Revenue has contracted significantly from $154.3M in 2023Q3 to $63.2M in 2025Q4, though the company maintains resilient gross margins that peaked at 66.9% in 2025Q3.
LightInTheBox Holding Co., Ltd. (LITB) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 234.39M | 224.91M | 255.29M | 629.43M | 503.57M | 446.1M | 398.15M | 243.63M | 227.54M | 319.88M | 292.49M | 323.76M | 382.41M | 292.42M | 200.01M | 116.23M |
| Revenue Growth % | 1.41% | -11.9% | -59.44% | 24.99% | 12.88% | 12.04% | 63.43% | 7.07% | -28.87% | 9.37% | -9.66% | -15.34% | 30.77% | 46.2% | 72.08% | - |
| Cost of Goods Sold | 81.42M | 78.65M | 101.8M | 269.5M | 228.49M | 239.39M | 222M | 146.03M | 166.34M | 214.26M | 188.94M | 207.35M | 237.09M | 165.27M | 116.47M | 77.47M |
| COGS % of Revenue | - | 34.97% | 39.87% | 42.82% | 45.37% | 53.66% | 55.76% | 59.94% | 73.11% | 66.98% | 64.6% | 64.05% | 62% | 56.52% | 58.23% | 66.65% |
| Gross Profit | 152.97M | 146.26M | 153.49M | 359.93M | 275.08M | 206.71M | 176.15M | 97.6M | 61.2M | 105.62M | 103.55M | 116.41M | 145.31M | 127.15M | 83.55M | 38.77M |
| Gross Margin % | 65.26% | 65.03% | 60.13% | 57.18% | 54.63% | 46.34% | 44.24% | 40.06% | 26.89% | 33.02% | 35.4% | 35.95% | 38% | 43.48% | 41.77% | 33.35% |
| Gross Profit Growth % | - | -4.71% | -57.36% | 30.85% | 33.07% | 17.35% | 80.49% | 59.48% | -42.06% | 2% | -11.05% | -19.89% | 14.28% | 52.19% | 115.52% | - |
| Operating Expenses | 143.24M | 139.02M | 155.71M | 370.33M | 289.32M | 222.82M | 172.3M | 113.65M | 98.68M | 115.79M | 112.63M | 155.57M | 176.03M | 132.14M | 85.88M | 62.25M |
| OpEx % of Revenue | - | 61.81% | 60.99% | 58.84% | 57.45% | 49.95% | 43.27% | 46.65% | 43.37% | 36.2% | 38.51% | 48.05% | 46.03% | 45.19% | 42.94% | 53.56% |
| Selling, General & Admin | 126.56M | 122.06M | 137.65M | 336.77M | 289.54M | 193.91M | 173.27M | 88.92M | 98.68M | 115.79M | 112.63M | 155.57M | 176.03M | 132.14M | 85.88M | 62.25M |
| SG&A % of Revenue | - | 54.27% | 53.92% | 53.5% | 57.5% | 43.47% | 43.52% | 36.5% | 43.37% | 36.2% | 38.51% | 48.05% | 46.03% | 45.19% | 42.94% | 53.56% |
| Research & Development | 7.61M | 10.33M | 15.53M | 0 | 19.45M | 0 | 15.16M | 0 | 5.69M | 5.21M | 6.7M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.59% | 6.08% | - | 3.86% | - | 3.81% | - | 2.5% | 1.63% | 2.29% | - | - | - | - | - |
| Other Operating Expenses | 2.09M | 6.63M | 2.53M | 33.55M | -19.67M | 28.91M | -16.13M | 24.73M | -22.79M | 17.05M | 22.42M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 9.73M | 7.24M | -2.22M | -10.39M | -14.24M | -16.11M | 3.85M | -16.05M | -37.48M | -10.17M | -9.08M | -39.16M | -30.72M | -4.99M | -2.33M | -25.41M |
| Operating Margin % | 4.15% | 3.22% | -0.87% | -1.65% | -2.83% | -3.61% | 0.97% | -6.59% | -16.47% | -3.18% | -3.11% | -12.1% | -8.03% | -1.71% | -1.16% | -21.86% |
| Operating Income Growth % | - | 426.52% | 78.66% | 27% | 11.62% | -517.95% | 124.02% | 57.17% | -268.65% | -11.92% | 76.8% | -27.49% | -515.92% | -114.03% | 90.83% | - |
| EBITDA | 10.24M | 8.85M | -20K | -7.22M | -10.84M | -12.81M | 6.3M | -13.53M | -36.61M | -9.4M | -7.69M | -37.02M | -28.86M | -3.63M | -1.3M | -24.51M |
| EBITDA Margin % | 4.37% | 3.93% | -0.01% | -1.15% | -2.15% | -2.87% | 1.58% | -5.56% | -16.09% | -2.94% | -2.63% | -11.44% | -7.55% | -1.24% | -0.65% | -21.09% |
| EBITDA Growth % | 160.49% | 44336.68% | 99.72% | 33.43% | 15.38% | -303.45% | 146.53% | 63.03% | -289.56% | -22.21% | 79.23% | -28.28% | -695.95% | -179.14% | 94.7% | - |
| D&A (Non-Cash Add-back) | 750.9K | 1.61M | 2.2M | 3.18M | 3.4M | 3.3M | 2.44M | 2.52M | 870K | 769K | 1.39M | 2.13M | 1.85M | 1.36M | 1.03M | 899K |
| EBIT | 9.51M | 8.26M | -2.53M | -9.55M | -69.28M | 23.27M | 16.86M | -881K | -59.78M | -9.68M | -8.69M | -39.16M | -30.72M | -4.99M | -2.33M | -25.41M |
| Net Interest Income | -13.01K | -10.03K | 90K | 346K | 52K | 46K | 11K | 231K | 482K | 581K | 518K | 773K | 2.35M | 237K | -1.88M | 3K |
| Interest Income | 5K | 7.02K | 90K | 350K | 57K | 59K | 103K | 297K | 487K | 581K | 518K | 773K | 2.35M | 1.61M | 0 | 3K |
| Interest Expense | 18.02K | 17.04K | 0 | 4K | 5K | 13K | 92K | 66K | 5K | 0 | 0 | 0 | 0 | 1.37M | 1.88M | 0 |
| Other Income/Expense | -35.14K | 997.63K | -310K | 845K | -55.05M | 39.37M | 12.91M | 15.11M | -22.31M | 492K | 398K | -165K | 799K | 237K | -1.88M | 3K |
| Pretax Income | 9.69M | 8.24M | -2.53M | -9.55M | -69.29M | 23.26M | 16.76M | 947K | -59.79M | -9.68M | -8.69M | -39.32M | -29.92M | -4.75M | -4.21M | -25.41M |
| Pretax Margin % | 4.14% | 3.66% | -0.99% | -1.52% | -13.76% | 5.21% | 4.21% | 0.39% | -26.28% | -3.02% | -2.97% | -12.15% | -7.82% | -1.62% | -2.11% | -21.86% |
| Income Tax | -58.8K | -61.16K | -39K | 40K | -12.71M | 9.8M | 3.42M | -113K | 33K | -81K | 54K | 49K | 70K | 69K | 19K | -878K |
| Effective Tax Rate % | -0.61% | -0.74% | 1.54% | -0.42% | 18.34% | 42.15% | 20.39% | -11.93% | -0.06% | 0.84% | -0.62% | -0.12% | -0.23% | -1.45% | -0.45% | 3.46% |
| Net Income | 9.75M | 8.3M | -2.49M | -9.59M | -56.58M | 13.13M | 13.32M | 999K | -59.6M | -9.55M | -8.72M | -39.41M | -29.99M | -4.82M | -4.23M | -24.53M |
| Net Margin % | 4.16% | 3.69% | -0.97% | -1.52% | -11.24% | 2.94% | 3.34% | 0.41% | -26.19% | -2.98% | -2.98% | -12.17% | -7.84% | -1.65% | -2.11% | -21.11% |
| Net Income Growth % | 570.2% | 433.5% | 74.05% | 83.05% | -530.97% | -1.41% | 1233.03% | 101.68% | -524.24% | -9.46% | 77.86% | -31.41% | -522.27% | -13.92% | 82.76% | - |
| Net Income (Continuing) | 9.75M | 8.3M | -2.49M | -9.59M | -56.58M | 13.45M | 13.35M | 1.06M | -59.6M | -9.55M | -8.74M | -39.41M | -29.99M | -4.82M | -4.23M | -24.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 124K | 83K | 54K | -5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.08 | 0.90 | -0.28 | -0.17 | -1.00 | 0.24 | 0.24 | -0.02 | -1.78 | -0.28 | -0.28 | -1.66 | -1.22 | -0.26 | -0.17 | -1.00 |
| EPS Growth % | 578.07% | 421.43% | -64.71% | 83% | -516.67% | 0% | 1363.16% | 98.93% | -535.71% | 0% | 83.13% | -36.07% | -369.23% | -52.94% | 83% | - |
| EPS (Basic) | - | 0.90 | -0.28 | -0.17 | -1.00 | 0.24 | 0.24 | -0.03 | -1.78 | -0.28 | -0.28 | -1.66 | -1.22 | -0.19 | -0.17 | -1.00 |
| Diluted Shares Outstanding | 9M | 9.15M | 9.21M | 56.49M | 56.56M | 56.64M | 56.48M | 55.88M | 33.62M | 34.41M | 31.8M | 23.74M | 24.75M | 24.73M | 24.48M | 24.48M |
| Basic Shares Outstanding | 9M | 9.14M | 9.21M | 56.49M | 56.56M | 56.08M | 55.1M | 34.4M | 33.62M | 34.1M | 31.8M | 23.74M | 24.75M | 24.73M | 24.48M | 24.48M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LITB stock.
For fiscal year 2025, LightInTheBox Holding Co., Ltd. (LITB) reported total revenue of $224.9M. This represents a 93.5% increase compared to $116.2M in 2011.
LightInTheBox Holding Co., Ltd. (LITB) is profitable, generating $8.3M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
LightInTheBox Holding Co., Ltd. (LITB) reported an operating income of $7.2M, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
LightInTheBox Holding Co., Ltd. (LITB) generated $146.3M in gross profit for the year, representing a gross profit margin of 65.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High customer acquisition costs
Revenue Volatility Amid Competitive Pressures
As reported in recent financial statements, LITB experienced a significant revenue contraction, with quarterly figures falling from $154.3M in 2023Q3 to $63.2M by 2025Q4, suggesting that the company is struggling to maintain its market position against larger, more aggressive cross-border e-commerce platforms in Western markets.
The sharp decline in top-line performance indicates that the company's transactional, event-driven model may be losing relevance in an increasingly crowded retail landscape. Investors should monitor whether the recent 9.5% YoY growth in 2025Q4 represents a sustainable recovery or merely a seasonal fluctuation in demand for special occasion apparel.
Structural Gross Margin Resilience Observed
Based on the provided income statement data, LITB has maintained robust gross margins, peaking at 66.9% in 2025Q3, which suggests that the company retains significant pricing power within its niche of customized, made-to-order apparel despite broader top-line volatility and intensifying competition from low-cost retail alternatives.
This high gross margin profile highlights the effectiveness of the company's specialized supply chain in capturing value from Western consumers. However, the inability to translate these high margins into consistent operating profitability warrants further investigation into the efficiency of the company's fulfillment and marketing expenditures.
Operating Leverage Constrained by Marketing
According to the quarterly income statement data, operating margins remain thin at 5.0% in 2025Q4, indicating that the company's high gross profit is largely offset by substantial SG&A expenses, which appear to be driven by the persistent need for aggressive customer acquisition in a competitive environment.
The data suggests that the company is currently running to stand still, as fixed administrative costs and variable marketing spend consume the majority of the gross margin spread. Without a meaningful reduction in customer acquisition costs, the company may continue to struggle to achieve significant operating leverage even during periods of revenue growth.
Sustainability of Current Profitability Metrics
As evidenced by the historical income statement, the company's transition from operating losses in 2024Q1 to modest profitability by 2025Q4 may be fragile, as the reliance on non-operating income and potential cost-cutting measures could mask underlying structural weaknesses in the core retail business model.
Short-sellers would likely focus on the fact that net margins have occasionally exceeded operating margins, suggesting that non-operating items or subsidies may be propping up the bottom line. Investors should remain cautious, as any regulatory shift regarding the 'de minimis' import threshold could fundamentally impair the company's current pricing and profitability structure.