FGI INDUSTRIES ANNOUNCES SECOND QUARTER 2024 RESULTS
FGI Industries (Nasdaq: FGI) reported its Q2 2024 results with total revenue of $29.4 million, up 0.6% year-over-year. Gross profit increased 11.9% to $9.0 million, with gross margin improving by 310 basis points to 30.5%. The company reported an operating loss of ($0.5) million and a net loss of ($0.0) million. Adjusted net income was $0.1 million or $0.01 per diluted share.
Shower Systems revenue grew 37% year-over-year, while Sanitaryware and Bath Furniture declined 8% and 16% respectively. The company ended Q2 with total available liquidity of $17.4 million. FGI reiterated its fiscal 2024 guidance, projecting total revenue between $115 million and $128 million, and adjusted net income between $1.2 million to $2.0 million.
FGI Industries (Nasdaq: FGI) ha riportato i risultati del Q2 2024 con un fatturato totale di 29,4 milioni di dollari, in aumento dello 0,6% rispetto all'anno precedente. Il profitto lordo è aumentato dell'11,9% raggiungendo i 9,0 milioni di dollari, con un margine lordo migliorato di 310 punti base al 30,5%. L'azienda ha registrato una perdita operativa di ($0,5) milioni e una perdita netta di ($0,0) milioni. L'utile netto rettificato è stato di 0,1 milioni di dollari, pari a 0,01 dollari per azione diluita.
I ricavi dei Sistemi Doccia sono cresciuti del 37% rispetto all'anno precedente, mentre il Sanitaryware e i Mobili da Bagno hanno registrato un calo rispettivamente dell'8% e del 16%. L'azienda ha concluso il Q2 con una liquidità totale disponibile di 17,4 milioni di dollari. FGI ha ribadito le sue previsioni per l'esercizio fiscale 2024, prevedendo un fatturato totale compreso tra 115 milioni e 128 milioni di dollari e un utile netto rettificato compreso tra 1,2 milioni e 2,0 milioni di dollari.
FGI Industries (Nasdaq: FGI) reportó sus resultados del Q2 2024 con ingresos totales de 29,4 millones de dólares, un aumento del 0,6% interanual. El beneficio bruto aumentó un 11,9% alcanzando los 9,0 millones de dólares, con un margen bruto mejorado en 310 puntos básicos hasta el 30,5%. La compañía reportó una pérdida operativa de ($0,5) millones y una pérdida neta de ($0,0) millones. El ingreso neto ajustado fue de 0,1 millones de dólares o 0,01 dólares por acción diluida.
Los ingresos de Sistemas de Ducha crecieron un 37% interanual, mientras que los productos sanitarios y los muebles de baño cayeron un 8% y un 16% respectivamente. La empresa terminó el Q2 con una liquidez total disponible de 17,4 millones de dólares. FGI reiteró su guía fiscal para 2024, proyectando ingresos totales entre 115 millones y 128 millones de dólares, y un ingreso neto ajustado entre 1,2 millones y 2,0 millones de dólares.
FGI Industries (Nasdaq: FGI)는 2024년 2분기 실적을 발표하며 총 수익 2,940만 달러를 기록했으며, 이는 전년 대비 0.6% 증가한 수치입니다. 총 이익은 11.9% 증가하여 900만 달러에 달하며, 총 마진은 310 베이시스 포인트 개선된 30.5%를 기록했습니다. 회사는 운영 손실이 ($0.5) 백만, 순손실이 ($0.0) 백만이라고 보고했습니다. 조정된 순이익은 10만 달러, 즉 희석 주당 0.01 달러였습니다.
샤워 시스템의 수익은 전년 대비 37% 증가했으며, 반면 위생 도기와 욕실 가구는 각각 8% 및 16% 감소했습니다. 회사는 2분기를 1,740만 달러의 가용 유동성으로 마감했습니다. FGI는 2024 회계연도 가이던스를 반복하며 총 수익은 1억 1천5백만 달러에서 1억 2천8백만 달러 사이, 조정된 순이익은 120만 달러에서 200만 달러 사이로 예상했습니다.
FGI Industries (Nasdaq: FGI) a annoncé ses résultats du 2ème trimestre 2024 avec un chiffre d'affaires total de 29,4 millions de dollars, en hausse de 0,6 % par rapport à l'année précédente. Le bénéfice brut a augmenté de 11,9 % pour atteindre 9,0 millions de dollars, avec une amélioration de la marge brute de 310 points de base à 30,5 %. L'entreprise a enregistré une perte d'exploitation de ($0,5) millions et une perte nette de ($0,0) millions. Le revenu net ajusté était de 0,1 millions de dollars ou 0,01 dollars par action diluée.
Les revenus des Systèmes de Douche ont augmenté de 37 % par rapport à l'année précédente, tandis que ceux des Sanitaires et des Meubles de Salle de Bain ont diminué respectivement de 8 % et de 16 %. L'entreprise a clôturé le 2ème trimestre avec une liquidité totale disponible de 17,4 millions de dollars. FGI a réitéré son orientation pour l'exercice 2024, prévoyant un chiffre d'affaires total compris entre 115 millions et 128 millions de dollars, et un revenu net ajusté compris entre 1,2 millions et 2,0 millions de dollars.
FGI Industries (Nasdaq: FGI) hat die Ergebnisse für das 2. Quartal 2024 mit einem Gesamterlös von 29,4 Millionen US-Dollar gemeldet, was einem Anstieg von 0,6% im Jahresvergleich entspricht. Der Bruttogewinn stieg um 11,9% auf 9,0 Millionen US-Dollar, während die Bruttomarge um 310 Basispunkte auf 30,5% verbessert wurde. Das Unternehmen berichtete von einem Betriebsverlust von ($0,5) Millionen und einem Nettoverlust von ($0,0) Millionen. Das bereinigte Nettoergebnis betrug 0,1 Millionen US-Dollar oder 0,01 US-Dollar pro verwässerter Aktie.
Die Einnahmen aus Duschsystemen wuchsen im Jahresvergleich um 37%, während die Umsätze von Sanitärprodukten und Badmöbeln um 8% und 16% zurück gingen. Das Unternehmen schloss das 2. Quartal mit einer verfügbaren Liquidität von 17,4 Millionen US-Dollar. FGI bekräftigte die Prognose für das Geschäftsjahr 2024 und erwartet einen Gesamterlös von 115 Millionen bis 128 Millionen US-Dollar sowie ein bereinigtes Nettoergebnis von 1,2 Millionen bis 2,0 Millionen US-Dollar.
- Revenue increased 0.6% year-over-year to $29.4 million
- Gross profit grew 11.9% to $9.0 million
- Gross margin improved by 310 basis points to 30.5%
- Shower Systems revenue increased by 37% year-over-year
- Covered Bridge custom cabinet segment grew 66% year-over-year
- Total available liquidity of $17.4 million at quarter-end
- Operating loss of ($0.5) million compared to $0.6 million profit in prior year
- Net loss of ($0.0) million versus net income of $0.1 million in prior year
- Sanitaryware revenue declined 8% year-over-year
- Bath Furniture revenue declined 16% year-over-year
- Increased operating expenses due to investments and inflation
Insights
FGI Industries' Q2 2024 results present a mixed picture. While revenue grew marginally by
However, the company reported an operating loss of
The company's liquidity position remains solid with
FGI's Q2 results reflect the current challenges and opportunities in the kitchen and bath products industry. The
The company's expansion into India and investment in new product introductions demonstrate a proactive approach to growth. However, the flat industry outlook and minimal growth forecasts from customers suggest a cautious market environment. The
The impact of macro headwinds on the bath furniture market, leading to a trade-down to lower ticket products, is a trend to watch. This shift in consumer behavior could affect the company's product mix and margins going forward.
FGI's Q2 performance highlights significant supply chain challenges and opportunities. The transition to SAP enterprise software and overseas logistics issues led to delayed shipments, impacting revenue growth. These delays, expected to be resolved in H2, underscore the importance of robust supply chain management in the current global environment.
The company's ability to improve gross margins despite these challenges is commendable, suggesting effective cost management and potentially favorable raw material pricing. However, the increase in freight rates is a concern, as it contributes to higher operating expenses. FGI's proactive monitoring of freight costs indicates awareness of this critical factor.
The expansion into India could potentially diversify the supply chain and open new market opportunities. However, managing a more complex global supply network will require careful planning and execution to avoid further logistics challenges and capitalize on growth potential.
SECOND QUARTER 2024 HIGHLIGHTS
(As compared to the second quarter of 2023)
- Total revenue of
, +$29.4 million 0.6% y/y - Gross profit of
, +$9.0 million 11.9% y/y - Gross margin of
30.5% , +310 bps y/y - Operating loss of
( and net loss of$0.5) million ( $0.0) million - Adjusted operating loss of
( $0.3) million - Adjusted net income of
$0.1 million
MANAGEMENT COMMENTARY
Dave Bruce, President and CEO of FGI, stated, "FGI reported total revenue of
Perry Lin, Chief Financial Officer of FGI, commented, "FGI ended the second quarter with total available liquidity of
SECOND QUARTER 2024 RESULTS
Revenue totaled
- Sanitaryware revenue was
during the second quarter of 2024, down from$17.3 million in the prior-year period. The revenue decrease was impacted by the delayed shipments in the second quarter.$18.8 million - Bath Furniture revenue was
during the second quarter of 2024, a decline from revenue of$4.0 million in the prior-year period. The bath furniture market continues to be impacted by macro headwinds and a trade-down to lower ticket products.$4.8 million - Shower Systems revenue was
during the second quarter of 2024, up from$5.9 million last year. The revenue increase was driven by recently launched programs and orders from a broader customer base.$4.3 million - Other revenue, primarily from Kitchen Cabinets, was
during the second quarter, up from$2.1 million in the prior year, driven by continued order momentum.$1.3 million
Gross profit was
Operating loss was
The Company reported GAAP net loss
FINANCIAL RESOURCES AND LIQUIDITY
As of June 30, 2024, the Company had
FINANCIAL GUIDANCE
The Company reiterates its fiscal 2024 guidance as follows:
- Total Revenue between
and$115 million $128 million - Total Adjusted Operating Income between
and$2.8 million $3.8 million - Total Adjusted Net Income between
to$1.2 million $2.0 million
Guidance for adjusted operating income and adjusted net income is presented on an adjusted basis and excludes non-recurring items. All guidance is current as of the time provided and is subject to change.
SECOND QUARTER CONFERENCE CALL
FGI will conduct a conference call on Thursday, August 8 at 9:00 am Eastern Time to discuss the quarterly results.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company's corporate website at https://investor.fgi-industries.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register and download and install any necessary audio software.
To participate in the live teleconference:
Toll Free: | 1-800-717-1738 | |
International Live: | 1-646-307-1865 |
To listen to a replay of the teleconference, which will be available through August 22, 2024:
Domestic Replay: | 1-844-512-2921 | |
International Replay: | 1-412-317-6671 13727517 | |
Conference ID: | 1181834 |
ABOUT FGI INDUSTRIES
FGI Industries Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 30 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores.
Non-GAAP Measures
In addition to the measures presented in our consolidated financial statements, we use the following non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business and assist us in making strategic decisions. Our non-GAAP measures are: Adjusted Operating Income, Adjusted Operating Margins and Adjusted Net Income. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles in
We use these non-GAAP measures, along with
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan", "see" and "believe," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements regarding FGI's guidance, the Company's growth strategies, outlook and potential acquisition activity, the macroeconomic instability and its associated impact on the national and global economy and the residential repair and remodel market, the company's planned product launches and new customer partnerships, the effect of supply chain disruptions and freight costs and estimates of customer de-stock and timing of market recoveries. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to FGI's periodic filings with the Securities & Exchange Commission including those described as "Risk Factors" in FGI's annual report on Form 10-K for the year ended December 31, 2023, and in quarterly reports on Form 10-Q filed thereafter. FGI does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
FGI INDUSTRIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
As of | As of | |||||
June 30, 2024 | December 31, 2023 | |||||
USD | USD | |||||
(Unaudited) | ||||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 1,307,092 | $ | 7,777,241 | ||
Accounts receivable, net | 17,589,395 | 16,195,543 | ||||
Inventories, net | 12,804,781 | 9,923,852 | ||||
Prepayments and other current assets | 2,122,441 | 4,617,751 | ||||
Prepayments and other receivables – related parties | 13,681,107 | 7,600,283 | ||||
Total current assets | 47,504,816 | 46,114,670 | ||||
PROPERTY AND EQUIPMENT, NET | 2,897,079 | 1,910,491 | ||||
OTHER ASSETS | ||||||
Intangible assets | 1,977,587 | 102,227 | ||||
Operating lease right-of-use assets, net | 13,974,220 | 15,203,576 | ||||
Deferred tax assets, net | 1,783,667 | 1,168,833 | ||||
Other noncurrent assets | 1,741,360 | 1,245,133 | ||||
Total other assets | 19,476,834 | 17,719,769 | ||||
Total assets | $ | 69,878,729 | $ | 65,744,930 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Short-term loans | $ | 9,692,200 | $ | 6,959,175 | ||
Accounts payable | 17,310,270 | 14,524,607 | ||||
Accounts payable – related parties | 1,016,263 | 735,308 | ||||
Income tax payable | — | 189,119 | ||||
Operating lease liabilities – current | 1,732,944 | 1,595,998 | ||||
Accrued expenses and other current liabilities | 4,254,152 | 4,039,499 | ||||
Total current liabilities | 34,005,829 | 28,043,706 | ||||
OTHER LIABILITIES | ||||||
Operating lease liabilities – noncurrent | 12,526,869 | 13,674,452 | ||||
Total liabilities | 46,532,698 | 41,718,158 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||
SHAREHOLDERS' EQUITY | ||||||
Preference Shares ( | — | — | ||||
Ordinary shares ( | 956 | 955 | ||||
Additional paid-in capital | 21,205,922 | 20,877,832 | ||||
Retained earnings | 4,164,900 | 4,413,524 | ||||
Accumulated other comprehensive loss | (1,559,057) | (1,111,499) | ||||
FGI Industries Ltd. shareholders' equity | 23,812,721 | 24,180,812 | ||||
Non-controlling interests | (466,690) | (154,040) | ||||
Total shareholders' equity | 23,346,031 | 24,026,772 | ||||
Total liabilities and shareholders' equity | $ | 69,878,729 | $ | 65,744,930 |
FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | |||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
USD | USD | USD | USD | ||||||||||
REVENUE | $ | 29,370,949 | $ | 29,189,913 | $ | 60,124,468 | $ | 56,352,179 | |||||
COST OF REVENUE | 20,407,647 | 21,179,511 | 42,747,683 | 41,139,619 | |||||||||
GROSS PROFIT | 8,963,302 | 8,010,402 | 17,376,785 | 15,212,560 | |||||||||
OPERATING EXPENSES | |||||||||||||
Selling and distribution | 6,260,847 | 4,800,518 | 12,391,733 | 9,511,607 | |||||||||
General and administrative | 2,622,020 | 2,252,503 | 4,904,878 | 4,394,748 | |||||||||
Research and development | 530,797 | 377,106 | 851,470 | 728,857 | |||||||||
Total operating expenses | 9,413,664 | 7,430,127 | 18,148,081 | 14,635,212 | |||||||||
(LOSS) INCOME FROM OPERATIONS | (450,362) | 580,275 | (771,296) | 577,348 | |||||||||
OTHER INCOME (EXPENSES) | |||||||||||||
Interest income | 4,113 | 4,047 | 4,667 | 5,422 | |||||||||
Interest expense | (305,094) | (293,711) | (527,301) | (543,348) | |||||||||
Other income (expenses), net | 429,513 | (10,684) | 456,530 | (30,241) | |||||||||
Total other income (expenses), net | 128,532 | (300,348) | (66,104) | (568,167) | |||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (321,830) | 279,927 | (837,400) | 9,181 | |||||||||
PROVISION FOR (BENEFIT OF) INCOME TAXES | |||||||||||||
Current | 267,876 | 181,761 | 338,708 | 314,554 | |||||||||
Deferred | (566,291) | 9,685 | (614,834) | (90,479) | |||||||||
Total provision for income taxes | (298,415) | 191,446 | (276,126) | 224,075 | |||||||||
NET (LOSS) INCOME | (23,415) | 88,481 | (561,274) | (214,894) | |||||||||
Less: net loss attributable to non-controlling shareholders | (186,979) | — | (312,650) | — | |||||||||
Net income (loss) attributable to FGI Industries Ltd. shareholders | 163,564 | 88,481 | (248,624) | (214,894) | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||
Foreign currency translation adjustment | (424,980) | 4,897 | (447,558) | 24,996 | |||||||||
COMPREHENSIVE (LOSS) INCOME | (448,395) | 93,378 | (1,008,832) | (189,898) | |||||||||
Less: comprehensive loss attributable to non-controlling shareholders | (186,979) | — | (312,650) | — | |||||||||
Comprehensive (loss) income attributable to FGI Industries Ltd. | $ | (261,416) | $ | 93,378 | $ | (696,182) | $ | (189,898) | |||||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | |||||||||||||
Basic | 9,564,779 | 9,500,000 | 9,566,433 | 9,500,000 | |||||||||
Diluted | 9,699,561 | 9,692,500 | 9,566,433 | 9,500,000 | |||||||||
EARNINGS (LOSS) PER SHARE | |||||||||||||
Basic | $ | 0.02 | $ | 0.01 | $ | (0.03) | $ | (0.02) | |||||
Diluted | $ | 0.02 | $ | 0.01 | $ | (0.03) | $ | (0.02) |
FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
For the Six Months Ended June 30, | |||||||
2024 | 2023 | ||||||
USD | USD | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ | (561,274) | $ | (214,894) | |||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation | 199,439 | 78,759 | |||||
Amortization | 1,265,425 | 766,856 | |||||
Share-based compensation | 328,090 | 272,556 | |||||
Provision for credit losses | (6,523) | 19,790 | |||||
Provision for defective return | 554,148 | (316,132) | |||||
Foreign exchange transaction loss | (227,952) | 23,214 | |||||
Deferred income tax benefit | (614,835) | (90,261) | |||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (1,941,477) | 285,890 | |||||
Inventories | (2,880,929) | 3,458,238 | |||||
Prepayments and other current assets | 1,476,612 | (1,084,906) | |||||
Prepayments and other receivables – related parties | (6,080,824) | (2,998,615) | |||||
Other noncurrent assets | (496,227) | 262,563 | |||||
Income taxes | (412,085) | 109,111 | |||||
Accounts payable | 2,785,664 | (1,912,180) | |||||
Accounts payable-related parties | 280,955 | 1,218,657 | |||||
Operating lease liabilities | (1,010,637) | (627,689) | |||||
Accrued expenses and other current liabilities | 214,652 | 237,849 | |||||
Net cash used in operating activities | (7,127,778) | (511,193) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of property and equipment | (1,189,655) | (235,941) | |||||
Purchase of intangible assets | (669,764) | (496,262) | |||||
Net cash used in investing activities | (1,859,419) | (732,203) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Net proceeds from (repayments of) revolving credit facility | 2,733,024 | (1,931,372) | |||||
Net cash provided by (used in) financing activities | 2,733,024 | (1,931,372) | |||||
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH | (215,976) | 2,102 | |||||
NET CHANGES IN CASH | (6,470,149) | (3,172,666) | |||||
CASH, BEGINNING OF PERIOD | 7,777,241 | 10,067,428 | |||||
CASH, END OF PERIOD | $ | 1,307,092 | $ | 6,894,762 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Cash paid during the period for interest | $ | (520,370) | $ | (544,026) | |||
Cash paid during the period for income taxes | $ | (746,120) | $ | (205,075) | |||
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
New addition on Right-of-use assets | $ | — | $ | (7,616,898) | |||
Acquisition of intangible asset partially through prior period advanced payment | $ | (1,241,664) | $ | — |
Non-GAAP Measures
The following table reconciles Loss from Operations to Adjusted Operating (Loss) Income and Adjusted Operating Margins, as well as Net Loss to Adjusted Net Loss for the periods presented.
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Loss) income from operations | $ | (450,362) | $ | 580,275 | $ | (771,296) | $ | 577,348 | |||||||
Adjustments: | |||||||||||||||
Non-recurring IPO-related stock-based | 59,719 | 59,719 | 119,438 | 119,438 | |||||||||||
IPO and arbitration legal fee | — | — | — | 50,000 | |||||||||||
Business expansion expense | 61,770 | 61,768 | 123,540 | 123,540 | |||||||||||
Adjusted (loss) income from operations | (328,873) | 701,762 | (528,318) | 870,326 | |||||||||||
Revenue | $ | 29,370,949 | $ | 29,189,913 | $ | 60,124,468 | $ | 56,352,179 | |||||||
Adjusted operating margins | (1.1) | % | 2.4 | % | (0.9) | % | 1.5 | % |
For the Three Months Ended | For the Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Net (loss) income | $ | (23,415) | $ | 88,481 | $ | (561,274) | $ | (214,894) | |||||
Adjustments: | |||||||||||||
Non-recurring IPO-related stock-based compensation | 59,719 | 59,719 | 119,438 | 119,438 | |||||||||
IPO and arbitration legal fee | — | — | — | 50,000 | |||||||||
Business expansion expense | 61,770 | 61,768 | 123,540 | 123,540 | |||||||||
Total | 98,074 | 209,968 | (318,296) | 78,084 | |||||||||
Tax impact of adjustment at | (22,961) | (22,961) | (45,923) | (55,373) | |||||||||
Adjusted net income (loss) | $ | 75,113 | $ | 187,007 | $ | (364,219) | $ | 22,711 |
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SOURCE FGI Industries Ltd.
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