FGI Industries Ltd.
fgi-industries.comWhat Do They Do?
Sells toilets and sinks, bathroom furniture and shower systems to mass retailers, wholesalers and commercial distributors.
10-K for FY2025, filed Apr 10, 2026Sanitaryware. Our Sanitaryware category includes a range of bath products, such as toilets, sinks, pedestals and toilet seats. The majority…View ↗
Bath Furniture. Our Bath Furniture category primarily includes wood and wood-substitute furniture for bathrooms, including vanities…View ↗
Shower Systems. Our Shower Systems category includes a range of shower-related products such as shower walls, shower doors and shower…View ↗
Our products are primarily used by do-it-yourself homeowners, contractors, builders and remodelers for R&R projects. In North America…View ↗
Our products are sold through some of the largest bath and kitchen product wholesalers in North America including Ferguson, HD Supply…View ↗
Our products are sold through numerous smaller-scale local distribution companies which in turn cater to professional plumbers, contractors…View ↗
How Do They Make Money?
Customers pay for kitchen and bath products when they ship or are delivered; payment is generally due 15 to 60 days afterward.
10-K for FY2025, filed Apr 10, 2026The Company generates revenue from sales of kitchen and bath products, and recognizes revenue as control of its products is transferred to…View ↗
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10-K for FY2025, filed Apr 10, 2026
FY2025 revenue by product or service ↗
$130.5M
-
10-K for FY2025, filed Apr 10, 2026
$130.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sanitaryware
Sold outright
10-K for FY2025, filed Apr 10, 2026 |
62%
FY2022: 65%
|
Sanitaryware, FY2025
$80.3M Sources
|
Sold outright |
|
Bath Furniture
Sold outright
10-K for FY2025, filed Apr 10, 2026 |
11%
FY2022: 18%
|
Bath Furniture, FY2025
$14.2M Sources
|
Sold outright |
|
Shower System
Sold outright
10-K for FY2025, filed Apr 10, 2026 |
17%
FY2022: 13%
|
Shower System, FY2025
$22.6M Sources
|
Sold outright |
|
Others
Sold outright
10-K for FY2025, filed Apr 10, 2026 |
10%
FY2022: 3.6%
|
Others, FY2025
$13.4M Sources
|
Sold outright |
Who Are Their Customers?
FGI sells through mass retailers and wholesalers, and through commercial distributors, online retailers, specialty stores and independent dealers. Homeowners, contractors, builders and remodelers buy its products for repair and remodeling projects through these channels.
10-K for FY2025, filed Apr 10, 2026We serve a large and global customer base that covers five main categories of businesses: mass retailers, wholesalers, commercial…View ↗
Our products are primarily used by do-it-yourself homeowners, contractors, builders and remodelers for R&R projects. In North America…View ↗
Our products are sold through some of the largest bath and kitchen product wholesalers in North America including Ferguson, HD Supply…View ↗
Our products are sold through numerous smaller-scale local distribution companies which in turn cater to professional plumbers, contractors…View ↗
We sell a growing number of our products through the e-commerce channels of our retail partners as well as “e-commerce only” retailers such…View ↗
We have historically sold our products through independent (or “mom and pop”) bath and kitchen product specialists. Independent dealers and…View ↗
10-K for FY2025, filed Apr 10, 2026
For the year ended December 31, 2025, three customers accounted for 15.5%, 13.6% and 10.4% of the Company’s total revenue, respectively.…View ↗
Do Revenues Turn Into Profits?
No. It lost $6.1M in FY2025.
10-K for FY2025, filed Apr 10, 2026
−$2.4MView ↗
10-K for FY2025, filed Apr 10, 2026
−$6.1MView ↗
10-K for FY2025, filed Apr 10, 2026
−$212.5KView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
$1.3MView ↗
- ▲ Now profitable
- vs −$1.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
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Aug 12, 2026
Reaffirmed fiscal 2026 guidance
Reaffirmed fiscal 2026 guidance for net revenue of $134-141 million, adjusted operating income of $0.7-2.5 million and adjusted net income of $(0.3)-1.1 million.
Sources
8-K, filed Aug 12, 2026
Total net revenue of $134-141 million Total adjusted operating income of $0.7-2.5 million Total adjusted net income of $(0.3)-1.1 millionView ↗
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Apr 23, 2026
Changed independent auditors
Dismissed CBIZ and appointed Marcum Asia as independent auditor for fiscal 2026.
Sources
8-K, filed Apr 23, 2026
On April 20, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of FGI Industries Ltd. (the “Company” or “FGI”)…View ↗
Shrinking. Revenue fell 28% in 4 years, from $181.9M in FY2021 to $130.5M in FY2025, about 8% a year.
Licensed overflow toilet technology
The older product description covers toilets and other sanitaryware; the latest overview adds access through a licensing agreement to overflow toilet technology marketed as FLUSH GUARD.
10-K for FY2022, filed Apr 17, 2023 10-K for FY2025, filed Apr 10, 2026Sanitaryware. Our Sanitaryware category includes a range of bath products, such as toilets, sinks, pedestals and toilet seats. The majority…View ↗
Commitment to product innovation. We have a history of being an innovator in the kitchen and bath markets and developing “on-trend”…View ↗
New international market agreements
The older report discusses expansion in Canada, Germany and other international markets; the latest describes signed agreements for entry into India, Eastern Europe and the UK.
10-K for FY2022, filed Apr 17, 2023 10-K for FY2025, filed Apr 10, 2026Channels: We feel that we have strong growth potential in key sales channels, including our existing customers, new e-commerce retailers…View ↗
Commitment to product innovation. We have a history of being an innovator in the kitchen and bath markets and developing “on-trend”…View ↗
Who Do They Compete With?
Competes with American Standard, Kohler, Masco, Mansfield, Gerber, Niagara, Ove Decors, Woodcrafters, and Toto
10-K for FY2025, filed Apr 10, 2026We operate in a highly fragmented industry that is composed of numerous local, regional and national manufacturers. Most of our competitors…View ↗
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