--- title: "FGI INDUSTRIES LTD C/WTS (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 30.5 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286608706.md" datetime: "2026-05-15T20:16:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286608706.md) - [en](https://longbridge.com/en/news/286608706.md) - [zh-HK](https://longbridge.com/zh-HK/news/286608706.md) generator: "portal-rs" --- # FGI INDUSTRIES LTD C/WTS (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 30.5 M Revenue: As of FY2026 Q1, the actual value is USD 30.5 M. EPS: As of FY2026 Q1, the actual value is USD -0.5. EBIT: As of FY2026 Q1, the actual value is USD -337.38 K. #### Financial Performance Overview (Three Months Ended March 31, 2026 vs. 2025) #### Total Revenue Total revenue for FGI Industries Ltd. decreased by 8.2% to $30,501,460 in 2026 from $33,212,548 in 2025 . #### Revenue by Product Line - **Sanitaryware:** Revenue decreased by 20.0% to $16,126,369 in 2026 from $20,159,852 in 2025, primarily driving the overall revenue decline . Sanitaryware represented 52.9% of total revenue in 2026, down from 60.7% in 2025 . - **Bath Furniture:** Revenue increased by 10.9% to $4,546,147 in 2026 from $4,100,382 in 2025, accounting for 14.9% of total revenue in 2026, up from 12.3% in 2025 . This growth is attributed to recently launched mid-tier product lines . - **Shower System:** Revenue increased by 14.0% to $6,480,302 in 2026 from $5,686,317 in 2025, representing 21.2% of total revenue in 2026, compared to 17.1% in 2025 . New programs in this category contributed to the growth . - **Others:** Revenue increased by 2.5% to $3,348,642 in 2026 from $3,265,997 in 2025, primarily due to volume growth from the Covered Bridge custom-kitchen cabinetry businesses . #### Revenue by Geographic Location - **United States:** Revenue decreased by 5.9% to $19,911,144 in 2026 from $21,168,372 in 2025, largely due to decreased sanitaryware sales . The U.S. market generated 65.3% of total revenue in 2026 . - **Canada:** Revenue decreased by 25.5% to $6,097,086 in 2026 from $8,184,143 in 2025, also primarily due to decreased sanitaryware sales . - **Europe:** Revenue increased by 15.4% to $3,582,073 in 2026 from $3,104,994 in 2025, reflecting continued demand in the European market . - **Rest of World:** Revenue increased by 20.7% to $911,157 in 2026 from $755,039 in 2025 . #### Profitability Metrics - **Gross Profit:** Decreased by 8.3% to $8,160,691 in 2026 from $8,900,258 in 2025 . - **Gross Profit Margin:** Remained stable at 26.8% for both 2026 and 2025 . The company anticipates gross margins to remain in line with 2025 and 2024 levels . - **Selling and Distribution Expenses:** Decreased by 13.2% to $6,215,257 in 2026 from $7,163,178 in 2025 . - **General and Administrative Expenses:** Decreased by 12.8% to $2,354,233 in 2026 from $2,701,213 in 2025 . - **Research and Development Expenses:** Decreased by 10.8% to $282,610 in 2026 from $316,726 in 2025 . - **Loss from Operations:** Improved by 46.0%, decreasing to -$691,409 in 2026 from -$1,280,859 in 2025 . - **Operating Margins:** Improved by 160 basis points, reaching -2.3% in 2026 from -3.9% in 2025 . - **Net Loss:** Increased by 40.2% to -$1,143,165 in 2026 from -$815,557 in 2025 . - **Net Loss Attributable to FGI Industries Ltd. shareholders:** Increased by 54.1% to -$969,405 in 2026 from -$629,092 in 2025 . #### Non-GAAP Adjusted Metrics - **Adjusted Operating Loss:** Improved by 45.2% to -$691,409 in 2026 from -$1,260,953 in 2025 . - **Adjusted Operating Margins:** Improved by 150 basis points, reaching -2.3% in 2026 from -3.8% in 2025 . - **Adjusted Net Loss Attributable to FGI Industries Ltd. shareholders:** Improved by 30.7% to -$743,399 in 2026 from -$1,072,383 in 2025 . #### Cash Flow - **Net cash used in operating activities:** Improved significantly, decreasing to -$325,713 in 2026 from -$1,651,686 in 2025 . This improvement was primarily due to favorable changes in working capital, including a $1.1 million decrease in inventories and a $0.6 million decrease in prepayments and other receivables from related parties . - **Net cash used in investing activities:** Decreased to -$79,726 in 2026 from -$450,155 in 2025, mainly due to reduced capital expenditures . - **Net cash provided by (used in) financing activities:** Shifted from -$1,330,812 used in 2025 to $1,274,861 provided in 2026, primarily from net proceeds from revolving credit facilities . - **Cash, end of period:** Increased to $2,659,190 in 2026 from $1,226,365 in 2025 . #### Customer and Vendor Concentration - **Customer Concentration:** For Q1 2026, three customers accounted for 14.7%, 14.5%, and 12.1% of total revenue, respectively . As of March 31, 2026, three customers represented 26.0%, 13.5%, and 10.3% of total accounts receivable . - **Vendor Concentration:** For Q1 2026, Tangshan Huida Ceramic Group Co., Ltd. accounted for 47.4% of total purchases . As of March 31, 2026, Huida accounted for 79.5% of total accounts payable . #### Future Outlook and Strategy FGI Industries Ltd. plans to prioritize long-term growth over short-term profitability by investing in product innovation, expanding relationships, developing new products and manufacturing capabilities, and entering new markets . Key strategic initiatives include a continued commitment to product innovation, driving organic growth through its “BPC” (Brands, Products, Channels) strategy, and efficient capital deployment . The company expects to maintain its strong manufacturing and customer relationships, which provide a competitive advantage . ### Related Stocks - [FGIWW.US](https://longbridge.com/en/quote/FGIWW.US.md) ## Related News & Research - [Cemat publishes H1 2026 interim report](https://longbridge.com/en/news/297006906.md) - [SoftwareOne attaches full H1 2026 report in correction to earlier release](https://longbridge.com/en/news/297010247.md) - [Ameriprise Financial declares Q3 2026 dividend of R$ 1.48 per unit](https://longbridge.com/en/news/297021432.md) - [Leggett & Platt declares Q3 2026 dividend of R$ 0.17 per unit](https://longbridge.com/en/news/297016902.md) - [Perma-Pipe International - Enters 2026 Credit Agreement With JPMorgan Chase Bank On August 25, 2026 - SEC Filing](https://longbridge.com/en/news/297184704.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**