---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-009237"
form_type: "8-K"
ticker: "FGI"
cik: "0001864943"
company_name: "FGI Industries Ltd."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:56:48.961571+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# FGI Industries Q1 revenue down 37.7% to $27.2M; net loss of $0.3M; reiterates FY guidance

## Summary
- Total revenues $27.2M, down 37.7% YoY; gross margin improved 925 bps to 26.5%.
- GAAP net loss ($0.3M) or ($0.03)/diluted share; adjusted net loss ($0.2M) or ($0.02)/share.
- Sanitaryware revenue $15.4M (down 42.5%), bath furniture $5.0M (down 50.5%), shower systems $5.0M (down 16.7%), other $1.8M (up 157%).
- Cash $7.4M, total liquidity $22.5M; total debt $8.4M.
- Reiterates FY2023 guidance: revenue $145M-$163M, adj. operating income $6.0M-$6.8M, adj. net income $4.2M-$4.7M.

## SEC filing metadata
- accession: 0001558370-23-009237
- form_type: 8-K
- ticker: FGI
- cik: 0001864943
- company_name: FGI Industries Ltd.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/0001558370-23-009237-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/fgi-20230510x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-009237
- JSON: https://secwatch.observer/filing/0001558370-23-009237.json
- Plain text: https://secwatch.observer/filing/0001558370-23-009237.txt

## Key facts
- Earnings Releases
  FGI Industries Ltd. reported full-year 2023 results: revenue $145 million to $163 million, net income $4.2 million to $4.7 million. Guidance reaffirmed.
  - Period: full-year 2023
  - Revenue: $145 million to $163 million
  - Net income: $4.2 million to $4.7 million
  - Guidance: reaffirmed
  - Result: guidance update
  source text: we continue to expect full-year 2023 revenues of $145 million to $163 million, adjusted operating income of $6.0 million to $6.8 million and adjusted net income of $4.2 million to $4.7 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/0001558370-23-009237-index.htm
- Earnings Releases
  FGI Industries Ltd. reported first quarter ended March 31, 2023 results: revenue $27.2 million, net income ($0.3) million.
  - Period: first quarter ended March 31, 2023
  - Revenue: $27.2 million
  - Net income: ($0.3) million
  - Result: reported results
  source text: ▪ Total revenues of $27.2 million, (37.7%) y/y ▪ Gross profit of $7.2 million, (4.3%), Gross margin of 26.5%, +925 bps y/y ▪ Net loss of ($0.3) million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/0001558370-23-009237-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.