Revenue: As of FY2026 Q1, the actual value is USD 30.5 M, missing the estimate of USD 33.36 M.

EPS: As of FY2026 Q1, the actual value is USD -0.5, missing the estimate of USD -0.12.

EBIT: As of FY2026 Q1, the actual value is USD -337.38 K.

Revenue

Total revenue for FGI Industries Ltd. was $30.5 million, representing an 8.2% year-over-year decrease.

• Sanitaryware revenue decreased to $16.1 million from $20.2 million in the prior-year period.
• Bath Furniture revenue increased to $4.5 million from $4.1 million in the prior-year period.
• Shower Systems revenue increased to $6.5 million from $5.7 million last year.
• Other revenue, primarily from Kitchen Cabinets, remained stable at $3.3 million compared to the prior year.
• Revenue in the U.S. and Canada markets declined by 5.9% and 25.5% respectively, while increasing by 15.4% in the Europe market.

Gross Profit and Margin

Gross profit was $8.2 million, an 8.3% decrease year-over-year. Gross margin remained steady at 26.8%, with no change compared to the first quarter of 2025.

Operating Profit/Loss and Margin

Operating loss was -$0.7 million, an improvement from an operating loss of -$1.3 million in the prior-year period. Adjusted operating loss was -$0.7 million, compared to -$1.3 million in the prior-year period. Operating margin and adjusted operating margin were -2.3% for the first quarter, up from -3.9% and -3.8% respectively in the same period last year.

Operating Costs

Total operating expenses decreased by 13.1% year-over-year to $8.9 million.

• Selling and distribution expenses were $6,215,257, down from $7,163,178 in Q1 2025.
• General and administrative expenses were $2,354,233, down from $2,701,213 in Q1 2025.
• Research and development expenses were $282,610, down from $316,726 in Q1 2025.

Net Loss

GAAP net loss attributable to FGI Industries Ltd. shareholders was -$969,405, compared to -$629,092 in the same period last year. Adjusted net loss for the first quarter of 2026 was -$743,399, versus an adjusted net loss of -$1,072,383 for the same prior-year period.

Cash Flow

Net cash used in operating activities was -$325,713 for the first quarter of 2026, an improvement from -$1,651,686 in the prior-year period. Net cash used in investing activities was -$79,726, compared to -$450,155 in the prior-year period. Net cash provided by financing activities was $1,274,861, compared to net cash used in financing activities of -$1,330,812 in the prior-year period. Cash at the end of the period was $2,659,190, up from $1,226,365 in the prior-year period.

Liquidity

As of March 31, 2026, FGI Industries Ltd. had $2.7 million in cash, $13.1 million in total debt, and $5.3 million in availability under its credit facilities net of letters of credit. Total liquidity was $7.9 million at March 31, 2026.

Financial Guidance

FGI Industries Ltd. reaffirms its fiscal 2026 guidance for total net revenue to be between $134 million and $141 million. The company expects total adjusted operating income to range from $0.7 million to $2.5 million. Total adjusted net income is projected to be between -$0.3 million and $1.1 million for fiscal 2026.