Here are a few analogies to describe FGI Industries:

• A value-focused competitor to companies like Kohler or American Standard, specializing in kitchen and bath fixtures.
• Like a Whirlpool for bathroom and kitchen fixtures, manufacturing and supplying essentials for home renovation.

• Bathroom Fixtures: Manufactures and distributes toilets, sinks, and bathtubs for residential and commercial use.
• Vanities: Provides a range of bathroom vanity cabinets and tops designed for storage and aesthetic appeal.
• Kitchen Sinks and Faucets: Offers various styles of kitchen sinks and coordinating faucets.
• Shower Systems: Distributes shower doors, bases, and other related showering products.
• Bath Accessories: Supplies complementary items like mirrors, lighting, and towel bars to complete bathroom designs.

FGI Industries (FGI) primarily sells its products to other companies (B2B) rather than directly to individuals. Its customers are largely comprised of businesses within the home improvement and construction sectors.

While FGI Industries does not publicly disclose the specific names of its major customers in its SEC filings, it does provide insights into its customer base and concentration. According to its Annual Reports on Form 10-K, FGI has stated that a significant portion of its net sales are concentrated among a limited number of large customers. For instance, in its 2022 Annual Report, two customers accounted for approximately 25% and 12% of its net sales, respectively. FGI describes its primary distribution channels as major home improvement retailers, wholesalers, specialty distributors, and e-commerce platforms.

Based on FGI's description of its sales channels and general industry knowledge of the largest players in the North American home improvement retail market, the following companies are highly likely to be among FGI's major customers:

• The Home Depot, Inc. (Symbol: HD)
• Lowe's Companies, Inc. (Symbol: LOW)

In addition to these major retailers, FGI's customer base also includes numerous other entities across various channels:

• Wholesalers and specialty distributors serving the plumbing, kitchen, and bath industries.
• Commercial customers, such as builders, contractors, and hospitality groups, that integrate FGI's products into new construction and renovation projects.
• E-commerce platforms and retailers with significant online presence in the home improvement space.

David Bruce, Chief Executive Officer

David Bruce serves as Chief Executive Officer of FGI Industries Ltd. Prior to this role, he was the Executive Vice President of the Kitchen & Bath division of FGI USA from 2009 to 2021, where he was responsible for the development of sales, marketing, customer, and supplier strategies. He held various sales and marketing positions within the organization before that. Before joining FGI USA in 1997, Mr. Bruce held several roles in the kitchen and bath segment of the retail industry.

Jae Chung, Chief Financial Officer

Jae Chung serves as Chief Financial Officer, effective July 1, 2025. He previously served as Vice President of Investor Relations and Corporate Development for FGI from April 2024 to June 2025. From January 2022 to March 2024, Mr. Chung was a member of FGI's Board of Directors. Before his affiliation with FGI, he served as Vice President of Oakmont Corporation, a family investment office, from 2015 to May 2021, where he helped manage its public securities portfolio.

John Chen, Executive Chairman

John Chen serves as the Executive Chairman of FGI Industries Ltd. Previously, he was the Executive Vice President of Corporate Development for FGI USA from 2019 until 2021, with primary responsibilities including corporate strategy, financial controls, and capital allocation oversight. Before joining FGI USA, Mr. Chen spent eleven years in the investment management industry as an equity research analyst and portfolio manager from 2007 to 2018. He also practiced securities law as part of an international law firm.

Jennifer Earl, President, FGI North America

Jennifer Earl is the President of FGI North America. Prior to this position, she was the Executive Vice President of FGI Canada. Before that, Ms. Earl held various roles at the predecessor company, Foremost Groups, Inc., for twenty-three years, including positions in sales, product development, and marketing. Before joining Foremost Groups, Inc., she also held several roles in the kitchen and bath segment of the retail industry.

Norman Kroenke, Executive Vice President, FGI Europe

Norman Kroenke is the Executive Vice President of FGI Europe. Before this role, he served as the Executive Vice President of Foremost International GmbH & Co.KG. for over fifteen years, where he focused on building a European sales presence for Foremost's sanitaryware platform. From 1995 to 2005, Mr. Kroenke was a member of the management board for Sanitop, a major wholesale sanitaryware provider in Germany.

Addressable Markets for FGI Industries' Main Products:

• Sanitaryware (including toilets, sinks, pedestals, and toilet seats):
  • Global Market: The global sanitary ware market was valued at approximately USD 14.08 billion in 2024 and is projected to reach USD 24.91 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.02% from 2025 to 2033. Other estimates place the global market size at USD 34.3 billion in 2024, with a projected growth to USD 61.6 billion by 2034 at a CAGR of 6.2%. Additionally, the global sanitaryware market was valued at USD 57.62 billion in 2025 and is forecast to reach USD 78.68 billion by 2030, at a CAGR of 6.43%.
  • U.S. Market: The U.S. sanitary ware market was estimated at USD 4,895.92 million in 2024 and is projected to grow to USD 7,202.71 million by 2031, with a CAGR of 5.67%. Another source estimated the U.S. sanitary ware market to be around USD 6.3 billion in 2024, with an anticipated CAGR of 5.3% between 2025 and 2034.
• Bath Furniture (including vanities, mirrors, laundry, medicine cabinets, and other storage systems):
  • Global Market: The global bathroom furniture market was estimated at USD 136.20 billion in 2024 and is projected to reach USD 195.27 billion by 2030, growing at a CAGR of 6.6% from 2025 to 2030. Another report indicates the global bathroom furniture market is projected to grow from USD 24.0 billion in 2025 to USD 43.8 billion by 2035, at a CAGR of 6.2%. The broader bath furnishing market (which includes furniture) was valued at USD 45.54 billion in 2024 and is projected to grow at a CAGR of 3.4% from 2025 to 2030.
  • U.S. Market: The U.S. bathroom furniture market generated a revenue of USD 35,251.3 million in 2024 and is expected to reach USD 45,168.0 million by 2030, with a CAGR of 4.6% from 2025 to 2030. The U.S. bathroom furniture market accounts for approximately USD 3.9 billion of the total market share, with a CAGR of 6.5%.
• Shower Systems (including shower walls, doors, and basins):

  Market data primarily focuses on "shower heads systems" or "smart shower systems," which may not fully encompass all of FGI's shower system components (walls, doors, basins). However, these provide the closest available market sizing.

  • Global Shower Heads and Systems Market: This market was valued at USD 12.83 billion in 2023 and is projected to reach USD 17.4 billion by 2032, exhibiting a CAGR of 3.45% during the forecast period (2024-2032). The global smart shower systems market was valued at USD 1.76 billion in 2024 and is expected to reach USD 3.96 billion by 2032, at a CAGR of 10.6% during the forecast period.
  • U.S. Shower Heads Market: The U.S. shower heads market size was estimated at USD 2.00 billion in 2024 and is projected to grow at a CAGR of 7.1% from 2025 to 2030. The U.S. smart shower market size was estimated at USD 340 million in 2024 and is projected to surpass around USD 930 million by 2034, at a CAGR of 10.59% from 2025 to 2034.
• Custom Kitchen Cabinetry:
  • Global Market: The global kitchen cabinets market is valued at approximately USD 100 billion. Another source indicates the global kitchen cabinetry market size was USD 78,142.2 million in 2024 and is expected to expand at a CAGR of 5.20% from 2024 to 2031. The global kitchen cabinets market is projected to grow from USD 107.86 billion in 2025 to USD 183.53 billion by 2032, exhibiting a CAGR of 7.89%. The modern custom cabinet market (which includes kitchen cabinets) was valued at USD 30.8 billion in 2025 and is projected to reach USD 47.5 billion by 2033, growing at a CAGR of 5.5% during the forecast period.
  • U.S. Market: The North America kitchen cabinetry market held 40% of the global revenue, with a market size of USD 31,256.81 million in 2024. Demand for kitchen cabinets in the U.S. is forecast to rise to USD 20.6 billion in 2028. The U.S. kitchen cabinets market is expected to reach USD 43.03 billion by 2032.

Expected Drivers of Future Revenue Growth for FGI Industries (FGI)

1. Strategic Investments in Brands, Products, and Channels (BPC Strategy) and Growth in Key Product Categories: FGI Industries is actively pursuing a Brands, Products, and Channels (BPC) growth strategy, which management identifies as a driver of revenue growth exceeding the overall market. This strategy is yielding positive results in specific product segments, including Sanitaryware, Bath Furniture, and especially its Covered Bridge cabinetry businesses, which have shown significant year-over-year growth.
2. Geographic Expansion: The company is focused on expanding its market presence in various regions. FGI has reported revenue growth in Canada and Europe. A notable initiative is the official entry into the Indian market with the establishment of FGI Industries India, including a new office and showroom in Mumbai, reflecting a commitment to global expansion and a "China+1 strategy" for diversified sourcing and markets.
3. Product Innovation: Product innovation is a core element of FGI's strategy to differentiate its offerings and gain market acceptance. The company has highlighted the positive reception of its FLUSH GUARD technology and the continued growth of products like JETCOAT. FGI aims to deliver superior chemical solutions and pioneering advancements through ongoing research and development efforts.
4. Strategic Partnerships and Accretive Acquisitions: FGI is looking to expand its market reach and product portfolio through new strategic partnerships. Additionally, the company has a disciplined capital allocation strategy that includes a "Bolt-on strategy" for accretive mergers and acquisitions, aiming to consolidate fragmented end markets and drive shareholder value.

Share Repurchases

• FGI Industries did not repurchase any ordinary shares during the twelve months ended December 31, 2022.
• A 1:5 reverse stock split occurred on July 31, 2025, which reduced the number of shares outstanding.

Share Issuance

• FGI Industries completed its initial public offering (IPO) on January 27, 2022, pricing 2.5 million units at $6.00 per unit.
• The company received gross proceeds of approximately $15 million from the IPO, with estimated net proceeds of $12.5 million after deducting underwriting discounts, commissions, and offering expenses.
• Each unit in the IPO consisted of one ordinary share and one warrant to purchase an ordinary share.

Outbound Investments

• FGI Industries' capital allocation strategy includes a focus on driving value through accretive mergers and acquisitions (M&A).
• The company aims to consolidate fragmented end markets using a "Bolt-on strategy" and is actively evaluating acquisition opportunities within its core bath and kitchen categories.

Capital Expenditures

• Capital expenditures amounted to $1.8 million for the year ended December 31, 2020, and $2.9 million for the year ended December 31, 2021.
• For the three months ended March 31, 2024, capital expenditures were $0.6 million, following $0.1 million for the same period in 2023, primarily for the acquisition of property and equipment.
• FGI Industries expects capital expenditures of approximately $2.206 million for 2024 and $1.319 million for 2025, with a primary focus on strategic investments in "BPC" (Brands, Products, Channels) growth initiatives, including AI-driven design tools (Isla Porter), warehouse optimization, and expansion into India.