Financial Data and Key Metrics Changes - FGI reported total revenue of $29.4 million in Q2 2024, representing a year-over-year increase of 0.6% [4] - Gross profit was $9 million, reflecting growth of 11.9% compared to the prior year, with gross margin improving to 30.5%, an increase of 310 basis points [4][7] - Operating expenses increased to $9.4 million from $7.4 million in the prior year due to inflation and ongoing investments in growth initiatives [8] - GAAP operating income was negative $0.5 million in the quarter, down from $0.6 million the prior year [8] - Total liquidity at the end of Q2 was $17.4 million, slightly down from $17.8 million in the prior quarter [8] Business Line Data and Key Metrics Changes - Sanitaryware revenue declined 8% year-over-year in the quarter [5] - The Shower Systems business reported a revenue increase of 37% compared to the same period last year [5] - Covered Bridge revenue in custom kitchen cabinetry increased by 66% in the quarter, driven by strong dealer and customer expansion [6] Market Data and Key Metrics Changes - The industry outlook remains relatively flat overall, with customers forecasting minimal growth in 2024 [4] - Freight rates have more than doubled since December 2023, impacting shipment lead times and costs [5] Company Strategy and Development Direction - The company is focusing on organic growth initiatives across its brands, products, and channels, referred to as the BPC strategy [4] - There is a strategic shift towards lower-priced offerings in the Bath Furniture segment to align with market pricing and design trends [5] - Geographic expansion plans in Europe and India are expected to drive growth, with an office and showroom opened in India [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, expecting to fulfill delayed shipments and seeing improved order cadence from larger customers [12] - The company is cautiously optimistic about 2025, with new program launches and customer acquisitions expected to drive growth [13] - Management noted that despite macroeconomic challenges, they expect to outpace market declines with new incremental sales [16] Other Important Information - The transition to SAP enterprise software was officially implemented on May 1, 2024, which caused some hiccups in domestic and direct import shipments [10] - The company reiterated its guidance for 2024, expecting revenue in the range of $115 million to $128 million [8] Q&A Session Summary Question: Impact of SAP enterprise switch - The SAP system was implemented at the end of Q1, with some hiccups affecting shipments, but expected benefits in efficiency going forward [10] Question: Signs of consumer weakening and inventory risks - Management indicated no signs of destocking and noted that inventory has increased due to new program launches anticipated in the second half [11][12] Question: Surprises in the quarter and outlook for Q3 - Management maintained guidance, noting that shipping delays impacted Q2 but are not expected to affect future performance significantly [15] Question: Freight rates outlook - Freight rates are expected to continue rising, with industry insiders suggesting potential decreases late Q3 or early 2025 [18] Question: Update on Indian market penetration - The company has secured key distributors in India and plans to launch a showroom by September/October, which is expected to enhance market presence [20][21]

FGI Industries Ltd. (FGI) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -66.67%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.04, delivering a surprise of -100%. Over the last four quarters, the company ...

EAST HANOVER, N.J., Aug. 7, 2024 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the second quarter 2024. SECOND QUARTER 2024 HIGHLIGHTS (As compared to the second quarter of 2023) Total revenue of $29.4 million, +0.6% y/y Gross profit of $9.0 million, +11.9% y/y Gross margin of 30.5%, +310 bps y/y Operating loss of ($0.5) million and net loss of ($0.0) million Adjusted operating loss of ($0.3) mi ...

EAST HANOVER, N.J., July 26, 2024 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced that it will issue financial results for the second quarter 2024 after the market close on Wednesday, August 7, 2024. Management will conduct a conference call on Thursday, August 8, 2024, at 9:00 am Eastern Time to discuss the quarterly results. To participate in the live teleconference: To listen to a replay of the teleconfere ...

Revenue Performance - Revenues increased by $3.6 million, or 13.2%, to $30.8 million for Q1 2024 compared to $27.2 million in Q1 2023, driven primarily by increases in Sanitaryware and Shower System sales [165]. - Sanitaryware sales accounted for 66.7% of total revenues in Q1 2024, increasing by 33.6% to $20.5 million from $15.4 million in Q1 2023 [166]. - Shower System revenues increased by 14.5% to $5.8 million in Q1 2024, compared to $5.0 million in Q1 2023, supported by new product programs [169]. - Revenues from the U.S. market increased by 11.8% to $19.6 million in Q1 2024, accounting for 63.7% of total revenues [171]. - Canadian revenues grew by 20.9% to $7.9 million in Q1 2024, driven by recovery in the pro channel for Sanitaryware [172]. - Revenue for the three months ended March 31, 2024, was $30,753,519, an increase from $27,162,266 in the same period of 2023, representing an increase of approximately 9.4% [211]. Profitability and Margins - Gross margin improved to 27.4% in Q1 2024, up from 26.5% in Q1 2023, benefiting from a shift towards higher-margin products and lower logistics costs [174]. - The company expects gross margins to remain consistent with those generated during fiscal year 2023, with operating margin improvement driven by volume leverage [157]. - Adjusted (loss) income from operations for the three months ended March 31, 2024, was $(199,445), compared to an adjusted income of $168,564 in the same period of 2023 [211]. - Adjusted operating margins for the three months ended March 31, 2024, were (0.6)%, down from 0.6% in the same period of 2023, indicating a decline in operational efficiency [211]. Expenses - Selling and distribution expenses rose by 30.1% to $6.1 million in Q1 2024, reflecting increased personnel and marketing costs due to inflation [177]. - General and administrative expenses increased by $0.1 million, or 6.6%, to $2.3 million for the three months ended March 31, 2024, from $2.1 million for the same period in 2023 [178]. - Business expansion expenses for the three months ended March 31, 2024, were $61,770, slightly down from $61,772 in the same period of 2023 [211]. Cash Flow and Liquidity - Total liquidity as of March 31, 2024, was $17.8 million, providing sufficient financial flexibility for organic growth strategies [157]. - Cash and working capital as of March 31, 2024, were $3.3 million and $16.8 million, respectively, with an aggregate of approximately $4.5 million drawn on credit facilities during the same period [183]. - Net cash used in operating activities was approximately $8.3 million for the three months ended March 31, 2024, primarily due to an increase in prepayments and inventories [198]. - Net cash used in investing activities was $0.6 million for the three months ended March 31, 2024, attributed to purchases of property and equipment [200]. - Net cash provided by financing activities was approximately $4.5 million for the three months ended March 31, 2024, representing net proceeds from bank loans [201]. Net Loss and Financial Position - Net loss increased by $0.2 million, or 77.3%, to $0.5 million for the three months ended March 31, 2024, compared to a net loss of $0.3 million for the same period in 2023 [182]. - Adjusted net loss for the three months ended March 31, 2024, was $439,331, up from an adjusted net loss of $164,296 in the same period of 2023, reflecting a worsening financial position [211]. - The company recorded an income tax expense of approximately $22,000 for the three months ended March 31, 2024, down from $33,000 for the same period in 2023 [181]. - Total outstanding debt as of March 31, 2024, included approximately $9.9 million under the Credit Agreement and $1.5 million under the CTBC Credit Line [189][195]. - The company may require additional cash resources in the future for investments, acquisitions, or strategic cooperation, depending on business conditions [184].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------|-----------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance sheet strength and liquidity continues to support ongoing working | | | | | | | | | | | | | | capital needs | | | | | | | | | • | | | | | Cash and availability under o ...

FGI Industries Ltd. (FGI) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post earnings of $0.02 per share when it actually produced earnings of $0.06, delivering a surprise of 200%.Over the last four quarters, the company has surp ...

Exhibit 99.1 FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2024 RESULTS EAST HANOVER, N.J., May 8, 2024 – FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the first quarter 2024. FIRST QUARTER 2024 HIGHLIGHTS (As compared to the first quarter of 2023) MANAGEMENT COMMENTARY Dave Bruce, President and CEO of FGI, stated, "The industry outlook remains relatively flat overall with our customers not expecting much growth in 20 ...

EAST HANOVER, N.J., May 3, 2024 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced that it will issue financial results for the first quarter 2024 after the market close on Wednesday, May 8, 2024. Management will conduct a conference call on Thursday, May 9, 2024, at 9:00 am Eastern Time to discuss the quarterly results. A webcast of the conference call and accompanying presentation materials will be available i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41207 FGI Industries Ltd. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1603252 (State or Other Jurisdiction of (I.R.S. Emp ...