FGI INDUSTRIES ANNOUNCES SECOND QUARTER 2025 RESULTS
FGI Industries (Nasdaq: FGI), a global kitchen and bath products supplier, reported Q2 2025 results with revenue of $31.0 million, up 5.5% year-over-year. The company faced challenges with a gross margin decline to 28.1% (-240 bps) and reported an operating loss of $0.8 million.
Revenue growth was driven by strong performance in Sanitaryware (+4.3%), Bath Furniture (+2.7%), and notably Covered Bridge (+67.7%), while Shower Systems declined 11.2%. Geographically, sales grew in Canada (+2.0%) and Europe (+36.7%) but declined slightly in the U.S. (-0.4%).
FGI maintains its FY2025 guidance of $135-145 million in revenue and adjusted operating income of $(2.0)-1.5 million. The company ended Q2 with $16.4 million in total liquidity and continues to invest in growth initiatives despite ongoing tariff challenges.
FGI Industries (Nasdaq: FGI), fornitore globale di prodotti per cucina e bagno, ha comunicato i risultati del 2° trimestre 2025 con ricavi per $31.0 million, in crescita del 5,5% rispetto allo stesso periodo dell'anno precedente. Tuttavia, la società ha registrato un calo del margine lordo al 28,1% (-240 punti base) e una perdita operativa di $0.8 million.
La crescita dei ricavi è stata sostenuta da buone performance in Sanitaryware (+4,3%), Bath Furniture (+2,7%) e soprattutto in Covered Bridge (+67,7%), mentre i sistemi doccia (Shower Systems) sono diminuiti dell'11,2%. Per area geografica, le vendite sono aumentate in Canada (+2,0%) e in Europa (+36,7%), mentre negli Stati Uniti si è registrata una lieve flessione (-0,4%).
FGI conferma le previsioni per l'esercizio 2025 di ricavi tra $135-145 million e un risultato operativo rettificato compreso tra $(2.0)-1.5 million. Al termine del secondo trimestre la società disponeva di $16.4 million in total liquidity e continua a investire in iniziative di crescita nonostante le persistenti problematiche sui dazi.
FGI Industries (Nasdaq: FGI), proveedor global de productos para cocina y baño, presentó los resultados del 2T 2025 con ingresos de $31.0 million, un aumento interanual del 5,5%. La compañía afrontó una caída del margen bruto hasta el 28,1% (-240 puntos básicos) y reportó una pérdida operativa de $0.8 million.
El crecimiento de los ingresos se apoyó en el buen desempeño de Sanitaryware (+4,3%), Bath Furniture (+2,7%) y, de forma destacada, Covered Bridge (+67,7%), mientras que Shower Systems cayó un 11,2%. Por regiones, las ventas aumentaron en Canadá (+2,0%) y en Europa (+36,7%) pero descendieron ligeramente en EE. UU. (-0,4%).
FGI mantiene su guía para el ejercicio 2025 de ingresos de $135-145 million y un resultado operativo ajustado entre $(2.0)-1.5 million. Al cierre del 2T la compañía contaba con $16.4 million in total liquidity y sigue invirtiendo en iniciativas de crecimiento pese a los continuos retos por aranceles.
FGI Industries (Nasdaq: FGI)는 글로벌 주방·욕실 제품 공급업체로서 2025년 2분기 실적을 발표했으며 매출은 $31.0 million으로 전년 동기 대비 5.5% 증가했습니다. 다만 총이익률이 28.1%로 하락(-240bp)했고 영업손실 $0.8 million을 기록했습니다.
매출 성장은 Sanitaryware (+4.3%), Bath Furniture (+2.7%), 특히 Covered Bridge (+67.7%)의 호조에 힘입었으나 Shower Systems는 11.2% 감소했습니다. 지역별로는 캐나다(+2.0%)와 유럽(+36.7%)에서 매출이 증가했고 미국에서는 소폭 감소(-0.4%)했습니다.
FGI는 2025 회계연도 가이던스를 매출 $135-145 million, 조정 영업이익 $(2.0)-1.5 million으로 유지했습니다. 2분기 말 유동성은 $16.4 million in total liquidity였으며 관세 관련 어려움에도 불구하고 성장 투자 기조를 이어가고 있습니다.
FGI Industries (Nasdaq: FGI), fournisseur mondial de produits pour cuisine et salle de bains, a publié ses résultats du 2e trimestre 2025 avec un chiffre d'affaires de $31.0 million, en hausse de 5,5% sur un an. La société a toutefois subi une baisse de la marge brute à 28,1% (-240 points de base) et affiché une perte opérationnelle de $0.8 million.
La croissance du chiffre d'affaires a été portée par de bonnes performances de Sanitaryware (+4,3%), Bath Furniture (+2,7%) et notamment Covered Bridge (+67,7%), tandis que Shower Systems a diminué de 11,2%. Par zone géographique, les ventes ont progressé au Canada (+2,0%) et en Europe (+36,7%) mais ont légèrement reculé aux États-Unis (-0,4%).
FGI maintient ses prévisions pour l'exercice 2025 avec un chiffre d'affaires attendu entre $135-145 million et un résultat opérationnel ajusté compris entre $(2.0)-1.5 million. À la clôture du 2e trimestre, la société disposait de $16.4 million in total liquidity et continue d'investir dans des initiatives de croissance malgré les défis persistants liés aux droits de douane.
FGI Industries (Nasdaq: FGI), ein globaler Anbieter von Küchen- und Badprodukten, meldete die Ergebnisse für Q2 2025 mit einem Umsatz von $31.0 million, ein Plus von 5,5% gegenüber dem Vorjahr. Das Unternehmen verzeichnete jedoch einen Rückgang der Bruttomarge auf 28,1% (-240 Basispunkte) und einen operativen Verlust von $0.8 million.
Das Umsatzwachstum wurde getragen von starken Leistungen bei Sanitaryware (+4,3%), Bath Furniture (+2,7%) und besonders Covered Bridge (+67,7%), während die Shower Systems um 11,2% zurückgingen. Geografisch stiegen die Verkäufe in Kanada (+2,0%) und Europa (+36,7%), während sie in den USA leicht rückläufig waren (-0,4%).
FGI bestätigt seine Jahresprognose für 2025 mit einem Umsatz von $135-145 million und einem bereinigten operativen Ergebnis von $(2.0)-1.5 million. Zum Ende des zweiten Quartals verfügte das Unternehmen über $16.4 million in total liquidity und investiert trotz anhaltender Zollprobleme weiter in Wachstumsinitiativen.
- Total revenue increased 5.5% year-over-year to $31.0 million
- Strong growth in Covered Bridge business (+67.7% YoY)
- Significant European market growth of 36.7%
- Healthy liquidity position of $16.4 million
- Continued expansion in India with growing dealer network
- Operating loss of $0.8 million compared to $0.5 million operating income last year
- Gross margin declined 240 basis points to 28.1%
- Net loss of $1.2 million ($0.64 per diluted share)
- Shower Systems revenue declined 11.2%
- Operating expenses increased 1.3% while facing margin pressures
Insights
FGI shows mixed Q2 results with 5.5% revenue growth but declining margins and profitability due to tariff pressures.
FGI Industries reported
The company swung to an operating loss of
Segment performance was mixed. Sanitaryware (
The tariff environment is clearly pressuring margins, with management noting an "industry-wide pause" as customers evaluate tariff impacts. Operating expenses increased
Liquidity appears adequate with
The kitchen and bath supplier faces significant challenges balancing growth investments with tariff-induced margin compression. Their "China+1" sourcing diversification strategy and investment in digital initiatives like Isla Porter (AI-backed digital sales platform) are promising but haven't yet offset margin deterioration.
SECOND QUARTER 2025 HIGHLIGHTS
(As compared to the second quarter of 2024)
- Total revenue of
$31.0 million 5.5% y/y - Gross profit of
$8.7 million 2.9% y/y - Gross margin of
28.1% , -240 bps y/y - Operating loss of
$0.8 million $1.2 million - Adjusted operating loss of
$0.8 million - Adjusted net loss of
$1.2 million
MANAGEMENT COMMENTARY
Dave Bruce, CEO of FGI, stated, "FGI reported total revenue of
"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 as we did in 2018. We are confident that we can navigate through what comes given the close relationships we have cultivated over the years with our vendors and customers. The order pipeline is recovering even as some customers remain cautious due to tariff environment."
Jae Chung, Chief Financial Officer of FGI, commented, "Even as total revenue increased
SECOND QUARTER 2025 RESULTS
Revenue totaled
- Sanitaryware revenue was
$18.1 million $17.3 million - Bath Furniture revenue was
$4.1 million $4.0 million - Shower Systems revenue was
$5.2 million $5.9 million - Other revenue, primarily from Kitchen Cabinets, was
$3.5 million $2.1 million
Gross profit was
Operating loss was
The Company reported GAAP net loss attributable to shareholders of
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 June 30, 2025, the Company had
FINANCIAL GUIDANCE
The Company reiterates 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.
SECOND QUARTER CONFERENCE CALL
FGI will conduct a conference call on Tuesday, August 12 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: | 1-866-250-8117 | |
International Live: | 1-412-317-6011 |
To listen to a replay of the teleconference, which will be available through August 26, 2025:
Domestic Replay: | 1-844-512-2921 | |
International Replay: | 1-412-317-6671 | |
Conference ID: | 10201251 |
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
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 tariff environment, 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. CONDENSED CONSOLIDATED BALANCE SHEETS | |||
As of | As of | ||
USD | USD | ||
(Unaudited) | |||
ASSETS | |||
CURRENT ASSETS | |||
Cash | $ 2,519,117 | $ 4,558,160 | |
Accounts receivable, net | 15,704,382 | 20,293,555 | |
Inventories, net | 12,680,481 | 13,957,867 | |
Prepayments and other current assets | 2,425,406 | 2,091,407 | |
Prepayments and other receivables – related parties | 15,795,678 | 11,996,973 | |
Total current assets | 49,125,064 | 52,897,962 | |
PROPERTY AND EQUIPMENT, NET | 3,880,396 | 3,634,340 | |
OTHER ASSETS | |||
Intangible assets | 1,841,457 | 1,849,951 | |
Operating lease right-of-use assets, net | 11,884,613 | 12,823,747 | |
Deferred tax assets, net | 3,668,198 | 2,665,585 | |
Other noncurrent assets | 1,301,956 | 1,589,830 | |
Total other assets | 18,696,224 | 18,929,113 | |
Total assets | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
CURRENT LIABILITIES | |||
Short-term loans | |||
Accounts payable | 21,447,290 | 19,349,529 | |
Accounts payable – related parties | 203,658 | 894,661 | |
Income tax payable | 51,371 | 23,189 | |
Operating lease liabilities – current | 1,648,147 | 1,867,956 | |
Accrued expenses and other current liabilities | 4,713,393 | 5,905,124 | |
Total current liabilities | 40,622,359 | 42,542,826 | |
OTHER LIABILITIES | |||
Operating lease liabilities – noncurrent | 10,803,301 | 11,352,939 | |
Total liabilities | 51,425,660 | 53,895,765 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY | |||
Preference Shares ( | — | — | |
Ordinary shares ( | 959 | 956 | |
Additional paid-in capital | 21,479,973 | 21,279,047 | |
Retained earnings | 1,351,819 | 3,212,435 | |
Accumulated other comprehensive loss | (1,550,093) | (2,239,560) | |
FGI Industries Ltd. shareholders' equity | 21,282,658 | 22,252,878 | |
Non-controlling interests | (1,006,634) | (687,228) | |
Total shareholders' equity | 20,276,024 | 21,565,650 | |
Total liabilities and shareholders' equity | |||
(1) Giving retroactive effect to the reverse share split of the preference shares and ordinary shares at a ratio of 1-for-5 that became effective July 31, 2025. |
FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| |||||||
For the Three Months Ended | For the Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
USD | USD | USD | USD | ||||
Revenue | |||||||
Cost of revenue | 22,291,653 | 20,407,647 | 46,603,943 | 42,747,683 | |||
Gross profit | 8,706,607 | 8,963,302 | 17,606,865 | 17,376,785 | |||
Operating expenses | |||||||
Selling and distribution | 6,209,728 | 6,260,847 | 13,372,906 | 12,391,733 | |||
General and administrative | 2,844,715 | 2,622,020 | 5,545,928 | 4,904,878 | |||
Research and development | 484,502 | 530,797 | 801,228 | 851,470 | |||
Total operating expenses | 9,538,945 | 9,413,664 | 19,720,062 | 18,148,081 | |||
Loss from operations | (832,338) | (450,362) | (2,113,197) | (771,296) | |||
Other income (expenses) | |||||||
Interest income | 1,688 | 4,113 | 2,129 | 4,667 | |||
Interest expense | (282,191) | (305,094) | (584,951) | (527,301) | |||
Other (expenses) income, net | (466,200) | 429,513 | (438,109) | 456,530 | |||
Total other (expenses) income, net | (746,703) | 128,532 | (1,020,931) | (66,104) | |||
Loss before income taxes | (1,579,041) | (321,830) | (3,134,128) | (837,400) | |||
Provision for (benefit of) income taxes | |||||||
Current | 29,339 | 267,876 | 48,507 | 338,708 | |||
Deferred | (243,915) | (566,291) | (1,002,613) | (614,834) | |||
Total provision for income taxes | (214,576) | (298,415) | (954,106) | (276,126) | |||
Net loss | (1,364,465) | (23,415) | (2,180,022) | (561,274) | |||
Less: net loss attributable to non-controlling shareholders | (132,941) | (186,980) | (319,406) | (312,650) | |||
Net (loss) income attributable to FGI Industries Ltd. shareholders | (1,231,524) | 163,565 | (1,860,616) | (248,624) | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustment | 603,035 | (424,980) | 689,467 | (447,558) | |||
Comprehensive loss | (761,430) | (448,395) | (1,490,555) | (1,008,832) | |||
Less: comprehensive loss attributable to non-controlling shareholders | (132,941) | (186,980) | (319,406) | (312,650) | |||
Comprehensive loss attributable to FGI Industries Ltd. shareholders | $ (628,489) | $ (261,415) | $ (1,171,149) | $ (696,182) | |||
Weighted average number of ordinary shares | |||||||
Basic(1) | 1,918,248 | 1,912,956 | 1,917,029 | 1,913,287 | |||
Diluted(1) | 1,918,248 | 1,939,912 | 1,917,029 | 1,913,287 | |||
(Loss) earnings per share | |||||||
Basic(1) | $ (0.64) | $ 0.09 | $ (0.97) | $ (0.13) | |||
Diluted(1) | $ (0.64) | $ 0.08 | $ (0.97) | $ (0.13) | |||
(1) Giving retroactive effect to the reverse share split of the preference shares and ordinary shares at a ratio of 1-for-5 that became effective July 31, 2025. |
FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| |||
For the Six Months Ended | |||
2025 | 2024 | ||
USD | USD | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (2,180,022) | $ (561,274) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation | 311,218 | 199,439 | |
Amortization | 1,138,345 | 1,265,425 | |
Share-based compensation | 200,929 | 328,090 | |
Provision for credit losses | 75,359 | (6,523) | |
Provision for defective return | 51,900 | 554,148 | |
Foreign exchange transaction (gain) loss | 383,579 | (227,952) | |
Deferred income tax benefit | (1,002,613) | (614,835) | |
Changes in operating assets and liabilities | |||
Accounts receivable | 4,461,914 | (1,941,477) | |
Inventories | 1,277,386 | (2,880,929) | |
Prepayments and other current assets | (333,999) | 1,476,612 | |
Prepayments and other receivables – related parties | (3,798,705) | (6,080,824) | |
Other noncurrent assets | 287,874 | (496,227) | |
Income taxes | 28,182 | (412,085) | |
Accounts payable | 2,097,761 | 2,785,664 | |
Accounts payable - related parties | (691,003) | 280,955 | |
Operating lease liabilities | (920,707) | (1,010,637) | |
Accrued expenses and other current liabilities | (1,191,731) | 214,652 | |
Net cash provided by (used in) operating activities | 195,667 | (7,127,778) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property and equipment | (555,954) | (1,189,655) | |
Purchase of intangible assets | (75,196) | (669,764) | |
Net cash used in investing activities | (631,150) | (1,859,419) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net proceeds from (repayments of) revolving credit facility | (1,943,867) | 2,733,024 | |
Net cash (used in) provided by financing activities | (1,943,867) | 2,733,024 | |
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH | 340,307 | (215,976) | |
NET CHANGES IN CASH | (2,039,043) | (6,470,149) | |
CASH, BEGINNING OF PERIOD | 4,558,160 | 7,777,241 | |
CASH, END OF PERIOD | $ 2,519,117 | $ 1,307,092 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid during the period for interest | $ (589,676) | $ (520,370) | |
Cash paid during the period for income taxes | $ (22,153) | $ (746,120) | |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Lease liability arising from obtaining a right-of-use asset | $ 1,133,514 | $ — | |
Derecognition of lease liability upon early termination | $ (1,251,111) | $ — | |
Acquisition of intangible asset partially through prior period advanced payment | $ — | $ (1,241,664) | |
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 Twelve Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
USD | USD | USD | USD | ||||
Loss from operations | $ (832,338) | $ (450,362) | $ (3,441,492) | $ 955,799 | |||
Adjustments: | |||||||
Non-recurring IPO-related share-based compensation | — | 59,719 | 139,344 | 238,876 | |||
Business expansion expense | — | 61,770 | 123,540 | 247,082 | |||
Adjusted Operating Loss | $ (832,338) | $ (328,873) | $ (3,178,608) | $ 1,441,757 | |||
Revenue | |||||||
Adjusted Operating Margins (%) | (2.7) | (1.1) | (2.3) | 1.2 | |||
For the Three Months Ended | For the Twelve Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
USD | USD | USD | USD | ||||
Loss before income taxes | $ (1,579,041) | $ (321,830) | $ (4,578,826) | $ 541,207 | |||
Adjustments: | |||||||
Non-recurring IPO-related share-based compensation | — | 59,719 | 139,344 | 238,876 | |||
Business expansion expense | — | 61,770 | 123,540 | 247,082 | |||
Adjusted loss before income taxes | (1,579,041) | (200,341) | (4,315,942) | 1,027,165 | |||
Less: income taxes at | (284,227) | (36,061) | (776,870) | 184,890 | |||
Less: net loss attributable to non-controlling shareholders | (132,941) | (186,980) | (539,944) | (466,690) | |||
Adjusted Net (Loss) Income | $ (1,161,873) | $ 22,700 | $ (2,999,128) | $ 1,308,965 | |||
Beginning in the first quarter of 2025, we have revised the presentation of non-GAAP measures to provide more meaningful insight into the Company's performance. Historical comparative figures have been adjusted to reflect the current presentation format. These changes are intended to better align with how management evaluates results and makes operating decisions. Reconciliations to the most directly comparable GAAP measures are provided to support transparency and comparability.
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SOURCE FGI Industries Ltd.
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