Export expansion and improved margins underpin sustained performance
SINGAPORE, March 23, 2026 (GLOBE NEWSWIRE) — HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company”), a Singapore-based home furniture company with sales across Asia-Pacific, Europe and North America, today announced its audited financial results for the fiscal year ended December 31, 2025 (“FY2025”).
“We are pleased to deliver strong operational and financial results for the full year, underpinned by our diversified export model and disciplined capital management,” said Ms. Phua Mei Ming, Chief Executive Officer of HomesToLife. “As we move forward, we will continue to execute our expansion strategy, deepen our presence in key markets, and ensure that HomesToLife remains well positioned to capture new growth opportunities.”
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Key Financial Highlights |
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| FY2024 | FY2025 | Chg | 4Q2024 | 4Q2025 | Chg | |||||||||||||
| US$’000 | US$’000 | (%) | US$’000 | US$’000 | (%) | |||||||||||||
| Net revenue | 335,061 | 377,876 | 13 | % | 96,097 | 102,799 | 7 | % | ||||||||||
| Export | 312,043 | 349,599 | 12 | % | 88,491 | 94,690 | 7 | % | ||||||||||
| Retail | 4,564 | 9,116 | 100 | % | 1,620 | 3,429 | 112 | % | ||||||||||
| Leather | 18,454 | 19,161 | 4 | % | 5,986 | 4,680 | (22 | )% | ||||||||||
| By geographical | 335,061 | 377,876 | 13 | % | 96,097 | 102,799 | 7 | % | ||||||||||
| Asia Pacific | 95,848 | 101,606 | 6 | % | 25,510 | 26,469 | 4 | % | ||||||||||
| Europe | 196,592 | 225,547 | 15 | % | 58,730 | 59,605 | 1 | % | ||||||||||
| North America | 42,621 | 50,723 | 19 | % | 11,857 | 16,725 | 41 | % | ||||||||||
| Gross profit | 83,028 | 105,305 | 27 | % | 22,147 | 29,171 | 32 | % | ||||||||||
| Gross margin (%) | 24.8 | % | 27.9 | % | 3.1 pp | 23.0 | % | 28.4 | % | 5.4 pp | ||||||||
| Operating expenses | 73,516 | 85,934 | 17 | % | 20,940 | 23,776 | 14 | % | ||||||||||
| Selling expenses | 54,727 | 66,332 | 21 | % | 15,076 | 18,958 | 26 | % | ||||||||||
| General and Administrative | 17,349 | 18,337 | 6 | % | 4,910 | 4,525 | (8 | )% | ||||||||||
| Listing expenses | 1,440 | 1,265 | (12 | )% | 953 | 293 | (69 | )% | ||||||||||
| Income from operations | 9,512 | 19,371 | 104 | % | 1,207 | 5,395 | 347 | % | ||||||||||
| Net income | 8,421 | 16,554 | 97 | % | 742 | 3,396 | 358 | % | ||||||||||
| Earnings per share (Basic and diluted) | 0.094 | 0.185 | 97 | % | 0.008 | 0.038 | 358 | % | ||||||||||
Financial results for FY2025, the fiscal year ended December 31, 2024 (“FY2024”), the fourth quarter of 2025 (“4Q2025”) and the fourth quarter of 2024 (“4Q2024”), unless otherwise stated, reflect the inclusion of HTL Marketing Pte. Ltd.(“HTL Marketing”) because of the acquisition of 100% of equity interests in HTL Marketing completed on May 19, 2025.
FY2025 Performance
The Company reported a 13% year-on-year (“YoY”) increase in net revenue to $377.9 million in FY2025, driven by a 12% YoY rise in export revenue to $349.6 million. This growth was supported by stronger export sales across Europe (+15%) and North America (+19%). Revenue from retail doubled to $9.1 million, reflecting contributions from an expanded retail footprint in Korea. In line with revenue, gross profit rose 27% to $105.3 million while gross margin improved by 3.1 percentage points to 27.9% for FY2025.
For FY2025, total operating expenses rose 17% YoY to $86.0 million, driven by a $11.6 million increase in selling expenses. This increase reflected higher sales volumes alongside elevated freight costs, which rose 52% in FY2025.
General and administrative expenses rose 6% to $18.3 million in FY2025, mainly due to higher staff costs and expenses related to the business expansion.
The Company reported foreign exchange gains of $3.5 million in FY2025, compared to gains of $2.2 million in FY2024, primarily due to favorable movements in Euro (EUR) and Pound Sterling (GBP) offset by the depreciation of Chinese Renminbi (CNH) against the U.S. dollar (USD) during the period.
Net income for FY2025 rose 97% to $16.6 million, compared to a net income of $8.4 million in FY2024, translating to earnings per share of $0.185 per share. Return on average common shareholders’ equity (ROE) stood at 86%.
4Q2025 Performance
The Company reported revenue of $102.8 million in FY2025, with the increase of 7% YoY, underpinned by stronger export sales across North America (+41%), and contributions following an expansion of retail outlets in Korea.
Gross profit increased by 32% to $29.2 million, with gross margin expanding by 5.4 percentage points to 28.4%, driven by higher export volumes and operational efficiency. During the quarter, the Company also recorded lower listing expenses following IPO-related costs incurred in the prior year. Accordingly, net income rose 358% to $3.4 million, translating to an earnings per share of $0.038 per share.
Financial Position
In FY2025, cash flow generated from operating activities increased significantly from $0.4 million in FY2024 to $13.5 million in FY2025, in line with expanded business operations, higher profitability and improved working capital management.
As of December 31, 2025, the Company remained in a healthy financial position, with $27.3 million in cash and bank balances. Total borrowings stood at $10.4 million, comprising of short-term trade financing to support higher working capital requirements from export growth.
Outlook
The Company estimates its FY2026 revenue to range between $400 million to $420 million, reflecting continued growth driven by a robust export market, barring any unforeseen circumstances. The Company plans to continue to monitor evolving geopolitical developments, including ongoing conflicts that may impact global trade flows and supply chains.
HomesToLife expects that it will continue to be supported by its robust balance sheet and will practice disciplined capital deployment to ensure that it is well positioned to capture new opportunities for future growth.
The Company also plans to monitor geopolitical developments in the Middle East. While there has been no material impact on the Company’s 2025 financial performance, the Company expects to remain attentive to potential secondary effects, including volatility in global energy prices, supply chain disruptions, and fluctuations in raw material costs and currency markets. The Company’s guidance for 2026 reflects current market conditions, and the Company plans to provide updates as appropriate should conditions evolve.
About HomesToLife Ltd (Nasdaq: HTLM)
HomesToLife Ltd is a global furniture company with three core divisions: : (i) export division for supplying furniture to retail partners worldwide, (ii) leather trading division, and (iii) consumer retail division with direct operations in Singapore and Korea.
Leveraging more than 50 years of heritage built by its founders, the Company combines retail, distribution, and sourcing, supported by a diversified manufacturing network across China, Vietnam, and India.
In May 2025, the Company strengthened its design, product development and merchandising function through the acquisition of HTL Marketing.
The Company is fast expanding across Europe, Asia-Pacific, and North America, leveraging long-standing supplier partnerships and a global presence to deliver scale, efficiency, and resilience.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect financial condition, results of operations, business strategy and financial needs of the Company and its subsidiaries. Forward-looking statements can be identified by the words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Contacts
HomesToLife Ltd Contact:
6 Raffles Boulevard, #02-01/02
Marina Square, Singapore 039594
Email: [email protected]
Investor Relations Inquiries:
Edelman Smithfield
Jass Lim/Enya Rodrigues
[email protected]
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HOMESTOLIFE LTD AND SUBSIDIARIES CONSOLIDATED AND COMBINED BALANCE SHEETS (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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| As of December 31, | ||||||||
| 2024 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 24,860,621 | $ | 27,276,091 | ||||
| Accounts receivable, net (including receivable from related parties of $928,951 and $5,763,509 as of December 31, 2024 and 2025, respectively) | 66,928,602 | 76,010,709 | ||||||
| Inventories, net | 8,032,089 | 9,599,490 | ||||||
| Amounts due from related parties | 2,807,854 | 7,026,092 | ||||||
| Deposit, prepayments and other receivables | 5,145,372 | 5,853,470 | ||||||
| Total current assets | 107,774,538 | 125,765,852 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 3,734,157 | 4,354,206 | ||||||
| Right-of-use assets, net | 6,632,749 | 7,363,312 | ||||||
| Other non-current assets | – | 1,000,000 | ||||||
| Deferred tax asset, net | 636,581 | 673,416 | ||||||
| Total non-current assets | 11,003,487 | 13,390,934 | ||||||
| TOTAL ASSETS | $ | 118,778,025 | $ | 139,156,786 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,701,283 | $ | 4,475,242 | ||||
| Accounts payable, related parties | 72,724,799 | 74,890,989 | ||||||
| Customer deposits | 853,626 | 1,195,989 | ||||||
| Accrued liabilities and other payables | 4,428,806 | 6,065,126 | ||||||
| Short-term borrowings | 15,255,874 | 10,389,094 | ||||||
| Amounts due to related parties | 292,753 | – | ||||||
| Lease liabilities, current | 2,100,281 | 1,924,657 | ||||||
| Warranty liabilities | 2,095,842 | 2,188,814 | ||||||
| Derivatives financial instruments | – | 74,765 | ||||||
| Income tax payable | 2,467,506 | 4,156,085 | ||||||
| Total current liabilities | 102,920,770 | 105,360,761 | ||||||
| Long-term liabilities: | ||||||||
| Provision for reinstatement cost | 262,479 | 382,112 | ||||||
| Lease liabilities | 4,883,321 | 5,572,603 | ||||||
| Total long-term liabilities | 5,145,800 | 5,954,715 | ||||||
| TOTAL LIABILITIES | 108,066,570 | 111,315,476 | ||||||
| Commitments and contingencies | – | – | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary share, $0.0001 par value, 500,000,000 shares authorized,89,687,500 and 89,687,500 shares issued and outstanding as of December 31, 2024 and 2025, respectively* | 8,969 | 8,969 | ||||||
| Additional paid-in capital | 37,179,424 | 37,179,424 | ||||||
| Accumulated other comprehensive loss | (12,686,896 | ) | (12,111,193 | ) | ||||
| (Accumulated losses) retained earnings | (13,790,042 | ) | 2,764,110 | |||||
| Total shareholders’ equity | 10,711,455 | 27,841,310 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 118,778,025 | $ | 139,156,786 | ||||
| * | The shares amounts are presented on a retroactive basis, giving the effect from the completion of common control acquisition. |
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HOMESTOLIFE LTD AND SUBSIDIARIES CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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| Years ended December 31, | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| Revenues, net | ||||||||||||
| From third parties | $ | 316,003,465 | $ | 315,867,933 | $ | 356,187,074 | ||||||
| From related parties | 9,981,004 | 19,192,918 | 21,689,049 | |||||||||
| 325,984,469 | 335,060,851 | 377,876,123 | ||||||||||
| Cost of goods sold | (239,738,076 | ) | (252,032,836 | ) | (272,571,322 | ) | ||||||
| Gross profit | 86,246,393 | 83,028,015 | 105,304,801 | |||||||||
| Operating expenses: | ||||||||||||
| Sales and distribution expenses | (51,622,790 | ) | (54,727,281 | ) | (66,331,518 | ) | ||||||
| General and administrative expenses | (17,400,101 | ) | (17,348,952 | ) | (18,336,882 | ) | ||||||
| Listing expenses | – | (1,440,130 | ) | (1,265,042 | ) | |||||||
| Total operating expenses | (69,022,891 | ) | (73,516,363 | ) | (85,933,442 | ) | ||||||
| Income from operations | 17,223,502 | 9,511,652 | 19,371,359 | |||||||||
| Total other (expense) income, net | (5,042,120 | ) | 1,324,861 | 1,382,613 | ||||||||
| Income before income taxes | 12,181,382 | 10,836,513 | 20,753,972 | |||||||||
| Income tax expense | (1,864,201 | ) | (2,415,742 | ) | (4,199,820 | ) | ||||||
| NET INCOME | $ | 10,317,181 | $ | 8,420,771 | $ | 16,554,152 | ||||||
