$FGIWW

FGI Industries Ltd.

CIK:0001864943|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Statement of Comprehensive Income [Abstract]

Revenue

$ 31,885,552

$ 30,998,260

$ 62,387,012

$ 64,210,808

Cost of revenue

21,223,160

22,291,653

43,563,929

46,603,943

Gross profit

10,662,392

8,706,607

18,823,083

17,606,865

Operating expenses

Selling and distribution

5,978,039

6,209,728

12,193,296

13,372,906

General and administrative

2,877,453

2,844,715

5,231,686

5,545,928

Research and development

406,316

484,502

688,926

801,228

Total operating expenses

9,261,808

9,538,945

18,113,908

19,720,062

Income (loss) from operations

1,400,584

(832,338)

709,175

(2,113,197)

Other income (expenses)

Interest income

1,694

1,688

2,569

2,129

Interest expense

(449,751)

(282,191)

(804,653)

(584,951)

Other income (expenses), net

315,334

(466,200)

242,283

(438,109)

Total other expenses, net

(132,723)

(746,703)

(559,801)

(1,020,931)

Income (loss) before income taxes

1,267,861

(1,579,041)

149,374

(3,134,128)

Total provision for (benefit of) income taxes

141,199

(214,576)

165,877

(954,106)

Net income (loss)

1,126,662

(1,364,465)

(16,503)

(2,180,022)

Less: net loss attributable to non-controlling shareholders

(169,447)

(132,941)

(343,207)

(319,406)

Net income (loss) attributable to FGI Industries Ltd. shareholders

1,296,109

(1,231,524)

326,704

(1,860,616)

Other comprehensive (loss) income

Foreign currency translation adjustment

(499,569)

603,035

(535,620)

689,467

Comprehensive income (loss)

627,093

(761,430)

(552,123)

(1,490,555)

Less: comprehensive loss attributable to non-controlling shareholders

(169,447)

(132,941)

(343,207)

(319,406)

Comprehensive income (loss) attributable to FGI Industries Ltd. shareholders

$ 796,540

$ (628,489)

$ (208,916)

$ (1,171,149)

Weighted average number of ordinary shares(1)

Basic (in shares)

1,930,144

1,918,248

1,925,408

^[1]

1,917,029

^[1]

Diluted (in shares)

2,008,306

1,918,248

1,970,423

^[1]

1,917,029

^[1]

Earnings (loss) per share

Basic (in dollars per share)

$ 0.67

$ (0.64)

$ 0.17

^[1]

$ (0.97)

^[1]

Diluted (in dollars per share)

$ 0.65

$ (0.64)

$ 0.17

^[1]

$ (0.97)

^[1]

[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. See Note 9 “Shareholders' Equity” for details.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (16,503)	$ (2,180,022)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	355,152	311,218
Amortization	1,059,021	1,138,345
Share-based compensation	6,856	200,929
Provision for credit losses	17,441	75,359
Provision for defective return	488,492	51,900
Foreign exchange transaction loss (gain)	(270,219)	383,579
Deferred income tax expense (benefit)	7,397	(1,002,613)
Changes in operating assets and liabilities
Accounts receivable	(2,137,275)	4,461,914
Inventories	3,248,644	1,277,386
Other noncurrent assets	244,344	287,874
Income taxes	152,819	28,182
Operating lease liabilities	(845,818)	(920,707)
Accrued expenses and other current liabilities	464,206	(1,191,731)
Net cash provided by operating activities	1,815,957	195,667
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(169,941)	(555,954)
Purchase of intangible assets	(5,458)	(75,196)
Net cash used in investing activities	(175,399)	(631,150)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from credit facilities	56,291,162	31,157,739
Repayments of credit facilities	(55,125,001)	(33,101,606)
Net cash provided by (used in) financing activities	1,166,161	(1,943,867)
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH	(285,462)	340,307
NET CHANGES IN CASH	2,521,257	(2,039,043)
CASH, BEGINNING OF PERIOD	1,899,801	4,558,160
CASH, END OF PERIOD	4,421,058	2,519,117
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	(725,551)	(589,676)
Cash paid during the period for income taxes	(5,818)	(22,153)
NON-CASH INVESTING AND FINANCING ACTIVITIES
Lease liability arising from obtaining a right-of-use asset	21,879	1,133,514
Derecognition of right-of-use asset and lease liability upon early termination	0	(1,251,111)
Nonrelated Party
Changes in operating assets and liabilities
Prepayments and other current assets	(548,358)	(333,999)
Accounts payable	(1,752,528)	2,097,761
Related Party
Changes in operating assets and liabilities
Prepayments and other current assets	1,337,605	(3,798,705)
Accounts payable	$ 4,681	$ (691,003)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash	$ 4,421,058	$ 1,899,801
Accounts receivable, net	15,479,104	13,847,762
Inventories, net	12,044,099	15,292,742
Total current assets	51,505,312	51,543,423
Property and equipment, net	3,662,418	3,853,864
NONCURRENT ASSETS
Intangible assets, net	1,608,103	1,733,616
Operating lease right-of-use assets, net	9,908,253	11,031,892
Deferred tax assets, net	204,184	211,581
Other noncurrent assets	918,861	1,163,205
Total noncurrent assets	16,301,819	17,994,158
Total assets	67,807,131	69,537,581
CURRENT LIABILITIES
Short-term loans	13,034,989	11,868,828
Operating lease liabilities – current	1,737,632	1,700,936
Accrued expenses and other current liabilities	6,071,610	5,607,405
Total current liabilities	43,834,140	43,914,924
NONCURRENT LIABILITIES
Operating lease liabilities – noncurrent	8,908,217	10,012,616
Total liabilities	52,742,357	53,927,540
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Preference Shares, value	0	0
Ordinary shares, value	966	960
Additional paid-in capital	21,619,076	21,612,226
Accumulated deficit	(2,600,387)	(2,927,091)
Accumulated other comprehensive loss	(1,938,566)	(1,402,946)
FGI Industries Ltd. shareholders’ equity	17,081,089	17,283,149
Non-controlling interests	(2,016,315)	(1,673,108)
Total shareholders’ equity	15,064,774	15,610,041
Total liabilities and shareholders’ equity	67,807,131	69,537,581
Nonrelated Party
CURRENT ASSETS
Prepayments and other current assets and receivables	3,623,798	3,228,259
CURRENT LIABILITIES
Accounts payable	22,935,373	24,687,900
Related Party
CURRENT ASSETS
Prepayments and other current assets and receivables	15,937,253	17,274,859
CURRENT LIABILITIES
Accounts payable	$ 54,536	$ 49,855