secwatch.observer — SEC 8-K summary
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Issuer:     FGI Industries Ltd. (FGI)
CIK:        0001864943
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001558370-23-009237
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/0001558370-23-009237-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1864943/000155837023009237/fgi-20230510x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-009237

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