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6-K 1 tm269570d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of March 2026

 

Commission File Number: 001-35942

 

LightInTheBox Holding Co., Ltd.

 

4 Pandan Crescent #03-03

Singapore (128475)

(Address of principal executive offices)

 

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

 

x Form 20-F ¨ Form 40-F 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.

 

 

 


 

EXHIBIT INDEX

 

Exhibit 99.1 – LightInTheBox Reports Fourth Quarter and Full Year 2025 Financial Results

 

2


 

SIGNATURE

 

 

  LIGHTINTHEBOX HOLDING CO., LTD.
   
  By: /s/ Jian He
  Name: Jian He
  Title: Chief Executive Officer

 

Date: March 24, 2026

 

3

EX-99.1 2 tm269570d1_99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

LightInTheBox Reports Fourth Quarter and Full Year 2025 Financial Results

 

Record Full year Profit of $8.3 million

Record Quarterly Profit of $3.3 Million

Delivers Seventh Consecutive Profitable Quarter

Regains Quarterly Revenue Growth

 

SINGAPORE, March 24, 2026 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global consumer lifestyle company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

 

Fourth Quarter 2025 Financial Highlights

 

· Total Revenues were $63.0 million, a 9% increase year over year, compared to a 34% decline in the first quarter of 2025, a 15% decrease in the second quarter of 2025 and a 3% decrease in the third quarter of 2025, marking renewed top-line growth.

 

· Gross Profit was $39.3 million, compared with $33.9 million in the same quarter last year.

 

· Gross Margin improved to 62.5% from 58.7% in the same quarter last year, driven by higher-margin proprietary product lines and bespoke offerings like print-on-demand apparel.

 

· Operating Expenses were $36.0 million, compared with $33.3 million in the same quarter last year.

 

o Fulfillment Expenses increased by 7% year over year to $4.3 million.

 

o Selling and Marketing Expenses increased by 15% year over year to $26.6 million.

 

o General and Administrative Expenses decreased by 15% year over year to $5.3 million, of which Research and Development expenses were $2.5 million.

 

· Net Income reached $3.3 million, compared with $0.5 million in the same quarter last year, marking record quarterly profit since 2022 and sustained profitability amidst industry challenges.

 

· Adjusted EBITDA was $3.7 million, compared with $1.0 million in the same quarter last year.

 

Full Year 2025 Financial Highlights

 

· Total Revenues were $224.3 million, a 12% decrease year over year, primarily due to the Company’s pivot to focus on profitability in a highly competitive e-commerce environment, with declines moderating significantly from the first quarter of 2025 to the third quarter of 2025, and the fourth quarter regaining positive growth.

 

· Gross Profit was $145.9 million, compared with $153.5 million in 2024.

 

· Gross Margin improved to 65.0% from 60.1% in 2024, the highest level since becoming a public company in 2013, driven by the successful introduction of higher-margin proprietary product lines.

 


 

· Operating Expenses decreased by 11% year over year to $137.9 million, mainly attributable to reduced revenue and enhanced cost management.

 

o Fulfillment Expenses decreased by 12% year over year to $16.6 million.

 

o Selling and Marketing Expenses decreased by 8% year over year to $102.5 million.

 

o General and Administrative Expenses decreased by 24% year over year to $19.6 million, of which Research and Development expenses were $10.3 million.

 

· Net Income reached $8.3 million, a record level since 2022, compared with a loss of $2.5 million in 2024, showcasing remarkable profitability turnaround.

 

· Adjusted EBITDA was $9.9 million, compared with a loss of $0.1 million in 2024.

 

“We are very pleased to report excellent results for the fourth quarter and full year 2025, which marked our successful transformation into a global consumer lifestyle company,” commented Jian He, CEO of LightInTheBox. “We have engineered a remarkable business turnaround by achieving seven consecutive profitable quarters, with the latest quarterly revenue regaining positive year-over-year growth and profit reaching a record high. Our strategy of evolving the LightInTheBox online platform into a consumer lifestyle company is clearly working. By capturing consumer preferences and sentiment, we offer differentiated products that drive consumer engagement through deep emotional resonance”.

 

“The LightInTheBox online platform focuses on festivals, holidays, and special occasions, offering highly customized, non-standard products that address consumers’ sentimental and lifestyle requirements rather than purely functional needs, thus allowing us to command premium pricing. To further complement and strengthen our positioning as a consumer lifestyle company, we adopted a brand matrix strategy by launching three proprietary apparel brands successively since 2024 in women’s fashion, golf apparel and light party dress. These brands build around the social attributes of women aged 30 and above, delivering emotional value and a more relaxed, enjoyable lifestyle experience across scenarios such as vacations, social golf, and parties”.

 

“Together, the LightInTheBox online business and the new brands create powerful synergies, tugging on heartstrings and forging emotional connections with our core customers. Such two-pronged unified approach towards consumer lifestyle positioning has yielded great results. Our branded apparel business grew over 143% in 2025 and already accounted for 17% of total revenue in 2025. We achieved a full-year gross margin of 65%, the highest level since becoming a public company in 2013, along with positive operating cash flow of $6.2 million. In addition, we have fully embraced AI to capture the real-time market trend and drive operational efficiency across all aspects of our business. End to end AI automation has contributed to a workforce optimization of 58% since 2023. Looking ahead to 2026, we remain committed in our continued transformation to becoming a global consumer lifestyle company and are confident in our ability to deliver overall revenue and profit growth,” Mr. He concluded.

 

Share Repurchase Program

 

On March 31, 2025, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to $0.7 million of its ordinary shares in the form of ADSs no later than June 30, 2025. The Company has since extended the share repurchase program through December 31, 2025, then further to June 30, 2026, with total repurchase amount up to $3.0 million. As of March 20, 2026, the Company has repurchased 502,280 ADSs with a total aggregate value of approximately $1.1 million.

 


 

Conference Call

 

The Company will hold an earnings conference call to discuss the results at 8:00 a.m. Eastern Time on March 24, 2026 (8:00 p.m. Hong Kong/Singapore Time on the same day).

 

Preregistration Information

 

Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10053714-at7ro6.html . Upon registration, participants will receive dial-in numbers, an event passcode, and a unique access PIN.

 

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique access PIN, and you will be connected to the conference instantly.

 

A telephone replay will be available two hours after the conclusion of the conference call through March 31, 2026. The dial-in details are:

 

US/Canada:  +1-855-883-1031
Singapore:  800-101-3223
Hong Kong, China:  800-930-639
Replay PIN:  10053714

 

Additionally, a live and archived webcast of the conference call will be available on the Company's Investor Relations website at https://ir.ador.com.

 

About LightInTheBox Holding Co., Ltd.

 

Founded in 2007, LightInTheBox is a global direct-to-consumer (DTC) e-commerce company dedicated to delivering a joyful lifestyle to consumers worldwide. Leveraging AI-driven market insights and agile supply chain systems, it aims to capture consumer preferences and sentiment to offer differentiated products, driving consumer engagement through deep emotional resonance. LightInTheBox also adopts a brand matrix strategy by launching its own apparel brands such as Ador to further strengthen its position as a consumer lifestyle company. Additionally, LightInTheBox offers a comprehensive suite of services to e-commerce companies, including advertising, supply chain management, payment processing, order fulfillment, and shipping and delivery solutions.

 

For more information, please visit https://ir.ador.com.

 

Non-GAAP Financial Measure

 

In evaluating the business, the Company considers and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company's non-GAAP financial measure excludes share-based compensation expenses, depreciation and amortization expenses, interest income, interest expenses and income tax benefit / (expense).

 


 

The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measure helps identify underlying trends in its business. The Company also believes that the non-GAAP financial measure could provide further information about the Company's results of operations and enhance the overall understanding of the Company's past performance and future prospects.

 

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. The Company's non-GAAP financial measure does not reflect all items of income and expenses that affect the Company's operations and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for the limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure.

 

For more information on the non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release.

 

Safe Harbor Statement

 

This press release contains forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets" and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox's strategic and operational plans, are or contain forward-looking statements.

 

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox's goals and strategies; LightInTheBox's future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox's ability to attract customers and further enhance customer experience and product offerings; LightInTheBox's ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox's expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions; changes in tariffs and trade policies; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

Investor Relations Contact

 

Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@ador.com

 

Serena Huang
Octans Capital Group
Email: Serena.huang@octanscap.com

 


 

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(U.S. dollars in thousands, or otherwise noted)

 

    As of December 31,     As of December 31,  
    2024     2025  
ASSETS                
Current Assets                
Cash and cash equivalents     17,945       23,629  
Restricted cash     1,800       2,319  
Accounts receivable, net     976       1,355  
Inventories     3,641       4,943  
Prepayments and other current assets, net     2,610       1,884  
Total current assets     26,972       34,130  
                 
Property and equipment, net     2,185       1,313  
Intangible assets, net     2,745       2,180  
Goodwill     26,663       27,800  
Operating lease right-of-use assets     9,930       6,068  
Long-term rental deposits     806       434  
Long-term investments     73       77  
TOTAL ASSETS     69,374       72,002  
                 
LIABILITIES AND SHAREHOLDERS’ DEFICIT                
Current Liabilities                
Short-term borrowings     685       715  
Accounts payable     10,378       12,309  
Advance from customers     8,357       9,194  
Operating lease liabilities     4,047       2,818  
Accrued expenses and other current liabilities     54,091       48,956  
Total current liabilities     77,558       73,992  
                 
Operating lease liabilities     4,780       1,886  
Deferred tax liabilities     101       107  
Unrecognized tax benefits     107       -  
TOTAL LIABILITIES     82,546       75,985  
                 
SHAREHOLDERS’ DEFICIT                
Ordinary shares     17       17  
Additional paid-in capital     282,766       280,646  
Treasury shares     (30,880 )     (29,392 )
Statutory reserves     390       396  
Accumulated other comprehensive loss     (3,265 )     (1,723 )
Accumulated deficit     (262,200 )     (253,927 )
TOTAL SHAREHOLDERS’ DEFICIT     (13,172 )     (3,983 )
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT     69,374       72,002  

 


 

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. dollars in thousands, except per share data, or otherwise noted)

 

   

Three Months Ended

December 31,

   

Twelve Months Ended

December 31,

 
    2024     2025     2024     2025  
Revenues                        
Product sales     55,093       60,797       243,700       215,775  
Services and others     2,657       2,163       11,587       8,540  
Total revenues     57,750       62,960       255,287       224,315  
Cost of revenues                                
Product sales     (22,711 )     (23,185 )     (98,926 )     (76,683 )
Services and others     (1,122 )     (431 )     (2,869 )     (1,756 )
Total Cost of revenues     (23,833 )     (23,616 )     (101,795 )     (78,439 )
Gross profit     33,917       39,344       153,492       145,876  
Operating expenses                                
Fulfillment     (4,016 )     (4,292 )     (18,932 )     (16,593 )
Selling and marketing     (23,135 )     (26,614 )     (111,919 )     (102,498 )
General and administrative     (6,189 )     (5,281 )     (25,735 )     (19,562 )
Other operating income, net     48       198       876       743  
Total operating expenses     (33,292 )     (35,989 )     (155,710 )     (137,910 )
Income / (loss) from operations     625       3,355       (2,218 )     7,966  
Interest income     3       1       90       7  
Interest expense     -       (4 )     -       (17 )
Other (expense) / income, net     (220 )     3       (400 )     262  
Total other (expense) / income     (217 )     -       (310 )     252  
Income / (loss) before income taxes     408       3,355       (2,528 )     8,218  
Income tax benefit / (expense)     44       (46 )     39       61  
Net income / (loss)     452       3,309       (2,489 )     8,279  
Net income / (loss) attributable to LightInTheBox Holding Co., Ltd.     452       3,309       (2,489 )     8,279  
                                 
Weighted average numbers of shares used in calculating net income / (loss) per ordinary share                                
-Basic     220,658,110       217,505,592       221,126,969       219,414,228  
-Diluted     221,012,821       217,658,394       221,126,969       219,574,568  
                                 
Net income / (loss) per ordinary share                                
-Basic     0.00       0.02       (0.01 )     0.04  
-Diluted     0.00       0.02       (0.01 )     0.04  
                                 
Net income / (loss) per ADS (12 ordinary shares equal to 1 ADS)                                
-Basic     0.02       0.18       (0.14 )     0.45  
-Diluted     0.02       0.18       (0.14 )     0.45  

 


 

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(U.S. dollars in thousands, or otherwise noted)

 

   

Three Months Ended

December 31,

   

Twelve Months Ended

December 31,

 
    2024     2025     2024     2025  
Net income / (loss)     452       3,309       (2,489 )     8,279  
Less: Interest income     3       1       90       7  
  Interest expense     -       (4 )     -       (17 )
  Income tax benefit / (expense)     44       (46 )     39       61  
  Depreciation and amortization     (510 )     (322 )     (2,198 )     (1,601 )
EBITDA     915       3,680       (420 )     9,829  
Less: Share-based compensation     (49 )     (5 )     (345 )     (92 )
Adjusted EBITDA*     964       3,685       (75 )     9,921  

 

* Adjusted EBITDA represents net income / (loss) before share-based compensation expense, interest income, interest expense, income tax benefit / (expense) and depreciation and amortization expenses.