FGI Industries Q4 revenue up 15% to $35.6M but gross margin falls 460 bps; net loss $0.4M

FGI Industries Ltd.

Q4 revenue $35.6M (+15% YoY); gross profit $8.7M (-3.2%); gross margin 24.6% (down 460 bps).
Operating loss $1.3M, net loss $0.4M ($0.04 diluted loss); adjusted operating loss $1.1M, adjusted net loss $0.7M.
Full-year revenue $131.8M (+12.4% YoY); net loss $1.2M; operating expenses rose 28.4% to $10.0M.
FY2025 guidance: revenue $135-145M; adj operating income $(2.0)-1.5M; adj net income $(1.9)-1.0M.
Cash $4.6M, total debt $14.5M, total liquidity $15.6M; management notes fluid tariff environment.

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