PR Newswire·May 14, 2026, 4:15 PM ET

FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2026 RESULTS

FGI

FGI Industries Ltd. reported first quarter 2026 total revenue of $30.5 million, an 8.2% decrease year-over-year.
Gross profit was $8.2 million, down 8.3% year-over-year, with a gross margin of 26.8% remaining unchanged from the prior year.
The company recorded an operating loss of $0.7 million & a net loss attributable to shareholders of $1.0 million ($0.50 per diluted share).
Adjusted operating loss & adjusted net loss were both $0.7 million for the quarter.
Revenue declined 5.9% in the U.S. & 25.5% in Canada, while increasing 15.4% in Europe.
Sanitaryware revenue fell 20.0% to $16.1 million due to softer homebuilder business & lower retail sales in Canada.
Bath furniture revenue rose 10.9% to $4.5 million, shower systems revenue increased 14.0% to $6.5 million, & other revenue remained stable at $3.3 million.
Operating expenses decreased 13.1% year-over-year to $8.9 million, driven by lower selling, distribution, tradeshow, & warehouse costs.
The company ended the quarter with $7.9 million in total liquidity, comprising $2.7 million in cash & $5.3 million available under credit facilities net of letters of credit.
FGI reaffirmed fiscal 2026 guidance for total net revenue of $134-141 million, adjusted operating income of $0.7-2.5 million, & adjusted net income of $(0.3)-1.1 million.
Management continues to evaluate a China+1 strategy to diversify geographic sourcing amid an uncertain tariff environment.
The company reported a reverse share split of 1-for-5 that became effective July 31, 2025, affecting all share & per-share data.