Press Release: Fgi Industries Announces Second -4

EAST HANOVER, N.J., Aug. 11, 2025 /PRNewswire/ — FGI Industries Ltd. F ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the second quarter 2025.

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 and net loss attributable to shareholders of $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 $31.0 million in the quarter, representing a year-over-year increase of 5.5%. Gross profit was $8.7 million, a decrease of 2.9% compared to the prior year. The gross margin was 28.1%, a decline of 240 basis points compared to the second quarter of 2024 due primarily to the ongoing tariff environment. FGI was impacted by an industry-wide pause during the quarter as customers evaluated the impact of tariffs on their businesses. The industry outlook remains uncertain due to tariffs 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 and our customers continue to evaluate a China+1 strategy to diversify and broaden our geographic sourcing. FGI's second quarter revenue increased compared to the prior year period due to growth in our Sanitaryware, Bath Furniture and Covered Bridge cabinetry businesses while Shower Systems revenue declined. Revenue declined 0.4% in the U.S. and grew 2.0% and 36.7% in Canada and Europe market, respectively. Sanitaryware, Bath Furniture and Covered Bridge revenue grew 4.3%, 2.7% and 67.7% year-over-year, respectively, in the second quarter. Shower Systems revenue declined 11.2% year-over-year. Covered Bridge continues to show strong growth 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. In India, we continue to add more dealers as we expand our presence there." 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 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 5.5% year-over-year, FGI continues to invest in long-term growth as operating expenses increased 1.3% year-over-year to $9.5 million. The increase in operating expenses was due to investing in initiatives related to our BPC growth strategy including Isla Porter and India, and one-time costs related to optimizing our warehouse operations. FGI ended the second quarter with total available liquidity of $16.4 million. We believe the best use of our capital is for internal investment in order to attract new customers, expand existing relationships, develop new products and manufacturing capabilities and expand into new jurisdictions, and this will remain our priority in the near term."

SECOND QUARTER 2025 RESULTS

Revenue totaled $31.0 million during the second quarter of 2025, an increase of 5.5% compared to the prior-year period despite the on-going and fluid tariff environment.

• Sanitaryware revenue was $18.1 million during the second quarter of 2025, an increase from $17.3 million in the prior-year period.
• Bath Furniture revenue was $4.1 million during the second quarter of 2025, an increase from revenue of $4.0 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 $5.2 million during the second quarter of 2025, a decrease from $5.9 million last year.
• Other revenue, primarily from Kitchen Cabinets, was $3.5 million during the second 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 second quarter of 2025, an decrease of 2.9% compared to the prior-year period. Gross profit margin decreased to 28.1% during the second quarter of 2025, down 240 basis points from the prior-year period due to the implementation of tariffs and higher freight costs.

Operating loss was $0.8 million during the second quarter of 2025, down from operating income of $0.5 million in the prior-year period. Adjusted operating loss was $0.8 million during the second 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 (2.7%) and (2.7%) during the second quarter, respectively, down from (1.5%) and (1.1%) in the same period last year.

The Company reported GAAP net loss attributable to shareholders of $1.2 million, or net loss of $0.64 per diluted share during the second quarter of 2025, versus net income of $0.2 million, or $0.08 per diluted share, in the same period last year. Net loss for the second quarter of 2025 and 2024 included after-tax expense of nil and $0.2 million related to business expansion expense and non-recurring IPO-related compensation. Excluding these items, adjusted net loss for the second quarter of 2025 was $1.2 million, or $0.61 per diluted share, versus adjusted net income of $23,000, or $0.01 per diluted share, for the same period last year. All share and per-share data gives 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.

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 $2.5 million of cash and cash equivalents, total debt of $12.6 million and $13.9 million of availability under its credit facilities net of letters of credit. Total liquidity was $16.4 million at June 30, 2025.

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. F 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 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 
                                           June 30, 2025   December 31, 2024 
                                          --------------  ------------------ 
                                               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                           $ 71,701,684        $ 75,461,415 
                                          ==============  ================== 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
 
CURRENT LIABILITIES 
 Short-term loans                           $ 12,558,500        $ 14,502,367 
 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 ($0.0001 par value, 
 2,000,000 shares authorized, no shares 
 issued and outstanding as of June 30, 
 2025 and December 31, 2024)(1)                       --                  -- 
 Ordinary shares ($0.0005 par value, 
  40,000,000 shares authorized, 
  1,918,311 and 1,912,783 shares issued 
  and outstanding as of June 30, 2025 
  and December 31, 2024, 
  respectively)(1)                                   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                 $ 71,701,684        $ 75,461,415 
                                          ==============  ================== 
 
 
 
(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 
                                June 30,                           June 30, 
                   ---------------------------------  ---------------------------------- 
                         2025             2024              2025              2024 
                   ----------------  ---------------  ----------------  ---------------- 
                         USD               USD              USD               USD 
Revenue                $ 30,998,260     $ 29,370,949      $ 64,210,808      $ 60,124,468 
 
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 
                                                      June 30, 
                                        ------------------------------------ 
                                              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 
                           June 30,                      June 30, 
                 ----------------------------  ---------------------------- 
                     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           $ 30,998,260   $ 29,370,949  $ 135,904,413  $ 121,013,893 
Adjusted 
 Operating 
 Margins (%)             (2.7)          (1.1)          (2.3)            1.2 
 
 
                   For the Three Months Ended    For the Twelve Months Ended 
                             June 30,                      June 30, 
                  -----------------------------  ---------------------------- 
                      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 18% 
 rate                 (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.