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6-K

HomesToLife Ltd (HTLM)

6-K 2025-04-07 For: 2025-04-07
View Original
Added on April 11, 2026

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

REPORTOF FOREIGN PRIVATE ISSUER

PURSUANTTO RULE 13a-16 OR 15d-16

UNDERTHE SECURITIES EXCHANGE ACT OF 1934

Formonth of April 2025

CommissionFile Number: 001-42290

HOMESTOLIFELTD

(Registrant’sName)

6Raffles Boulevard, #02-01/02

MarinaSquare, Singapore 039594

(Addressof Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXPLANATORYNOTE

ExplanatoryNote:

On April 7, 2025, HomesToLife Ltd (the “Company”) issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K.

Exhibits No. Description
99.1 Press release dated April 7, 2025

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HomesToLife Ltd
Date: April 7, 2025 By: /s/ Phua Mei Ming
Name: Phua<br> Mei Ming
Title: Chief<br> Executive Officer

Exhibit99.1



HomesToLifeLtd Announces Financial Results for Fiscal Year 2024; Company to

holdConference Call to Discuss Results April 11 at 8:30 am ET


SINGAPORE,April 7, 2025 — HomesToLife Ltd (NASDAQ: HTLM) (“HomesToLife” or the “Company”), the holding company of one of the leading home furniture products retail chains in Singapore, today announced financial results for fiscal year ended December 31, 2024.

“We are thrilled to be trading on Nasdaq for the past six months,” said Chief Executive Officer Ms. Phua Mei Ming. “Although certain global economic factors continued to impact our retail financial performance in 2024, we are excited that we launched, on October 28, HTL Far East Pte. Ltd., or HTL Far East, our wholesale subsidiary business unit devoted to expanding our furniture business into the rest of Asia.

“Although this subsidiary made relatively minor contributions to our overall revenue during 2024, it has in the first quarter of 2025 produced revenue of over $4 million. As announced in February, we expect HTL Far East to contribute revenue of $12-14 million this year.”

HomesToLife’s total revenue for 2025 is expected to be between $16 million and $18 million, said Ms. Phua.

The following are highlights of the Company’s financial performance in fiscal 2024 (all currency figures are expressed in U.S. dollars):

For the fiscal year ended December 31, 2024, the Company had net revenue of $4,173,028, an 18 percent decrease compared to net revenue of $5,072,320 for the fiscal year ended December 31, 2023.

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 2023. This decline was driven by industry-specific challenges, including shifts in consumer spending habits, the impact of inflation on discretionary purchases, and intensified market competition, which affected HomesToLife Pte. Ltd., the Company’s Singapore retail sector.

For fiscal 2024, the Company’s gross profit margin was 65.8 percent as compared to 71.7 percent for fiscal 2023, a decline primarily attributable to a shift in the Company’s sales mix and the implementation of lower pricing strategies to remain competitive in a highly intense market.

For fiscal 2024, HomesToLife Pte. Ltd.’s gross margin was 68.1 percent as compared to 71.7 percent for fiscal 2023. For 2024, HTL Far East, which commenced business in November 2024, had a gross margin of 12.5 percent.

For fiscal 2024, HomesToLife also saw an increase of $1,109,948, or 32 percent, in total operating expenses compared to fiscal 2023. This increase was primarily the result of listing expenses in fiscal 2024 of $1,062,815, consisting of $733,000 for an audit fee and $330,000 for a listing maintenance fee, compared to no such expenses in fiscal 2023. The increase in total operating expenses in fiscal 2024 also resulted from a rise in general and administrative expenses of $473,462, mainly consisting of $324,000 for salaries paid to increased office staff headcount, compared to fiscal 2023.

The increase in general and administrative expenses in fiscal 2024 was partially offset by a decrease of $426,329 in sales and distribution expenses, mainly due to marketing support from a related party for introducing new designs and products to the market.

The Company had a loss from operations of $1,788,938 during fiscal 2024, as compared to income from operations of $210,459 for fiscal 2023.

Adding other income, which amounted to $122,743 in fiscal 2024 and $27,040 in fiscal 2023, HomesToLife had a net loss of $1,666,195, or $(0.11) per share, for fiscal 2024, as compared to net income of $237,499, or $0.02 per share, for fiscal 2023.

Weighted average number of ordinary shares was 14,687,500 at December 31, 2024, and 13,250,000 at December 31, 2023.

Cash and cash equivalents at December 31, 2024 was $3,442,259, as compared to $1,366,231 at December 31, 2023.

Net cash used in operating activities during fiscal 2024 was $1,021,680, as compared to net cash provided by operating activities of $894,784 for fiscal 2023.

Total long-term liabilities at December 31, 2024 was $2,274,936, as compared to $2,224,047 at December 31, 2023.

In response to the fiscal 2024 operational losses experienced by HomesToLife Pte. Ltd., on April 1, 2025, HomesToLife Ltd commenced a comprehensive restructuring initiative designed to enhance financial performance. This initiative, led by CEO Phua Mei Ming, includes closing underperforming stores including the Tagore location, revamping of merchandise offered at some stores, and implementing strict expense controls, especially in marketing and advertising.

ConferenceCall


The Company plans to host a conference call on April 11, 2025, at 8:30 AM ET to discuss results for the fiscal year ended December 31, 2024. To participate in the conference call, please dial:

UStoll free: 1-877-269-7751

International:1-201-389-0908

ConferenceID: HomesToLife


Pleasedial five to ten minutes prior to the scheduled time

If you 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.

For those unable to participate during the live call, a replay of this call will be available on April 11, 2025 at 11:30 a.m. ET for 7days. To access the replay, please dial:

UStoll free: 1-844-512-2921

International:1-412-317-6671

AccessID: 13752874


AboutHomesToLife Ltd

The Company’s major 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. Another subsidiary, HTL Far East Pte. Ltd., is dedicated to sourcing, distributing, and delivering premium furniture and related products to the business sector across the Asia-Pacific region.

HomesToLife Pte. Ltd. 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-LOOKINGSTATEMENTS

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 press release. 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

HomesToLifeLtd Contact:


6 Raffles Boulevard, #02-01/02

Marina Square, Singapore 039594

Email: Investor@homestolife.com

InvestorRelations Inquiries:


Skyline Corporate Communications Group, LLC

Scott Powell, President

Office: (646) 893-5835

Email: info@skylineccg.com

HOMESTOLIFELTD AND SUBSIDIARIES

COMBINEDAND CONSOLIDATED BALANCE SHEETS

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

2024
ASSETS
Current assets:
Cash and cash equivalents 1,366,231 3,442,259
Accounts receivables, net 113,395 216,536
Inventories, net 674,529 601,900
Amounts due from related parties 383,321 2,900
Amount due from former shareholder 553,551 -
Deposit, prepayments and other receivables 689,562 883,227
Total current assets 3,780,589 5,146,822
Non-current assets:
Plant and equipment, net 225,565 220,603
Right-of-use assets, net 3,111,037 3,250,835
Total non-current assets 3,336,602 3,471,438
TOTAL ASSETS 7,117,191 8,618,260
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable 993,547 267,792
Customer deposits 846,937 696,538
Accrued liabilities and other payables 216,596 498,027
Lease liabilities 1,237,165 1,437,055
Total current liabilities 3,294,245 2,899,412
Long-term liabilities:
Other payables 94,810 98,875
Lease liabilities 2,129,237 2,176,061
Total long-term liabilities 2,224,047 2,274,936
TOTAL LIABILITIES 5,518,292 5,174,348
Commitments and contingencies - -
Shareholders’ equity
Ordinary share, 0.0001 par value, 100,000,000 shares authorized, 13,250,000 and 14,687,500 shares issued and outstanding as of December 31, 2023* and 2024 1,325 1,469
Additional paid-in capital 28,696,900 32,250,867
Accumulated other comprehensive loss (3,401,649 ) (3,444,552 )
Accumulated losses (23,697,677 ) (25,363,872 )
Total shareholders’ equity 1,598,899 3,443,912
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 7,117,191 8,618,260

All values are in US Dollars.

* The<br> shares amounts are presented on a retroactive basis.



HOMESTOLIFELTD AND SUBSIDIARIES

COMBINEDAND CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVEINCOME (LOSS)

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

Years ended December 31,
2023 2024
Revenues, net 5,072,320 4,173,028
Cost of goods sold (1,436,172 ) (1,426,329 )
Gross profit 3,636,148 2,746,699
Operating expenses:
Sales and distribution expenses (2,292,629 ) (1,866,300 )
General and administrative expenses (1,133,060 ) (2,669,337 )
Total operating expenses (3,425,689 ) (4,535,637 )
Income (loss) from operations 210,459 (1,788,938 )
Other income:
Interest income 6,132 -
Government subsidies 8,564 15,552
Sundry income 12,344 107,191
Total other income, net 27,040 122,743
Income (loss) before income taxes 237,499 (1,666,195 )
Income tax expense - -
NET INCOME (LOSS) 237,499 (1,666,195 )
Other comprehensive income (loss):
– Foreign currency translation adjustment 28,468 (42,903 )
COMPREHENSIVE INCOME (LOSS) 265,967 (1,709,098 )
Weighted average number of ordinary shares:
Basic and diluted * 13,250,000 14,687,500
NET INCOME (LOSS) PER SHARE – BASIC AND DILUTED 0.02 (0.11 )
* The<br> shares amounts are presented on a retroactive basis.
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