Revenue: As of FY2025 Q3, the actual value is USD 35.85 M, missing the estimate of USD 37.7 M.EPS: As of FY2025 Q3, the actual value is USD -0.86.EBIT: As of FY2025 Q3, the actual value is USD 771.9 K.<h3>Segment Revenue</h3><ul><li>Sanitaryware: Revenue for the three months ended September 30, 2025 was $22,945,010, representing 64.0% of total revenue, compared to $21,451,387 or 59.4% for the same period in 2024. For the nine months ended September 30, 2025, revenue was $61,187,767, accounting for 61.2% of total revenue, compared to $59,303,663 or 61.6% for the same period in 2024.</li><li>Bath Furniture: Revenue for the three months ended September 30, 2025 was $3,714,301, representing 10.4% of total revenue, compared to $4,162,292 or 11.5% for the same period in 2024. For the nine months ended September 30, 2025, revenue was $11,952,906, accounting for 11.9% of total revenue, compared to $11,282,623 or 11.7% for the same period in 2024.</li><li>Shower System: Revenue for the three months ended September 30, 2025 was $5,869,423, representing 16.4% of total revenue, compared to $7,143,283 or 19.8% for the same period in 2024. For the nine months ended September 30, 2025, revenue was $16,786,602, accounting for 16.8% of total revenue, compared to $18,793,999 or 19.5% for the same period in 2024.</li><li>Others: Revenue for the three months ended September 30, 2025 was $3,320,127, representing 9.2% of total revenue, compared to $3,342,217 or 9.3% for the same period in 2024. For the nine months ended September 30, 2025, revenue was $10,132,394, accounting for 10.1% of total revenue, compared to $6,843,362 or 7.2% for the same period in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Gross Profit: For the three months ended September 30, 2025, gross profit was $9,498,668, compared to $9,308,222 for the same period in 2024. For the nine months ended September 30, 2025, gross profit was $27,105,533, compared to $26,685,007 for the same period in 2024.</li><li>Operating Expenses: Total operating expenses for the three months ended September 30, 2025 were $9,128,945, compared to $9,374,048 for the same period in 2024. For the nine months ended September 30, 2025, total operating expenses were $28,849,007, compared to $27,522,129 for the same period in 2024.</li><li>Net Loss: For the three months ended September 30, 2025, net loss was - $1,948,066, compared to - $698,248 for the same period in 2024. For the nine months ended September 30, 2025, net loss was - $4,128,088, compared to - $1,259,522 for the same period in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $1,670,736, compared to - $8,042,745 for the same period in 2024.</li><li>Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was - $893,846, compared to - $2,044,264 for the same period in 2024.</li><li>Net Cash Used in Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was - $426,021, compared to net cash provided by financing activities of $5,526,322 for the same period in 2024.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: The company plans to continue investing in product innovation, organic growth, and efficient capital deployment. Key strategic priorities include commitment to product innovation, driving above-market organic growth through the “BPC” strategy, enhancing margin performance, and efficient capital deployment.</li><li>Non-Core Business: The company is exploring expansion into new jurisdictions, including India, Eastern Europe, and the UK, and has entered into a joint venture agreement to establish entities in Nigeria.</li><li>Priority: The company aims to maintain gross margins in line with levels achieved in 2024 and 2023, and believes it has sufficient financial flexibility to fund its organic growth strategy with total liquidity of $14.2 million as of September 30, 2025.</li></ul>

FGI Industries | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 35.85 M