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HomesToLife Ltd Announces Financial Results for Fiscal Year 2024; Company to hold Conference Call to Discuss Results April 11 at 8:30 am ET
Globenewswire· 2025-04-07 12:30
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, attributed to various industry 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, primarily due to a shift in sales mix and competitive pricing strategies [5]. - Total operating expenses increased by $1,109,948, or 32%, in fiscal 2024, largely due to listing expenses and increased general and administrative costs [6]. - The company reported a loss from operations of $1,788,938 in fiscal 2024, compared to an income 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][19]. Operational Developments - The company launched HTL Far East Pte. Ltd. in October 2024, which is expected to contribute $12-14 million in revenue for 2025, despite minor contributions in 2024 [2]. - A comprehensive restructuring initiative was initiated in April 2025 to enhance financial performance, including closing underperforming stores and implementing strict expense controls [10]. Cash Flow and Assets - 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, compared to net cash provided of $894,784 in fiscal 2023 [9]. - Total assets rose to $8,618,260 as of December 31, 2024, from $7,117,191 in 2023 [17].