Revenue declined for a second consecutive quarter, and the core sanitaryware segment fell 20% YoY. The reaffirmed guidance provides a floor but does not signal a turnaround. Monitor Q2 results for any acceleration in bath furniture/shower systems growth or further deterioration in sanitaryware. The tariff environment remains a key overhang.
Price Chart
Executive Summary
FGI Industries reported Q1 2026 revenue of $30.5M, down 8.2% YoY, and a GAAP net loss of $0.50 per diluted share, widening from a $0.33 loss in Q1 2025. The company reaffirmed its full-year 2026 guidance for revenue of $134-141M and adjusted operating income of $0.7-2.5M, but the ongoing revenue decline and tariff uncertainty continue to pressure results.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $30.5M, down 8.2% YoY from $33.2M
- GAAP net loss attributable to shareholders of $1.0M ($0.50 per diluted share) vs $0.6M loss ($0.33 per share) in Q1 2025
- Gross margin flat at 26.8% YoY
- Operating loss improved to $0.7M from $1.3M in Q1 2025
- Sanitaryware revenue declined 20.0% YoY to $16.1M; bath furniture +10.9%, shower systems +14.0%
- Full-year 2026 guidance reaffirmed: revenue $134-141M, adjusted operating income $0.7-2.5M
- Total liquidity of $7.9M as of March 31, 2026
- Revenue missed consensus estimate of $33.4M
Financial Impact
Revenue miss of ~$2.9M vs consensus; GAAP EPS loss of $0.50 vs $0.33 prior year
Risk Factors
- Continued tariff uncertainty pressuring customer ordering patterns
- Further revenue declines in core sanitaryware segment
- Limited liquidity ($7.9M) constrains strategic flexibility
- Widening GAAP net loss trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-035143 |
| Document: fgi-20260514.htm | 0001628280-26-035143 |
| Document: 0001628280-26-035143-index-headers.html | 0001628280-26-035143 |
| Document: 0001628280-26-035143-index.html | 0001628280-26-035143 |
| Document: 0001628280-26-035143.txt | 0001628280-26-035143 |
| 8-K Data (Synthetic) | 0001628280-26-035143 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 8-K | $0.0352 $0.0732 | ▼ −107.95% | ▼ −103.44% | — |
Apr 23, 2026 26w ago | 8-K | $0.0352 $0.0220 | ▲ +37.50% | ▲ +42.58% | — |
Apr 9, 2026 28w ago | 8-K | $0.0352 | awaiting T+60 | — | — |
US Market Status
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