LightInTheBox Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

LightInTheBox (NYSE:LITB) reported fourth-quarter and full-year 2025 results on March 24, 2026, showing a profitability turnaround. Q4 revenue was $63.0M (+9% YoY) and net income was $3.3M. Full-year revenue was $224.3M (-12% YoY) with record annual net income of $8.3M and adjusted EBITDA of $9.9M.

Gross margin improved to 65.0% for 2025 (highest since IPO), branded apparel grew 143% and accounted for 17% of revenue. The company repurchased 502,280 ADSs (~$1.1M) and reported positive operating cash flow of $6.2M.

Positive

• Net income reached $8.3M for full-year 2025, a record since 2022
• Q4 revenue growth of 9% YoY recovering top-line momentum
• Full-year gross margin 65.0%, highest since 2013
• Branded apparel growth of 143%, contributing 17% of 2025 revenue
• Adjusted EBITDA turned positive at $9.9M for 2025
• Positive operating cash flow of $6.2M

Negative

• Total revenues declined 12% YoY to $224.3M for full-year 2025
• Full-year gross profit fell to $145.9M from $153.5M in 2024

News Market Reaction – LITB

+7.55% 2.7x vol

1 alert

+7.55% Session close to close

-9.1% Trough Tracked

$40.95M Market Cap

2.7x Rel. Volume

In the Mar 24 session, LITB gained 7.55%, reflecting a notable positive market reaction. Argus tracked a trough of -9.1% from its starting point during tracking. Trading volume was elevated at 2.7x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +7.5% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +7.5% in the session following this news. A strong positive reaction aligns with the company’s clear profitability turnaround, including full‑year net income of $8.3 million and gross margin of 65.0%. Historically, earnings days have averaged moves of -2.41%, so a sharp gain would have marked a departure from prior selling on good news. Investors would still need to weigh revenue contraction of 12% in 2025 and the sustainability of margin gains as growth resumes.

Key Figures

Q4 2025 Revenue: $63.0 million FY 2025 Revenue: $224.3 million FY 2025 Gross Margin: 65.0% +5 more

8 metrics

Q4 2025 Revenue $63.0 million Fourth quarter 2025 total revenues, up 9% year over year

FY 2025 Revenue $224.3 million Full year 2025 total revenues, 12% decrease year over year

FY 2025 Gross Margin 65.0% Full year 2025 gross margin, highest since IPO in 2013

FY 2025 Net Income $8.3 million Full year 2025 net income vs $2.5 million loss in 2024

FY 2025 Adjusted EBITDA $9.9 million Full year 2025 adjusted EBITDA vs $0.1 million loss in 2024

Repurchase Authorization $3.0 million Maximum total under share repurchase program through June 30, 2026

ADSs Repurchased 502,280 ADSs Total repurchased as of March 20, 2026, for about $1.1 million

Workforce Optimization 58% End‑to‑end AI automation workforce reduction since 2023

Previous Earnings Reports

5 past events · Latest: Nov 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 12	Q3 2025 earnings	Positive	-6.0%	Record Q3 net income and higher gross margin with cost controls.
Sep 09	Q2 2025 earnings	Positive	-10.6%	Fifth profitable quarter with margin expansion despite revenue decline.
May 13	Q1 2025 earnings	Positive	-3.3%	Return to profit with sharply higher gross margin and lower opex.
Mar 25	FY 2024 earnings	Positive	+4.8%	Shift to margin preservation, first profit in Q4 and higher FY margin.
Dec 10	Q3 2024 earnings	Positive	+3.1%	Profitability maintained as proprietary brand strategy scales and opex falls.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have generally been positive fundamentally but often met with selling pressure, with 3 of the last 5 earnings events seeing negative next-day moves.

Recent Company History

Over the past five earnings cycles from Dec 2024 through Nov 2025, LightInTheBox has executed a shift toward higher‑margin proprietary apparel and direct‑to‑consumer brands. The company moved from steep revenue declines and losses in 2023–2024 to consecutive profitable quarters in 2025, with improving gross margins and disciplined operating expenses. Today’s Q4 and full‑year 2025 results extend that trend, showing record profitability, further margin gains, and continued emphasis on branded apparel and cost control.

Key Terms

adjusted EBITDA

1 terms

adjusted EBITDA financial

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

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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.
  • Fulfillment Expenses increased by 7% year over year to $4.3 million.
  • Selling and Marketing Expenses increased by 15% year over year to $26.6 million.
  • 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.
  • Fulfillment Expenses decreased by 12% year over year to $16.6 million.
  • Selling and Marketing Expenses decreased by 8% year over year to $102.5 million.
  • 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.

 

View original content:https://www.prnewswire.com/news-releases/lightinthebox-reports-fourth-quarter-and-full-year-2025-financial-results-302723038.html

SOURCE LightInTheBox Holding Co., Ltd.

FAQ

What were LightInTheBox (LITB) Q4 2025 revenue and profit figures?

Q4 2025 revenue was $63.0 million and net income was $3.3 million. According to the company, Q4 marked renewed top-line growth after prior quarterly declines and a return to profitability.

How did LightInTheBox perform for full-year 2025 including margins and EBITDA?

Full-year 2025 revenue was $224.3 million with a 65.0% gross margin and adjusted EBITDA of $9.9 million. According to the company, margin expansion was driven by higher-margin proprietary products.

What drove LightInTheBox's profitability turnaround in 2025 (LITB)?

Profitability was driven by higher-margin proprietary brands and cost management, producing seven profitable quarters. According to the company, branded apparel growth and product mix raised margins and improved cash flow.

How much share repurchase has LightInTheBox (LITB) completed as of March 20, 2026?

As of March 20, 2026, the company repurchased 502,280 ADSs for approximately $1.1 million. According to the company, the repurchase is part of a program authorized up to $3.0 million.

What is the contribution of branded apparel to LightInTheBox's 2025 revenue (LITB)?

Branded apparel grew 143% in 2025 and represented 17% of total revenue for the year. According to the company, new proprietary apparel brands were central to higher-margin strategy and customer engagement.

Did LightInTheBox (LITB) report positive operating cash flow in 2025?

Yes, the company reported $6.2 million of positive operating cash flow for 2025. According to the company, cash flow improvement accompanied margin expansion and profitability initiatives.