HomesToLife Reports 10% YoY Growth in 1H 2026 Net Revenue, Fuelled by Stronger Export Sales
Short-term borrowings fell to US$7.3 million from US$10.4 million at year-end, while cash also declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
HomesToLife (HTLM) reported unaudited first-half 2026 net revenue of US$198.3 million, up year over year as export sales expanded.
Revenue rose 10%, with export sales up 11% and retail sales up 57%, while leather trading fell 29%. Europe and North America revenue increased 12% and 27%, respectively; Asia Pacific declined 4%. Gross profit rose 14% to US$57.0 million, and gross margin reached 28.7%, up 1.1 percentage points. Operating income increased 7% to US$9.7 million, but net income fell 39% to US$6.1 million. A US$2.2 million foreign-exchange loss replaced a US$4.3 million gain a year earlier. Basic and diluted earnings per share were US$0.07.
Operating cash outflows narrowed to US$8.3 million from US$11.3 million. Cash stood at US$17.9 million after US$5.8 million in dividend payments. HomesToLife expects stable sales growth for the rest of FY2026, maintaining full-year revenue guidance of US$400 million–US$420 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNet revenue increased 10% to US$198.3 million in 1H 2026 versus 1H 2025.
- Moderate pointGross profit increased 14% to US$57.0 million in 1H 2026 versus 1H 2025.
- Moderate pointOperating income increased 7% to US$9.7 million in 1H 2026 versus 1H 2025.
- Moderate pointOperating cash outflows narrowed 26% to US$8.3 million in 1H 2026 from US$11.3 million.
- Moderate pointDividend payments returned US$5.8 million to shareholders during 1H 2026. 3.3% of market cap
11 minor points
- Minor pointExport revenue increased 11% to US$186,293,352 in 1H 2026 versus 1H 2025.
- Minor pointRetail revenue increased 57% to US$5,313,821 in 1H 2026 versus 1H 2025.
- Minor pointEurope revenue increased 12% to US$123,660,000 in 1H 2026 versus 1H 2025.
- Minor pointNorth America revenue increased 27% to US$27,966,000 in 1H 2026 versus 1H 2025.
- Minor pointGross margin expanded 1.1 percentage points to 28.7% in 1H 2026 versus 1H 2025.
- Minor pointRetail operating loss narrowed to US$643,060 in 1H 2026 from US$1,330,878 a year earlier.
- Minor pointExport operating income rose to US$11,192,836 in 1H 2026 from US$10,748,250 a year earlier.
- Minor pointLeather trading operating income rose to US$347,324 in 1H 2026 from US$313,162 a year earlier.
- Minor pointInterest expense fell to US$150,615 in 1H 2026 from US$730,372 a year earlier.
- Minor pointShort-term borrowings fell to US$7.3 million at June 30, 2026, from US$10.4 million at December 31, 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.HomesToLife expects stable remaining-FY2026 sales growth, maintaining revenue guidance of US$400 million–US$420 million.
Negative
- Moderate pointNet income declined 39% to US$6.1 million in 1H 2026 versus 1H 2025.
- Moderate pointForeign exchange swung to a US$2.2 million loss in 1H 2026 from a US$4.3 million gain. 1.3% of market cap
- Moderate pointSales and distribution expenses increased 19% to US$36,967,422 in 1H 2026 versus 1H 2025.
- Moderate pointCash declined to US$17,941,401 at June 30, 2026, from US$27,276,091 at December 31, 2025.
- Minor pointBasic and diluted EPS fell to US$0.07 in 1H 2026 from US$0.11 a year earlier.
5 minor points
- Minor pointLeather trading revenue declined 29% to US$6,697,933 in 1H 2026 versus 1H 2025.
- Minor pointAsia Pacific revenue declined 4% to US$46,680,000 in 1H 2026 versus 1H 2025.
- Minor pointGeneral and administrative expenses increased 7% to US$10,327,858 in 1H 2026 versus 1H 2025.
- Minor pointCorporate and unallocated operating loss widened to US$1,198,702 in 1H 2026 from US$682,051 a year earlier.
- Minor pointProposed SGX-ST secondary listing remains subject to regulatory review and approval, conditions and applicable listing requirements.
News Explained
HomesToLife says its proposed SGX secondary listing remains in progress and subject to regulatory review and approval; even approval would leave conditions and other listing requirements to be met.
Key Figures
- Net revenue
- US$198.3 million; up 10% year over year
- Six months ended June 30, 2026
- Export revenue
- US$186.3 million; up 11% year over year
- Six months ended June 30, 2026
- Gross profit
- US$57.0 million; up 14%
- Compared with the same period in 2025
- Gross profit margin
- 28.7%; up 1.1 percentage points
- Compared with the same period in 2025
- Net income
- US$6.1 million; down 39%
- Compared with the same period in 2025
- Net income excluding foreign exchange gain or loss
- Up 22%, from US$6.5 million to US$7.9 million
- Compared with the same period in 2025
- FY2026 revenue guidance
- US$400 million to US$420 million
- Earlier full-year guidance reiterated
- Cash outflow from operating activities
- US$8.3 million, down 26% from US$11.3 million
- Compared with the same period in 2025
Historical Context
-
Q1 revenue and net profit rose, with export growth and gross-margin expansion.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
secondary listing regulatory
natural hedges financial
foreign-exchange exposure financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SINGAPORE, Sept. 30, 2026 (GLOBE NEWSWIRE) -- HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company”), a Singapore-based home furniture company with sales across Asia-Pacific, Europe and North America, today announced its unaudited financial results for the six months ended June 30, 2026 (“1H 2026”).
| Key Financial Highlights | |||||||||
| 1H 2025 US$’000 | 1H 2026 US$’000 | Change | |||||||
| Net revenue | 180,775 | 198,305 | 10 | % | |||||
| Retail | 3,382 | 5,314 | 57 | % | |||||
| Export | 168,009 | 186,293 | 11 | % | |||||
| Leather Trading | 9,383 | 6,698 | (29 | %) | |||||
| By geographical | 180,775 | 198,305 | 10 | % | |||||
| Asia Pacific | 48,683 | 46,680 | (4 | %) | |||||
| Europe | 109,989 | 123,660 | 12 | % | |||||
| North America | 22,103 | 27,966 | 27 | % | |||||
| Gross profit | 49,833 | 56,994 | 14 | % | |||||
| Gross profit margin | 27.6 | % | 28.7 | % | 1.1 | pp | |||
| Operating expenses | (40,784 | ) | (47,295 | ) | 16 | % | |||
| Sales and distribution expenses | (31,092 | ) | (36,967 | ) | 19 | % | |||
| General and Administrative expenses | (9,692 | ) | (10,328 | ) | 7 | % | |||
| Income from operations | 9,048 | 9,698 | 7 | % | |||||
| Net income | 10,024 | 6,068 | (39 | %) | |||||
| Earnings per share (Basic and diluted) | 0.11 | 0.07 | (39 | %) | |||||
Financial results for the six months ended June 30, 2025 (“1H 2025”) and 1H 2026, unless otherwise stated, reflect the inclusion of HTL Marketing Pte. Ltd. (“HTL Marketing”) because of the acquisition of
1H 2026 Performance
In 1H 2026, the Company delivered strong net revenue of US
Gross profit rose
Income from operations reached US
Financial Position
Cash outflows from operating activities improved with a reduction from US
As of June 30, 2026, the Company maintained a healthy liquidity position, as cash and cash equivalents totalled US
Outlook
HomesToLife expects to maintain stable sales growth for the remainder of FY2026, in line with its earlier guidance of US
The Company will also continue to closely monitor external factors that may affect operating performance, including foreign exchange movements, logistics costs, raw material prices, and broader macroeconomic as well as geopolitical developments. While foreign exchange movements affected reported net income during the reporting period, the Company continues to actively manage its foreign-exchange exposure through natural hedges and risk-management measures while maintaining its geographically diversified operations, helping to mitigate the impact of currency volatility and support resilient business performance.
“The first half of 2026 demonstrated the strength of our business fundamentals and the benefits of our diversified global strategy,” said Ms. Phua Mei Ming, Chief Executive Officer of HomesToLife. “While we remain mindful of ongoing market uncertainties, we are optimistic about the opportunities ahead. We will continue to proactively manage risks, invest in product innovation, and strengthen our presence across key markets.”
The Company remains in progress with its proposed secondary listing (“Proposed Secondary Listing”) on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Proposed Secondary Listing remains subject to regulatory review and approval, and if approved, the fulfilment of certain conditions and other applicable listing requirements.
About HomesToLife Ltd (Nasdaq: HTLM)
HomesToLife Ltd is a global furniture company headquartered in Singapore. Leveraging 50 years of heritage built by its founders, the Company combines wholesale distribution, consumer retail, and sourcing capabilities, supported by a diversified sourcing and supplier network across China, Vietnam and India.
The Company operates through three core business divisions: (i) export division for supplying furniture to wholesale customers such as retailers and distributors worldwide, (ii) leather trading division and (iii) retail division with direct retail operations in Singapore and South Korea.
Across these business divisions, the Company operates an integrated supply chain model that encompasses product design and development, sourcing from the Company’s manufacturing partners, and the coordination of logistics and distribution channels. This operating model enables the Company to translate designs into production-ready products efficiently, supporting both branded and white-label offerings, and allows the Company to deliver scale and consistency across multiple markets.
The Company is fast expanding across Europe, Asia-Pacific, and North America, leveraging an integrated supply chain model and a global presence to deliver scale and consistency across multiple markets.
FORWARD-LOOKING STATEMENTS
This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
CAUTIONARY STATEMENT
The Proposed Secondary Listing remains subject to regulatory review and approval, and if approved, the fulfilment of certain conditions and other applicable listing requirements. As such, there is no assurance that the Proposed Secondary Listing will proceed to completion. The Company will provide further updates as and when there are material developments, in accordance with applicable laws and regulatory requirements.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares and to refrain from taking any action in respect of their shares which may be prejudicial to their interests. Shareholders and potential investors who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor, accountant, tax adviser or other professional adviser.
Contacts
HomesToLife Ltd Contact:
12 Tai Seng Link, #03-01A,
GRC Centre, Singapore 534233
Email: Investor@homestolife.com
Investor Relations Inquiries:
Edelman Smithfield
Angela Hui
HomesToLife@edelmansmithfield.com
| HOMESTOLIFE LTD AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Currency expressed in United States Dollars (“US$”), except for number of shares) | ||||||||
| As of | ||||||||
| December 31, 2025 | June 30, 2026 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 27,276,091 | $ | 17,941,401 | ||||
| Restricted Cash | - | 164,026 | ||||||
| Accounts receivables, net (including receivable from related parties of | 76,010,709 | 74,811,081 | ||||||
| Inventories, net | 9,599,490 | 10,120,517 | ||||||
| Amounts due from related parties | 7,026,092 | - | ||||||
| Deposit, prepayments and other receivables | 5,853,470 | 6,741,958 | ||||||
| Total current assets | 125,765,852 | 109,778,983 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 4,354,206 | 5,884,250 | ||||||
| Right-of-use assets, net | 7,363,312 | 7,528,176 | ||||||
| Restricted cash, non-current | - | 111,136 | ||||||
| Investments in equity securities | - | 1,000,000 | ||||||
| Other non-current assets | 1,000,000 | - | ||||||
| Deferred tax asset, net | 673,416 | 689,142 | ||||||
| Total non-current assets | 13,390,934 | 15,212,704 | ||||||
| TOTAL ASSETS | $ | 139,156,786 | $ | 124,991,687 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,475,242 | $ | 4,587,814 | ||||
| Accounts payable, related parties | 74,890,989 | 63,749,207 | ||||||
| Customer deposits | 1,195,989 | 1,188,847 | ||||||
| Accrued liabilities and other payables | 6,065,126 | 6,697,637 | ||||||
| Short-term borrowings | 10,389,094 | 7,263,986 | ||||||
| Lease liabilities, current | 1,924,657 | 2,299,696 | ||||||
| Warranty liabilities | 2,188,814 | 1,930,960 | ||||||
| Derivatives financial instruments | 74,765 | - | ||||||
| Income tax payable | 4,156,085 | 3,718,772 | ||||||
| Total current liabilities | 105,360,761 | 91,436,919 | ||||||
| Long-term liabilities: | ||||||||
| Provision for reinstatement cost | 382,112 | 502,676 | ||||||
| Lease liabilities | 5,572,603 | 5,377,461 | ||||||
| Total long-term liabilities | 5,954,715 | 5,880,137 | ||||||
| TOTAL LIABILITIES | 111,315,476 | 97,317,056 | ||||||
| Commitments and contingencies | - | - | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary share, | 8,969 | 8,969 | ||||||
| Additional paid-in capital | 37,179,424 | 37,179,424 | ||||||
| Accumulated other comprehensive loss | (12,111,193 | ) | (12,515,722 | ) | ||||
| Retained earnings | 2,764,110 | 3,001,960 | ||||||
| Total shareholders’ equity | 27,841,310 | 27,674,631 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 139,156,786 | $ | 124,991,687 | ||||
| HOMESTOLIFE LTD AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||
| (Currency expressed in United States Dollars (“US$”), except for number of shares) | ||||||||
| Six months ended June 30 | ||||||||
| 2025 | 2026 | |||||||
| Revenues, net | ||||||||
| From third parties | $ | 170,117,861 | $ | 190,732,226 | ||||
| From related parties | 10,656,942 | 7,572,880 | ||||||
| 180,774,803 | 198,305,106 | |||||||
| Cost of goods sold | (130,942,258 | ) | (141,311,428 | ) | ||||
| Gross profit | 49,832,545 | 56,993,678 | ||||||
| Operating expenses: | ||||||||
| Sales and distribution expenses | (31,092,110 | ) | (36,967,422 | ) | ||||
| General and administrative expenses | (9,691,952 | ) | (10,327,858 | ) | ||||
| Total operating expenses | (40,784,062 | ) | (47,295,280 | ) | ||||
| Income from operations | 9,048,483 | 9,698,398 | ||||||
| Other income (expense): | ||||||||
| Interest expense | (730,372 | ) | (150,615 | ) | ||||
| Interest income | 16,246 | 19,193 | ||||||
| Government subsidies | 16,950 | 23,385 | ||||||
| Foreign exchange gain (loss), net | 4,293,633 | (2,168,357 | ) | |||||
| Net gain from related parties debt restructuring | 1,460,543 | - | ||||||
| Professional fees on acquisition of HTL Marketing | (1,261,560 | ) | - | |||||
| Scrap sofa sale income | 223,263 | 165,621 | ||||||
| Change in fair value of derivatives financial instruments | (753,243 | ) | 74,765 | |||||
| Sundry income(expense) | 39,404 | 148,095 | ||||||
| Total other income (expense), net | 3,304,864 | (1,887,913 | ) | |||||
| Income before income taxes | 12,353,347 | 7,810,485 | ||||||
| Income tax expense | (2,329,272 | ) | (1,742,947 | ) | ||||
| NET INCOME | $ | 10,024,075 | $ | 6,067,538 | ||||
| Other comprehensive income (loss): | ||||||||
| – Foreign currency translation adjustments | 1,368,175 | (404,529 | ) | |||||
| COMPREHENSIVE INCOME | $ | 11,392,250 | $ | 5,663,009 | ||||
| Weighted average number of ordinary shares: | ||||||||
| Basic and diluted | 89,687,500 | 89,687,500 | ||||||
| EARNINGS PER SHARE – BASIC AND DILUTED | $ | 0.11 | $ | 0.07 | ||||
| HOMESTOLIFE LTD AND SUBSIDIARIES | ||||||||||||||||||||
| NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||||||||
| (Currency expressed in United States Dollars (“US$”), except for number of shares) | ||||||||||||||||||||
| Six months ended June 30, 2025 | ||||||||||||||||||||
| Retail Sales | Export Sales | Leather Trading | Corporate and unallocated | Total | ||||||||||||||||
| Revenues, net | ||||||||||||||||||||
| From third party | $ | 3,382,273 | $ | 166,459,189 | $ | 276,399 | $ | - | $ | 170,117,861 | ||||||||||
| From related parties | - | 1,550,023 | 9,106,919 | - | 10,656,942 | |||||||||||||||
| 3,382,273 | 168,009,212 | 9,383,318 | - | 180,774,803 | ||||||||||||||||
| Cost of goods sold | (1,401,494 | ) | (120,526,294 | ) | (9,014,470 | ) | - | (130,942,258 | ) | |||||||||||
| Gross profit | 1,980,779 | 47,482,918 | 368,848 | - | 49,832,545 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Sales and distribution expenses | (2,404,689 | ) | (28,634,760 | ) | (52,661 | ) | - | (31,092,110 | ) | |||||||||||
| General and administrative expenses | (906,968 | ) | (8,099,908 | ) | (3,025 | ) | (682,051 | ) | (9,691,952 | ) | ||||||||||
| Total operating expenses | (3,311,657 | ) | (36,734,668 | ) | (55,686 | ) | (682,051 | ) | (40,784,062 | ) | ||||||||||
| Operating income (loss) | (1,330,878 | ) | 10,748,250 | 313,162 | (682,051 | ) | 9,048,483 | |||||||||||||
| Other income (expenses): | ||||||||||||||||||||
| Interest expense | (125,183 | ) | (394,423 | ) | (210,766 | ) | - | (730,372 | ) | |||||||||||
| Interest income | 130 | 15,946 | 170 | - | 16,246 | |||||||||||||||
| Government subsidies | 12,238 | 4,712 | - | - | 16,950 | |||||||||||||||
| Foreign exchange gain (loss), net | (9,647 | ) | 4,292,067 | 6,215 | 4,998 | 4,293,633 | ||||||||||||||
| Net gain from related parties debt restructuring | - | - | - | 1,460,543 | 1,460,543 | |||||||||||||||
| Professional fees on acquisition of HTL Marketing | - | (133,960 | ) | - | (1,127,600 | ) | (1,261,560 | ) | ||||||||||||
| Scrap sofa sale income | - | 223,263 | - | - | 223,263 | |||||||||||||||
| Sundry income (expense) | 78,284 | 21,551 | 7 | (60,438 | ) | 39,404 | ||||||||||||||
| Change in fair value of derivatives financial instruments | - | (753,243 | ) | - | - | (753,243 | ) | |||||||||||||
| Total other income (expenses), net | (44,178 | ) | 3,275,913 | (204,374 | ) | 277,503 | 3,304,864 | |||||||||||||
| Income (loss) before income taxes | (1,375,056 | ) | 14,024,163 | 108,788 | (404,548 | ) | 12,353,347 | |||||||||||||
| Income tax expense | - | (2,310,779 | ) | (18,493 | ) | - | (2,329,272 | ) | ||||||||||||
| Segment income (loss) | $ | (1,375,056 | ) | $ | 11,713,384 | $ | 90,295 | $ | (404,548 | ) | $ | 10,024,075 | ||||||||
| Six months ended June 30, 2026 | ||||||||||||||||||||
| Retail Sales | Export Sales | Leather Trading | Corporate and unallocated | Total | ||||||||||||||||
| Revenues, net | ||||||||||||||||||||
| From third party | $ | 5,313,821 | $ | 185,418,405 | $ | - | $ | - | $ | 190,732,226 | ||||||||||
| From related parties | - | 874,947 | 6,697,933 | - | 7,572,880 | |||||||||||||||
| 5,313,821 | 186,293,352 | 6,697,933 | - | 198,305,106 | ||||||||||||||||
| Cost of goods sold | (1,876,931 | ) | (133,106,987 | ) | (6,327,510 | ) | - | (141,311,428 | ) | |||||||||||
| Gross profit | 3,436,890 | 53,186,365 | 370,423 | - | 56,993,678 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Sales and distribution expenses | (3,385,506 | ) | (33,560,786 | ) | (21,130 | ) | - | (36,967,422 | ) | |||||||||||
| General and administrative expenses | (694,444 | ) | (8,432,743 | ) | (1,969 | ) | (1,198,702 | ) | (10,327,858 | ) | ||||||||||
| Total operating expenses | (4,079,950 | ) | (41,993,529 | ) | (23,099 | ) | (1,198,702 | ) | (47,295,280 | ) | ||||||||||
| Operating income (loss) | (643,060 | ) | 11,192,836 | 347,324 | (1,198,702 | ) | 9,698,398 | |||||||||||||
| Other income (expenses): | ||||||||||||||||||||
| Interest expense | - | (40,734 | ) | (109,881 | ) | - | (150,615 | ) | ||||||||||||
| Interest income | 465 | 18,421 | 307 | - | 19,193 | |||||||||||||||
| Government subsidies | 15,685 | 7,700 | - | - | 23,385 | |||||||||||||||
| Foreign exchange gain (loss), net | (2,426 | ) | (2,319,989 | ) | 163,712 | (9,654 | ) | (2,168,357 | ) | |||||||||||
| Scrap sofa sale income | - | 165,621 | - | - | 165,621 | |||||||||||||||
| Change in fair value of derivatives financial instruments | - | 74,765 | - | - | 74,765 | |||||||||||||||
| Sundry income (expense) | 89,747 | (208,528 | ) | - | 266,876 | 148,095 | ||||||||||||||
| Total other income (expenses), net | 103,471 | (2,302,744 | ) | 54,138 | 257,222 | (1,887,913 | ) | |||||||||||||
| Income (loss) before income taxes | (539,589 | ) | 8,890,092 | 401,462 | (941,480 | ) | 7,810,485 | |||||||||||||
| Income tax expense | - | (1,674,699 | ) | (68,248 | ) | - | (1,742,947 | ) | ||||||||||||
| Segment income (loss) | $ | (539,589 | ) | $ | 7,215,393 | $ | 333,214 | $ | (941,480 | ) | $ | 6,067,538 | ||||||||
| HOMESTOLIFE LTD AND SUBSIDIARIES | ||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (Currency expressed in United States Dollars (“US$”), except for number of shares) | ||||||
| Six months ended June 30, | ||||||
| 2025 | 2026 | |||||
| USD | USD | |||||
| Net cash used in operating activities | (11,241,457 | ) | (8,266,135 | ) | ||
| Net cash used in investing activities | (557,755 | ) | (1,951,009 | ) | ||
| Net cash provided by financing activities | 5,966,454 | 1,457,160 | ||||
| Effect on exchange rate change on cash and cash equivalents, and restricted cash | 1,043,524 | (299,544 | ) | |||
| Net change in cash and cash equivalents, and restricted cash | (4,789,234 | ) | (9,059,528 | ) | ||
| BEGINNING OF PERIOD | 24,860,621 | 27,276,091 | ||||
| END OF PERIOD | 20,071,387 | 18,216,563 | ||||
FAQ
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