LightInTheBox Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

LightInTheBox (NYSE: LITB) reported third quarter 2025 results with record quarterly net income of $2.8 million versus $0.3 million in Q3 2024 and adjusted EBITDA of $3.3 million. Q3 revenue was $55.5 million, down 3% year‑over‑year, while gross profit rose to $37.1 million and gross margin improved to 66.9% from 61.1%, driven by higher‑margin DTC apparel and bespoke legacy offerings. For the first nine months of 2025, revenues were $161.4 million, down 18% year‑over‑year, gross margin improved to 66.0% and operating expenses fell 17% to $101.9 million. Net income for the nine months was $5.0 million, versus a $2.9 million loss a year earlier. The company extended a share repurchase program and repurchased 340,333 ADSs for ~$0.67 million as of Nov 10, 2025.

Positive

• Gross margin improved to 66.9% in Q3 (+580 bps YoY)
• Q3 net income $2.8M, record quarterly profit since 2022
• Q3 adjusted EBITDA $3.3M versus $0.8M year‑ago
• First 9 months net income $5.0M vs loss of $2.9M in 2024
• Operating expenses down 17% for first 9 months
• Share repurchase 340,333 ADSs repurchased (~$0.67M) through Nov 10, 2025

Negative

• First 9 months revenue declined 18% year‑over‑year to $161.4M

Insights

Equity Analyst

Record quarterly profit driven by higher-margin DTC lines and legacy turnaround; revenue still down but margins and cash returns improving.

LightInTheBox posted $2.8 million net income for Q3 2025, up from $0.3 million a year earlier, with Total Revenues of $55.5 million (a 3% YoY decline) and Gross Margin rising to 66.9% from 61.1%. Adjusted EBITDA improved to $3.3 million. For the first nine months, revenues were $161.4 million (down 18% YoY) while net income turned to $5.0 million from a $2.9 million loss, and Adjusted EBITDA reached $6.2 million.

The business mechanism centers on a dual track: scaling proprietary DTC apparel brands and shifting legacy e-commerce toward bespoke, higher‑margin offerings such as print‑on‑demand apparel. The company cites stable Operating Expenses (~$34.5 million in Q3) and lower fulfillment costs as contributors to margin expansion; management also reported a share repurchase program of up to $0.7 million and repurchases of ~$0.67 million through Nov 10, 2025.

Key dependencies and risks are clear from disclosed facts: sustained margin improvement requires continued DTC brand traction and successful conversion of legacy SKUs to bespoke offerings, and revenue recovery rests on reversing the year‑to‑date 18% decline to deliver the forecasted return to growth in 2026. Watch for quarterly revenue trends versus margin stability, follow-through on the stated channel expansion and marketing efficiency, and completion or extension of the share repurchase program by Dec 31, 2025. Expect near-term monitoring over the next 1–4 quarters to confirm whether profit improvements translate into durable top‑line growth.

Delivers Record Quarterly Profit of $2.8 Million, Up from $0.3 Million Last Year

SINGAPORE, Nov. 12, 2025 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global specialty retailer, today announced its unaudited financial results for the third quarter ended September 30, 2025. The Company continued the growth of its direct-to-consumer (DTC) apparel brands, leveraging proprietary designs and real-time customer insights to drive higher margins and customer loyalty, while simultaneously engineering a turnaround in its legacy e-commerce operations through a shift to bespoke, high-value offerings like print-on-demand apparel. This dual-track strategy has delivered record profitability in recent years and positioned the Company well for renewed overall growth in 2026.

Third  Quarter 2025 Financial Highlights:

• Total Revenues were $55.5 million, a 3% decrease year over year, compared to a 34% decline in the first quarter of 2025 and a 15% decrease in the second quarter of 2025, reflecting growth in the Company's DTC brands, a stabilization in the legacy business and a deliberate focus on margin preservation over market share in a competitive market.
• Gross Profit was $37.1 million, compared with $34.8 million in the same quarter last year.
• Gross Margin improved to 66.9% from 61.1% in the same quarter last year, driven by higher-margin proprietary product lines and bespoke legacy offerings like print-on-demand apparel.
• Operating Expenses were $34.5 million, which remained stable compared with $34.3 million in the same quarter last year.
• Fulfillment Expenses decreased by 2% year over year to $4.1 million.
• Selling and Marketing Expenses increased by 7% year over year to $26.1 million. 
• General and Administrative Expenses decreased by 24% year over year to $4.5 million, of which Research and Development expenses were $2.6 million.
• Net Income reached $2.8 million, compared with $0.3 million in the same quarter last year, marking record quarterly profit since 2022 and sustained profitability amidst industry challenges.
• Adjusted EBITDA was $3.3 million, compared with $0.8 million in the same quarter last year.

First Nine Months of 2025 Financial Highlights

• Total Revenues were $161.4 million, a 18% decrease year over year, primarily due to the Company's pivot to margin preservation in a highly competitive e-commerce environment, with declines moderating significantly from the first quarter of 2025 to the third quarter of 2025.
• Gross Profit was $106.5 million, compared with $119.6 million in the same period last year.
• Gross Margin improved to 66.0% from 60.5% in 2024, driven by the successful introduction of higher-margin proprietary product lines.
• Operating Expenses decreased by 17% year over year to $101.9 million, mainly attributable to reduced revenue and enhanced cost management.
• Fulfillment Expenses decreased by 18% year over year to $12.3 million.
• Selling and Marketing Expenses decreased by 15% year over year to $75.9 million.
• General and Administrative Expenses decreased by 27% year over year to $14.3 million, of which Research and Development expenses were $7.8 million.
• Net Income reached $5.0 million, compared with a loss of $2.9 million in 2024, showcasing remarkable profitability turnaround.
• Adjusted EBITDA was $6.2 million, compared with a loss of $1.0 million in the same period last year.

"Our transformation into a global DTC apparel retailer continues to yield strong results, as evidenced by our third quarter 2025 performance, marking our sixth consecutive profitable quarter with net income reaching $2.8 million from $0.3 million in Q3 2024," said Jian He, CEO of LightInTheBox. "We've built on the foundation laid in prior quarters by deepening our DTC brand portfolio, with Ador.com leading the charge in delivering premium, affordable fashion that resonates with our core demographic."

"By better understanding our customers and offering bespoke products like print-on-demand apparel, we have successfully engineered a turnaround in our legacy business, which helped moderate revenue decline to just 3% year-over-year. Meanwhile, our emerging women's golf apparel line is gaining traction in a niche, high-margin market, blending performance and style to attract repeat buyers and new partnerships. This dual focus, revitalizing the legacy operations for stability while scaling DTC brands for growth, has created a more resilient model." 

"Bolstered by growing brand momentum and strategic efficiencies, we're on track for overall revenue growth in 2026 through broader channel expansion and enhanced marketing efficiency. We remain committed to this strategic path, which is unlocking greater value for our customers and shareholders alike in an evolving retail landscape," 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. As of November 10, 2025, the Company has repurchased 340,333 ADSs with a total aggregate value of approximately $0.67 million.

About LightInTheBox Holding Co., Ltd.:

LightInTheBox is a global specialty retail company, providing a diverse range of affordable lifestyle products directly to consumers worldwide since 2007. In 2024, the Company shifted its focus to apparel design and launched its first proprietary brand, Ador.com, to meet the growing global demand for accessible higher-end fashion. Ador.com specializes in designer-quality clothing for women aged 35-55 at competitive prices and operates design studios and sample shops in both the U.S. and China, including a boutique and design studio in Campbell, California. 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 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

 

 

LightInTheBox Holding Co., Ltd.
Unaudited Condensed Consolidated Balance Sheets
(U.S. dollars in thousands, or otherwise noted)
		As of December 31,				As of September 30,
		2024				2025
ASSETS
Current Assets
Cash and cash equivalents			17,945				16,185
Restricted cash			1,800				1,810
Accounts receivable, net of allowance for credit losses			976				922
Inventories			3,641				4,988
Prepayments and other current assets			2,610				2,404
Total current assets			26,972				26,309
Property and equipment, net			2,185				1,459
Intangible assets, net			2,745				2,311
Goodwill			26,663				27,321
Operating lease right-of-use assets			9,930				7,092
Long-term rental deposits			806				433
Long-term investments			73				77
TOTAL ASSETS			69,374				65,002
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Short-term borrowings			685				702
Accounts payable			10,378				7,989
Advance from customers			8,357				10,593
Operating lease liabilities			4,047				3,491
Accrued expenses and other current liabilities			54,091				47,396
Total current liabilities			77,558				70,171
Operating lease liabilities			4,780				2,300
Deferred tax liabilities			101				107
Unrecognized tax benefits			107				-
TOTAL LIABILITIES			82,546				72,578
SHAREHOLDERS' DEFICIT
Ordinary shares			17				17
Additional paid-in capital			282,766				280,641
Treasury shares			(30,880)				(29,068)
Statutory reserves			390				390
Accumulated other comprehensive loss			(3,265)				(2,326)
Accumulated deficit			(262,200)				(257,230)
TOTAL SHAREHOLDERS' DEFICIT			(13,172)				(7,576)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT			69,374				65,002

 

 

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 September 30,								Nine Months Ended September 30,
		2024				2025				2024				2025
Revenues
Product sales			53,624				53,507				188,607				154,978
Services and others			3,382				1,948				8,930				6,377
Total revenues			57,006				55,455				197,537				161,355
Cost of revenues
Product sales			(21,632)				(18,014)				(76,215)				(53,498)
Services and others			(538)				(358)				(1,747)				(1,325)
Total Cost of revenues			(22,170)				(18,372)				(77,962)				(54,823)
Gross profit			34,836				37,083				119,575				106,532
Operating expenses
Fulfillment			(4,160)				(4,076)				(14,916)				(12,301)
Selling and marketing			(24,516)				(26,139)				(88,784)				(75,884)
General and administrative			(5,876)				(4,462)				(19,546)				(14,281)
Other operating income, net			265				178				828				545
Total operating expenses			(34,287)				(34,499)				(122,418)				(101,921)
Income / (loss) from operations			549				2,584				(2,843)				4,611
Interest income			3				1				87				6
Interest expense			-				(4)				-				(13)
Other (expense) / income, net			(282)				254				(180)				259
Total other (expense) / income			(279)				251				(93)				252
Income / (loss) before income taxes			270				2,835				(2,936)				4,863
Income tax (expense) / benefit			(4)				-				(5)				107
Net income / (loss)			266				2,835				(2,941)				4,970
Net income / (loss) attributable to LightInTheBox Holding Co., Ltd.			266				2,835				(2,941)				4,970
Weighted average numbers of shares used in   calculating net income / (loss) per ordinary   share
-Basic			220,650,849				219,507,608				221,284,420				220,046,340
-Diluted			220,933,927				219,701,334				221,284,420				220,252,163
Net income / (loss) per ordinary share
-Basic			0.00				0.01				(0.01)				0.02
-Diluted			0.00				0.01				(0.01)				0.02
Net income / (loss) per ADS (12 ordinary   shares equal to 1 ADS)
-Basic			0.01				0.15				(0.16)				0.27
-Diluted			0.01				0.15				(0.16)				0.27

 

 

LightInTheBox Holding Co., Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(U.S. dollars in thousands, or otherwise noted)
		Three Months Ended September 30,								Nine Months Ended  September  30,
		2024				2025				2024				2025
Net income / (loss)			266				2,835				(2,941)				4,970
Less: Interest income			3				1				87				6
Interest expense			-				(4)				-				(13)
Income tax (expense) / benefit			(4)				-				(5)				107
Depreciation and amortization			(541)				(413)				(1,688)				(1,279)
EBITDA			808				3,251				(1,335)				6,149
Less: Share-based compensation			(20)				-				(296)				(87)
Adjusted EBITDA*			828				3,251				(1,039)				6,236
* Adjusted EBITDA represents net income / (loss) before share-based compensation expense, interest income, interest expense, income tax (expense) / benefit and depreciation and amortization expenses.

 

 

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SOURCE LightInTheBox Holding Co., Ltd.

FAQ

What were LightInTheBox (LITB) Q3 2025 revenues and net income?

Q3 2025 revenue was $55.5 million and net income was $2.8 million.

How did LightInTheBox's gross margin change in Q3 2025 for LITB?

Gross margin improved to 66.9% in Q3 2025 from 61.1% a year earlier.

What is LightInTheBox's year‑to‑date revenue trend for 2025 (LITB)?

Total revenue for the first nine months of 2025 was $161.4 million, down 18% YoY.

Did LightInTheBox (LITB) buy back shares in 2025 and how much?

Yes; as of Nov 10, 2025 the company repurchased 340,333 ADSs for approximately $0.67 million and extended the program through Dec 31, 2025.

How did LightInTheBox's profitability change for the first nine months of 2025 (LITB)?

Net income for the first nine months was $5.0 million, compared with a $2.9 million loss in 2024.