Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or 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 99.1
LightInTheBox Reports First Quarter 2026 Financial
Results
Revenues Return to Double-Digit Growth
Record First-Quarter Profit of $1.2 Million
Eighth Consecutive Profitable Quarter
SINGAPORE, May 12, 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 first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
| · | Total Revenues were $52.0 million, an
11% increase year over year, making a clear turnaround and sustained recovery from the consecutive declines throughout the first three
quarters of 2025. |
| · | Gross Profit was $33.8 million, compared
with $30.6 million in the same quarter last year. |
| · | Gross Margin was 65.0%, compared with
65.2% in the same quarter last year, which remained stable. |
| · | Operating Expenses were $32.7 million,
compared with $30.5 million in the same quarter last year. |
| o | Fulfillment Expenses increased by 5% year over year to $4.1 million. |
| o | Selling and Marketing Expenses increased by 12% year over year to $24.6 million. |
| o | General and Administrative Expenses decreased by 15% year over year to $4.2 million, of which Research
and Development expenses were $2.3 million. |
| · | Net Income reached $1.2 million, compared
with $0.1 million in the same quarter last year, marking sustained profitability amidst industry challenges. |
| · | Adjusted EBITDA was $1.5 million, compared
with $0.6 million in the same quarter last year. |
“We are very pleased
to report our eighth consecutive profitable quarter and a record first-quarter profit of $1.2 million since 2022, despite Q1 typically
being our seasonally weakest period,” commented Jian He, CEO of LightInTheBox. “This marks our second consecutive quarter
of year-over-year revenue growth, with revenues increased by 11% to $52 million. Our branded apparel business continued to gain momentum,
growing over 81% year over year and accounting for 24% of total revenue, up from 15% in the first quarter of 2025.”
“These results reflect the continued progress
of our transformation into a global consumer lifestyle company. By offering highly customized products that create deep emotional resonance
for festivals, holidays, and special occasions, combined with our brand matrix strategy across women’s fashion, golf apparel, and
light party dresses, we are driving stronger engagement and customer loyalty. With sustained profitability, disciplined cost control,
and an ongoing share repurchase program, we believe we are well positioned to pursue continued revenue and profit growth, as well as greater
shareholder value throughout 2026.” 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 May 8, 2026, the Company has repurchased
565,217 ADSs with a total aggregate value of approximately $1.3 million.
Conference Call
The Company will hold an earnings conference call to discuss the results
at 8:00 a.m. Eastern Time May 12, 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/10054770-hu76t5.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 May 16, 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: litb@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 March 31, | |
| | |
2025 | | |
2026 | |
| ASSETS | |
| | | |
| | |
| Current Assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 23,629 | | |
| 15,237 | |
| Restricted cash | |
| 2,319 | | |
| 1,872 | |
| Accounts receivable, net | |
| 1,355 | | |
| 1,855 | |
| Inventories | |
| 4,943 | | |
| 4,780 | |
| Prepayments and other current assets, net | |
| 1,884 | | |
| 2,204 | |
| Total current assets | |
| 34,130 | | |
| 25,948 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 1,313 | | |
| 1,169 | |
| Intangible assets, net | |
| 2,180 | | |
| 2,036 | |
| Goodwill | |
| 27,800 | | |
| 28,175 | |
| Operating lease right-of-use assets | |
| 6,068 | | |
| 5,100 | |
| Long-term rental deposits | |
| 434 | | |
| 437 | |
| Long-term investments | |
| 77 | | |
| 77 | |
| TOTAL ASSETS | |
| 72,002 | | |
| 62,942 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
| Current Liabilities | |
| | | |
| | |
| Short-term borrowings | |
| 715 | | |
| 725 | |
| Accounts payable | |
| 12,309 | | |
| 8,386 | |
| Advance from customers | |
| 9,194 | | |
| 9,897 | |
| Operating lease liabilities | |
| 2,818 | | |
| 2,207 | |
| Accrued expenses and other current liabilities | |
| 48,956 | | |
| 43,031 | |
| Total current liabilities | |
| 73,992 | | |
| 64,246 | |
| | |
| | | |
| | |
| Operating lease liabilities | |
| 1,886 | | |
| 1,405 | |
| Deferred tax liabilities | |
| 107 | | |
| 84 | |
| TOTAL LIABILITIES | |
| 75,985 | | |
| 65,735 | |
| | |
| | | |
| | |
| SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
| Ordinary shares | |
| 17 | | |
| 17 | |
| Additional paid-in capital | |
| 280,646 | | |
| 280,650 | |
| Treasury shares | |
| (29,392 | ) | |
| (29,799 | ) |
| Statutory reserves | |
| 396 | | |
| 396 | |
| Accumulated other comprehensive loss | |
| (1,723 | ) | |
| (1,289 | ) |
| Accumulated deficit | |
| (253,927 | ) | |
| (252,768 | ) |
| TOTAL SHAREHOLDERS’ DEFICIT | |
| (3,983 | ) | |
| (2,793 | ) |
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| 72,002 | | |
| 62,942 | |
| | |
| | | |
| | |
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 March 31, | |
| | |
2025 | | |
2026 | |
| Revenues | |
| | |
| |
| Product sales | |
| 44,800 | | |
| 50,058 | |
| Services and others | |
| 2,218 | | |
| 1,918 | |
| Total revenues | |
| 47,018 | | |
| 51,976 | |
| Cost of revenues | |
| | | |
| | |
| Product sales | |
| (15,849 | ) | |
| (17,798 | ) |
| Services and others | |
| (522 | ) | |
| (375 | ) |
| Total Cost of revenues | |
| (16,371 | ) | |
| (18,173 | ) |
| Gross profit | |
| 30,647 | | |
| 33,803 | |
| Operating expenses | |
| | | |
| | |
| Fulfillment | |
| (3,870 | ) | |
| (4,081 | ) |
| Selling and marketing | |
| (21,896 | ) | |
| (24,589 | ) |
| General and administrative | |
| (4,962 | ) | |
| (4,209 | ) |
| Other operating income, net | |
| 204 | | |
| 210 | |
| Total operating expenses | |
| (30,524 | ) | |
| (32,669 | ) |
| Income from operations | |
| 123 | | |
| 1,134 | |
| Interest income | |
| 2 | | |
| - | |
| Interest expense | |
| (4 | ) | |
| (4 | ) |
| Other (expense) / income, net | |
| (7 | ) | |
| 9 | |
| Total other (expense) / income | |
| (9 | ) | |
| 5 | |
| Income before income taxes | |
| 114 | | |
| 1,139 | |
| Income tax benefit | |
| - | | |
| 20 | |
| Net income | |
| 114 | | |
| 1,159 | |
| Net
income attributable to LightInTheBox Holding Co., Ltd. | |
| 114 | | |
| 1,159 | |
| | |
| | | |
| | |
| Weighted average numbers of shares used in calculating net income per ordinary share | |
| | | |
| | |
| -Basic | |
| 220,681,179 | | |
| 215,924,273 | |
| -Diluted | |
| 220,831,517 | | |
| 216,080,101 | |
| | |
| | | |
| | |
| Net income per ordinary share | |
| | | |
| | |
| -Basic | |
| 0.00 | | |
| 0.01 | |
| -Diluted | |
| 0.00 | | |
| 0.01 | |
| | |
| | | |
| | |
| Net income per ADS (12 ordinary shares equal to 1 ADS) | |
| | | |
| | |
| -Basic | |
| 0.01 | | |
| 0.06 | |
| -Diluted | |
| 0.01 | | |
| 0.06 | |
LightInTheBox Holding Co., Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP
Results
(U.S. dollars in thousands,
or otherwise noted)
| | |
Three Months Ended March 31, | |
| | |
2025 | | |
2026 | |
| Net income | |
| 114 | | |
| 1,159 | |
| Interest income | |
| (2 | ) | |
| - | |
| Interest expense | |
| 4 | | |
| 4 | |
| Income tax benefit | |
| - | | |
| (20 | ) |
| Depreciation and amortization | |
| 440 | | |
| 318 | |
| EBITDA | |
| 556 | | |
| 1,461 | |
| Share-based compensation | |
| 86 | | |
| 4 | |
| Adjusted EBITDA* | |
| 642 | | |
| 1,465 | |
* Adjusted EBITDA represents net income before
share-based compensation expense, interest income, interest expense, income tax benefit and depreciation and amortization expenses.
