Good day. Welcome to the FGI 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 Jae Chung, CFO. Please go ahead. Thank you. Welcome to FGI Industries 2025 fourth quarter results conference call. Leading the call today, our Chief Executive Officer, David Bruce, and Chief Financial Officer, Jae Chung. 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 David Bruce, followed by a financial review from Jae Chung. At the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to David Bruce. Thank you, Jae. 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 sanitaryware 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 Jae for a more detailed financial review. Thank you, Dave, and good morning, everyone. I will begin by providing additional details on the quarter, followed by an update on our current liquidity and balance sheet. Finally, I will conclude with our guidance for the full year 2026. For the fourth quarter 2025, revenue totaled $30.5 million, a decrease of 14.4% compared to the fourth quarter of 2024. Gross profit was $8.1 million in the quarter, a decrease of 6.8% year-over-year. Our gross margin increased to 26.7% in the quarter, compared to 24.6% the prior year, driven by better relative performance of some of our higher-margin businesses. Our operating expenses decreased to $8.8 million compared to $10 million in the prior year period, due primarily to optimizing our warehouse operations. GAAP operating loss was $0.7 million, improving from an operating loss of $1.3 million in the prior year period. The improvement in the operating loss was a result of a decrease in selling and distribution costs, as well as lower R&D costs. GAAP net loss attributable to shareholders was $2.6 million, compared to a net loss of $0.4 million in the same period last year. Net loss for the fourth quarters of 2025 and 2024 included a valuation allowance on deferred tax assets, business expansion expense, and non-recurring IPO-related compensation. Excluding these items, adjusted net loss for the fourth quarter of 2025 was $0.6 million versus an adjusted net loss of $0.7 million in the same prior year period. Moving to our balance sheet. At the end of the fourth quarter, FGI had $8.5 million in total liquidity. We are providing our 2026 guidance as follows. Our revenue guidance is $134 million-$141 million. The adjusted operating income guidance is $0.7 million-$2.5 million. The adjusted net income guidance is a loss of $0.3 million to a positive $1.1 million. Please note that the guidance for adjusted operating income excludes certain non-recurring items. Adjusted net income excludes certain non-recurring items and includes an adjustment for minority interest. That concludes our prepared remarks. Operator, we are now ready for the question and answer portion of our call. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question today comes from Reuben Garner with Benchmark Co. Please go ahead. Hi, everyone. This is John McGlade on for Reuben. First, congratulations on the quarter. Just a few questions, if maybe you could go into a little bit more detail on what assumptions in the end markets you're assuming relative to the full-year guide? Hey, John. This is Dave Bruce. How are you? Yeah, it's a great question. We had a lot of momentum going into 2025, and then, of course, the global trade issues hit and disrupted some of that. We feel really comfortable in all of our broader category momentum that we have right now. I think you're going to see, for sure, a bit of uncertainty until the trade and tariff situation sort of equalize to some degree. There's still a lot of uncertainty out there, and of course, not to mention what's happening now with the war in the Middle East. For our own particular position, we're pretty comfortable with where we're going with some of our key customers. We have a lot of new programs that are being implemented. Some were delayed, I think I mentioned on last quarterly, due to some of the tariff uncertainty. For the most part, we feel pretty good about the foundational part of our business in each of the broader categories. Okay. I guess along with that, obviously you've mentioned that the recent tariff decisions are kind of impacting demand to a sense so far this quarter. Could you talk about really what demand has looked like year to date versus how it closed through the fourth quarter where it appears like it was somewhat weak? Also too, with that tariff decision, do you anticipate that you or your customers would be the ones to benefit from any refunds if they were to come? Yeah. To answer your first part of your question, we like what we're seeing so far in Q1 based on our expectations and based on what we've built into our guide. As you can imagine, there's still a lot of uncertainty. Because we have some good momentum in some of our key categories, like I mentioned, the expectations through Q1, we've been pretty happy with what we've been seeing for the most part. As far as any tariff adjustments, I think that's way too early to tell. We're going to evaluate everything as we move along. We fully expect, at least from a perspective of planning, that a lot of the tariffs, particularly the IEPA tariffs that were negated by the Supreme Court, most likely will come back in other forms in sectoral tariffs as the year goes on. We're not anticipating that things are going to remain static as they are today. That's something that we'll evaluate as we continue to move forward through this uncertain period, probably for the balance of the year. All right, thank you. I will pass it on, and good luck with the next quarter. Great. Thanks. The next question comes from Greg Gibas from Northland Securities. Please go ahead, sir. Hey, good morning, guys. Thanks for taking the questions. I was wondering if you could maybe elaborate or speak to the pickup in activity that you were seeing in Q1 of 2026 versus maybe the order activity that you saw in Q4. Yeah. I think I mentioned on the opening, if we think back to Q4 of 2024, there was a lot of order pull forward happening then with a lot of anticipation for tariffs to come, which was the correct anticipation, obviously, in early 2025. That was part of our comp problem or issue or challenge for comparing to year-over-year. Secondly, because of the major tariff impact in Q2 in 2025, it was a real whipsaw effect. We had a lot of customers pause orders, as we did with some of our inventory at the time, until we can fully understand the tariff situation. Some of those situations obviously have whipsawed inventory momentum and ordering patterns. It interrupted those ordering patterns for the year. That also contributed to a timing effect for the quarter's business as well. Okay, fair enough. I guess I wanted to follow up too on any progress as you evaluate that China Plus One strategy in terms of diversifying geographic sourcing. Maybe what's come of your evaluation, like where you stand today in terms of continuing to move forward in diversification there? Yeah. No, we've made some really good progress there. We have secured some additional partnerships outside of China. Not a lot of detail to give you today, but we will have impact to our business from diversification and sources such as Thailand, and others that will have migrated business outside of China, which will help lessen the impact of the uncertainties that occur over there. We're looking at other areas of the world as well outside of Southeast Asia. We're working diligently with some new partners as well. We've been pretty thrilled with some of the activity that we've seen, and we're pretty confident we're gonna be able to execute on several of those, in the short term. Got it. I guess lastly, if you're able to, I wanted to dive a little bit deeper on, I think, the last analyst questions as it related to, obviously things being out of your control, geopolitical, certainly the Middle East having an impact. As we think about your BPC strategy and your ability to execute on that, I know you mentioned India again and adding more dealers there, but if you could maybe explain what you're kind of excited about in terms of those growth opportunities, right? I mean, obviously there are these headwinds outside of your control, but India probably being one of them. Could you go through a few in terms of the new program launches that are perhaps exciting in 2026? Yeah, absolutely. You bring up India, which is a great one. We've been seeing it on a weekly and monthly basis with the addition of the dealers. They just continue to grow. A large part of that growth in India has come from the Mumbai area. We're now starting to penetrate Delhi, slowly but surely. We've started to add distributors up there, along with several new dealers. Outside of India, something that we haven't talked too much about is a new wholesale FAF initiative in Germany, and we've been very successful. We opened up a small distribution center in Germany, and we hired a gentleman who is concentrating solely on the wholesale FAF business in Germany, and that's been going very well for the last eight-10 months. That's continuing to grow. On the U.S. side as well, we have been, I think I've mentioned on previous calls, really making headway in establishing proper representation and distribution throughout the country for the wholesale business, in the United States. At the same time, we're evaluating our logistics footprint and distribution center footprint in the U.S. that may be able to better serve some of those newer markets as we expand into some of those new customers and new territories as well. Got it. Very helpful. Thanks very much, guys. Yep. Sure. Again, if you have a question, please press star then one. This concludes our question and answer session. I would like to turn the conference back over to David Bruce for any closing remarks. Thank you everybody for your time and interest today, we really do appreciate your continued support of FGI. Stay well, and if we don't connect during the quarter, we look forward to speaking with you on our next call. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.