The 10% revenue growth and maintained guidance are positive, but the 39% net income decline and $9.1M cash burn are concerning. Watch for FX volatility impact in 2H 2026 and progress on the SGX secondary listing, which could provide a liquidity catalyst.
Price Chart
Executive Summary
HomesToLife Ltd reported 1H 2026 net revenue of $198.3 million, up 10% YoY, driven by strong export sales growth of 11% and retail sales growth of 57%. However, net income fell 39% to $6.1 million due to a $2.2 million foreign exchange loss versus a $4.3 million gain in the prior year period. The company maintained its full-year FY2026 guidance of $400M-$420M in revenue.
Key Facts
- Net revenue increased 10% YoY to $198.3 million from $180.8 million.
- Net income decreased 39% YoY to $6.1 million from $10.0 million.
- EPS fell to $0.07 from $0.11.
- Export sales grew 11% to $186.3 million; retail sales surged 57% to $5.3 million; leather trading declined 29% to $6.7 million.
- Gross profit margin expanded 1.1 pp to 28.7%.
- Foreign exchange swung from a $4.3M gain to a $2.2M loss, a $6.5M negative swing.
- Cash and cash equivalents fell to $17.9M from $27.3M at year-end 2025, partly due to $5.8M in dividends.
- Short-term borrowings reduced to $7.3M from $10.4M.
- Company maintained FY2026 revenue guidance of $400M-$420M.
- Proposed secondary listing on SGX-ST remains in progress.
Financial Impact
Revenue grew 10% to $198.3M but net income fell 39% to $6.1M due to a $6.5M FX swing. Gross margin improved 1.1pp to 28.7%. Cash burn of $9.1M in 1H 2026.
Risk Factors
- Continued foreign exchange volatility could further pressure net income.
- Cash burn rate may require additional financing if not reversed.
- Concentration risk: Customer A represents 23% of revenue and 33% of receivables.
- Related-party payables of $63.7M represent significant working capital dependency.
- Proposed SGX secondary listing may not be completed.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-045038 |
| Exhibit: ex99-3.htm | 0001493152-26-045038 |
| Exhibit: ex99-2.htm | 0001493152-26-045038 |
| Document: form6-k.htm | 0001493152-26-045038 |
| Document: 0001493152-26-045038-index-headers.html | 0001493152-26-045038 |
| Document: 0001493152-26-045038-index.html | 0001493152-26-045038 |
| Document: 0001493152-26-045038.txt | 0001493152-26-045038 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $1.52 | awaiting T+20 | — | $1.52 (−0.00%) |
Oct 23, 2026 4d ago | 6-K | $1.55 | awaiting T+20 | — | $1.52 (−1.93%) |
Oct 22, 2026 5d ago | 6-K | $1.60 | awaiting T+20 | — | $1.52 (−5.00%) |
Oct 20, 2026 7d ago | F-1/A | $1.72 | awaiting T+20 | — | $1.52 (−11.37%) |
Oct 9, 2026 18d ago | 6-K | $1.72 | awaiting T+20 | — | $1.52 (−11.47%) |
Sep 30, 2026 27d ago | 6-K | $1.89 | awaiting T+20 | — | $1.52 (−19.58%) |
Sep 30, 2026 27d ago | Press Release | $1.89 | awaiting T+20 | — | $1.52 (+19.58%) |
Sep 17, 2026 5w ago | 6-K | $1.97 $1.65 | ▼ −16.24% | ▼ −16.45% | $1.52 (−22.84%) |
May 29, 2026 21w ago | 6-K | $2.00 $1.94 | ▼ −3.00% | ▼ −1.21% | $1.52 (−24.00%) |
May 29, 2026 21w ago | Press Release | $2.00 $1.94 | ▼ −3.00% | ▼ −1.21% | $1.52 (−24.00%) |
US Market Status
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