525,434 
 Diluted                           9,563,914        9,691,275         9,565,167        9,821,112 
 
(Loss) earnings per share 
 Basic                      $         (0.04)  $          0.06  $         (0.13)  $          0.08 
 Diluted                    $         (0.04)  $          0.06  $         (0.13)  $          0.07 
 
 
                            FGI INDUSTRIES LTD. 
                   CONSOLIDATED STATEMENTS OF CASH FLOWS 
 
                                                  For the Years Ended 
                                                      December 31, 
                                            -------------------------------- 
                                                2024             2023 
                                            -------------  ----------------- 
                                                 USD              USD 
CASH FLOWS FROM OPERATING ACTIVITIES 
 Net (loss) income                          $ (1,734,277)      $     579,564 
 Adjustments to reconcile net (loss) 
 income to net cash used in operating 
 activities 
 Depreciation                                     474,828            200,764 
 Amortization                                   2,701,615          1,816,738 
 Share-based compensation                         401,216            417,978 
 Provision for credit losses                      137,592             78,640 
 Provision for defective return                   257,643          (851,554) 
 Foreign exchange transaction loss              (659,544)            185,317 
 Deferred income tax (benefit) expense        (1,496,752)             96,707 
 Changes in operating assets and 
 liabilities 
 Accounts receivable                          (4,928,997)        (1,126,770) 
 Inventories                                  (4,034,016)          3,368,740 
 Prepayments and other current assets           1,284,680        (1,206,546) 
 Prepayments and other receivables -- 
  related parties                             (3,960,942)        (1,956,634) 
 Other noncurrent assets                        (344,697)            883,108 
 Income taxes                                   (165,930)            155,769 
 Accounts payable                               4,824,922          (194,362) 
 Accounts payable - related parties               159,353            630,866 
 Operating lease liabilities                  (2,207,636)        (1,324,641) 
 Accrued expenses and other current 
  liabilities                                   1,865,625            459,139 
                                            -------------  ----------------- 
   Net cash (used in) provided by 
    operating activities                      (7,425,317)          2,212,823 
                                            -------------  ----------------- 
 
CASH FLOWS FROM INVESTING ACTIVITIES 
 Purchase of property and equipment           (2,206,052)          (840,387) 
 Purchase of intangible assets                  (669,764)          (925,351) 
                                            -------------  ----------------- 
 Net cash used in investing activities        (2,875,816)        (1,765,738) 
                                            -------------  ----------------- 
 
CASH FLOWS FROM FINANCING ACTIVITIES 
 Net proceeds from (repayments of) 
  revolving credit facility                     7,543,192        (2,835,876) 
                                            -------------  ----------------- 
 Net cash provided by (used in) financing 
  activities                                    7,543,192        (2,835,876) 
                                            -------------  ----------------- 
 
EFFECT OF EXCHANGE RATE FLUCTUATION ON 
 CASH                                           (461,140)             98,604 
                                            -------------  ----------------- 
 
NET CHANGES IN CASH                           (3,219,081)        (2,290,187) 
CASH, BEGINNING OF YEAR                         7,777,241         10,067,428 
                                            -------------  ----------------- 
CASH, END OF YEAR                            $  4,558,160       $  7,777,241 
                                            =============  ================= 
 
SUPPLEMENTAL CASH FLOW INFORMATION 
 Cash paid during the period for interest   $ (1,233,763)      $   (749,646) 
 Cash paid during the period for income 
  taxes                                     $ (1,112,640)      $   (552,163) 
 
NON-CASH INVESTING AND FINANCING 
ACTIVITIES 
 New addition on right-of-use assets        $   (158,082)      $ (7,204,742) 
 Acquisition of intangible asset partially  $ (1,241,664)  $              -- 
  through prior period advanced payment 
 

Non-GAAP Measures

The following table reconciles GAAP income from operations to Adjusted Operating (Loss) Income and Adjusted Operating Margins, as well as GAAP net income to Adjusted Net Income for the periods presented.

 
                   For the Three Months Ended       For the Years Ended 
                          December 31,                  December 31, 
                  ----------------------------  ---------------------------- 
                      2024           2023           2024           2023 
                  -------------  -------------  -------------  ------------- 
                       USD            USD            USD            USD 
(Loss) income 
 from 
 operations       $ (1,262,469)   $  1,245,405  $ (2,099,591)   $  2,304,443 
Adjustments: 
 Non-recurring 
  IPO-related 
  share-based 
  compensation          238,876        238,876        238,876        238,876 
 IPO and 
  arbitration 
  legal fee                  --         50,000             --         50,000 
 Business 
  expansion 
  expense               247,080        247,082        247,080        247,082 
                  -------------  -------------  -------------  ------------- 
Adjusted 
 Operating 
 (Loss) Income    $ (1,140,980)   $  1,366,895  $ (1,613,635)   $  2,840,401 
                  =============  =============  =============  ============= 
Revenue            $ 35,594,426   $ 30,956,813  $ 131,818,073  $ 117,241,604 
Adjusted 
 Operating 
 Margins (%)              (3.2)            4.4          (1.2)            2.4 
 
                   For the Three Months Ended       For the Years Ended 
                          December 31,                  December 31, 
                  ----------------------------  ---------------------------- 
                      2024           2023           2024           2023 
                  -------------  -------------  -------------  ------------- 
                       USD            USD            USD            USD 
(Loss) income 
 before income 
 taxes            $ (1,013,987)  $     862,599  $ (2,282,098)   $  1,387,788 
Adjustments: 
 Non-recurring 
  IPO-related 
  share-based 
  compensation           59,719         59,720        238,876        238,876 
 IPO and 
  arbitration 
  legal fee                  --             --             --         50,000 
 Business 
  expansion 
  expense                61,770         61,770        247,080        247,082 
                  -------------  -------------  -------------  ------------- 
Adjusted (loss) 
 income before 
 income taxes         (892,498)        984,089    (1,796,142)      1,923,746 
Less: income 
 taxes at 18% 
 rate                 (160,650)        177,136      (323,306)        346,274 
Less: net loss 
 attributable to 
 non-controlling 
 shareholders          (72,427)       (87,997)      (533,188)      (154,040) 
                  -------------  -------------  -------------  ------------- 
Adjusted Net 
 (Loss) Income    $   (659,421)  $     894,950  $   (939,648)   $  1,731,512 
                  =============  =============  =============  ============= 
 

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SOURCE FGI Industries Ltd.

/CONTACT: INVESTOR CONTACT: Jae Chung, VP Investor Relations, 973-515-7190, investorrelations@fgi-industries.com

 

(END) Dow Jones Newswires

March 26, 2025 16:30 ET (20:30 GMT)

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