FGI Industries reported fourth-quarter 2024 revenue of $35.6 million, a 15.0% increase year-over-year, driven by growth across all businesses and geographies. For the full year 2024, total revenue reached $131.8 million, up 12.4% from 2023.
Despite revenue growth, gross profit for Q4 2024 decreased by 3.2% to $8.7 million, with gross margin compressing by 460 basis points to 24.6% due to customer marketing support and new business promotional expenses. The company posted an operating loss of $1.3 million for the quarter, compared to an operating income of $1.2 million in Q4 2023.
GAAP net loss attributable to shareholders for Q4 2024 was $0.4 million, or $0.04 per diluted share, a decline from net income of $0.5 million, or $0.06 per diluted share, in the prior-year period. For the full year 2024, FGI reported a GAAP net loss of $1.1 million, or $0.11 per diluted share, compared to net income of $0.6 million, or $0.06 per diluted share, in 2023.
Operating expenses increased by 28.4% to $10.0 million in Q4 2024, attributed to investments in the BPC growth strategy. As of December 31, 2024, cash and cash equivalents stood at $4.6 million, with total debt of $14.5 million and total liquidity of $15.6 million.
The company provided fiscal 2025 guidance, projecting revenue between $135 million and $145 million. However, adjusted operating income is guided between negative $2.0 million and positive $1.5 million, and adjusted net income between negative $1.9 million and positive $1.0 million, reflecting anticipated profitability pressures from factors including the increasing tariff environment.
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