HomesToLife Reports 71% Increase in Net Profit to US$13.1 Million for 9M 2025

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: [email protected]

Investor Relations Inquiries:

Edelman Smithfield

Roger Ng, Senior Director

Jass Lim, Associate Director

[email protected]

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, 2024				September 30, 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 September 30,								Nine Months ended 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
		Retails Sales				Export Sales				Leather Trading				Corporate and 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
		Retails Sales				Export Sales				Leather Trading				Corporate and 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
		Retails Sales				Export Sales				Leather Trading				Corporate and 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
		Retails Sales				Export Sales				Leather Trading				Corporate and 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