FGI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Our business was significantly impacted by the changes in the U.S. tariff regime in 2025 and related responses from foreign jurisdictions. On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Following the Sup…

• The following table summarizes the results of our operations for the three months ended March 31, 2026 and 2025 and provides information regarding the dollar and percentage increase (decrease) during such periods.

• For the three months ended March 31, 2026, our revenue decreased by $2.7 million, or 8.2%, to $30.5 million from $33.2 million for the same period last year. The decrease in our revenue was primarily driven by decreases in sales of sanitaryware.

• We derive the majority of our revenue from sales of sanitaryware, which accounted for 52.9% of our total revenue for the three months ended March 31, 2026, compared to 60.7% for the comparable period of 2025. Revenue generated from the sales of sanitaryware decreased by 20.0% to $16.1 million for th…

• We consistently generated the majority of our revenue in the United States market, which amounted to $19.9 million and $21.2 million for the three months ended March 31, 2026 and 2025, respectively. Such revenue accounted for approximately 65.3% and 63.7% of our total revenue for the three months en…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The following table summarizes the results of our operations for the three and nine months ended September 30, 2025 and 2024 and provides information regarding the dollar and percentage increase (decrease) during such periods.

• For the Three and Nine Months Ended September 30, 2025 and 2024

• Adjusted net income (loss) attributable to FGI Industries Ltd. shareholders(1)

• For the nine months ended September 30, 2025, our revenue increased by $3.8 million, or 4.0%, to $100.1 million from $96.2 million for the same period last year. The increase in our revenue was primarily driven by increases in sales of sanitaryware, bath furniture and custom kitchen cabinetry. Reven…

• We derive the majority of our revenue from sales of sanitaryware, which accounted for 64.0% and 61.2% of our total revenue for the three and nine months ended September 30, 2025, compared to 59.4% and 61.6% for the comparable periods of 2024. Revenue generated from the sales of sanitaryware increase…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Management identified a material weakness in internal control over financial reporting related to the precision of journal entry and account reconciliation review controls at a newly in‑scope foreign system and processes. Although general ledger, reconciliation, and analytical review procedures were…

• Management completed the remediation of the material weaknesses identified during the year ended December 31, 2024. Specifically, the Company segregated responsibilities for journal entry processing, implemented system-supported detection and approval controls to enhance oversight, standardized the …

• management review, and introduced a secondary review over loan covenant calculations. These controls have been implemented, tested, and are operating effectively, and management has concluded that the previously identified material weaknesses have been remediated.

• Following the identification of a material weakness in a recently scoped subsidiary during the year ended December 31, 2025, management has initiated remediation actions to address this deficiency. These actions include the addition of dedicated in-house accounting resources to oversee the financial…

• Other than as described above, there have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• During our assessment of internal control over financial reporting as of December 31, 2024, we identified the following material weaknesses:

• •Inadequate segregation of duties related to the initiation and recording of journal entries to the general ledger.

• •Inadequate evidence of management review controls regarding the review and approval of certain account reconciliations.

• •Inadequate evidence and precision of management review controls regarding loan covenants and covenant calculations.

• We have begun implementing remediation measures to address the reported material weaknesses. Specifically, we have segregated responsibilities for journal entry processing, implementing system supported detection and approval controls to strengthen oversight, standardized the account reconciliation …