FGI Industries Ltd.

Good day and welcome to the SGI Industries Inc. Fourth Quarter 2025 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Jay Chong, CFO. Please go ahead.

Thank you. Welcome to FGI Industries' 2025 Fourth Quarter Results Conference Call. Leading the call today are Chief Executive Officer David Bruce and Chief Financial Officer Jay Chong. We issued a press release after the market closed yesterday detailing our recent operational and financial results. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the risk factors section of our latest filings with the SEC. Additionally, Please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued yesterday and in the appendix of this presentation, which is available on the company's website. Today's call will begin with a performance review and strategic update from Dave Bruce, followed by a financial review from Jay Chung. At the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to Dave.

Thank you, Jay. Good morning, everyone, and thank you for joining our call today. I am pleased to share that our fourth quarter results reflect the strategic investments we've made in our organic growth initiatives across our brands, products, and channels, or BPC strategy. While the broader industry navigated a fluid environment following the Supreme Court decision in February and subsequent tariff actions, FGI's strategic focus has allowed us to maintain a solid foundation. When evaluating our fourth quarter revenue of $30.5 million, it is important to consider two primary factors. Prior year comparatives. We were up against a significant order pull forward in the fourth quarter of 2024 as customers accelerated purchases ahead of anticipated trade policy shifts. Tariff headwinds. The industry outlook remains uncertain due to the current tariff environment, which impacted volumes in our sanitary wear and shower systems businesses despite positive underlying demand trends. However, despite these quarterly timing shifts and macro volatility, FGI's full-year performance remained remarkably stable. On a full-year basis, revenue and gross profit were each down less than 1% compared to prior year. This stability, coupled with our ability to drive revenue growth well above the broader market, underscores the strength of our strategic initiatives. Furthermore, we continue to high-grade our portfolio. Our gross margin expanded by 210 basis points to 26.7% this quarter, driven by the better relative performance of our higher-margin businesses. While we saw temporary revenue pressure in the U.S., Canada, and Europe, our geographic expansion into India and our continued growth in Covered Bridge kitchen cabinetry hold significant promise for driving growth in the coming quarters. I want to commend the FGI team for their dedication to our long-term objectives. By navigating the volatility of 2025 with agility, we have protected our margins and positioned the company for future success. With that, I'll hand it over to Jay for a more detailed financial review.