FGI Industries Ltd. is a global supplier of kitchen and bath products with over 30 years of industry experience, focusing on residential repair & remodel, new home construction, and commercial projects, serving major retailers and distributors primarily in the U.S., Canada, and Europe.

# Company Summary: FGI Industries Ltd.

## Business Overview
- **Type:** Global supplier of kitchen and bath products
- **Specialization:** Focus on residential repair & remodel (R&R), new home construction, and commercial projects
- **Recognition:** Over 30 years of industry experience, built a reputable brand and customer base

## Product Categories
- **Sanitaryware:** Includes toilets, sinks, pedestals, toilet seats
- **Bath Furniture:** Vanities, mirrors, medicine/laundry cabinets, storage systems
- **Shower Systems:** Shower walls, doors, basins (created a dedicated category in 2023)
- **Other:** Custom kitchen cabinetry (under brands Covered Bridge Cabinetry and Craft + Main), smaller accessories

## Production & Supplies
- Products are sourced primarily from suppliers in China and Southeast Asia
- Own manufacturing facility in Sihanoukville, Cambodia
- Maintains long-term sourcing agreements, notably with Huida, a major supplier
- Manufactures and sources products to meet quality standards, incorporate innovation, and expand product lines

## Customers & Sales
- **Major Customers:** The Home Depot, Menards, Ferguson, Lowe’s
- **Customer Base:** 5 main categories:
  - Mass Retailers (e.g., Home Depot, Lowe’s) — ~32% of net sales in 2024
  - Wholesalers (e.g., Ferguson, HD Supply, Orgill) — ~36%
  - Commercial channels — ~13%
  - E-commerce retailers (e.g., Wayfair, Build.com) — ~11%
  - Independent Dealers & Distributors — ~9%
- **Geographic Focus:**
  - United States: ~$82.4 million in revenue (62.5% of total in 2024)
  - Canada: ~$35.2 million (26.7%)
  - Europe (mainly Germany): ~$13.3 million (10.1%)
  - Rest of the World: ~$1 million (0.7%)

## Employees & Revenue
- **Employees:** Approximately 420 full-time employees as of December 31, 2024
- **Revenue:**
  - 2024: **$131.8 million**
  - 2023: **$117.2 million**
- **Net Income:**
  - 2024: **Net loss of $1.73 million**
  - 2023: **Net income of $0.58 million**

## Financial Highlights
- **Gross profit:** $35.4 million in 2024 (margin of 26.9%)
- **Operational Expenses:** Increased due to marketing, personnel, and growth initiatives
- **Growth Drivers:** Increased sales in shower systems and custom kitchen cabinetry
- **Strategic Focus:** Product innovation, expanding branded products, entering new geographic markets, and creating new sales channels

## Corporate Details
- Incorporated in the Cayman Islands on May 26, 2021
- **Headquarters:** 906 Murray Road, East Hanover, New Jersey, 07936
- **Trade Symbols:** Ordinary Shares (FGI), Warrants (FGIWW) on Nasdaq Capital Market
- **Shareholders:** Approximately 9.59 million shares outstanding as of March 26, 2025
- **Major Ownership:** Foremost (approx. 71% voting control)
  
This summary reflects the company's current operations, financial status, product offerings, customer relationships, and strategic priorities based solely on provided information.

FGI Industries Ltd. is a global supplier specializing in quality bath and kitchen products, primarily serving the home improvement market and aiming to enhance its branded product offerings.

# FGI Industries Overview

**Company Profile:**
FGI Industries Ltd. (FGI) is a global supplier specializing in quality bath and kitchen products. Operating for over 30 years, FGI caters primarily to the home improvement and Repair & Remodel (R&R) markets. The company serves large retail, wholesale, commercial, and specialty customers around the globe.

**Key Operations:**
- **Headquarters:** East Hanover, NJ, USA
- **Facilities:** 
  - Production and warehouse sites in Hobart, Indiana; Sacramento, California; and Toronto, Canada.
  - European operations from Düsseldorf, Germany.
  - Asian operations from sourcing centers in Tangshan, China and Taipei, Taiwan.
  - Manufacturing facility in Sihanoukville, Cambodia.
- **Employees:** Approximately 287 full-time employees as of December 31, 2023.

**Product Categories:**
FGI’s product offerings are categorized into four main segments:
- **Sanitaryware:** Toilets, sinks, pedestals, and toilet seats. Mainly sourced from suppliers in China.
- **Bath Furniture:** Wooden and engineered wood products such as vanities and storage solutions, primarily sourced from suppliers in Southeast Asia and China.
- **Shower Systems:** Products like shower walls and doors, also primarily sourced from partners in China.
- **Other:** Custom kitchen cabinetry sold through dealerships, contributing to higher margins.

**Sales and Revenue:**
- **Major Customers:** FGI's significant client list includes The Home Depot, Menards, Ferguson, and Lowe’s. 
- **Sales Distribution:** Approximately 34% of net sales in 2023 were made to large retailers, with another 34% to wholesalers, 13% to commercial channels, and 12% through e-commerce platforms.
- **Private Label vs. Brand Sales:** The company primarily sells products under private label brands of retail partners but aims to increase the share of its own brands over time.
  
**Financial Performance:**
- **Revenue Growth:** FGI has reported consistent above-industry sales growth due to a strong focus on product design, customer service, and supply chain management. 
- **Initial Public Offering:** FGI went public on January 27, 2022, raising approximately $12.4 million in net proceeds from a unit offering priced at $6.00 per unit.

**Strategic Goals:**
FGI is focused on a "BPC" growth strategy centered on:
- **Brands:** Increasing the share of branded products for higher margins.
- **Products:** Expanding into underrepresented product categories.
- **Channels:** Enhancing distribution through e-commerce and international markets.

**Competitive Landscape:**
The company competes in a highly fragmented industry with brands like American Standard and Kohler but aims to leverage its established reputation and robust supply chain to maintain its position.

**Current Market Challenges:**
- FGI is facing risks related to economic fluctuations, supply chain disruptions, regulatory changes, and cybersecurity threats as part of its operational environment.

### Summary:
FGI Industries stands as a key player in the global bath and kitchen product market, leveraging decades of industry experience. With approximately 287 employees, sales concentrated among large customer partners, and a strategy focused on branding and product diversification, the company is positioned for continued growth in a competitive landscape.

FGI Industries Ltd.

10-K / March 31, 2025

10-K / March 26, 2024

10-K / March 31, 2025

Company Summary: FGI Industries Ltd.

Business Overview

Product Categories

Production & Supplies

Customers & Sales

Employees & Revenue

Financial Highlights

Corporate Details