FGI Q2 revenue flat at $29.4M, gross margin up 310bps, but posts operating loss

FGI Industries Ltd.

2024-Q2 EPS reported -$0.03 revenue$60,124,468

Revenue $29.4M (+0.6% YoY); gross profit $9.0M (+11.9%); gross margin 30.5% (+310bps).
GAAP net loss ~$0.0M ($0.00 EPS); adjusted net income $0.1M ($0.01 EPS).
Shower Systems revenue +37% YoY; Covered Bridge cabinets +66% YoY; sanitaryware -8%.
FY2024 guidance reaffirmed: revenue $115M-$128M, adj. operating income $2.8M-$3.8M.
Liquidity $17.4M; cash $1.3M, total debt $9.7M; opened office in India.

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