EXHIBIT 99.1 EAST HANOVER, N.J., May 13, 2025 – FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the first quarter 2025. FIRST QUARTER 2025 HIGHLIGHTS (As compared to the first quarter of 2024) MANAGEMENT COMMENTARY Dave Bruce, President and CEO of FGI, stated, "FGI reported total revenue of $33.2 million in the quarter, representing a year-over- year increase of 8.0%. Gross profit was $8.9 million, an increase of ...

EAST HANOVER, N.J., May 13, 2025 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the first quarter 2025.FIRST QUARTER 2025 HIGHLIGHTS(As compared to the first quarter of 2024) Total revenue of $33.2 million, +8.0% y/y Gross profit of $8.9 million, +5.8% y/y Gross margin of 26.8%, -60 bps y/y Operating loss of $1.3 million and net loss attributable to shareholders of $0.6 million Adjusted operating ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-K ________________________________________________________________________ x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Financial Data and Key Metrics Changes - FGI reported total revenue of $35.6 million in the fourth quarter, representing a year-over-year increase of 15% [8][16] - Gross profit was $8.7 million, a decrease of 3.2% compared to the prior year, with gross margin declining to 24.6% from 29.2%, a drop of 460 basis points [8][16] - Operating expenses increased by 28.4% to $10 million from $7.8 million in the prior year, leading to a GAAP operating income of negative $1.3 million, down from a positive $1.2 million in the prior year [17] Business Line Data and Key Metrics Changes - Bath Furniture revenue increased by 40.2% year over year, driven by market-aligned pricing and new business wins [10] - Shower Systems business reported a revenue increase of 17%, supported by new customer programs and order growth [11] - Covered Bridge revenue in custom kitchen cabinetry increased by 68.3% due to order momentum and expanded geographies [11] Market Data and Key Metrics Changes - Revenue growth in the US, Canada, and Europe markets was 14.7%, 9.9%, and 23.3% respectively [10] - Sanofi revenue increased by 5.8% year over year in the fourth quarter [10] - The overall industry outlook remains relatively flat, with customers forecasting minimal growth in 2025 [9] Company Strategy and Development Direction - The company is focused on organic growth initiatives across its brands, products, and channels, referred to as the BPC strategy [7] - Geographic expansion in Europe and India is seen as a significant growth driver for upcoming quarters [12] - The company is actively working to diversify sourcing in response to the increasing tariff environment [13][25] Management's Comments on Operating Environment and Future Outlook - Management expects the industry to remain flat but is confident in the company's ability to outpace the market through new programs and initiatives [27][50] - The company is cautious about tariff pressures impacting business and has adjusted its guidance accordingly [36][50] - Management believes that new business wins and market growth will buffer against a flat market outlook [50] Other Important Information - The company has a total liquidity of $15.6 million, which is deemed sufficient to fund growth initiatives [18] - Initial guidance for 2025 includes revenue expectations of $135 to $145 million, with adjusted operating income guidance ranging from negative $2 million to positive $1.5 million [18] Q&A Session Summary Question: Impact of tariffs on the business - Management is working closely with suppliers and customers to mitigate tariff impacts and is diversifying sourcing to navigate the situation [22][24][25] Question: Outlook for operating income - The guidance includes tariff pressure, and management is being conservative in their outlook while optimistic about new growth initiatives [33][36] Question: Pricing strategies in a volatile tariff environment - The company adjusts pricing as necessary and works closely with customers to manage the impact of tariffs [39][41] Question: Sourcing adjustments due to tariffs - The company has been active in diversifying sourcing to mitigate tariff impacts, with ongoing adjustments being made [44][45] Question: Risks versus upside in the R&R market - The overall R&R market outlook remains flat, but new programs and business wins are expected to help the company outpace the market [49][50]

Core Insights - FGI Industries Ltd. reported fourth-quarter 2024 results with revenues exceeding estimates and showing year-over-year growth, although earnings declined due to new business costs and promotional expenses [1][3][6] Revenue Performance - Total revenues for Q4 2024 reached $35.6 million, surpassing the Zacks Consensus Estimate of $32.8 million by 8.5% and increasing 15% from the previous year [3] - For the full year 2024, total revenues increased by 12.4% year over year to $131.8 million [7] Segment Analysis - Revenues in the Sanitaryware segment rose 5.8% year over year to $21.8 million [4] - Bath Furniture revenues surged 40.2% year over year to $3.5 million, attributed to new business wins and market-aligned pricing [4] - Shower Systems segment revenues grew 17% year over year to $6.7 million, driven by steady demand and increased sales [4] - Other revenues, primarily from Kitchen Cabinets, increased by 68.3% year over year to $3.6 million, supported by order momentum and expanded dealer count [5] Operating Expenses and Margins - Total operating expenses for Q4 were $10 million, up 28.4% year over year, leading to a gross margin contraction of 460 basis points to 24.6% [6] - For the full year 2024, total operating expenses were $37.5 million, an increase from $29.8 million the previous year, with a gross margin of 26.9%, down 50 basis points year over year [7] Balance Sheet Overview - As of December 31, 2024, FGI Industries had a cash balance of $4.6 million, down from $7.8 million at the end of 2023 [8] - Total liquidity stood at $15.6 million, including $11 million available under credit facilities [8] - Total debt increased to $14.5 million at the end of 2024, up from $7 million a year ago [8] Future Outlook - FGI Industries expects net revenues for 2025 to be in the range of $135 million to $145 million [10]

FGI Industries Ltd. (NASDAQ:FGI) Q4 2024 Earnings Conference Call March 27, 2025 9:00 AM ET Company Participants Jae Chung - VP, IR David Bruce - President & CEO Perry Lin - CFO Conference Call Participants Gregory Gibas - Northland Securities Reuben Garner - Benchmark Operator Good morning, and welcome to the FGI Industries Ltd. Fourth Quarter 2024 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then z ...

Revenue Performance - Total revenue for Q4 2024 was $35.6 million, representing a year-over-year increase of 15.0%[4]. - Full-year 2024 total revenue reached $131.8 million, an increase of 12.4% year-over-year, with gross profit of $35.4 million, up 10.4%[6]. - Revenue for the year ended December 31, 2024, increased to $131.82 million, up 12.5% from $117.24 million in 2023[27]. - Revenue for the three months ended December 31, 2024, was $35,594,426, an increase from $30,956,813 in the same period of 2023, representing a growth of approximately 15.5%[31]. - Sanitaryware revenue for Q4 2024 was $21.8 million, up from $20.6 million in the prior year, while Bath Furniture revenue increased to $3.5 million from $2.5 million[14]. - Shower Systems revenue grew to $6.7 million in Q4 2024, an increase from $5.7 million last year, driven by positive demand trends[14]. - The Other segment, including Covered Bridge, saw revenue increase by 68.3% year-over-year due to expanded geographies and higher dealer count[4]. Profitability and Loss - Gross profit for Q4 2024 was $8.7 million, a decrease of 3.2% compared to the prior year, with a gross margin of 24.6%, down 460 basis points year-over-year[4][8]. - Operating loss for Q4 2024 was $1.3 million, compared to operating income of $1.2 million in the prior year, with adjusted operating loss of $1.1 million[9][10]. - Net loss for the year ended December 31, 2024, was $1.73 million, compared to a net income of $579,564 in 2023[29]. - The company reported a comprehensive loss of $2.86 million for the year ended December 31, 2024, compared to a comprehensive income of $864,384 in 2023[27]. - Adjusted Operating Loss for the three months ended December 31, 2024, was $(1,140,980), compared to an income of $1,366,895 in the same period of 2023[31]. - Adjusted Net Loss for the year ended December 31, 2024, was $(939,648), a decline from an income of $1,731,512 in 2023[31]. - Net loss attributable to non-controlling shareholders for the year ended December 31, 2024, was $(533,188), compared to $(154,040) in 2023[31]. Expenses and Liabilities - Operating expenses for the year ended December 31, 2024, totaled $37.53 million, up 25.9% from $29.77 million in 2023[27]. - Total liabilities as of December 31, 2024, rose to $53.90 million, an increase of 29.1% from $41.72 million in 2023[25]. - The company experienced a significant increase in short-term loans, which rose to $14.50 million as of December 31, 2024, compared to $6.96 million in 2023, indicating increased leverage[25]. Cash and Liquidity - Total liquidity as of December 31, 2024, was $15.6 million, consisting of $4.6 million in cash and cash equivalents and $11.0 million available under credit facilities[12]. - Cash and cash equivalents at the end of 2024 decreased to $4.56 million from $7.78 million at the end of 2023, a decline of 41.5%[29]. - Total current assets as of December 31, 2024, increased to $52.90 million, up 14.5% from $46.11 million in 2023[25]. Future Guidance and Investments - The company provided fiscal 2025 guidance with total net revenue expected to be between $135 million and $145 million, and total adjusted operating income projected to be between $(2.0) million and $(1.5) million[15]. - FGI continues to invest in its brands and future growth initiatives, focusing on strategic investments in products and channels[4]. Research and Development - Research and development expenses increased to $1.70 million for the year ended December 31, 2024, compared to $1.38 million in 2023, reflecting a focus on innovation[27].

Core Insights - FGI Industries Ltd. reported a total revenue of $35.6 million for Q4 2024, marking a year-over-year increase of 15.0% [2][4] - The company experienced a gross profit of $8.7 million, which is a decrease of 3.2% compared to the previous year, resulting in a gross margin of 24.6%, down 460 basis points [5][6] - The overall industry outlook remains flat, but FGI's strategic investments are driving revenue growth above the market average [2][3] Fourth Quarter 2024 Highlights - Revenue growth was driven by increases in the US (14.7%), Canada (9.9%), and Europe (23.3%) markets [2] - Sanitaryware revenue reached $21.8 million, up from $20.6 million year-over-year, while Bath Furniture revenue surged by 40.2% [4][12] - The Other segment, including Covered Bridge, saw a significant revenue increase of 68.3% due to order momentum and expanded dealer count [2] Full-Year 2024 Highlights - Total revenue for the year was $131.8 million, reflecting a 12.4% increase from 2023 [5] - Gross profit for the year was $35.4 million, a 10.4% increase, with a gross margin of 26.9%, down 50 basis points [5] - The company reported an operating loss of $2.1 million and a net loss attributable to shareholders of $1.2 million for the full year [5] Management Commentary - The CEO emphasized the importance of strategic investments in brands and products, which are yielding positive results [2] - The CFO noted a significant increase in operating expenses by 28.4% year-over-year, primarily due to investments in growth initiatives [3] Financial Resources and Liquidity - As of December 31, 2024, FGI had total liquidity of $15.6 million, including $4.6 million in cash and cash equivalents [10] - The company ended the fourth quarter with total debt of $14.5 million [10] Financial Guidance - For fiscal 2025, FGI anticipates total net revenue between $135 million and $145 million, with adjusted operating income expected to range from $(2.0) million to $(1.5) million [13]

Company Overview - FGI Industries Ltd. is a leading global supplier of kitchen and bath products with over 30 years of industry experience [3] - The company specializes in product categories such as sanitaryware, bath furniture, shower systems, kitchen cabinetry, and other accessories [3] - FGI's products are primarily sold for repair and remodel activities, with a smaller portion for new home or commercial construction [3] Financial Results Announcement - FGI Industries will issue its financial results for the fourth quarter and full-year 2024 after the market close on March 26, 2025 [1] - A conference call to discuss the quarterly results is scheduled for March 27, 2025, at 9:00 am Eastern Time [1] Investor Relations - A webcast of the conference call and presentation materials will be available on the company's Investor Relations website [2] - Details for participating in the live teleconference include toll-free and international numbers, as well as replay options available until April 10, 2025 [2]

Core Points - FGI Industries Ltd. will participate in the Benchmark Company's 13th Annual Discovery One-on-One Investor Conference on December 11, 2024, in New York City [1] - FGI executives will be available for one-on-one meetings with registered investors during the conference [2] Company Overview - FGI Industries Ltd. is a leading global supplier of kitchen and bath products with over 30 years of industry experience [3] - The company focuses on product categories including sanitaryware, bath furniture, shower systems, kitchen cabinetry, and accessory items, primarily for repair and remodel activities [3] - FGI sells its products through various channels, including mass retail centers, wholesale distributors, online retailers, and specialty stores [3]