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: [email protected]

Investor Relations Inquiries:

Edelman Smithfield
Jass Lim
Enya Rodrigues
[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, 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
Trading 		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