FGI Industries Ltd (NASDAQ: FGI) is a bath and kitchen products company that designs, sources, and distributes sanitaryware, bath furniture, shower systems, and cabinetry primarily for the North American repair and remodel market. Revenue is transactional, generated by selling products through large retail home centers, wholesale distributors, and commercial channels. The majority of products are sold under customers' private label brands, including The Home Depot's 'Glacier Bay' and Ferguson's 'ProFlo', with FGI's own brands, including Foremost, avenue, contrac, Jetcoat, rosenberg, and Covered Bridge Cabinetry, representing a growing but minority share of net sales. FGI reported net revenue of $130.5 million for FY2025, down 1.0% from $131.8 million in FY2024, with an operating loss of $2.4 million in FY2025. The company was incorporated in the Cayman Islands on May 26, 2021 following a reorganization and separation from parent company Foremost Groups Ltd. CEO David Bruce and Executive Chairman John Chen lead the company as of the filing dated April 10, 2026.

Revenue model

Transactional product sales across three channels: large retailers (approximately 34% of net sales in FY2025), wholesale distributors (approximately 33% of net sales in FY2025), and commercial distributors. Products are sold under both customer private label brands and FGI's own brands. Marketing expenditures are typically incurred or shared with customers.

Products and services

Four product categories: Sanitaryware (toilets, sinks, pedestals, toilet seats), Bath Furniture, Shower Systems, and Other (including kitchen cabinetry). Own brands include Foremost, avenue, contrac, Jetcoat, rosenberg, and Covered Bridge Cabinetry. Key private label programs include The Home Depot's 'Glacier Bay' and Ferguson's 'ProFlo'.

Customers and end markets

Primary end markets are residential repair and remodel (R&R) projects, with selective exposure to new construction. End users include do-it-yourself homeowners, contractors, builders, and remodelers. Key retail customers include The Home Depot, Lowe's, and Menard's. Key wholesale customers include Ferguson, HD Supply, and Orgill. Canadian commercial customers include Yorkwest Plumbing.

Value-chain role

Asset-light designer and distributor. Products are primarily outsourced from Foremost-owned manufacturing facilities and third-party manufacturers based in China and Southeast Asia. FGI owns one facility in Southeast Asia supporting custom kitchen cabinetry. Tangshan Huida Ceramic Group Co., Ltd (Huida) supplies the majority of sanitaryware products and accounted for approximately 83.3% of total accounts payable as of December 31, 2025. FGI maintains 44 employees in China focused on sourcing and product development.

Geographic exposure

Sales principally in the United States, Canada, and Europe. Manufacturing and sourcing concentrated in China and Southeast Asia. Company incorporated in the Cayman Islands with operating subsidiaries in the British Virgin Islands and Hong Kong.

Source: SEC 10-K, filed 2026-04-10

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