HomesToLife Ltd Announces Financial Results for First Six Months of 2024; Company to hold Conference Call to Discuss Results Nov. 26 at 8:30 am ET
HomesToLife (HTLM) reported financial results for H1 2024, showing a 21% decrease in net revenue to $1.99M compared to $2.53M in H1 2023. The company experienced a decline in gross profit margin to 66.1% from 68.8%, mainly due to increased freight costs. Operating expenses rose by 8.2% to $138,473, primarily due to IPO-related audit fees. The company reported a net loss of $452,438 ($0.03 per share) compared to net income of $74,986 ($0.01 per share) in H1 2023. Cash position decreased to $544,294 from $1.37M at end-2023. The decline was attributed to rising inflation and global economic slowdown affecting Singapore's furniture market.
HomesToLife (HTLM) ha riportato risultati finanziari per il primo semestre del 2024, mostrando una riduzione del 21% nei ricavi netti a $1,99M rispetto a $2,53M nel primo semestre del 2023. L'azienda ha registrato un calo del margine di utile lordo al 66,1% rispetto al 68,8%, principalmente a causa dell'aumento dei costi di spedizione. Le spese operative sono aumentate dell'8,2% a $138,473, principalmente per le spese di audit legate all'IPO. L'azienda ha riportato una perdita netta di $452,438 ($0,03 per azione) rispetto a un guadagno netto di $74,986 ($0,01 per azione) nel primo semestre del 2023. La posizione di cassa è diminuita a $544,294 rispetto ai $1,37M a fine 2023. Questo calo è stato attribuito all'aumento dell'inflazione e al rallentamento economico globale che hanno colpito il mercato dei mobili di Singapore.
HomesToLife (HTLM) reportó resultados financieros para el primer semestre de 2024, mostrando una disminución del 21% en los ingresos netos a $1.99M en comparación con $2.53M en el primer semestre de 2023. La empresa experimentó una caída en el margen de beneficio bruto al 66.1% desde el 68.8%, principalmente debido al aumento de los costos de transporte. Los gastos operativos aumentaron un 8.2% a $138,473, principalmente por tarifas de auditoría relacionadas con la IPO. La empresa reportó una pérdida neta de $452,438 ($0.03 por acción) en comparación con un ingreso neto de $74,986 ($0.01 por acción) en el primer semestre de 2023. La posición de efectivo disminuyó a $544,294 desde $1.37M a finales de 2023. Esta disminución se atribuyó al aumento de la inflación y al enfriamiento económico global que afecta al mercado de muebles de Singapur.
HomesToLife (HTLM)는 2024년 상반기 재무 결과를 보고하며 순수익이 21% 감소하여 $1.99M에 이른다고 발표했습니다. 이는 2023년 상반기의 $2.53M에 비해 감소한 수치입니다. 회사는 물류 비용 증가로 인해 총 이익률이 66.1%로 감소했으며, 이는 68.8%에서 떨어진 것입니다. 운영 비용은 8.2% 증가하여 $138,473에 이르렀으며, 이는 주로 IPO 관련 감사 비용 때문입니다. 회사는 2023년 상반기 순이익 $74,986 ($0.01 per share)에 비해 $452,438 ($0.03 per share)의 순손실을 기록했습니다. 현금 위치는 2023년 말 $1.37M에서 $544,294로 감소했습니다. 이 감소는 싱가포르 가구 시장에 영향을 미치는 인플레이션 상승과 세계 경제 둔화 때문입니다.
HomesToLife (HTLM) a présenté des résultats financiers pour le premier semestre 2024, montrant une diminution de 21% des revenus nets à 1,99 M$ par rapport à 2,53 M$ au premier semestre 2023. L'entreprise a connu une baisse de la marge brute à 66,1%, contre 68,8%, principalement due à l'augmentation des coûts de transport. Les charges d'exploitation ont augmenté de 8,2 %, atteignant 138 473 $, principalement à cause des frais d'audit liés à l'introduction en bourse. L'entreprise a enregistré une perte nette de 452 438 $ (0,03 $ par action) par rapport à un bénéfice net de 74 986 $ (0,01 $ par action) au premier semestre 2023. La position de trésorerie a diminué à 544 294 $ contre 1,37 M $ à la fin de 2023. Ce déclin a été attribué à la montée de l'inflation et au ralentissement économique mondial affectant le marché du meuble de Singapour.
HomesToLife (HTLM) berichtete über die Finanzergebnisse für das erste Halbjahr 2024 und zeigte einen Rückgang von 21% bei den Nettoumsätzen auf $1,99M im Vergleich zu $2,53M im ersten Halbjahr 2023. Das Unternehmen erlebte einen Rückgang der Bruttogewinnmarge auf 66,1% von 68,8%, hauptsächlich aufgrund gestiegener Frachtkosten. Die Betriebsausgaben stiegen um 8,2% auf $138.473, vor allem aufgrund von Prüfungsgebühren im Zusammenhang mit dem IPO. Das Unternehmen meldete einen Nettoverlust von $452.438 ($0,03 pro Aktie) im Vergleich zu einem Nettogewinn von $74.986 ($0,01 pro Aktie) im ersten Halbjahr 2023. Die Liquiditätsposition sank auf $544.294 von $1,37M Ende 2023. Der Rückgang wurde auf die steigende Inflation und die weltweite Wirtschaftsablösung zurückgeführt, die den Möbelsektor in Singapur beeinträchtigen.
- Marketing support received from related party for new designs and products
- Recently began trading on Nasdaq on October 1, 2024
- Initiatives planned for Asian market expansion
- 21% year-over-year revenue decrease to $1.99M
- Gross profit margin declined to 66.1% from 68.8%
- Net loss of $452,438 versus profit of $74,986 in prior year
- Operating expenses increased 8.2% to $138,473
- Cash position decreased 60% to $544,294
- Long-term liabilities increased to $2.99M from $2.23M
Insights
HomesToLife's financial results reveal significant challenges, with
The cash position has weakened considerably, declining from
SINGAPORE, Nov. 25, 2024 (GLOBE NEWSWIRE) -- HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company”), one of the leading home furniture products retail chains in Singapore, today announced that, for the first six months of 2024 ended June 30, 2024, the Company had net revenue of
The Company’s decrease in net revenue was primarily due to a decline in revenue from sales of its leather and fabric upholstered home furniture products compared to such sales in the corresponding six-month period in 2023. This decrease was chiefly the result of rising inflation and the overall slowdown in global economic conditions, both of which negatively impacted Singapore’s home furniture market.
For the first half of 2024, the Company’s gross profit margin was 66.1 percent as compared to 68.8 percent for the first six months of 2023, a decline primarily attributable to an increase in inward freight costs.
For the first half of 2024, HomesToLife also saw an increase of
The Company had a loss from operations of
Adding other income, which amounted to
Cash and cash equivalents at June 30, 2024 was
Net cash used in operating activities during the first half of 2024 was
Total long-term liabilities at June 30, 2024 was
Weighted average number of ordinary shares was 13,250,000 at both June 30, 2024 and June 30, 2023.
“We are thrilled to have begun trading on Nasdaq on October 1 of this year,” said the Company’s Chief Executive Officer, Ms. Phua Mei Ming. “Our performance for the first six months of 2024 reflected the effect of certain global economic factors which had been impacting Singapore’s home furniture sector.”
“In response, we are working on a number of new initiatives to expand our business into the rest of Asia. As a result, we are hopeful these initiatives will improve top and bottom-line performance on our financials for the second half of this year.”
Conference Call Details
The Company will host a conference call to review the financial results on Tuesday, November 26 at 8:30 a.m. ET.
Conference Call Dial-in:
US toll free: 1-877-269-7751
International: 1-201-389-0908
Conference ID: HomesToLife
Please dial five to ten minutes prior to the scheduled time.
For those who would prefer to receive a call rather than dialing in, please register via the following link: Call me. Please use this option 15 minutes prior to the conference call start time.
Conference Replay: A replay of this call will be available on November 26, 2024 at 12 p.m. ET until December 3, at 11:59 p.m. Eastern time.
To access the replay, please dial:
US toll free: 1- 844-512-2921
International: 1-412-317-6671
Access ID: 13750309
About HomesToLife Ltd
The Company’s wholly owned subsidiary and operating company, HomesToLife Pte. Ltd., is one of the leading home furniture retailers that offers and sells customized furniture solutions in Singapore. As of October 2024, it has six retail store locations. It has helped homeowners create living spaces that reflect their individuality since 2014. Its product offerings include leather and fabric upholstered furniture, case goods and accessories, and offers a one-stop shop for retail customers to furnish their homes. “HomesToLife” has a long-standing pledge to offer fair prices, great value, consistent and reliable quality, and on-time delivery to its customers. The Company’s website, www.homestolife.com, offers consumers a seamless shopping experience online and post-sales customer service support.
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 its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. 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:
Skyline Corporate Communications Group, LLC
Scott Powell, President
Office: (646) 893-5835
Email: info@skylineccg.com
| HOMESTOLIFE LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| As of | ||||||||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||||||||
| SGD | SGD | USD | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 1,802,469 | 739,423 | 544,294 | |||||||||
| Accounts receivables | 149,602 | 238,375 | 175,469 | |||||||||
| Inventories, net | 889,907 | 1,109,782 | 816,917 | |||||||||
| Amounts due from related parties | 505,716 | - | - | |||||||||
| Amount due from former shareholder | 730,300 | - | - | |||||||||
| Deposit, prepayments and other receivables | 909,738 | 1,319,319 | 971,159 | |||||||||
| Deferred offering cost | - | 1,035,204 | 762,020 | |||||||||
| Income tax recoverable | - | 26,765 | 19,702 | |||||||||
| Total current assets | 4,987,732 | 4,468,868 | 3,289,561 | |||||||||
| Non-current assets: | ||||||||||||
| Plant and equipment, net | 297,587 | 359,509 | 264,637 | |||||||||
| Right-of-use assets, net | 4,100,541 | 5,349,876 | 3,938,076 | |||||||||
| Total non-current assets | 4,398,128 | 5,709,385 | 4,202,713 | |||||||||
| TOTAL ASSETS | 9,385,860 | 10,178,253 | 7,492,274 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | 1,310,787 | 471,648 | 347,184 | |||||||||
| Customer deposits | 1,117,364 | 1,168,742 | 860,319 | |||||||||
| Accrued liabilities and other payables | 285,756 | 239,298 | 176,149 | |||||||||
| Lease liabilities | 1,632,192 | 1,835,793 | 1,351,338 | |||||||||
| Amount due to intermediate holding company | - | 922,040 | 678,719 | |||||||||
| Total current liabilities | 4,346,099 | 4,637,521 | 3,413,709 | |||||||||
| Long-term liabilities: | ||||||||||||
| Other payables | 125,083 | 125,083 | 92,074 | |||||||||
| Lease liabilities | 2,809,102 | 3,931,024 | 2,893,650 | |||||||||
| Total long-term liabilities | 2,934,185 | 4,056,107 | 2,985,724 | |||||||||
| TOTAL LIABILITIES | 7,280,284 | 8,693,628 | 6,399,433 | |||||||||
| Commitments and contingencies | - | - | - | |||||||||
| Shareholders’ equity: | ||||||||||||
| Ordinary share, US | 1,747 | 1,747 | 1,325 | |||||||||
| Additional paid-in capital | 38,798,253 | 38,798,253 | 28,559,627 | |||||||||
| Accumulated other comprehensive loss | (4,666,758 | ) | (4,673,072 | ) | (3,439,916 | ) | ||||||
| Accumulated losses | (32,027,666 | ) | (32,642,303 | ) | (24,028,195 | ) | ||||||
| Total shareholders’ equity | 2,105,576 | 1,484,625 | 1,092,841 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 9,385,860 | 10,178,253 | 7,492,274 | |||||||||
* The shares amounts are presented on a retroactive basis.
| HOMESTOLIFE LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| Six Months ended June 30, | ||||||||||||
| 2023 | 2024 | 2024 | ||||||||||
| SGD | SGD | USD | ||||||||||
| Revenues, net: | ||||||||||||
| Revenue from third parties | 3,333,058 | 2,707,929 | 1,993,323 | |||||||||
| Cost of goods sold | (1,038,404 | ) | (918,812 | ) | (676,343 | ) | ||||||
| Gross profit | 2,294,654 | 1,789,117 | 1,316,980 | |||||||||
| Operating expenses: | ||||||||||||
| Sales and distribution expenses | (1,647,032 | ) | (1,109,836 | ) | (816,957 | ) | ||||||
| General and administrative expenses | (577,938 | ) | (1,370,574 | ) | (1,008,888 | ) | ||||||
| Total operating expenses | (2,224,970 | ) | (2,480,410 | ) | (1,825,845 | ) | ||||||
| Income (loss) from operations | 69,684 | (691,293 | ) | (508,865 | ) | |||||||
| Other income: | ||||||||||||
| Government subsidies | 11,604 | 18,504 | 13,621 | |||||||||
| Sundry income | 17,589 | 58,152 | 42,806 | |||||||||
| Total other income, net | 29,193 | 76,656 | 56,427 | |||||||||
| Income (loss) before income taxes | 98,877 | (614,637 | ) | (452,438 | ) | |||||||
| Income tax expense | - | - | - | |||||||||
| NET INCOME (LOSS) | 98,877 | (614,637 | ) | (452,438 | ) | |||||||
| Weighted average number of ordinary shares: | ||||||||||||
| Basic and diluted * | 13,250,000 | 13,250,000 | 13,250,000 | |||||||||
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED | 0.01 | (0.05 | ) | (0.03 | ) | |||||||
* The shares amounts are presented on a retroactive basis.
FAQ
What was HomesToLife's (HTLM) revenue for the first half of 2024?
What caused HomesToLife's (HTLM) revenue decline in H1 2024?
What was HomesToLife's (HTLM) earnings per share for H1 2024?
When did HomesToLife (HTLM) begin trading on Nasdaq?
