HomesToLife Ltd, a Singapore-based home furniture company, has reported a remarkable 405% increase in revenue for the first quarter of 2025, reaching $5.2m. This surge is attributed to a significant $4.4m contribution from HTL Far East, the company’s Asia sales subsidiary launched in November 2024. Despite this growth, the company’s overall gross margin fell to 26% from 68% in the same period last year, primarily due to HTL Far East’s lower margin of 17%.
The company’s Singapore retail business, HomesToLife Pte. Ltd., saw a 19% decline in revenue to $840,000, although it improved its gross margin to 73% from 68% in Q1 2024. Net income for the quarter was $125,000, a turnaround from a net loss of $74,000 in the previous year. Operating expenses increased by $394,000, partly due to Nasdaq listing-related costs.
CEO Phua Mei Ming highlighted the success of HTL Far East in expanding the company’s reach and customer base. The recent acquisition of HTL Marketing, a B2B supplier, positions HomesToLife for global expansion. “By building a strong upstream export and sourcing platform, HomesToLife is evolving into a multi-market B2B furniture leader,” she stated.
Looking ahead, HTL Far East is expected to maintain its revenue momentum, with HTL Marketing projected to contribute between $250m and $280m in revenue for the full year. Total revenue for 2025 is anticipated to be between $260m and $290m. The company remains in a strong cash position, with cash and cash equivalents rising to $3.9m as of 31 March 2025.
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