Company Performance - FGI Industries Ltd. reported total revenue of 36.1millionforQ32024,representingayear−over−yearincreaseof20.69.3 million, reflecting an 18.9% growth compared to the prior year, although gross margin decreased to 25.8%, down 40 basis points year-over-year [1][5] - The company experienced an operating loss of 0.1millionandanetlossattributabletoshareholdersof0.6 million for the quarter [1][7] Revenue Breakdown - Revenue from Sanitaryware was 21.5million,upfrom20.7 million in the prior-year period [3] - Bath Furniture revenue increased to 4.2millionfrom2.5 million year-over-year, while Shower Systems revenue rose to 7.1millionfrom4.9 million [4][5] - Other revenue, primarily from Kitchen Cabinets, was 3.3million,upfrom1.7 million in the prior year [5] Operating Expenses and Losses - Operating expenses increased by 27.6% year-over-year to 9.4million,primarilyduetoinvestmentsingrowthinitiatives[2][6]−Adjustedoperatingincomewas0.1 million, with adjusted net loss attributable to shareholders of 0.1million[1][6]FinancialGuidance−Thecompanyreviseditsfiscal2024guidance,projectingtotalrevenueof127-131 million, up from a previous estimate of 115−128million[9]−Adjustedoperatingincomeguidancewasrevisedtoalossof1.0 to 0.0million,downfromapreviousestimateof2.8 to 3.8million[9]LiquidityandFinancialResources−AsofSeptember30,2024,FGIhadtotalavailableliquidityof16.3 million, including $3.0 million in cash and cash equivalents [8]
FGI Industries .(FGI) Prnewswire·2024-11-11 21:30