SINGAPORE, Nov. 17, 2025 (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 unaudited financial results for the nine months ended September 30, 2025 ("9M 2025") and the third quarter of 2025 ("Q3 2025").
"Our consistent performance demonstrates the resilience of our diversified export model and disciplined cost control," said Ms. Phua Mei Ming, Chief Executive Officer of HomesToLife. "As we approach the year-end peak season, we are well-positioned to capitalize on seasonal demand while sustaining long-term growth through our key markets."
Selected Financial Highlights
9M 2024 9M 2025 Change Q3 2024 Q3 2025 Change
US$'000 US$'000 (%) US$'000 US$'000 (%)
Net revenue 238,964 275,078 15% 82,652 94,302 14%
Export 223,553 254,909 14% 75,296 86,900 15%
Retail 2,943 5,687 93% 940 2,305 145%
Leather 12,468 14,482 16% 6,416 5,097 (21)%
By geographical 238,964 275,078 15% 82,652 94,302 14%
Asia Pacific 70,338 75,137 7% 27,478 26,454 (4)%
Europe 137,862 165,942 20% 43,429 55,953 29%
North America 30,763 33,999 11% 11,744 11,895 1%
Gross profit 60,881 76,134 25% 18,945 26,302 39%
Gross margin (%) 25.5% 27.7% 25% 22.9% 27.9% 39%
Operating expenses 52,576 62,158 18% 18,062 21,373 18%
Selling expenses 39,651 47,374 19% 13,425 16,281 21%
General and
Administrative 12,439 13,812 11% 4,460 4,786 7%
Listing expenses 487 972 100% 176 306 73%
Income from
operations 8,305 13,976 68% 884 4,929 458%
Net income 7,679 13,159 71% 2,313 3,134 36%
Earnings per share
(Basic and diluted) 0.09 0.15 67% 0.03 0.03 -
Financial results for 9M 2025, 9M2024, Q3 2025 and Q4 2024, unless otherwise stated, reflect the inclusion of HTL Marketing Pte. Ltd. because of the acquisition of 100% of equity interests in HTL Marketing Pte. Ltd. completed on 19 May 2025.
9M 2025 Performance
The Company reported net revenue of $275.0 million in 9M 2025, a 15% increase from revenue of $238.9 million in the same period in 2024, driven by stronger export sales across Europe, which increased 20% and North America, which increased 11%.
Gross profit rose 25% to $76.1 million, compared to $60.8 million in 9M 2024 results, in line with the higher revenue. Gross margin improved by 2.2 percentage points to 27.7% in 9M 2025, compared to 25.5% in 9M 2024.
In 9M 2025, total operating expenses rose 18% year-over-year to $62.1 million, driven by a 19% increase in selling expenses to $47.3 million. The higher selling expenses were driven mainly by an increase of $5.8 million in freight costs from the Suez Canal disruption, $1.3 million in start-up costs related to the South Korea retail acquisition, and higher warranty and commission expenses in line with increased sales activity.
General and administrative expenses rose 11% to $13.8 million in 9M 2025, mainly due to higher staff costs and expenses related to the Company's Nasdaq listing.
The Company reported foreign exchange gains of $4.5 million in 9M 2025, up from $1.5 million in the same period in 2024, primarily due to favourable movements in British pound (GBP) and euro (EUR) receivables and the depreciation of Chinese renminbi $(CNH)$-denominated payables against the U.S. dollar during the period.
Net income for 9M 2025 rose 71% to $13.2 million, compared to a net profit of $7.7 million in 9M 2024, translating to earnings per share of $0.15, up from $0.09 per share, and annualized return on average common shareholders' equity $(ROE)$ was 74%.
Q3 2025 Performance
The Company reported revenue of $94.3 million in Q3 2025, up 14% from $82.6 million a year ago, driven by stronger export sales across Europe, which increased 29%, and a $1.3 million contribution from the newly acquired Korea retail operations.
Gross profit increased 39% to $26.3 million, with gross margin improving to 27.9% from 22.9% in Q3 2025, reflecting higher export volumes and improved operating efficiency. Net income rose 36% to $3.1 million, compared to $2.3 million in Q3 2024, translating to earnings per share of $0.03.
Financial Position
As of September 30, 2025, the Company remained in a healthy financial position, with $21.8 million in cash and bank balances. Total borrowings stood at $10.1 million, comprising only of short-term trade financing to support higher working capital requirements from export growth. HomesToLife was in a net cash position of approximately $11.7 million, underpinned by positive operating cash flow.
Net cash generated from operating activities was $4.0 million in 9M 2025, in line with higher profit and disciplined working capital management.
Outlook
The Company maintains its guidance for FY2025 revenue to range between $360 million to $375 million.
The Company continues to maintain a robust liquidity position, with the goal of ensuring financial flexibility to support its strategic growth initiatives while meeting short-term operational and financing obligations.
About HomesToLife Ltd (Nasdaq: HTLM)
HomesToLife Ltd is a global furniture company with two core divisions: a Consumer Retail Division with direct operations in Singapore and Korea, and a Wholesale & Trade Division.
Leveraging more than 50 years of heritage built by its founders, HTLM combines retail, distribution, and sourcing, supported by a diversified manufacturing network across China, Vietnam, and India.
In May 2025, HTLM strengthened its design, product development and merchandising function through the acquisition of HTL Marketing.
HTLM 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: Investor@homestolife.com
Investor Relations Inquiries:
Edelman Smithfield
Roger Ng, Senior Director
Jass Lim, Associate Director
HomesToLife@edelmansmithfield.com
HOMESTOLIFE LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED BALANCE
SHEETS
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
As of
December 31, September 30,
2024 2025
ASSETS
Current assets:
Cash and cash equivalents $ 24,860,621 $ 21,750,924
Accounts receivables, net
(including receivable from related
parties of $1,907,637 and $928,951
as of September 30, 2025 and
December 31, 2024, respectively) 66,928,602 65,768,061
Inventories, net 8,032,089 12,156,115
Amounts due from related parties 2,807,854 4,832,655
Deposit, prepayments and other
receivables 5,145,372 6,973,080
Total current assets 107,774,538 111,480,835
Non-current assets:
Property, plant and equipment, net 3,734,157 4,272,173
Right-of-use assets, net 6,632,749 6,075,192
Deferred tax asset, net 636,581 681,779
Total non-current assets 11,003,487 11,029,144
TOTAL ASSETS $118,778,025 $ 122,509,979
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 2,701,283 $ 3,090,766
Accounts payable, related parties 72,724,799 63,732,800
Customer deposits 853,626 1,311,889
Accrued liabilities and other
payables 4,428,806 6,689,131 Short-term borrowings 15,255,874 10,127,464 Amount due to related parties 292,753 - Lease liabilities 2,100,281 1,944,325 Warranty liabilities 2,095,842 2,470,208 Derivatives and hedging instruments - 171,365 Income tax liabilities 2,467,506 3,278,904 Total current liabilities 102,920,770 92,816,853 Long-term liabilities: Provision for reinstatement cost 262,479 320,463 Lease liabilities 4,883,321 4,476,070 Total long-term liabilities 5,145,800 4,796,533 TOTAL LIABILITIES 108,066,570 97,613,387 Commitments and contingencies - - Shareholders' equity Ordinary share, $0.0001 par value, 100,000,000 shares authorized, 89,687,500 and 89,687,500 shares issued and outstanding as of September 30, 2025 and December 31, 2024* 8,969 8,969 Additional paid-in capital 37,179,424 37,179,424 Accumulated other comprehensive loss (12,686,896) (11,660,303) Accumulated losses (13,790,042) (631,498) Total shareholders' equity 10,711,455 24,896,592 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $118,778,025 $ 122,509,979
* The share amounts are presented on a retroactive basis, giving the effect from the completion of common control acquisition.
HOMESTOLIFE LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
For the three months ended Nine Months ended
September 30, September 30,
2024 2025 2024 2025
Revenues, net $ 82,651,838 $ 94,302,780 $ 238,963,947 $ 275,077,583
Cost of goods
sold (63,706,782) (68,001,603) (178,082,934) (198,943,862)
Gross profit 18,945,056 26,301,177 60,881,013 76,133,721
Operating
expenses:
Sales and
distribution
expenses (13,424,877) (16,281,473) (39,651,095) (47,373,583)
General and
administrative
expenses (4,460,458) (4,786,316) (12,438,689) (13,812,247)
Listing expenses (176,193) (305,684) (486,695) (971,705)
Total operating
expenses (18,061,528) (21,373,473) (52,576,479) (62,157,535)
Income from
operations 883,528 4,927,704 8,304,534 13,976,186
Other income
(expense):
Interest expense (364,499) (256,054) (751,762) (986,426)
Interest income 19,502 6,147 114,542 22,394
Government
subsidies 5,191 13,558 26,423 30,508
Foreign exchange
gain, net 969,693 227,588 1,502,602 4,521,221
Net loss from
forgiveness of
related parties
debt
restructuring - (1,460,543) - -
Professional
fees on
acquisition of
HTL Marketing - - - (1,261,560)
Scrap sofa sale
income 139,342 115,186 442,795 338,449
Change in fair
value of
derivatives and
hedging
instruments 1,060,339 581,878 (4,502) (171,365)
Sundry income 13,434 93,795 95,250 133,199
Total other
(expense)
income, net 1,843,002 (678,445) 1,425,348 2,626,420
Income before
income taxes 2,726,530 4,249,260 9,729,8812 16,602,606
Income tax
expense (413,481) (1,114,790) (2,051,217) (3,444,062)
NET INCOME $ 2,313,049 $ 3,134,470 $ 7,678,665 $ 13,158,544
Other
comprehensive
income (loss):
-- Foreign
currency
translation
adjustments 1,667,852 (341,582) 18,859 1,026,593
COMPREHENSIVE
INCOME $ 3,980,901 $ 2,792,887 $ 7,697,524 $ 14,185,137
Weighted
average number
of ordinary
shares:
Basic and
diluted * 88,250,000 89,687,500 88,250,000 89,687,500
EARNINGS PER
SHARE -- BASIC
AND DILUTED $ 0.03 $ 0.03 $ 0.09 $ 0.15
* The share amounts and per share data are presented on a retroactive basis, giving the effect from the completion of common control acquisition.
HOMESTOLIFE LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME -- SEGMENT
REPORTING
(Currency expressed in United States Dollars ("US$"),
except for number of shares
Nine months ended September 30, 2024
Corporate
Retails Leather and
Sales Export Sales Trading unallocated Total
Revenues, net
From third party $ 2,943,113 $ 221,799,412 $ 1,747,259 $ - $ 226,489,784
From related
parties - 1,753,267 10,720,896 - 12,474,163
2,943,113 223,552,679 12,468,155 - 238,963,947
Cost of goods
sold (1,132,601) (164,908,845) (12,041,488) - (178,082,934)
Gross profit 1,810,512 58,643,834 426,667 - 60,881,013
Operating
expenses:
Sales and
distribution (1,999,806) (37,482,942) (168,347) - (39,651,095)
General and
administrative (1,137,316) (11,190,881) (5,024) (105,468) (12,438,689)
Listing expenses - - (486,695) (486,695)
Total operating
expenses (3,137,122) (48,673,823) (173,371) (592,163) (52,576,479)
Operating profit (1,326,610) 9,970,011 253,296 (592,163) 8,304,534
Other income
(expenses):
Interest expense (149,919) (327,704) (274,139) - (751,762)
Interest income - 114,211 331 - 114,542
Government
subsidies 15,549 10,874 - - 26,423
Foreign exchange
gain, net 5,086 1,511,993 5,852 (20,329) 1,502,602
Scrap sofa sale
income - 442,795 - - 442,795
Change in fair
value of
derivatives and
hedging
instruments (4,502) (4,502)
Sundry income
(expense) 78,401 16,839 10 - 95,250
Total other
income
(expenses),
net (50,883) 1,764,506 (267,946) (20,329) 1,425,348
Income before
income expense (1,377,493) 11,734,517 (14,650) (612,492) 9,729,882
Income tax
expense - (2,053,707) 2,490 - (2,051,217)
Segment income
(loss) $(1,377,493) $ 9,680,810 $ (12,160) $ (612,492) $ 7,678,665
HOMESTOLIFE LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME -- SEGMENT
REPORTING
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Nine months ended September 30, 2025
Corporate
Retails Leather and
Sales Export Sales Trading unallocated Total
Revenues, net
From third party $ 5,687,313 $ 252,646,787 $ 276,399 $ - $ 258,610,499
From related
parties - 2,262,235 14,204,849 - 16,467,084
5,687,313 254,909,022 14,481,248 - 275,077,583
Cost of goods
sold (2,288,086) (182,786,468) (13,869,308) - (198,943,862)
Gross profit 3,399,227 72,122,554 611,940 - 76,133,721
Operating
expenses:
Sales and
distribution (3,855,251) (43,452,195) (66,137) - (47,373,583)
General and
administrative (1,370,357) (12,361,842) (4,579) (75,469) (13,812,247)
Listing expenses - - - (971,705) (971,705)
Total operating
expenses (5,225,608) (55,814,037) (70,716) (1,047,174) (62,157,535)
Operating profit (1,826,381) 16,308,517 541,224 (1,047,174) 13,976,186
Other income
(expenses):
Interest expense (179,966) (427,378) (379,082) - (986,426)
Interest income 280 21,810 303 - 22,394
Government
subsidies 22,681 7,827 - - 30,508
Foreign exchange
gain, net (17,177) 4,528,164 5,641 4,593 4,521,221
Net gain from
forgiveness of
related parties
debt
restructuring - -
Professional
fees on
acquisition of
HTL Marketing - - - (1,261,560) (1,261,560)
Scrap sofa sale
income - 338,449 - - 338,449
Change in fair
value of
derivatives and
hedging
instruments (171,365) (171,365)
Sundry income
(expense) 56,674 136,955 7 (60,438) 133,199
Total other
income
(expenses),
net (117,507) 4,434,462 (373,131) (1,317,405) 2,626,420
Income before
income expense (1,943,888) 20,742,979 168,093 (2,364,578) 16,602,606
Income tax
expense - (3,415,486) (28,576) - (3,444,062)
Segment income
(loss) $(1,943,888) $ 17,327,493 $ 139,517 $ (2,364,578) $ 13,158,544
For the three months ended September 30,2024
----------------------------------------------------------------------
Corporate
Retails Export Leather and
Sales Sales Trading unallocated Total
----------- ------------ ----------- ------------ ------------
Revenues, net
From third party $ 939,764 $ 74,315,333 $ 773,076 $ - $ 76,028,172
From related
parties - 980,252 5,643,414 - 6,623,666
---------- ----------- ---------- ----------- -----------
939,764 75,295,585 6,416,490 - 82,651,838
Cost of goods
sold (355,795) (57,088,707) (6,262,280) - (63,706,782)
---------- ----------- ---------- ----------- -----------
Gross profit 583,969 18,206,878 154,209 - 18,945,056
Operating
expenses:
Sales and
distribution (636,847) (12,728,041) (59,989) - (13,424,877)
General and
administrative (521,104) (3,928,371) (1,471) (9,513) (4,460,458)
Listing expenses - - (176,193) (176,193)
---------- ----------- ---------- ----------- -----------
Total operating
expenses (1,157,951) (16,656,412) (61,460) (185,706) (18,061,528)
---------- ----------- ---------- ----------- -----------
Operating profit (573,982) 1,550,466 92,750 (185,706) 883,528
Other income
(expenses):
Interest expense (56,573) (184,592) (123,333) - (364,499)
Interest income - 19,350 153 - 19,502
Government
subsidies 1,860 3,331 - - 5,191
Foreign exchange
gain(loss),
net 5,609 979,224 3,676 (18,816) 969,693
Scrap sofa sale
income - 139,342 - - 139,342
Change in fair
value of
derivatives and
hedging
instruments 1,060,339 1,060,339
Sundry income
(expense) 51,257 (37,830) 7 - 13,434
---------- ----------- ---------- ----------- -----------
Total other
income
(expenses),
net 2,152 1,979,164 (119,498) (18,816) 1,843,002
---------- ----------- ---------- ----------- -----------
Income before
income expense (571,829) 3,529,631 (26,749) (204,522) 2,726,530
Income tax
expense - (418,029) 4,547 - (413,481)
Segment income
(loss) $ (571,829) $ 3,111,602 $ (22,202) $ (204,522) $ 2,313,049
---------- ----------- ---------- ----------- -----------
For the three months ended September 30,2025
----------------------------------------------------------------------
Corporate
Retails Leather and
Sales Export Sales Trading unallocated Total
----------- ------------ ----------- ------------ ------------
Revenues, net
From third party $ 2,305,039 $ 86,187,600 $ 0 $ - $ 88,492,639
From related
parties - 712,212 5,097,930 - 5,810,141
---------- ----------- ---------- ----------- -----------
2,305,039 86,899,810 5,097,930 - 94,302,781
Cost of goods
sold (886,592) (62,260,173) (4,854,837) - (68,001,602)
---------- ----------- ---------- ----------- -----------
Gross profit 1,418,447 24,639,638 243,092 - 26,301,178
Operating
expenses:
Sales and
distribution (1,450,561) (14,817,435) (13,477) - (16,281,473)
General and
administrative (463,390) (4,261,934) (1,554) (59,439) (4,786,316)
Listing expenses - - - (305,684) (305,684)
---------- ----------- ---------- ----------- -----------
Total operating
expenses (1,913,951) (19,079,368) (15,030) (365,123) (21,373,473)
---------- ----------- ---------- ----------- -----------
Operating profit (495,504) 5,560,269 228,062 (365,123) 4,927,705
Other income
(expenses):
Interest expense (54,783) (32,955) (168,316) - (256,054)
Interest income 150 5,864 133 - 6,146
Government
subsidies 10,443 3,115 - - 13,558
Foreign exchange
gain(loss),
net (7,530) 236,097 (574) (406) 227,588
Net gain from
forgiveness of
related parties
debt
restructuring (1,460,543) (1,460,543)
Professional
fees on
acquisition of
HTL Marketing - 133,960 - (133,960) -
Scrap sofa sale
income - 115,186 - - 115,186
Change in fair
value of
derivatives and
hedging
instruments 581,878 581,878
Sundry income
(expense) (21,610) 115,405 - - 93,795
---------- ----------- ---------- ----------- -----------
Total other
income
(expenses),
net (73,331) 1,158,551 (168,757) (1,594,908) (678,446)
---------- ----------- ---------- ----------- -----------
Income before
income expense (568,835) 6,718,819 59,306 (1,960,031) 4,249,259
Income tax
expense - (1,104,708) (10,082) - (1,114,791)
Segment income
(loss) $ (568,835) $ 5,614,111 $ 49,224 $ (1,960,031) $ 3,134,468
---------- ----------- ---------- ----------- -----------
HOMESTOLIFE LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS
OF CASH FLOWS
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Nine months ended September 30,
2024 2025
Net cash provided by operating
activities $ 1,978,988 $ 4,082,057
Net cash used in investing
activities (490,681) (572,112)
Net cash used in financing
activities 239,631 (7,445,963)
Effect on exchange rate change
on cash and cash equivalents 44,596 826,321
1,772,534 (3,109,697)
BEGINNING OF PERIOD 22,624,972 24,860,621
END OF PERIOD $ 24,397,506 $ 21,750,924
(END) Dow Jones Newswires
November 17, 2025 08:00 ET (13:00 GMT)
Comments