FGI FGI Industries Ltd.

Overview and Growth

In fiscal 2025, FGI Industries Ltd. recorded $130.53M of revenue, net loss of $6.14M, and an operating cash inflow of $673.22K. At $130.53M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $131.82M in fiscal 2024, revenue decreased 1.0%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was -$3.20, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $69.54M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 1.88x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $35.25M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 27.0% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $2.40M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 1.8%, showing the shortfall after operating costs. The company ended the period with a net loss of $6.14M, extending the operating result through all remaining items. Net margin was -4.7%, reflecting a loss equal to 4.7% of reported revenue. The pretax result was a loss of $4.34M, establishing the deficit before tax effects. Measured against revenue, the pretax deficit represented 3.3%. The company recognized $2.79M of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 39.3%, placing the bottom-line deficit against shareholder capital. The net loss equaled 8.8% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $6.14M from $1.20M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $69.54M asset base was financed through $53.93M of liabilities and $15.61M of equity. At period end, current assets of $51.54M compared with current liabilities of $43.91M, defining the company’s short-term resource position. The current ratio was 1.17x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $1.90M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 4.3%, excluding receivables and other current assets. Equity equaled 22.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 77.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 2.7% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 7.9% from $75.46M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 27.6% from $21.57M in fiscal 2024, placing the current capital base lower year over year. Cash and equivalents were 58.3% lower than fiscal 2024 cash of $4.56M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $673.22K, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $885.74K, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 131.6%, connecting investment intensity with the company’s cash-generation base. The company recorded a $212.52K cash deficit after capital spending for the period. Free-cash-flow margin was -0.2%, reflecting a cash deficit equal to 0.2% of revenue after capital spending. The cash deficit after capital spending represented 0.3% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.