SINGAPORE, May 29, 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 unaudited financial results for the quarter ended March 31, 2026 (“Q1 2026”).
Key Financial Highlights | ||||||||
Q1 2025 | Q1 2026 | Change | ||||||
US$’000 | US$’000 | (%) | ||||||
Net revenue | 79,486 | 92,530 | 16 | % | ||||
Export | 74,488 | 87,132 | 17 | % | ||||
Retail | 1,442 | 2,484 | 72 | % | ||||
Leather | 3,556 | 2,914 | (18 | )% | ||||
By geographical | 79,486 | 92,530 | 16 | % | ||||
Asia Pacific | 23,030 | 22,666 | (2 | )% | ||||
Europe | 45,790 | 57,731 | 26 | % | ||||
North America | 10,666 | 12,133 | 14 | % | ||||
Gross profit | 20,056 | 26,859 | 34 | % | ||||
Gross margin (%) | 25.2 | % | 29.0 | % | 3.8 pp | |||
Operating expenses | 17,938 | 22,009 | 23 | % | ||||
Selling expenses | 13,190 | 17,376 | 32 | % | ||||
General and Administrative | 4,412 | 4,356 | (1 | )% | ||||
Listing expenses | 336 | 277 | (18 | )% | ||||
Income from operations | 2,117 | 4,850 | 129 | % | ||||
Net income | 2,381 | 3,243 | 36 | % | ||||
Earnings per share (Basic and diluted) | 0.027 | 0.036 | 36 | % | ||||
Financial results for the quarter ended March 31, 2025 (“Q1 2025”) and Q1 2026, 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.
Q1 2026 Performance
The Company reported net revenue of $92.5 million in Q1 2026, a 16% increase from $79.5 million in Q1 2025. Growth was primarily driven by a $12.6 million increase in export sales. By region, the net revenue from Europe and North America increased by 26% and 14% respectively, partially offset by a slight decline of 2% in Asia Pacific. Retail sales contributed the increase of $1.0 million in Q1 2026, attributable to the expansion of the retail stores and retail sales growth in Korea.
Gross profit rose 34% to $26.9 million, with gross margin expanding 3.8 percentage points to 29.0%, supported by a more favourable sales mix. Operating expenses increased by $4.1 million mainly due to higher selling expenses in line with increased sales volume, as well as rising shipping and trucking costs.
Income from operations increased by 129% from $2.1 million in Q1 2025 to $4.9 million in Q1 2026. The Company recorded a foreign exchange loss of $1.0 million in Q1 2026, compared to a gain of $1.2 million in Q1 2025, primarily due the strengthening of the Chinese Renminbi against the US Dollar.
Net income rose 36% from Q1 2025 to $3.2 million in Q1 2026, with earnings per share at $0.036 in Q1 2026.
Financial Position
Cash flow from operating activities improved to an inflow of $2.0 million in Q1 2026, compared to an outflow of $1.1 million in the same period last year. Net cash used in investing and financing activities amounted to $0.01 million and $2.4 million, respectively.
As of March 31, 2026, the Company maintained a strong liquidity position, with cash and cash equivalents of $26.6 million and total short-term borrowings of $3.7 million.
Outlook
HomesToLife expects to remain well supported by its strong balance sheet and plans to continue to exercise disciplined capital allocation to ensure it is well positioned to capture future growth opportunities.
The Company projects FY2026 revenue to be in the range of $400 million to $420 million, underpinned by sustained strength in the export market, barring unforeseen circumstances.
The Company intends to continue to monitor geopolitical developments in the Middle East. While there has been no material impact on the Company’s 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 reflects current market conditions, and the Company plans to provide updates as appropriate should conditions evolve.
“Our strong performance despite ongoing geopolitical developments reflects the resilience of our business and the benefits of our geographically diversified operations,” said Ms. Phua Mei Ming, Chief Executive Officer of HomesToLife. “We will remain vigilant in observing ongoing developments and respond with agility, while continuing to pursue new growth opportunities and deepen presence in our key markets.”
About HomesToLife Ltd (Nasdaq: HTLM)
HomesToLife Ltd is a global furniture company with three core divisions: (i) consumer retail division with direct operations in Singapore and Korea, (ii) export division for supplying furniture to retail partners worldwide, and (iii) leather trading 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
Jass Lim
Enya Rodrigues
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, 2025 | March 31, 2026 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 27,276,091 | $ | 26,630,923 | |||
Accounts receivables, net (including receivable from related parties of $5,763,509 and nil as of December 31, 2025 and March 31, 2026, respectively) | 76,010,709 | 65,017,746 | |||||
Inventories, net | 9,599,490 | 10,860,302 | |||||
Amounts due from related parties | 7,026,092 | 3,324,798 | |||||
Deposit, prepayments and other receivables | 5,853,470 | 9,432,921 | |||||
Total current assets | 125,765,852 | 115,266,690 | |||||
Non-current assets: | |||||||
Property, plant and equipment, net | 4,354,206 | 4,161,787 | |||||
Right-of-use assets, net | 7,363,312 | 7,173,460 | |||||
Investments in equity securities | - | 1,000,000 | |||||
Other non-current assets | 1,000,000 | - | |||||
Deferred tax asset, net | 673,416 | 683,542 | |||||
Total non-current assets | 13,390,934 | 13,018,789 | |||||
TOTAL ASSETS | $ | 139,156,786 | $ | 128,285,479 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,475,242 | $ | 3,811,953 | |||
Accounts payable, related parties | 74,890,989 | 65,541,579 | |||||
Customer deposits | 1,195,989 | 1,397,090 | |||||
Accrued liabilities and other payables | 6,065,126 | 8,325,239 | |||||
Short-term borrowings | 10,389,094 | 3,666,845 | |||||
Lease liabilities, current | 1,924,657 | 2,180,557 | |||||
Warranty liabilities | 2,188,814 | 2,046,420 | |||||
Derivatives financial instruments | 74,765 | 44,250 | |||||
Income tax payable | 4,156,085 | 4,967,603 | |||||
Total current liabilities | 105,360,761 | 91,981,536 | |||||
Long-term liabilities: | |||||||
Provision for reinstatement cost | 382,112 | 376,996 | |||||
Lease liabilities | 5,572,603 | 5,124,982 | |||||
Total long-term liabilities | 5,954,715 | 5,501,978 | |||||
TOTAL LIABILITIES | 111,315,476 | 97,483,514 | |||||
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, 2025 and March 31, 2026 | 8,969 | 8,969 | |||||
Additional paid-in capital | 37,179,424 | 37,179,424 | |||||
Accumulated other comprehensive loss | (12,111,193 | ) | (12,393,912 | ) | |||
Retained earnings | 2,764,110 | 6,007,484 | |||||
Total shareholders’ equity | 27,841,310 | 30,801,965 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 139,156,786 | $ | 128,285,479 | |||
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 March 31, | |||||||
2025 | 2026 | ||||||
Revenues, net | $ | 79,486,220 | $ | 92,530,240 | |||
From third parties | 75,072,914 | 89,278,472 | |||||
From related parties | 4,413,306 | 3,251,768 | |||||
Cost of goods sold | (59,430,588 | ) | (65,671,202 | ) | |||
Gross profit | 20,055,632 | 26,859,038 | |||||
Operating expenses: | |||||||
Sales and distribution expenses | (13,190,446 | ) | (17,375,828 | ) | |||
General and administrative expenses | (4,411,766 | ) | (4,355,608 | ) | |||
Listing expenses | (336,180 | ) | (277,068 | ) | |||
Total operating expenses | (17,938,392 | ) | (22,008,504 | ) | |||
Income from operations | 2,117,240 | 4,850,534 | |||||
Other income (expense): | |||||||
Interest expense | (277,998 | ) | (140,628 | ) | |||
Interest income | 14,091 | 14,092 | |||||
Government subsidies | 15,114 | 15,530 | |||||
Foreign exchange gain (loss), net | 1,217,045 | (992,186 | ) | ||||
Scrap sofa sale income | 110,727 | 94,747 | |||||
Change in fair value of derivatives financial instruments | (434,696 | ) | 30,515 | ||||
Sundry income | 285,199 | 251,380 | |||||
Total other income (expense), net | 929,482 | (726,550 | ) | ||||
Income before income taxes | 3,046,722 | 4,123,984 | |||||
Income tax expense | (666,002 | ) | (880,610 | ) | |||
NET INCOME | $ | 2,380,720 | $ | 3,243,374 | |||
Other comprehensive income (loss): | |||||||
– Foreign currency translation adjustments | 775,466 | (282,719 | ) | ||||
COMPREHENSIVE INCOME | $ | 3,156,186 | $ | 2,960,655 | |||
Weighted average number of ordinary shares: | |||||||
Basic and diluted * | 89,687,500 | 89,687,500 | |||||
EARNINGS PER SHARE – BASIC AND DILUTED | $ | 0.027 | $ | 0.036 | |||
* The share amounts and per share data are presented on a retroactive basis, to reflect the effect of the completion of the acquisition of HTL Marketing on May 19, 2025, which is accounted for as a 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) | |||||||||||||||||||
For the three months ended March 31, 2025 | |||||||||||||||||||
Retails Sales | Export Sales | Leather Trading | Corporate and unallocated | Total | |||||||||||||||
Revenues, net | |||||||||||||||||||
From third party | $ | 1,442,092 | $ | 73,513,401 | $ | 117,421 | $ | - | $ | 75,072,914 | |||||||||
From related parties | - | 974,935 | 3,438,371 | - | 4,413,306 | ||||||||||||||
1,442,092 | 74,488,336 | 3,555,792 | - | 79,486,220 | |||||||||||||||
Cost of goods sold | (584,869 | ) | (55,407,245 | ) | (3,438,474 | ) | - | (59,430,588 | ) | ||||||||||
Gross profit | 857,223 | 19,081,091 | 117,318 | - | 20,055,632 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and distribution expenses | (753,948 | ) | (12,391,007 | ) | (45,491 | ) | - | (13,190,446 | ) | ||||||||||
General and administrative expenses | (427,893 | ) | (3,973,333 | ) | (1,502 | ) | (9,038 | ) | (4,411,766 | ) | |||||||||
Listing expenses | - | - | - | (336,180 | ) | (336,180 | ) | ||||||||||||
Total operating expenses | (1,181,841 | ) | (16,364,340 | ) | (46,993 | ) | (345,218 | ) | (17,938,392 | ) | |||||||||
Operating (loss) income | (324,618 | ) | 2,716,751 | 70,325 | (345,218 | ) | 2,117,240 | ||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (61,306 | ) | (139,674 | ) | (77,018 | ) | - | (277,998 | ) | ||||||||||
Interest income | 56 | 13,983 | 52 | - | 14,091 | ||||||||||||||
Government subsidies | 10,464 | 4,650 | - | - | 15,114 | ||||||||||||||
Foreign exchange (loss) gain, net | (2,389 | ) | 1,212,673 | 6,031 | 730 | 1,217,045 | |||||||||||||
Scrap sofa sale income | - | 110,727 | - | - | 110,727 | ||||||||||||||
Change in fair value of derivatives financial instruments | - | (434,696 | ) | - | - | (434,696 | ) | ||||||||||||
Sundry income (expense) | 277 | (611 | ) | 7 | 285,526 | 285,199 | |||||||||||||
Total other income (expenses), net | (52,898 | ) | 767,052 | (70,928 | ) | 286,256 | 929,482 | ||||||||||||
Income (loss) before income taxes | (377,516 | ) | 3,483,803 | (603 | ) | (58,962 | ) | 3,046,722 | |||||||||||
Income tax expense | - | (666,105 | ) | 103 | - | (666,002 | ) | ||||||||||||
Segment income (loss) | $ | (377,516 | ) | $ | 2,817,698 | $ | (500 | ) | $ | (58,962 | ) | $ | 2,380,720 | ||||||
For the three months ended March 31, 2026 | |||||||||||||||||||
Retails Sales | Export Sales | Leather | Corporate and unallocated | Total | |||||||||||||||
Revenues, net | |||||||||||||||||||
From third party | $ | 2,483,924 | $ | 86,794,548 | $ | - | $ | - | $ | 89,278,472 | |||||||||
From related parties | - | 338,099 | 2,913,669 | - | 3,251,768 | ||||||||||||||
2,483,924 | 87,132,647 | 2,913,669 | - | 92,530,240 | |||||||||||||||
Cost of goods sold | (879,645 | ) | (62,072,983 | ) | (2,718,574 | ) | - | (65,671,202 | ) | ||||||||||
Gross profit | 1,604,279 | 25,059,664 | 195,095 | - | 26,859,038 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and distribution expenses | (1,679,658 | ) | (15,688,646 | ) | (7,524 | ) | - | (17,375,828 | ) | ||||||||||
General and administrative expenses | (280,996 | ) | (4,045,643 | ) | (1,049 | ) | (27,920 | ) | (4,355,608 | ) | |||||||||
Listing expenses | - | - | - | (277,068 | ) | (277,068 | ) | ||||||||||||
Total operating expenses | (1,960,654 | ) | (19,734,289 | ) | (8,573 | ) | (304,988 | ) | (22,008,504 | ) | |||||||||
Operating income (loss) | (356,375 | ) | 5,325,375 | 186,522 | (304,988 | ) | 4,850,534 | ||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (78,034 | ) | (17,092 | ) | (45,502 | ) | - | (140,628 | ) | ||||||||||
Interest income | 263 | 13,658 | 171 | - | 14,092 | ||||||||||||||
Government subsidies | 12,480 | 3,050 | - | - | 15,530 | ||||||||||||||
Foreign exchange gain (loss), net | 4,299 | (1,123,612 | ) | 127,041 | 86 | (992,186 | ) | ||||||||||||
Scrap sofa sale income | - | 94,747 | - | - | 94,747 | ||||||||||||||
Change in fair value of derivatives financial instruments | - | 30,515 | - | - | 30,515 | ||||||||||||||
Sundry income (expense) | (1,083 | ) | (14,413 | ) | - | 266,876 | 251,380 | ||||||||||||
Total other income (expenses), net | (62,075 | ) | (1,013,147 | ) | 81,710 | 266,962 | (726,550 | ) | |||||||||||
Income (loss) before income taxes | (418,450 | ) | 4,312,228 | 268,232 | (38,026 | ) | 4,123,984 | ||||||||||||
Income tax expense | - | (835,011 | ) | (45,599 | ) | - | (880,610 | ) | |||||||||||
Segment income (loss) | $ | (418,450 | ) | $ | 3,477,217 | $ | 222,633 | $ | (38,026 | ) | $ | 3,243,374 | |||||||
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) | |||||||
Three months ended March 31, | |||||||
2025 | 2026 | ||||||
Net cash provided by /(used in) operating activities | $ | (1,078,832 | ) | $ | 2,009,352 | ||
Net cash used in investing activities | (349,807 | ) | (13,288 | ) | |||
Net cash used in financing activities | (191,596 | ) | (2,420,955 | ) | |||
Effect on exchange rate change on cash and cash equivalents | 557,598 | (220,277 | ) | ||||
(1,062,637 | ) | (645,168 | ) | ||||
BEGINNING OF PERIOD | 24,860,621 | 27,276,091 | |||||
END OF PERIOD | $ | 23,797,984 | $ | 26,630,923 | |||