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FGI

FGI Industries Ltd.

FGI

FGI Industries Ltd. • NASDAQ
$7.28 ▲ 7.37% (+0.50)
Market Cap $13.97 M
52w High $12.62
52w Low $2.29
Dividend Yield 0%
P/E -3.53
Volume 37.51K
Outstanding Shares 1.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.849M ▲ $8.946M ▼ $-1.651M ▼ -4.606% ▼ $-0.86 ▼ $1.041M ▲
Q2-2025 $30.998M ▼ $9.539M ▼ $-1.232M ▼ -3.973% ▼ $-0.64 ▼ $-557.691K ▼
Q1-2025 $33.213M ▼ $10.181M ▲ $-629.092K ▼ -1.894% ▼ $-0.066 ▼ $-541.924K ▼
Q4-2024 $35.594M ▼ $10.005M ▲ $-402.328K ▲ -1.13% ▲ $-0.042 ▲ $372.425K ▼
Q3-2024 $36.099M $9.374M $-550.137K -1.524% $-0.058 $612.359K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.876M ▼ $73.038M ▲ $54.6M ▲ $19.742M ▼
Q2-2025 $2.519M ▲ $71.702M ▲ $51.426M ▲ $21.283M ▼
Q1-2025 $1.226M ▼ $68.462M ▼ $47.549M ▼ $21.787M ▼
Q4-2024 $4.558M ▲ $75.461M ▲ $53.896M ▲ $22.253M ▼
Q3-2024 $3.045M $74.665M $51.761M $23.518M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.651M ▼ $-1.866M ▼ $-262.696K ▼ $1.518M ▲ $-643.435K ▼ $-2.129M ▼
Q2-2025 $-1.364M ▼ $1.847M ▲ $-180.995K ▲ $-613.055K ▲ $1.293M ▲ $1.641M ▲
Q1-2025 $-629.092K ▼ $-1.652M ▼ $-450.155K ▲ $-1.331M ▼ $-3.332M ▼ $-2.002M ▼
Q4-2024 $-402.328K ▲ $617.428K ▲ $-831.552K ▼ $2.017M ▼ $1.513M ▼ $-214.124K ▲
Q3-2024 $-698.248K $-914.967K $-184.845K $2.793M $1.738M $-1.1M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Bath Furniture
Bath Furniture
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Others
Others
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Sanitaryware
Sanitaryware
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement FGI’s sales have been relatively steady, with a modest recent uptick, but profits are very thin. Gross margins are positive yet narrow, and operating profit has hovered around breakeven, which means small changes in costs or demand can quickly swing results into loss or profit. Reported earnings per share have been volatile, suggesting the business is still finding its footing as a public company and is sensitive to one‑off items and market conditions. Overall, the income statement shows a company in growth and investment mode, but with limited room for error on profitability.

Balance Sheet

Balance Sheet The balance sheet is compact but generally balanced, reflecting a smaller, asset‑light business. The company carries some debt, but not an excessive amount relative to its total assets, which aligns with its capital‑efficient model. Cash balances are modest, so there is not a large safety cushion if conditions weaken or if working capital needs spike. Equity has been built up over time, but the capital base is not large, meaning the company’s financial shock absorbers are thinner than those of bigger, more established peers.

Cash Flow

Cash Flow FGI’s cash generation is close to breakeven, with operating cash flow slightly negative recently after being roughly flat in prior years. Free cash flow tracks operating cash flow closely because capital spending is very low, consistent with a capital‑light, outsourced or asset‑efficient structure. This keeps investment needs manageable, but also means the company does not yet generate strong surplus cash to reinvest or to build large cash reserves. The pattern points to a business that can likely sustain itself if conditions are stable, but that could feel pressure if sales soften or if it needs to fund a larger growth push.

Competitive Edge

Competitive Edge FGI occupies a focused niche in kitchen and bath products, supported by decades‑long relationships with large retailers and wholesalers. Its patented FlushGuard anti‑overflow toilet system gives it a clearly differentiated hero product that directly addresses a common consumer pain point, which can strengthen brand recognition and pricing power in that segment. The company’s multi‑brand, multi‑channel strategy, combined with vertical integration, helps it serve different customer types and control quality and costs. At the same time, it competes in a highly crowded, cyclical home improvement market where larger players have deeper pockets, and where tariffs, housing activity, and consumer spending can all weigh on margins. Dependence on key retail partners and a still‑small scale remain key competitive risks.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for FGI. FlushGuard represents a meaningful, patented step forward in toilet design, with both convenience and accessibility angles that can support premium positioning and brand loyalty. Beyond that, FGI is developing water‑saving faucets, smart bathroom solutions, and a digital custom‑kitchen platform (Isla Porter) that uses artificial intelligence, signaling an effort to align with sustainability and smart‑home trends. The company also uses bolt‑on acquisitions to add products and capabilities, rather than relying solely on internal R&D. The main uncertainty is execution: success will depend on how quickly these innovations are adopted, how widely they can be rolled out across geographies like Europe and India, and whether the company can maintain margins while investing in new technology and markets.

Summary

Overall, FGI looks like a small, niche player with a distinctive innovation story and a relatively lean financial profile. The business has stable but modest revenue, very slim profitability, and cash flow that sits close to breakeven, which together suggest both resilience and fragility: the company is surviving, but without a large buffer. Its competitive strengths lie in patented products, long‑standing retailer relationships, and a capital‑light, vertically integrated model, all of which can support growth if managed well. On the other hand, its size, limited cash cushion, exposure to housing and consumer cycles, and ongoing margin pressures introduce meaningful uncertainty. Future performance will hinge on how effectively FGI scales its FlushGuard line, executes on smart and sustainable product launches, expands internationally, and navigates macro and tariff headwinds while keeping profitability on a steady upward path.

NEWS

November 14, 2025 · 4:15 PM UTC

FGI INDUSTRIES ANNOUNCES THIRD QUARTER 2025 RESULTS

Read more