Core Viewpoint - HomesToLife Ltd reported a significant decline in financial performance for fiscal year 2024, with a net revenue decrease of 18% compared to the previous year, primarily due to industry-specific challenges and increased operating expenses [3][4][6]. Financial Performance Summary - For fiscal year 2024, HomesToLife had net revenue of $4,173,028, down from $5,072,320 in fiscal 2023 [3]. - The gross profit margin for fiscal 2024 was 65.8%, a decline from 71.7% in fiscal 2023, attributed to a shift in sales mix and competitive pricing strategies [5]. - Total operating expenses increased by $1,109,948, or 32%, primarily due to listing expenses and higher general and administrative costs [6]. - The company reported a loss from operations of $1,788,938 for fiscal 2024, compared to income from operations of $210,459 in fiscal 2023 [7]. - HomesToLife's net loss for fiscal 2024 was $1,666,195, or $(0.11) per share, compared to a net income of $237,499, or $0.02 per share, in fiscal 2023 [8][18]. Cash Flow and Liabilities - Cash and cash equivalents increased to $3,442,259 as of December 31, 2024, from $1,366,231 in 2023 [8]. - Net cash used in operating activities was $1,021,680 in fiscal 2024, contrasting with net cash provided by operating activities of $894,784 in fiscal 2023 [9]. - Total long-term liabilities rose to $2,274,936 as of December 31, 2024, compared to $2,224,047 in 2023 [9]. Strategic Initiatives - In response to fiscal 2024 losses, HomesToLife initiated a comprehensive restructuring plan on April 1, 2025, which includes closing underperforming stores and implementing strict expense controls [10]. Future Outlook - The company expects total revenue for 2025 to be between $16 million and $18 million, with its new subsidiary, HTL Far East, projected to contribute $12-14 million in revenue [2].
HomesToLife Ltd Announces Financial Results for Fiscal Year 2024; Company to hold Conference Call to Discuss Results April 11 at 8:30 am ET