0001104659-26-038848 | 20-F | XBRL Viewer | Lightinthebox Holding Co LTD

Print Document

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Total contribution for employee benefits	$ 3,003	$ 4,353	$ 6,832

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial instruments and fair value measurements (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Liabilities:
Long-term investments	$ 77	$ 73
Level 3 \| Fair Value
Liabilities:
Long-term investments	$ 77	$ 73

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net (loss) / income	$ 8,279	$ (2,489)	$ (9,590)
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:
Depreciation and amortization	1,601	2,198	3,177
Gain on disposal of property and equipment	(20)	(87)	(1)
Share-based compensation	92	345	415
Unrealized foreign exchange gain / loss	(422)	313	(1,114)
Allowance for credit losses	69	24
Interest income			(71)
Reversal of unrecognized tax benefits	(107)
Deferred income tax		(48)	40
Changes in operating assets and liabilities:
Accounts receivable	(379)	(361)	61
Inventories	(1,302)	2,126	8,493
Prepayments and other current assets	657	4,260	(423)
Long-term rental deposits	372	(414)	819
Other non-current assets		592	(592)
Accounts payable	1,931	(5,468)	(10,672)
Advance from customers	837	(8,644)	(15,240)
Accrued expenses and other current liabilities	(5,135)	(40,497)	4,276
Operating lease right-of-use assets	4,011	5,139	5,414
Operating lease liabilities	(4,272)	(5,152)	(5,707)
Net cash (used in) / provided by operating activities	6,212	(48,163)	(20,715)
Cash flows from investing activities
Purchase of property and equipment	(42)	(782)	(1,149)
Purchase of land use right		(1,493)
Interest received			71
Loans to a third party			(2,824)
Repayment of loans by a third party			2,824
Proceeds from disposal of property and equipment	54	92
Payment for long-term investment		(73)
Net cash (used in) / provided by investing activities	12	(2,256)	(1,078)
Cash flows from financing activities
Proceeds from short-term borrowings	1,391	685
Repayment of short-term borrowings	(1,391)
Principal repayment of finance leases		(34)	(44)
Issuance of ordinary shares from treasury shares			45
Repurchase of ordinary shares	(724)	(1,237)	(2,296)
Net cash used in financing activities	(724)	(586)	(2,295)
Net (decrease) / increase in cash, cash equivalents and restricted cash	5,500	(51,005)	(24,088)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	703	(954)	1,224
Cash, cash equivalents and restricted cash at beginning of year	19,745	71,704	94,568
Cash, cash equivalents and restricted cash at end of year	25,948	19,745	71,704
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	23,629	17,945	66,425
Restricted cash	2,319	1,800	5,279
Total cash, cash equivalents and restricted cash	25,948	19,745	71,704
Supplemental cash flow information:
Income tax refunded / (paid)	(28)	9
Interest expense paid	$ (17)		(4)
Noncash investing activities:
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities		8,860	$ 862
Operating lease right-of-use assets derecognized upon lease cancellation		$ 1,651

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

NONVESTED SHARES - Summary of Nonvested Shares Granted and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted average grant date fair value
Share-based compensation expense	$ 92	$ 345	$ 415
Nonvested shares
Number of Shares
Outstanding at the beginning of the period (in shares)	104,000
Granted (in shares)	565,068	254,000	298,000
Forfeited (in shares)	(20,000)
Vested (in shares)	(613,068)
Outstanding at the end of the period (in shares)	36,000	104,000
Weighted average grant date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 0.49
Granted (in dollars per share)	0.13
Forfeited (in dollars per share)	0.17
Vested (in dollars per share)	0.39
Outstanding at the end of the period (in dollars per share)	$ 0.25	$ 0.49
Share-based compensation expense	$ 72	$ 258	$ 134
Unrecognized compensation cost	$ 8
Weighted-average period of recognition of unrecognized compensation cost	1 year

INCOME TAXES - Movement of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement of valuation allowance
Balance at beginning of the period	$ 36,017	$ 34,500
Additions / (deductions)	(547)	1,517
Decrease related to subsidiaries' cancellation	(2,152)
Balance at end of the period	$ 33,318	$ 36,017

SEGMENT REPORTING - Summary of revenues and percentage of revenues by geographical locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEGMENT REPORTING
Total revenues	$ 224,315	$ 255,287	$ 629,428
Revenues (as a percent)	100.00%	100.00%	100.00%
Europe
SEGMENT REPORTING
Total revenues	$ 62,666	$ 96,085	$ 313,559
Revenues (as a percent)	27.90%	37.60%	49.80%
North America
SEGMENT REPORTING
Total revenues	$ 133,030	$ 119,513	$ 235,974
Revenues (as a percent)	59.30%	46.80%	37.50%
Other countries
SEGMENT REPORTING
Total revenues	$ 28,619	$ 39,689	$ 79,895
Revenues (as a percent)	12.80%	15.60%	12.70%

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases and Liquidity risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of significant accounting policies
Contract term	50 years
Net (loss) / income	$ 8,279	$ (2,489)	$ (9,590)
Cash and cash equivalents and restricted cash	$ 25,948	$ 19,745	$ 71,704	$ 94,568
Minimum
Summary of significant accounting policies
Operating lease term of contract	1 year
Finance lease term of contract	1 year
Maximum
Summary of significant accounting policies
Operating lease term of contract	5 years
Finance lease term of contract	5 years

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 37: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 38: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

GOODWILL

12 Months Ended

Dec. 31, 2025

GOODWILL.

GOODWILL

5. GOODWILL

All goodwill is allocated to the product sales reporting unit. As of December 31, 2024 and 2025, the carrying amounts of goodwill were $26,663 and $27,800, respectively. For the years ended December 31, 2024 and 2025, the carrying amount of goodwill decreased by $730 and increased by $1,137, respectively, attributable to foreign currency translation adjustments recognized in accumulated other comprehensive income / (loss).

- Definition

The entire disclosure for goodwill.

+ References + Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

SEGMENT REPORTING

SEGMENT REPORTING

16. SEGMENT REPORTING

The Group’s chief operating decision maker has been identified as the Chief Executive Officer who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group uses the management approach to determine the operating segments. The management approach is based on the internal organization and reporting used by the Group’s chief operating decision maker in making decisions, allocating resources and assessing the performance.

The Group operated and reviewed its performance in two segments: (i) Product sales which consisted of online retailing of consumer products and sales to third-party sellers, and (ii) Services which consisted of provision of logistic services to companies and individual customers. Prime membership revenues are included in product sales, which are amortized over the membership period on a straight-line basis. Furthermore, the Group’s chief operating decision maker evaluates performance based on each reporting segment’s revenues, costs and gross profit.

There were no separate segment assets and segment liabilities information provided to the Group’s Chief Executive Officer, as he does not use this information to allocate resources to or evaluate the performance of the segments.

The following table presents selected financial information relating to the Group’s segments:


		Year ended December 31, 2025
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	215,555		$	—		$	—		$	215,555
Revenue recognized over time			220			8,540			—			8,760
Cost of revenues			76,683			1,756			—			78,439
Gross profit			139,092			6,784			—			145,876
Fulfillment			11,992			4,601			—			16,593
Selling and marketing			102,478			—			20			102,498
General and administrative			15,854			1,705			2,003			19,562
Other operating income, net			(58)			(685)			—			(743)
Income / (loss) from operations			8,826			1,163			(2,023)			7,966
Interest income			7			—			—			7
Interest expense			(17)			—			—			(17)
Other income, net			246			16			—			262
Total other income			236			16			—			252
Income / (loss) before income tax		$	9,062		$	1,179		$	(2,023)		$	8,218


		Year ended December 31, 2024
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	242,446		$	—		$	—		$	242,446
Revenue recognized over time			1,254			11,587			—			12,841
Cost of revenues			98,926			2,869			—			101,795
Gross profit			144,774			8,718			—			153,492
Fulfillment			12,308			6,624			—			18,932
Selling and marketing			111,825			—			94			111,919
General and administrative			22,506			1,381			1,848			25,735
Other operating income, net			(214)			(662)			—			(876)
(Loss) / income from operations			(1,651)			1,375			(1,942)			(2,218)
Interest income			53			37			—			90
Other (expense) / income, net			(472)			72			—			(400)
Total other (loss) / income			(419)			109			—			(310)
(Loss) / income before income tax		$	(2,070)		$	1,484		$	(1,942)		$	(2,528)


		Year ended December 31, 2023
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	615,341		$	—		$	—		$	615,341
Revenue recognized over time			1,899			12,188			—			14,087
Cost of revenues			265,964			3,532			—			269,496
Gross profit			351,276			8,656			—			359,932
Fulfillment			29,580			5,336			—			34,916
Selling and marketing			302,245			415			34			302,694
General and administrative			29,138			1,725			3,215			34,078
Other operating income, net			(351)			(1,010)			—			(1,361)
(Loss) / income from operations			(9,336)			2,190			(3,249)			(10,395)
Interest income			270			80			—			350
Interest expense			—			(4)			—			(4)
Other income, net			485			14			—			499
Total other income			755			90			—			845
(Loss) / income before income tax		$	(8,581)		$	2,280		$	(3,249)		$	(9,550)

The following table summarizes the Group’s total revenues generated in different geographic locations and as a percentage of total revenues.


		Years ended December 31,
		2023					2024					2025
		Revenues			%		Revenues			%		Revenues			%

Europe		$	313,559		49.8		$	96,085		37.6		$	62,666		27.9
North America			235,974		37.5			119,513		46.8			133,030		59.3
Other countries			79,895		12.7			39,689		15.6			28,619		12.8
Total revenues		$	629,428		100.0		$	255,287		100.0		$	224,315		100.0

As of December 31, 2024 and 2025, substantially all of the long-lived assets of the Group are located in Singapore and the PRC.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

The security of our products, services and company networks is our top priority. We recognize the importance of assessing, identifying and managing significant risks associated with cybersecurity threats. These risks include operational risks, intellectual property infringement, fraud, extortion, damage caused to employees, customers, business partners or the public, violations of privacy or security laws and other litigation and legal risks and reputational risks.

We attach great importance to our customer data and have implemented cybersecurity policies throughout our operations, including standardizing product quality through security reviews before prioritizing cybersecurity into design throughout the product and service lifecycle. Security departments combine external research and intelligence gathering to keep the company informed of new and evolving cyber risks.

We have implemented various cybersecurity processes, technologies and controls to help us assess, identify and manage significant risks imposed by cybersecurity threats and to protect, detect and respond to cybersecurity incidents. The measures we have taken include:

●

The formation of an Information Security Committee principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents.

●

The security department implements cybersecurity policies based on the company’s development needs and legal requirements. These policies include, but not limited to, the Information Security Management Strategy, Risk Assessment Management Measures, Network Security Management Measures, and Network and Information Security Incident Emergency Response Process and Plans.

●

All company employees are required to complete annual comprehensive information security trainings, and R&D personnels are required to complete annual security coding training. Monthly information security tips are sent to all employees via email and instant messaging tools, which includes highlighted specific threats and scenarios identified based on our analysis of current organizational risks.

●

The security department establishes a standardized security operation system, which includes monitoring the security of host systems through intrusion detection systems and file change management systems. Automated black-box vulnerability scanning and white-box code scanning are conducted through scanning softwares. Advanced web application firewalls are employed to block attacks. Alerts are identified and addressed on a daily basis.

●

Every year, based on our network security incident response plan, we strengthen internal cross-functional coordination and implement security incident drills to strengthen security incident management; and the DBA (“Database Administrator”) and operation and maintenance teams regularly perform disaster recovery drills.

●

The security department conducts an annual assessment of information security risks and notifies the Information Security Committee. External consultants are hired to conduct regular penetration testing and participate in red teaming exercises. The security department drives the closure of internal risk-related issues.

These measures demonstrate our commitment to ensuring the security of our products, services, and company networks, as well as protecting the confidentiality, integrity, and availability of our customer data. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Item 3. Key Information—D. Risk Factors — Risks Relating to Our Business — Cybersecurity incidents, including data security breaches or computer viruses, could harm our business by disrupting our delivery of services, damaging our reputation or exposing us to liability.”

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

●

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity is an important part of our risk management processes and an area of focus for our board of directors and management. Accordingly, an Information Security Committee has been formed to enhance organizational coordination and standardized information security practices of the Company.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Information Security Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our board of directors receives regular reports from management on our cybersecurity risks. In addition, management updates our board of directors, as necessary, regarding any significant cybersecurity incidents.Our board of directors also receives briefings from management on our cyber risk management system.

Cybersecurity Risk Role of Management [Text Block]

Our management oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT Systems environment.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Chief Technology Officer serves as the committee chairman, and members include leaders from R&D and Digital Marketing Center such as Product Department, R&D Department, Operations Department, Database Administrator Department, Security Department.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Meetings are held on the 14th of every month to discuss significant security projects. The Operations Director reports the progress of information security work to the Chief Technology Officer every two weeks via email, and the PMO (“Project management officer”) discusses major security projects weekly via email.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories and Property and Equipment, net (Details)	Dec. 31, 2025
Furniture, fixtures and office equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	1 year
Furniture, fixtures and office equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	5 years
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Vehicles \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	4 years
Vehicles \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	10 years
IT equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	1 year
IT equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	3 years

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

Schedule of carrying amounts of intangible assets


		December 31, 2024												December 31, 2025
		Gross						Accumulated			Net			Gross						Accumulated			Net
		carrying			Accumulated			impairment			carrying			carrying			Accumulated			impairment			carrying
		amount			amortization			loss			amount			amount			amortization			loss			amount
Intangible assets not subject to amortization:
Trademark/domain name		$	1,220		$	—		$	(1,010)		$	210		$	1,220		$	—		$	(1,010)		$	210

Intangible assets subject to amortization:
- Technology platform			90			(90)			—			—			90			(90)			—			—
- Customer base			32			(22)			(10)			—			32			(22)			(10)			—
- Technology			2,746			(2,746)			—			—			2,866			(2,866)			—			—
- Branding			6,472			(3,937)			—			2,535			6,755			(4,785)			—			1,970
- Members			20			(20)			—			—			20			(20)			—			—
- Software			72			(72)			—			—			75			(75)			—			—
- Internal use software			2,474			(2,474)			—			—			2,474			(2,474)			—			—
		$	13,126		$	(9,361)		$	(1,020)		$	2,745		$	13,532		$	(10,332)		$	(1,020)		$	2,180

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of components of (loss) / income before income tax


		Years ended December 31,
		2023			2024			2025

PRC		$	1,795		$	325		$	(147)
Hong Kong			(9,307)			(3,887)			10,150
Singapore and other regions			(2,038)			1,034			(1,785)
Total		$	(9,550)		$	(2,528)		$	8,218

Schedule of income tax expense / (benefit)


	Years ended December 31,
	2023		2024		2025
Current tax
PRC	$	—	$	—	$	32
Hong Kong		—		—		14
Singapore and other regions		—		9		—
		—		9		46
Deferred tax
PRC		—		—		—
Hong Kong		—		—		(107)
Singapore and other regions		40		(48)		—
		40		(48)		(107)
Income tax expense / (benefit)	$	40	$	(39)	$	(61)

Schedule of reconciliation of income tax expenses/(benefit)


	Year December 31, 2025
Income tax calculated at the statutory tax rate of the PRC	$	2,055	25.0	%
Domestic tax effects
R&D super deduction		(724)	(8.8)	%
Changes in valuation allowance		761	9.3	%
Other adjustments		30	0.4	%
Foreign tax effects
Hong Kong
Statutory tax rate diﬀerence between Hong Kong and PRC		(563)	(6.9)	%
Changes in valuation allowances		(1,647)	(20.0)	%
Changes in unrecognized tax benefits		(107)	(1.3)	%
Non-taxable income		(348)	(4.2)	%
Other adjustments		35	0.4	%
Singapore and other regions
Statutory tax rate diﬀerence between Singapore and other regions and PRC		359	4.3	%
Changes in valuation allowances		88	1.1	%
Income tax benefit	$	(61)	(0.7)	%


		Years ended December 31,
		2023			2024

Loss before income tax		$	(9,550)		$	(2,528)
Statutory income tax rate in the PRC			25	%		25	%
Income tax benefit at statutory tax rate			(2,387)			(632)
Non-deductible expenses			129			77
Statutory expense			(293)			(101)
R&D super deduction			(2,904)			(1,700)
Effect of preferential tax rates			(86)			50
Effect of income tax rate differences in jurisdictions other than the PRC			1,151			468
Prior year true up			(71)			88
Changes in valuation allowances			4,501			1,711
Income tax expense / (benefit)		$	40		$	(39)

Schedule of principal components of the deferred tax assets and liabilities


		As of December 31,
		2024			2025
Deferred tax assets:
Allowance for credit losses		$	158		$	161
Write-down for inventory			18			56
Lease liabilities			1,538			834
Net operating loss carry forwards			36,108			33,315
Gross deferred tax assets			37,822			34,366
Less: Valuation allowance			(36,017)			(33,318)
Total deferred tax assets, net		$	1,805		$	1,048

Deferred tax liabilities:
Property and equipment, net		$	(100)		$	(77)
Acquired intangible assets			(268)			(244)
Operating lease ROU assets			(1,538)			(834)
Total deferred tax liabilities		$	(1,906)		$	(1,155)
Net deferred tax assets			—			—
Net deferred tax liabilities		$	(101)		$	(107)

Schedule of movement of valuation allowance


		Years ended December 31,
		2024			2025

Balance at beginning of the period		$	34,500		$	36,017
Additions / (deductions)			1,517			(547)
Decrease related to subsidiaries’ cancellation			—			(2,152)
Balance at end of the period		$	36,017		$	33,318

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


		As of December 31,
		2024			2025

Accrued advertising fees⁽¹⁾		$	19,599		$	23,555
VAT and other taxes payable			30,345			21,022
Accrued payroll and staff welfare			1,622			1,538
Accrued sales return ⁽²⁾			451			784
Accrued professional fees			765			701
Others ⁽³⁾			1,309			1,356
Total		$	54,091		$	48,956

(1)	During the year ended December 31, 2025, the Group recognized advertising fees of $96,797 and paid the advertising fees of $92,841.

(2)	Accrued sales return represents the estimated sales return at the end of each of the respective year. Movements during the respective years are as follows:

(3)Others mainly include deposits from vendors and accrued utilities.

Schedule of movements in accrued sales return


	Years ended December 31,
	2024		2025

Balance at January 1	$	1,376	$	451
Allowance for sales return accrued in the year		7,154		9,104
Utilization of accrued sales return allowance		(8,079)		(8,771)
Balance at December 31	$	451	$	784

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of components of lease costs


		Years ended December 31,
		2023			2024			2025
Operating lease costs			5,359			5,050			4,142
Short-term lease costs			309			218			196
Financing lease costs:
Amortization of ROU assets			28			24			—
Interests			4			—			—
Sublease income ⁽¹⁾			—			(1,351)			(1,965)
Total lease costs			5,700			3,941			2,373


		December 31,
		2024		2025
Operating Leases
Land use right, net		1,449		1,482
Operating lease right-of-use assets (excluding land use right)		8,481		4,586
Total operating lease right-of-use assets		9,930		6,068
Operating lease liabilities, current		4,047		2,818
Operating lease liabilities, non-current		4,780		1,886
Total operating lease liabilities		8,827		4,704


		December 31,
		2024		2025
Weighted-average remaining lease term
Land use right		49.25		48.25
Operating leases		2.53		1.82
Weighted-average discount rate
Land use right		—		—
Operating leases		3.23	%	3.31	%


		Years ended December 31,
Other information		2023			2024			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			5,707			5,152			4,272
Operating cash flows from financing leases			44			34			—
Financing cash flows from financing leases			4			—			—

(1) For the year ended December 31, 2025, the Group recognized sublease income of $1,965 (2024: $1,351), and incurred sublease cost of $1,291 (2024: $727).

Schedule of future minimum lease payments for operating leases

Future minimum lease payments for operating leases as of December 31, 2025 are as follows:


		Operating Leases
2026		2,914
2027		1,513
2028		312
2029		90
2030 and thereafter		—
Total minimum lease payments		4,829
Less: Imputed interest		(125)
Total lease liability balance		4,704
Minimum payments related to leases not yet commenced as of December 31, 2025		—

Schedule I - Condensed Financial Information of the Parent Company - Statements of Operations and Comprehensive (Loss) / Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Statement of Income Captions [Line Items]
General and administrative	$ 19,562	$ 25,735	$ 34,078
Operating loss	7,966	(2,218)	(10,395)
Loss before income tax	8,218	(2,528)	(9,550)
Income tax expense	(61)	(39)	40
Net (loss) / income	8,279	(2,489)	(9,590)
Other comprehensive income loss:
Foreign currency translation adjustment, net of nil income tax	1,542	(1,409)	(832)
Total comprehensive (loss) / income:	9,821	(3,898)	(10,422)
LightInTheBox Holding Co., Ltd. \| Parent
Condensed Statement of Income Captions [Line Items]
General and administrative	1,188	984	1,222
Operating loss	(1,188)	(984)	(1,222)
Share of (loss) / income from subsidiaries	9,467	(1,505)	(8,368)
Loss before income tax	8,279	(2,489)	(9,590)
Income tax expense	0	0	0
Net (loss) / income	8,279	(2,489)	(9,590)
Other comprehensive income loss:
Foreign currency translation adjustment, net of nil income tax	1,542	(1,409)	(832)
Total comprehensive (loss) / income:	$ 9,821	$ (3,898)	$ (10,422)

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

LightInTheBox Holding Co., Ltd. (the “Company”), incorporated in the Cayman Islands in March 2008, together with its consolidated subsidiaries (collectively referred to the “Group”), is a global e-commerce company providing a diverse range of affordable lifestyle products directly to consumers worldwide.

LightInTheBox Holding Co., Ltd. is a holding company with no material operations of its own. It conducts its operations primarily through its subsidiaries in Singapore, Hong Kong, the PRC, the United States and Netherlands.

●

Avant Logistic Service PTE. LTD. (“Avant Logistic”), Avant E-commerce Service PTE. LTD. and Ching International Service PTE. LTD., the Company’s wholly owned subsidiaries incorporated under the laws of Singapore, that primarily focus on the marketing and customer service, warehouse management services and local delivery in Southeast Asia;

●

Light In The Box Limited (“Light In The Box”), LT ecommerce Limited (formerly as LightInTheBox International Logistic Co., Limited), Lanting International Holding Limited (“Lanting International”), Ezbuy Holding Limited (“Ezbuy HK”), Yourstore Limited (“Yourstore”) and My Wardrobe Limited (“My Wardrobe”), the Company’s wholly owned subsidiaries incorporated in Hong Kong, that primarily engage in product sourcing, marketing and the operation of our websites and mobile applications and global distribution network;

●

LITB Netherlands B.V., the company’s wholly owned subsidiary incorporated in the Netherlands that primarily engages in marketing in Europe;

●

Ador Inc, the company’s wholly owned subsidiary incorporated under the laws of the State of California, the United States, that primarily engages in designing and warehousing; and

●

PRC subsidiaries, that primarily engage in providing supplier chain management, research and development, customer service, marketing services, warehousing and fulfillment services to overseas affiliates.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property and equipment


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

Schedule of estimated useful lives of identifiable intangible assets


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years

Schedule of changes in contract liabilities


		Years ended December 31,
		2024			2025
Contract liabilities as of January 1		$	11,201		$	6,625
Cash received in advance, net of VAT			236,087			190,902
Revenue recognized from opening balance of contract liabilities			(11,201)			(6,625)
Revenue recognized from contract liabilities arising during current year			(229,462)			(181,980)
Contract liabilities as of December 31		$	6,625		$	8,922

Schedule of fair value hierarchy for the assets

Fair value measurement

at December 31, 2024 using

 

Quoted prices in

 

Significant

 

Significant

 

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2024

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

Fair value measurement

at December 31, 2025 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2025

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

(LOSS) / INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

(LOSS) / INCOME PER SHARE

Schedule of computation of basic and diluted net (loss) / income per ordinary share


		Years ended December 31,
		2023			2024			2025

Numerator:
Net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. — basic		$	(9,590)		$	(2,489)		$	8,279
Adjusted net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. — diluted			(9,590)			(2,489)			8,279

Denominator:
Weighted average number of shares — basic			225,940,602			221,126,969			219,414,228
Effects of dilutive securities
Options and nonvested shares			—			—			160,340
Weighted average number of shares — diluted			225,940,602			221,126,969			219,574,568

Net (loss) / income per ordinary share — basic		$	(0.04)		$	(0.01)		$	0.04
Net (loss) / income per ordinary share — diluted		$	(0.04)		$	(0.01)		$	0.04

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable, net and Revenue recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue recognition
Revenues	$ 224,315	$ 255,287	$ 629,428
Return period, subsequent to the receipt of shipment with quality-related issues	12 months
Provisions for sales return	$ 9,104	7,154	15,732
Cost of goods sold	78,439	101,795	269,496
Movements in the allowance for credit losses
Allowance of credit losses	1,858	1,853
Credit losses recognized	0	19	0
Revenue included in advance from customers
Contract liabilities as of January 1	6,625	11,201
Cash received in advance, net of VAT	190,902	236,087
Revenue recognized from opening balance of contract liabilities	(6,625)	(11,201)
Revenue recognized from contract liabilities arising during current year	(181,980)	(229,462)
Contract liabilities as of December 31	$ 8,922	6,625	11,201
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true
Selling and marketing
Advertising expense	$ 96,797	104,347	291,702
General and administrative
Research and development expense	10,270	15,527	19,105
Chargeback incurred	$ 758	681	2,338
Income taxes
Threshold percentage for not recognizing income tax	50.00%
Shipping and handling
Revenue recognition
Cost of goods sold	$ 36,124	48,625	126,628
Membership revenues
Revenue recognition
Revenues	220	1,254	$ 1,899
Foreign currency risk \| Denominated in RMB
Foreign currency risk
Cash and cash equivalents and restricted cash	$ 1,046	$ 1,638
Maximum
Revenue recognition
Return period, subsequent to the receipt of shipment with no quality-related issues	7 days
Return period, subsequent to the receipt of shipment with quality-related issues	30 days

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

NONVESTED SHARES (Details) - Nonvested shares - shares	12 Months Ended
NONVESTED SHARES (Details) - Nonvested shares - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Nonvested shares
Nonvested shares granted	565,068	254,000	298,000
Tranche One
Nonvested shares
Nonvested shares granted	529,068	204,000	126,000
Tranche Two
Nonvested shares
Nonvested shares granted	36,000	24,000	20,000
Vesting period	1 year	10 months	1 year
Tranche Three
Nonvested shares
Nonvested shares granted		26,000	152,000
Vesting period		1 year	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

INCOME TAXES - Components of (Loss) / Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES
PRC	$ (147)	$ 325	$ 1,795
Income / (loss) before income tax	8,218	(2,528)	(9,550)
Hong Kong
INCOME TAXES
Foreign	10,150	(3,887)	(9,307)
Singapore and other regions
INCOME TAXES
Foreign	$ (1,785)	$ 1,034	$ (2,038)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STATUTORY RESERVES AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

STATUTORY RESERVES AND RESTRICTED NET ASSETS

STATUTORY RESERVES AND RESTRICTED NET ASSETS

15. STATUTORY RESERVES AND RESTRICTED NET ASSETS

In accordance with the PRC laws and regulations, the Company’s subsidiaries incorporated in the PRC are required to provide for certain statutory reserves, namely general reserve, enterprise expansion reserve, and staff welfare and bonus reserve which are appropriated from net profit as reported in the subsidiaries’ PRC statutory accounts. The Company’s subsidiaries incorporated in the PRC are required to allocate at least 10% of their annual after-tax profits to the statutory reserve until such reserve has reached 50% of their respective registered capital based on their PRC statutory financial statements. Appropriations to the enterprise expansion fund, staff welfare and bonus fund are at the discretion of the board of directors for all the PRC subsidiaries. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends.

As a result of these PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group. As of December 31, 2025, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries, were $1,838.

NONVESTED SHARES (Tables)

12 Months Ended

Dec. 31, 2025

NONVESTED SHARES

Summary of information regarding the nonvested shares granted and vested


				Weighted average
				grant date
		Number of Shares		fair value

Outstanding at January 1, 2025		104,000		$	0.49
Granted		565,068		$	0.13
Forfeited		(20,000)		$	0.17
Vested		(613,068)		$	0.39
Outstanding at December 31, 2025		36,000		$	0.25

Schedule of share-based compensation expenses


		Years ended December 31,
		2023			2024			2025

Selling and marketing		$	34		$	89		$	20
General and administrative			381			256			72
Total		$	415		$	345		$	92

NONVESTED SHARES - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation expenses
Share-based compensation expense	$ 92	$ 345	$ 415
Selling and marketing
Share-based compensation expenses
Share-based compensation expense	20	89	34
General and administrative
Share-based compensation expenses
Share-based compensation expense	$ 72	$ 256	$ 381

PREPAYMENTS AND OTHER CURRENT ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Allowance for credit losses	$ 262	$ 187
Recognized credit losses	$ 69	$ 5	$ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


		As of December 31,
		2024			2025

Accrued advertising fees⁽¹⁾		$	19,599		$	23,555
VAT and other taxes payable			30,345			21,022
Accrued payroll and staff welfare			1,622			1,538
Accrued sales return ⁽²⁾			451			784
Accrued professional fees			765			701
Others ⁽³⁾			1,309			1,356
Total		$	54,091		$	48,956

(1)	During the year ended December 31, 2025, the Group recognized advertising fees of $96,797 and paid the advertising fees of $92,841.

(2)	Accrued sales return represents the estimated sales return at the end of each of the respective year. Movements during the respective years are as follows:


	Years ended December 31,
	2024		2025

Balance at January 1	$	1,376	$	451
Allowance for sales return accrued in the year		7,154		9,104
Utilization of accrued sales return allowance		(8,079)		(8,771)
Balance at December 31	$	451	$	784

(3)Others mainly include deposits from vendors and accrued utilities.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net and Internal use software (Details)	Dec. 31, 2025
Technology Platform
Acquired intangible assets, net
Useful lives	1 year
Customer base
Acquired intangible assets, net
Useful lives	4 years 3 months 18 days
Technology \| Minimum
Acquired intangible assets, net
Useful lives	3 years
Technology \| Maximum
Acquired intangible assets, net
Useful lives	5 years
Members
Acquired intangible assets, net
Useful lives	4 years
Branding
Acquired intangible assets, net
Useful lives	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

SHARE OPTIONS - Options Details and Assumptions Used to Estimate Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2019	Jun. 09, 2014	Dec. 31, 2008
Nonvested shares \| Vest over a period of two years
Share options
Vesting period	1 year	10 months	1 year
Nonvested shares \| Vest over a period of one year and five months
Share options
Vesting period		1 year	2 years
2008 Plan
Share options
Capital shares reserved for future issuance					11,344,444	4,444,444
2008 Plan \| Employee Stock Option
Share options
Shares options granted	165,552
Exercise price of shares options granted (in dollars per share)	$ 0
Assumptions used for estimating the fair value of options granted on the date of grant
Risk-free interest rate per annum (as a percent)	4.27%	4.57%	3.85%
Exercise multiple	2.8	2.8	2.8
Expected volatility (as a percent)	107.38%	109.30%	78.00%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Fair value of ordinary shares (in dollars per share)	$ 0.12	$ 0.32	$ 0.52
Expected terms (in years)	10 years	10 years	10 years
2019 Plan
Share options
Shares authorized to grant				2,867,382
Additional shares authorized to issue				10,667,382
The Plans \| Consultants \| Vest immediately
Share options
Shares options granted	165,552
The Plans \| Exercise price two \| Consultants \| Vest immediately
Share options
Shares options granted			44,444
Exercise price of shares options granted (in dollars per share)			$ 0.01
The Plans \| Exercise price three \| Consultants \| Vest immediately
Share options
Shares options granted			77,036
Exercise price of shares options granted (in dollars per share)			$ 0.81
The Plans \| Exercise price four \| Consultants \| Vest immediately
Share options
Shares options granted			1,200,000
Exercise price of shares options granted (in dollars per share)			$ 0.3
The Plans \| Exercise price five \| Consultants \| Vest immediately
Share options
Shares options granted		37,038
Exercise price of shares options granted (in dollars per share)		$ 0.3
The Plans \| Exercise price six \| Consultants \| Vest immediately
Share options
Shares options granted		155,556
Exercise price of shares options granted (in dollars per share)		$ 0.01
The Plans \| Exercise price seven \| Consultants \| Vest over a period of two years
Share options
Vesting period		2 years
Shares options granted		980,000
Exercise price of shares options granted (in dollars per share)		$ 0.33
The Plans \| Exercise price eight \| Consultants \| Vest over a period of one year and five months
Share options
Vesting period		1 year 5 months
Shares options granted		1,600,000
Exercise price of shares options granted (in dollars per share)		$ 0.33

LEASES - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Operating lease costs	$ 4,142	$ 5,050	$ 5,359
Short-term lease costs	196	218	309
Amortization of ROU assets		24	28
Interests			4
Sublease income	(1,965)	(1,351)
Total lease costs	2,373	3,941	5,700
Operating cash flows from operating leases	$ 4,272	5,152	5,707
Operating cash flows from financing leases		$ 34	44
Financing cash flows from financing leases			$ 4
Minimum
LEASES
Remaining lease term of leases	1 year
Maximum
LEASES
Remaining lease term of leases	5 years

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Additional information (Details) $ in Thousands	Dec. 31, 2025 USD ($)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Advertising fees	$ 96,797
Paid to Advertising fees	$ 92,841

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
GOODWILL (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
GOODWILL.
Carrying amounts of goodwill	$ 27,800	$ 26,663
Decrease / increase in the carrying amount of goodwill	$ 1,137	$ (730)

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

7. LEASES

The Group has operating leases for office space, land use right, warehouses and vehicles and finance leases for vehicles as a lessee.

The Group’s lease agreements include lease payments that are fixed, do not contain material residual value guarantees or variable lease payments. The leases have terms ranging from one to five years. Certain lease agreements include terms with options to extend the lease, however none of these have been recognized in the Group’s operating lease ROU assets or operating lease liabilities since those options were not reasonably certain to be exercised. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligations. The Group’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance.

The components of lease costs were as follows:


		Years ended December 31,
		2023			2024			2025
Operating lease costs			5,359			5,050			4,142
Short-term lease costs			309			218			196
Financing lease costs:
Amortization of ROU assets			28			24			—
Interests			4			—			—
Sublease income ⁽¹⁾			—			(1,351)			(1,965)
Total lease costs			5,700			3,941			2,373


		December 31,
		2024		2025
Operating Leases
Land use right, net		1,449		1,482
Operating lease right-of-use assets (excluding land use right)		8,481		4,586
Total operating lease right-of-use assets		9,930		6,068
Operating lease liabilities, current		4,047		2,818
Operating lease liabilities, non-current		4,780		1,886
Total operating lease liabilities		8,827		4,704


		December 31,
		2024		2025
Weighted-average remaining lease term
Land use right		49.25		48.25
Operating leases		2.53		1.82
Weighted-average discount rate
Land use right		—		—
Operating leases		3.23	%	3.31	%


		Years ended December 31,
Other information		2023			2024			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			5,707			5,152			4,272
Operating cash flows from financing leases			44			34			—
Financing cash flows from financing leases			4			—			—

(1) For the year ended December 31, 2025, the Group recognized sublease income of $1,965 (2024: $1,351), and incurred sublease cost of $1,291 (2024: $727).

For the years ended December 31, 2023, 2024 and 2025, the Group incurred total operating lease and short-term lease costs of $5,668, $5,268 and $4,338, respectively.

Future minimum lease payments for operating leases as of December 31, 2025 are as follows:


		Operating Leases
2026		2,914
2027		1,513
2028		312
2029		90
2030 and thereafter		—
Total minimum lease payments		4,829
Less: Imputed interest		(125)
Total lease liability balance		4,704
Minimum payments related to leases not yet commenced as of December 31, 2025		—

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Transition Report	false
Document Shell Company Report	false
Securities Act File Number	001-35942
Entity Registrant Name	LightInTheBox Holding Co., Ltd.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	4 pandan crescent #03-03
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	128475
Entity Common Stock, Shares Outstanding	217,063,339
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001523836
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Marcum Asia CPAs LLP
Auditor Firm ID	5395
Auditor Location	Beijing, the People’s Republic of China
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jian He
Entity Address, Address Line One	4 pandan crescent #03 -03
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	128475
City Area Code	65
Local Phone Number	6305 9667
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.000067 per share
Trading Symbol	LITB
Security Exchange Name	NYSE
ADS
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing twelve Ordinary Shares

PREPAYMENTS AND OTHER CURRENT ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments to suppliers	$ 762	$ 1,264
Deferred expenses	57	88
Rental deposits and prepaid rents	593	469
Others	472	789
Total	$ 1,884	$ 2,610

SHARE OPTIONS

12 Months Ended

Dec. 31, 2025

SHARE OPTIONS

SHARE OPTIONS

10. SHARE OPTIONS

In 2008, the Group adopted the Amended and Reinstated 2008 Share Incentive Plan, or the 2008 Plan. The 2008 Plan is intended to promote the Company’s success and to increase shareholder value by providing an additional means to attract, motivate, retain and reward selected directors, officers, employees and other eligible persons. An aggregate of 4,444,444 ordinary shares were reserved for issuance under the 2008 Plan. On June 9, 2014, the 2008 Plan was amended to increase the maximum aggregate number of ordinary shares reserved for issuance under the 2008 Plan to 11,344,444.

In 2019, the Group adopted the 2019 Share Incentive Plan, or the 2019 plan. Pursuant to the 2019 Plan, total shares that the 2019 Plan was authorized to grant were 2,867,382 ordinary shares. Subsequently, the 2019 plan was amended to be authorized to grant a total of 10,667,382 ordinary shares.

The 2008 Plan and 2019 Plan are collectively referred to as the Plans.

In 2023, the Company granted 44,444 share options at exercise prices of $0.01 per share, 77,036 share options at exercise prices of $0.81 per share and 1,200,000 share options at exercise prices of $0.30 per share under the Plans. These share options vest immediately.

In 2024, the Company granted 37,038 share options at exercise price of $0.30 per share and 155,556 share options at exercise price of $0.01 per share, which vest immediately. The Company granted 980,000 share options at exercise price of $0.33 per share vest over a period of two years, and 1,600,000 share options at exercise price of $0.33 per share vest over a period of one year and five months.

In 2025, the Company granted 165,552 share options at exercise price of $nil per share to certain employees, which vest immediately.

The fair value of each option granted was estimated on the date of grant using a binomial option pricing model with the following assumptions during the applicable periods:


		Year ended December 31,
		2023			2024			2025
Risk-free interest rate per annum			3.85	%		4.57	%		4.27	%
Exercise multiple			2.8			2.8			2.8
Expected volatility			78.0	%		109.3	%		107.38	%
Expected dividend yield			0	%		0	%		0	%
Fair value of ordinary shares		$	0.52		$	0.32		$	0.12
Expected terms (in years)			10			10			10

(1)	Risk-free interest rates

Risk-free interest rates were estimated based on the yield to maturity of US treasury bonds with a maturity period close to the contractual term of the options for the years ended December 31, 2023, 2024 and 2025, respectively.

(2)	Exercise multiple

Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option.

(3)	Volatility

The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of the Company’s publicly traded stock.

(4)	Dividend yield

The dividend yield was estimated by the Group based on its expected dividend policy over the contractual term of the options.

(5)	Fair value of underlying ordinary shares

The fair value of the underlying ordinary shares is determined based on the closing market price of the ADS of the Company as of the grant date.

A summary of the share option activities under the Plans as of December 31, 2025, and changes during the year then ended is presented below:


				Weighted
				average
		Options		exercise price
		granted		per option

Outstanding at January 1, 2025		6,842,494		$	0.34
Granted		165,552		$	—
Exercised		(121,104)		$	—
Forfeited		(1,069,900)		$	0.31
Outstanding at December 31, 2025		5,817,042		$	0.34

The following table summarizes information regarding the share options granted under the Plans as of December 31, 2025:


		As of December 31, 2025
							Weighted-
				Weighted-			average remaining		Weighted-
				average exercise			contractual		Average
		Options Number		price per option			life (years)		intrinsic value

Options
Outstanding		5,817,042		$	0.34		6.75		$	0.01
Exercisable		5,407,042		$	0.34		6.63		$	0.01
Expected to vest		410,000		$	0.33		8.43		$	—

The total intrinsic value of options exercised were $nil, $2 and $12 for the years ended December 31, 2023, 2024 and 2025.

The weighted average grant date fair value of options granted during the years ended December 31, 2023, 2024 and 2025 was $0.21, $0.04 and $0.12, respectively.

For the years ended December 31, 2023, 2024 and 2025, the Group recorded share-based compensation expense of $281, $87 and $20 related to the options under the Plans, respectively. As of December 31, 2025, there was no unrecognized compensation cost related to the options.

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 8,403	$ 8,918
Less: Accumulated depreciation	(7,090)	(6,733)
Property and equipment, net	1,313	2,185
Depreciation expenses	944	1,419	$ 1,280
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	565	1,195
Furniture, fixtures and office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	3,438	3,350
IT equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	2,535	2,454
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	1,630	1,705
Construction-in-process
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 235	$ 214

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

14. EMPLOYEE BENEFIT PLANS

Full-time employees of the Group in the PRC participate in government mandated defined contribution plans, pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The PRC labor regulations require PRC subsidiaries of the Group to make contributions based on certain percentages of the employees’ basic salaries, up to a maximum amount specified by the local government. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of mainland China. The total contribution for such employee benefits, which were expensed as incurred, was $6,832, $4,353 and $3,003 for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT REPORTING

Schedule of components of net revenues


		Year ended December 31, 2025
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	215,555		$	—		$	—		$	215,555
Revenue recognized over time			220			8,540			—			8,760
Cost of revenues			76,683			1,756			—			78,439
Gross profit			139,092			6,784			—			145,876
Fulfillment			11,992			4,601			—			16,593
Selling and marketing			102,478			—			20			102,498
General and administrative			15,854			1,705			2,003			19,562
Other operating income, net			(58)			(685)			—			(743)
Income / (loss) from operations			8,826			1,163			(2,023)			7,966
Interest income			7			—			—			7
Interest expense			(17)			—			—			(17)
Other income, net			246			16			—			262
Total other income			236			16			—			252
Income / (loss) before income tax		$	9,062		$	1,179		$	(2,023)		$	8,218


		Year ended December 31, 2024
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	242,446		$	—		$	—		$	242,446
Revenue recognized over time			1,254			11,587			—			12,841
Cost of revenues			98,926			2,869			—			101,795
Gross profit			144,774			8,718			—			153,492
Fulfillment			12,308			6,624			—			18,932
Selling and marketing			111,825			—			94			111,919
General and administrative			22,506			1,381			1,848			25,735
Other operating income, net			(214)			(662)			—			(876)
(Loss) / income from operations			(1,651)			1,375			(1,942)			(2,218)
Interest income			53			37			—			90
Other (expense) / income, net			(472)			72			—			(400)
Total other (loss) / income			(419)			109			—			(310)
(Loss) / income before income tax		$	(2,070)		$	1,484		$	(1,942)		$	(2,528)


		Year ended December 31, 2023
								Corporate and
		Product sales			Services			Unallocated			Consolidated

Revenues
Revenue recognized at a point in time		$	615,341		$	—		$	—		$	615,341
Revenue recognized over time			1,899			12,188			—			14,087
Cost of revenues			265,964			3,532			—			269,496
Gross profit			351,276			8,656			—			359,932
Fulfillment			29,580			5,336			—			34,916
Selling and marketing			302,245			415			34			302,694
General and administrative			29,138			1,725			3,215			34,078
Other operating income, net			(351)			(1,010)			—			(1,361)
(Loss) / income from operations			(9,336)			2,190			(3,249)			(10,395)
Interest income			270			80			—			350
Interest expense			—			(4)			—			(4)
Other income, net			485			14			—			499
Total other income			755			90			—			845
(Loss) / income before income tax		$	(8,581)		$	2,280		$	(3,249)		$	(9,550)

Summary of total revenues by geographic location


		Years ended December 31,
		2023					2024					2025
		Revenues			%		Revenues			%		Revenues			%

Europe		$	313,559		49.8		$	96,085		37.6		$	62,666		27.9
North America			235,974		37.5			119,513		46.8			133,030		59.3
Other countries			79,895		12.7			39,689		15.6			28,619		12.8
Total revenues		$	629,428		100.0		$	255,287		100.0		$	224,315		100.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of goodwill and indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment provisions	$ 0	$ 0	$ 0
Indefinite-lived intangible assets	$ 0	$ 0	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

NONVESTED SHARES

12 Months Ended

Dec. 31, 2025

NONVESTED SHARES

NONVESTED SHARES

11. NONVESTED SHARES

In 2023, the Company granted 298,000 nonvested shares to certain officers and employees. 126,000 of these shares vested immediately, 20,000 of these shares vest over a period of one year and 152,000 of these shares vest over a period of two years.

In 2024, the Company granted 254,000 nonvested shares to certain employees. 204,000 of these shares vested immediately, 24,000 of these shares vest over a period of ten months and 26,000 of these shares vest over a period of one year.

In 2025, the Company granted 565,068 nonvested shares to certain employees. 529,068 of these shares vested immediately, 36,000 of these shares vest over a period of one year.

The holders of the nonvested shares are entitled to voting rights, but shall not be entitled to dividends before vesting.

The following table summarizes information regarding the nonvested shares granted and vested:


				Weighted average
				grant date
		Number of Shares		fair value

Outstanding at January 1, 2025		104,000		$	0.49
Granted		565,068		$	0.13
Forfeited		(20,000)		$	0.17
Vested		(613,068)		$	0.39
Outstanding at December 31, 2025		36,000		$	0.25

For the years ended December 31, 2023, 2024 and 2025, the Group recorded share-based compensation expenses of $134, $258 and $72 related to the nonvested shares, respectively. As of December 31, 2025, there was $8 of unrecognized compensation costs related to nonvested shares, which are expected to be recognized over a weighted average period of one year.

Total share-based compensation expenses for share options and nonvested shares for the years ended December 31, 2023, 2024 and 2025 were as follows:


		Years ended December 31,
		2023			2024			2025

Selling and marketing		$	34		$	89		$	20
General and administrative			381			256			72
Total		$	415		$	345		$	92

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

(b) Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.

Use of estimates

In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements and are adjusted to reflect actual experience when necessary. Actual results could differ from those estimates.

Cash and cash equivalents

(d) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposits and term deposits with an original maturity of three months or less and are readily convertible to known amount of cash.

Restricted cash

(e) Restricted cash

Restricted cash consists of cash which is held under the Group’s name in escrow accounts as deposits withheld by third-party payment processing agencies which fluctuate with the volume of payment processed, and the cash reserved in bank supervised accounts for performance guarantees to the Group’s vendors which will be released to cash within the next 12 months.

Accounts receivable, net

(f) Accounts receivable, net

The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable. The estimated credit losses charged to the allowance is classified as “General and administrative” in the consolidated statements of operations. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customers. Accounts receivable balances are written off after all collection efforts have been exhausted.

Accounts receivable represents amounts that the Group has the unconditional right to consideration. As of December 31, 2024 and 2025, accounts receivable included accounts receivable for cash collected by supplemental online outlets, and accounts receivable for logistic services. As of December 31, 2024 and 2025, the allowance for credit losses for accounts receivable was $1,853 and $1,858, respectively. For the years ended December 31, 2023, 2024 and 2025, the recognized credit losses for accounts receivable were $nil, $19 and $nil, respectively.

Inventories

(g) Inventories

Inventories represent products available for sale and are accounted for using the first-in, first-out method and specific identification method, and are valued at the lower of cost or net realizable value. Adjustments are recorded to write down the cost of inventory to the net realizable value due to slow-moving merchandise and broken assortments, which are dependent upon factors such as historical trends with similar merchandise, inventory aging, and historical and forecasted consumer demand.

Property and equipment, net

(h) Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation and impairment, if any.

Depreciation is calculated on a straight-line basis over the following estimated useful lives:


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

Intangible assets, net

(i) Intangible assets, net

Intangible assets other than goodwill, arising from the acquisitions accounted for under the acquisition method are estimated by management based on the fair value of assets acquired at the acquisition date.

Intangible assets are carried at cost less accumulated amortization and impairment, if any. Amortization of the intangible assets with definite life are computed using the straight-line method over the estimated useful lives.


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years

Internal use software

(j) Internal use software

The Group capitalizes payroll costs incurred for the development of computer software for internal use pursuant to ASC Topic 350-40, Intangibles—Goodwill and Others—Internal use software. The Group capitalizes the costs during the development of the project, when it is determined that it is probable that the project will be completed, and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training and maintenance are expensed as incurred. Internal use software is amortized on a straight-line basis over its estimated useful life, which is generally three years. Capitalized internal use software is recorded in “Intangible assets, net” on the consolidated balance sheets.

Long-term investments

(k) Long-term investments

The Group’s long-term investments consist of the equity investments without readily determinable fair value.

The Group elects to use the measurement alternative to the fair value measurement for the equity securities without readily determinable fair values, under which these investments are measured at cost, less any impairment, plus or minus observable price changes of an identical or similar investment of the same issuer with the fair value change recorded in the consolidated statements of operations.

For these equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity recognizes an impairment loss equal to the difference between the carrying value and fair value in the consolidated statements of operations.

Impairment of long-lived assets and definite-lived intangible assets

(l) Impairment of long-lived assets and definite-lived intangible assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, are stated at cost less accumulated depreciation or amortization and any impairment.

The Group evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate that a long-lived asset’s carrying amount may not be recoverable. The Group compares the carrying amount of long-lived assets against the estimated undiscounted future cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected undiscounted future cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. Fair value is estimated based on various valuation techniques and assumptions, including the discounted cash flow method based on estimated future cash flows. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts.

Impairment of goodwill and indefinite-lived intangible assets

(m) Impairment of goodwill and indefinite-lived intangible assets

Goodwill and intangible assets deemed to have indefinite useful lives are not amortized, but tested for impairment annually as of December 31 or more frequently if events and circumstances indicate that they might be impaired.

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

The Group assesses goodwill and indefinite-lived intangible assets for impairment in accordance with ASC 350-20, Intangibles – Goodwill and Other. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value and if so, we perform a quantitative test. We compare the carrying value of each reporting unit and indefinite-lived intangible asset to its estimated fair value and if the fair value is determined to be less than the carrying value, we recognize an impairment loss for the difference. We estimate the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. Fair value of the indefinite-lived intangible asset is an estimate of the price a willing buyer would pay for the intangible asset and is generally estimated by discounting the expected future after-tax cash flows associated with the intangible asset. No impairment was made related to the Group’s goodwill and the indefinite-lived intangible assets for the years ended December 31, 2023, 2024 and 2025.

Treasury shares

(n) Treasury shares

Treasury shares represent shares of the Company’s shares that have been issued, repurchased by the Company, and that have not been retired or canceled. These shares have no voting rights and are not entitled to receive dividends and are excluded from the weighted average outstanding shares in calculation of net (loss) / income per ordinary share. Treasury shares are recorded at cost incurred to purchase the shares in the consolidated balance sheets.

Gains on sales of treasury stock not previously accounted for as constructively retired shall be credited to additional paid-in capital; losses may be charged to additional paid-in capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein, otherwise to retained earnings.

Revenue recognition

(o) Revenue recognition

The Group recognizes revenue (i) from product sales of apparel and other general merchandise to customers through its websites and other online platforms, and to third-party sellers that sell through the Group’s platforms utilizing the Group’s supply chain; and (ii) from logistics services to companies and individual customers.

The Group recognizes revenue upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in amounts that reflects the consideration to which the Group expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added tax). For each performance obligation satisfied over time, the Group recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Group does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.

Product sales

The Group identifies one performance obligation for product sales to customers through its websites and other online platforms, and product sales to third-party sellers. The cash collected from the sales is initially recorded in “advance from customers” in the consolidated balance sheets and subsequently recognized as revenues upon the sales completed. There is no significant financing component or variable consideration. Revenues of product sales are recognized on a gross basis and presented as product sales on the consolidated statements of operations, because (i) the Group is primarily responsible for fulfilling the promise to provide the specified products; (ii) the Group bears the physical and general inventory risk once the products are delivered to its warehouses; and (iii) the Group has discretion in establishing price.

The product sales to third-party sellers include sales of products and fulfillment of orders. The Group considers that these elements are a series of combined promises in the context of the contract with third-party sellers that should be combined as one single performance obligation. Accordingly, the product sales together with the fulfillment services to third-party sellers are accounted for as one single performance obligation.

The Group establishes a membership program whereby a registered member earns certain points for visiting one of the Group’s websites. Points could only be redeemed in connection with a future purchase. Such points, when redeemed, were treated as a reduction of revenues at the time of future purchase. Since the points are not earned based on a concurrent sales transaction, no accruals are made at the time when points are earned by the registered members.

Prime membership revenues which are included in product sales, are amortized over the membership period on a straight-line basis. Prime is a subscription-based membership program. Items purchased from Prime shop enjoy flat international shipping per checkout. Prime membership revenues for the years ended December 31, 2023, 2024 and 2025 were $1,899, $1,254 and $220, respectively.

Product sales, net of discounts, an allowance for sales returns and VAT, are recognized at the point in time when customers accept the products upon delivery. Revenues are measured as the amount of consideration the Group expects to receive in exchange for transferring products to consumers or third-party sellers. Sales return allowances, which reduce revenues, are estimated utilizing the expected value method based on historical experience of returns. The Group allows customers to return the goods with no quality-related issues within 7 days of receipt of shipment. The Group allows customers to return most goods with quality-related issues within 30 days of receipt of shipment, and to return lamps and faucets with quality-related issues within 12 months. Provisions for sales returns were $15,732, $7,154 and $9,104 for the years ended December 31, 2023, 2024 and 2025, respectively.

The Group engages delivery service providers to deliver products to its customers (“shipping activities”). As the shipping activities are performed before customers obtain control of the products, shipping activities for customers are not considered as a separate promised service to customers, but rather are activities to fulfill the Group’s promise to transfer the products. Outbound shipping charges to customers are included as a part of the revenues and outbound shipping-related costs are recorded as cost of product sales. Shipping costs incurred for product sales and recognized as cost of product sales were $126,628, $48,625 and $36,124 for the years ended December 31, 2023, 2024 and 2025, respectively.

Services and others

The Group derives service revenues mainly from provision of logistic services to companies and individual customers. Revenues from logistic services are recognized over the delivery period since the customers simultaneously receive and consume the benefits provided by the Group’s performance as the services are rendered.

Contract liabilities

Contract liabilities

A contract liability is recognized when the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer. It is included in advance from customers on the consolidated balance sheets.

Changes in the Group’s contract liabilities are presented in the following table for the years ended December 31, 2024 and 2025:


		Years ended December 31,
		2024			2025
Contract liabilities as of January 1		$	11,201		$	6,625
Cash received in advance, net of VAT			236,087			190,902
Revenue recognized from opening balance of contract liabilities			(11,201)			(6,625)
Revenue recognized from contract liabilities arising during current year			(229,462)			(181,980)
Contract liabilities as of December 31		$	6,625		$	8,922

The Group has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

Cost of revenues

(p) Cost of revenues

Product sales

Cost of goods sold primarily consists of the purchase price of consumer products sold by the Group through its websites and other online platforms, and to third-party sellers, inbound and outbound shipping charges, packaging supplies and inventory write-downs. Shipping charges to receive products from its suppliers are included in inventory cost and recognized as cost of sales upon sale of products to customers.

Services

Cost of services primarily consists of the shipping charges and cost of packaging supplies directly incurred relating to logistic services.

Fulfillment

(q) Fulfillment

Fulfillment costs represent those costs incurred in operating and staffing the Group’s fulfillment and customer service centers, including (i) costs attributable to buying, receiving, inspecting, and warehousing inventories, (ii) picking, packaging, and preparing customer orders for shipment, (iii) payment processing and related transaction costs, and (iv) rental expenses of leased warehouses and depreciation of logistics and electronic equipment.

Selling and marketing

(r) Selling and marketing

Selling and marketing expenses primarily consist of search engine marketing and advertising, affiliate marketing program expenditures, public relations expenditures, and payroll and related expenses for personnel engaged in selling, marketing and business development. The Group pays to use certain relevant key words relating to its business on major search engines and the fees charged to the Group are on a “cost-per-click” basis. Advertising expense includes fees paid to on-line advertisers who assist the Group to advertise at targeted websites. Such fees are charged at a fixed rate or calculated based on traffic directed to the Group’s websites. The advertising expenses for the years ended December 31, 2023, 2024 and 2025 were $291,702, $104,347 and $96,797, respectively.

General and administrative

(s) General and administrative

General and administrative expenses consist of payroll and related expenses for employees involved in general corporate functions such as accounting, finance, tax, legal, and human resources, as well as facility and equipment costs attributable to these functions, such as depreciation and rental expense, professional fees, provision for credit losses and other general corporate costs. Also included in general and administrative expenses are payroll and related expenses for employees involved in product research and development, and systems support, as well as server charges and telecommunications cost. The research and development expenses for the years ended December 31, 2023, 2024 and 2025 were $19,105, $15,527 and $10,270, respectively.

General and administrative expenses also include chargebacks relating to fraudulent credit card activities from the payment processing agencies. The Group estimates chargebacks based on historical experience. The estimation of chargebacks is adjusted to the extent that actual chargebacks differ or are expected to differ. The chargeback expenses for the years ended December 31, 2023, 2024 and 2025 were $2,338, $681 and $758, respectively.

Government subsidies

(t) Government subsidies

Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. For the government subsidies with no further conditions to be met, the amounts are recorded as operating income in “Other operating income, net”, or as a reduction of specific cost or expenses if such subsidies are intended to compensate such amounts. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded as “Other operating income, net” or as a reduction of specific cost or expenses when the conditions are met.

Financial instruments and fair value measurements

(u) Financial instruments and fair value measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

●

Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

●

Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The Group’s financial instruments primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other current assets, long-term investments, short-term borrowings, accounts payable, advance from customers and accrued expenses and other current liabilities.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other current assets, short-term borrowings, accounts payable, advance from customers and accrued expenses and other current liabilities as of December 31, 2024 and 2025 approximate their fair values due to the short-term maturities of these instruments. Goodwill, long-term investments and long-lived assets are measured at fair value on a nonrecurring basis only when impairment is recognized. The Group estimates the fair value of the reporting unit using the discounted cash flow method under the income approach. The discounted cash flows are based on the financial forecast developed by management for planning purposes. Cash flows beyond the forecasted period are estimated using a terminal value calculation. The fair values of long-lived assets are determined based on various valuation methods, including the replacement cost method, the relief from royalty method and the excess earning method. The fair value measurement of long-term investments is described in (k) Long-term investments.

Certain assets are measured at a non-recurring basis. The following tables present the fair value hierarchy for the assets at December 31, 2024 and 2025:

Fair value measurement

at December 31, 2024 using

 

Quoted prices in

 

Significant

 

Significant

 

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2024

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

Fair value measurement

at December 31, 2025 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2025

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

For long-term investments which consist of equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The non-recurring fair value measurements for these investments require management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Group. These non-recurring fair value measurements were measured as of the observable transaction dates. The Company uses valuation methodologies including the back-solve method and an equity allocation model which requires management to use the observable transaction price at the transaction date and other unobservable inputs (level 3) such as expected volatility, discount for lack of marketability and probability of exit events as it relates to an initial public offering, liquidation and redemption preferences.

Foreign currency translation

(v) Foreign currency translation

The Company’s functional currency is the U.S. dollar (“US$”). The Company’s subsidiaries determine their functional currencies based on the criteria of ASC Topic 830, Foreign Currency Matters.

In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange prevailing at the balance sheet date. Transaction gains and losses are recognized in the consolidated statements of operations during the year in which they occur.

The Group’s entities with functional currency of Renminbi (“RMB”), Euro (“EUR”), Singapore Dollar (“SGD”), Malaysian Ringgit (“RM”) and Pound (GBP), translate their operating results and financial position into the US$, the Group’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income / (loss).

Income taxes

(w) Income taxes

Income taxes are provided using the asset and liability method. Under this method, deferred income taxes are recognized for tax credits and net operating losses available for carry forwards and significant temporary differences. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities.

The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and / or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.

The Group applies the provisions of ASC Topic 740, Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position, if and when required as part of income tax expense in the consolidated statements of comprehensive income.

Comprehensive income / (loss)

(x) Comprehensive income / (loss)

Comprehensive income / (loss) includes net income / (loss) and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive income / (loss).

Share-based compensation

(y) Share-based compensation

Share-based payment transactions with employees, including share options and nonvested shares are measured based on the grant date fair value of the equity instrument. The Group has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with service conditions and graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the awards that are vested at that date, over the requisite service period of the award, which is generally the vesting period of the award. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of share-based compensation expense to be recognized in future periods.

Changes in the terms or conditions of equity awards are accounted as a modification under which the Group calculate whether there is any excess of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period of the modification occurred and for unvested awards, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

Leases

(z) Leases

Leases are classified at the inception date as either a finance lease or an operating lease.

The Group classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for a major part of the remaining economic life of the underlying asset.

d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term.

The land use right is operating lease with terms of about 50 years. Other than the land use right, the lease terms of operating and finance leases vary from one year to five years.

For both operating and financing leases, the Group records a lease liability and corresponding right-of-use (ROU) asset at lease commencement. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise the option. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement.

The Group estimates its incremental borrowing rate for its leases at the commencement date to determine the present value of future lease payments when the implicit rate is not readily determinable in the lease. In estimating its incremental borrowing rate, the Group considers its credit rating and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease.

Operating leases are presented as “Operating lease ROU assets” and “Operating lease liabilities”. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. At lease commencement, operating lease ROU assets represent the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Group.

After lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at the lease commencement date. Operating lease ROU assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating lease expense is recognized as a single cost on a straight-line basis over the lease term.

Financing lease ROU assets and liabilities are included in “property and equipment, net”, “accrued expenses and other current liabilities” and “long-term payable” on the consolidated balance sheets. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Financing lease ROU assets are amortized on a straight-line basis from the lease commencement date. After initial measurement, the carrying value of the lease liability is increased to reflect interest at a constant rate and reduced to reflect any lease payments made during the period.

Leases that have a term of 12 months or less at the commencement date (“short-term leases”) are not included in operating lease ROU assets and operating lease liabilities. Lease expense for the short-term leases is recognized on a straight-line basis over the lease term.

Income / (loss) per share

(aa) Income / (loss) per share

Basic income / (loss) per ordinary share is computed by dividing net income / (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

Diluted income / (loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares and is calculated by dividing net income / (loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the vest of nonvested shares or exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.

Concentration of credit risk

(bb) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash, accounts receivable, advances to suppliers, receivable from reputable payment processing agencies with high-credit ratings and long-term rental deposits. The Group places its cash and cash equivalents and restricted cash with financial institutions and third-party payment processing agencies located in the PRC, Hong Kong, the United States, Netherlands, Singapore, Malaysia. In the event of bankruptcy of one of these financial institutions and third-party payment processing agencies, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions and third-party payment processing agencies. There has been no recent history of default in relation to these financial institutions and third-party payment processing agencies. Accounts receivable mainly include receivables from our supplemental online outlets and receivables from our logistic services. With respect to advances to product suppliers and long-term rental deposits, the Group performs on-going credit evaluations of the financial condition of its vendors. Receivable from payment processing agencies represented cash that had been received from customers but held by the payment processing agencies in the process of reconciliation and are collected by the Group subsequent to the year end.

Currency convertibility risk

(cc) Currency convertibility risk

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Group’s cash and cash equivalents and restricted cash denominated in RMB amounted to $1,638 and $1,046 as of December 31, 2024 and 2025, respectively.

Recent accounting pronouncements not yet adopted

(dd) Recent accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. In January 2025, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the impact on its financial statements of adopting this guidance.

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

3. PREPAYMENTS AND OTHER CURRENT ASSETS, NET

The components of prepayments and other current assets, net are as follows:


		As of December 31,
		2024			2025

Prepayments to suppliers ⁽¹⁾		$	1,264		$	762
Deferred expenses			88			57
Rental deposits and prepaid rents			469			593
Others			789			472
Total		$	2,610		$	1,884

(1)	The prepayments primarily consist of shipping costs and advertising fee paid in advance.

As of December 31, 2024 and 2025, the allowances of credit losses for other current assets were $187 and $262, respectively. The recognized credit losses for other current assets were $nil, $5 and $69 for the years ended December 31, 2023, 2024 and 2025, respectively.

INCOME TAXES - Additional Information (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2026	Dec. 31, 2025 HKD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019 HKD ($)	Dec. 31, 2025 USD ($)
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		25.00%	25.00%	25.00%
Assessable profits						$ 2,000,000
Half of the current tax rate (as a Percent)						8.25%
Withholding tax							$ 0
HONG KONG
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		16.50%
Withholding taxes amount on remittance of dividends		$ 0
Accumulated tax losses of subsidiaries							180,572
PRC
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		25.00%
Preferential income tax rate		15.00%
Accumulated tax losses of subsidiaries							24,673
Singapore
INCOME TAXES
Accumulated tax losses of subsidiaries							6,637
Other regions
INCOME TAXES
Accumulated tax losses of subsidiaries							$ 1,018
Shanghai Lanting \| PRC
INCOME TAXES
Eligible for preferential tax rate			15.00%	15.00%	15.00%
Shanghai Lanting \| PRC
INCOME TAXES
Preferential tax term		3 years
Beijing Lanting \| PRC
INCOME TAXES
Eligible for preferential tax rate	15.00%	15.00%	15.00%
Beijing Lanting \| PRC
INCOME TAXES
Preferential tax term		3 years
Ching International service PTE.LTD \| Singapore
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		17.00%
Percent of exemption on first SGD 10,000 of taxable income		75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%
Avant E-Commerce Service PTE.LTD \| Singapore
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		17.00%
Percent of exemption on first SGD 10,000 of taxable income		75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%
Avant Logistic Service PTE.LTD \| Singapore
INCOME TAXES
Income tax calculated at the statutory tax rate of the PRC (as a percent)		17.00%
Percent of exemption on first SGD 10,000 of taxable income		75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%
Maximum \| Hong Kong, PRC and Singapore
INCOME TAXES
Statute of limitations		6 years
Minimum \| Hong Kong, PRC and Singapore
INCOME TAXES
Statute of limitations		4 years

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INTANGIBLE ASSETS, NET
Gross carrying amount	$ 13,532	$ 13,126
Accumulated amortization	(10,332)	(9,361)
Accumulated impairment loss	(1,020)	(1,020)
Net carrying amount	2,180	2,745
Total amortization expenses	657	779	$ 1,897
Expected amortization expenses
2026	676
2027	676
2028	618
2029	0
2030	0
Impairment charges for intangible assets	0	0	$ 0
Technology Platform
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	90	90
Accumulated amortization	(90)	(90)
Customer base
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	32	32
Accumulated amortization	(22)	(22)
Accumulated impairment loss	(10)	(10)
Technology
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	2,866	2,746
Accumulated amortization	(2,866)	(2,746)
Branding
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	6,755	6,472
Accumulated amortization	(4,785)	(3,937)
Net carrying amount	1,970	2,535
Members
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	20	20
Accumulated amortization	(20)	(20)
Software
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	75	72
Accumulated amortization	(75)	(72)
Internal Use Software
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	2,474	2,474
Accumulated amortization	(2,474)	(2,474)
Trademark/domain name
INTANGIBLE ASSETS, NET
Intangible assets not subject to amortization	1,220	1,220
Accumulated impairment loss	(1,010)	(1,010)
Net carrying amount	$ 210	$ 210

INCOME TAXES - Income Tax Expense / (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax
PRC	$ 32
Total current tax	46	$ 9
Deferred tax
Total deferred tax	(107)	(48)	$ 40
Income tax expense / (benefit)	(61)	(39)	40
Hong Kong
Current tax
Foreign	14
Deferred tax
Foreign	$ (107)
Singapore and other regions
Current tax
Foreign		9
Deferred tax
Foreign		$ (48)	$ 40

LEASES - Operating lease and right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Land use right, net	$ 1,482	$ 1,449
Operating lease right-of-use assets (excluding land use right)	4,586	8,481
Total operating lease right-of-use assets	6,068	9,930
Operating lease liabilities, current	2,818	4,047
Operating lease liabilities, non-current	1,886	4,780
Total operating lease liabilities	$ 4,704	$ 8,827
Land use right lease term	48 years 3 months	49 years 3 months
Operating leases term	1 year 9 months 25 days	2 years 6 months 10 days
Operating leases discount rate	3.31%	3.23%

LEASES - Future minimum lease payments for operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Sublease income	$ 1,965	$ 1,351
Sublease cost	1,291	727
Total operating and short-term lease costs	4,338	5,268	$ 5,668
Future minimum lease payments under operating leases
2026	2,914
2027	1,513
2028	312
2029	90
Total minimum lease payments	4,829
Less: Imputed interest	(125)
Total lease liability balance	$ 4,704	$ 8,827

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 23,629	$ 17,945
Restricted cash	2,319	1,800
Accounts receivable, net	1,355	976
Inventories	4,943	3,641
Prepayments and other current assets, net	1,884	2,610
Total current assets	34,130	26,972
Property and equipment, net	1,313	2,185
Intangible assets, net	2,180	2,745
Goodwill	27,800	26,663
Operating lease right-of-use assets	6,068	9,930
Long-term rental deposits	434	806
Long-term investments	77	73
TOTAL ASSETS	72,002	69,374
Current Liabilities
Short-term borrowings	715	685
Accounts payable	12,309	10,378
Advance from customers	9,194	8,357
Operating lease liabilities	2,818	4,047
Accrued expenses and other current liabilities	48,956	54,091
Total current liabilities	73,992	77,558
Operating lease liabilities	1,886	4,780
Deferred tax liabilities	107	101
Unrecognized tax benefits	0	107
TOTAL LIABILITIES	75,985	82,546
Commitments and contingencies
SHAREHOLDERS' DEFICIT
Ordinary shares ($0.000067 par value; 750,000,000 shares authorized; 244,955,045 and 244,955,045 share issued as of December 31, 2024 and 2025, respectively; 220,668,763 and 217,063,339 shares outstanding as of December 31, 2024 and 2025, respectively)	17	17
Additional paid-in capital	280,646	282,766
Treasury shares (24,248,036 and 27,853,460 shares as of December 31, 2024 and 2025, respectively)	(29,392)	(30,880)
Statutory reserves	396	390
Accumulated other comprehensive loss	(1,723)	(3,265)
Accumulated deficit	(253,927)	(262,200)
TOTAL SHAREHOLDERS' DEFICIT	(3,983)	(13,172)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 72,002	$ 69,374

ORDINARY SHARES (Details) $ in Thousands		12 Months Ended
ORDINARY SHARES (Details) $ in Thousands	Sep. 04, 2024 USD ($) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Mar. 31, 2025 USD ($)	Jun. 29, 2023 USD ($)
Reverse stock split ratio	0.0833
Number of shares surrendered \| shares	114,233,006
Value of shares surrendered \| $	$ 0
Repurchase of ordinary shares \| $		$ 724	$ 1,237	$ 2,296
Ordinary Shares
Issuance of ordinary shares from treasury shares (in shares) \| shares				74,656
Repurchase of outstanding shares (in share) \| shares		4,339,596	2,849,814	3,571,460
Treasury Shares
Service charges \| $				$ 190
Repurchase of ordinary shares \| $		$ 724	$ 1,237	$ 2,296
ADS
Issuance of ordinary shares (in shares) \| shares				6,221
Authorized stock repurchase \| $		$ 3,000			$ 700	$ 10,000
Repurchase of outstanding shares (in share) \| shares		361,633	237,485	297,622
Ordinary Shares
Repurchase of outstanding shares (in share) \| shares		4,339,596	2,849,814	3,571,460
Repurchase of ordinary shares \| $		$ 724	$ 1,237	$ 2,296

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Allowance for credit losses	$ 161	$ 158
Write-down for inventory	56	18
Lease liabilities	834	1,538
Net operating loss carry forwards	33,315	36,108
Gross deferred tax assets	34,366	37,822
Less: Valuation allowance	(33,318)	(36,017)	$ (34,500)
Total deferred tax assets, net	1,048	1,805
Deferred tax liabilities:
Property and equipment, net	(77)	(100)
Acquired intangible assets	(244)	(268)
Operating lease ROU assets	(834)	(1,538)
Total deferred tax liabilities	(1,155)	(1,906)
Net deferred tax liabilities	$ (107)	$ (101)

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 224,315	$ 255,287	$ 629,428
Cost of revenues
Total cost of revenues	78,439	101,795	269,496
Gross profit	145,876	153,492	359,932
Operating expenses
Fulfillment	16,593	18,932	34,916
Selling and marketing	102,498	111,919	302,694
General and administrative	19,562	25,735	34,078
Other operating income, net	(743)	(876)	(1,361)
Total operating expenses	137,910	155,710	370,327
(Loss) / income from operations	7,966	(2,218)	(10,395)
Interest income	7	90	350
Interest expense	(17)		(4)
Other income / (expense), net	262	(400)	499
Total other income / (expense)	252	(310)	845
(Loss) / income before income tax	8,218	(2,528)	(9,550)
Income tax (expense) / benefit	61	39	(40)
Net (loss) / income	8,279	(2,489)	(9,590)
Net (loss) / income attributable to LightInTheBox Holding Co., Ltd.	$ 8,279	$ (2,489)	$ (9,590)
Net (loss) / income per ordinary share - basic (in dollars per share)	$ 0.04	$ (0.01)	$ (0.04)
Net (loss) / income per ordinary share - diluted (in dollars per share)	$ 0.04	$ (0.01)	$ (0.04)
Product sales
Revenues
Total revenues	$ 215,775	$ 243,700	$ 617,240
Cost of revenues
Total cost of revenues	76,683	98,926	265,964
Services and others
Revenues
Total revenues	8,540	11,587	12,188
Cost of revenues
Total cost of revenues	$ 1,756	$ 2,869	$ 3,532

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

6. INTANGIBLE ASSETS, NET

The carry amounts of intangible assets, as of December 31, 2024 and 2025, consist of the below:


		December 31, 2024												December 31, 2025
		Gross						Accumulated			Net			Gross						Accumulated			Net
		carrying			Accumulated			impairment			carrying			carrying			Accumulated			impairment			carrying
		amount			amortization			loss			amount			amount			amortization			loss			amount
Intangible assets not subject to amortization:
Trademark/domain name		$	1,220		$	—		$	(1,010)		$	210		$	1,220		$	—		$	(1,010)		$	210

Intangible assets subject to amortization:
- Technology platform			90			(90)			—			—			90			(90)			—			—
- Customer base			32			(22)			(10)			—			32			(22)			(10)			—
- Technology			2,746			(2,746)			—			—			2,866			(2,866)			—			—
- Branding			6,472			(3,937)			—			2,535			6,755			(4,785)			—			1,970
- Members			20			(20)			—			—			20			(20)			—			—
- Software			72			(72)			—			—			75			(75)			—			—
- Internal use software			2,474			(2,474)			—			—			2,474			(2,474)			—			—
		$	13,126		$	(9,361)		$	(1,020)		$	2,745		$	13,532		$	(10,332)		$	(1,020)		$	2,180

The total amortization expenses incurred for the years ended December 31, 2023, 2024 and 2025 were $1,897, $779 and $657, respectively. The estimated amortization expense for intangible assets in each of the next five years and thereafter are $676, $676, $618, $nil and $nil, respectively. No impairment loss was recognized for intangible assets for the years ended December 31, 2023, 2024 and 2025.

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) $ in Thousands	Dec. 31, 2025 USD ($)
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Minimum percentage of after-tax profit required to be transferred to general reserve till such reserve reaches specified percentage of registered capital	10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries shall be transferred	50.00%
Amount of restricted net assets of subsidiaries not available for distribution	$ 1,838

Schedule I - Condensed Financial Information of the Parent Company - Statements of Income and Comprehensive (Loss) / Income - Additional (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Statement of Income Captions [Line Items]
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0
LightInTheBox Holding Co., Ltd. \| Parent
Condensed Statement of Income Captions [Line Items]
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

4. PROPERTY AND EQUIPMENT, NET

The components of property and equipment are as follows:


		As of December 31,
		2024			2025

Leasehold improvements		$	1,195		$	565
Furniture, fixtures and office equipment			3,350			3,438
IT equipment			2,454			2,535
Vehicles			1,705			1,630
Construction-in-process			214			235
Property and equipment, gross			8,918			8,403
Less: Accumulated depreciation			(6,733)			(7,090)
Property and equipment, net		$	2,185		$	1,313

Depreciation expenses incurred for the years ended December 31, 2023, 2024 and 2025 were $1,280, $1,419 and $944, respectively.

(LOSS) / INCOME PER SHARE

12 Months Ended

Dec. 31, 2025

(LOSS) / INCOME PER SHARE

(LOSS) / INCOME PER SHARE

13. (LOSS) / INCOME PER SHARE

The following table sets forth the computation of basic and diluted net (loss) / income per ordinary share for the following years:


		Years ended December 31,
		2023			2024			2025

Numerator:
Net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. — basic		$	(9,590)		$	(2,489)		$	8,279
Adjusted net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. — diluted			(9,590)			(2,489)			8,279

Denominator:
Weighted average number of shares — basic			225,940,602			221,126,969			219,414,228
Effects of dilutive securities
Options and nonvested shares			—			—			160,340
Weighted average number of shares — diluted			225,940,602			221,126,969			219,574,568

Net (loss) / income per ordinary share — basic		$	(0.04)		$	(0.01)		$	0.04
Net (loss) / income per ordinary share — diluted		$	(0.04)		$	(0.01)		$	0.04

For the year ended December 31, 2023, outstanding options of 5,734,080 and nonvested shares of 150,000 were excluded from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

For the year ended December 31, 2024, outstanding options of 6,842,494 and nonvested shares of 104,000 were excluded from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

For the year ended December 31, 2025, outstanding options of 5,617,038 and nonvested shares of 36,000 were excluded from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

SHARE OPTIONS - Details of Share Options Granted (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Additional disclosures
Share-based compensation expense	$ 92,000	$ 345,000	$ 415,000
2008 Plan \| Employee Stock Option
Options Number
Outstanding (in shares)	5,817,042	6,842,494
Exercisable (in shares)	5,407,042
Expected to vest (in shares)	410,000
Weighted-average exercise price per option
Outstanding (in dollars per share)	$ 0.34	$ 0.34
Exercisable (in dollars per share)	0.34
Expected to vest (in dollars per share)	$ 0.33
Weighted-average remaining contractual life (years)
Outstanding	6 years 9 months
Exercisable	6 years 7 months 17 days
Expected to vest (in years)	8 years 5 months 4 days
Average intrinsic value
Outstanding (in dollars)	$ 0.01
Exercisable (in dollars)	0.01
Expected to vest (in dollars)	0
Additional disclosures
Total intrinsic value of options exercised	$ 12,000	$ 2,000	$ 0
Weighted average grant date fair value of options (in dollars per share)	$ 0.12	$ 0.04	$ 0.21
Share-based compensation expense	$ 20,000	$ 87,000	$ 281,000
Unrecognized compensation cost	$ 0

SHARE OPTIONS (Tables)

12 Months Ended

Dec. 31, 2025

SHARE OPTIONS

Schedule of assumptions used for estimating the fair value of options


		Year ended December 31,
		2023			2024			2025
Risk-free interest rate per annum			3.85	%		4.57	%		4.27	%
Exercise multiple			2.8			2.8			2.8
Expected volatility			78.0	%		109.3	%		107.38	%
Expected dividend yield			0	%		0	%		0	%
Fair value of ordinary shares		$	0.52		$	0.32		$	0.12
Expected terms (in years)			10			10			10

Summary of share option activity


				Weighted
				average
		Options		exercise price
		granted		per option

Outstanding at January 1, 2025		6,842,494		$	0.34
Granted		165,552		$	—
Exercised		(121,104)		$	—
Forfeited		(1,069,900)		$	0.31
Outstanding at December 31, 2025		5,817,042		$	0.34

Summary of information regarding the share options granted


		As of December 31, 2025
							Weighted-
				Weighted-			average remaining		Weighted-
				average exercise			contractual		Average
		Options Number		price per option			life (years)		intrinsic value

Options
Outstanding		5,817,042		$	0.34		6.75		$	0.01
Exercisable		5,407,042		$	0.34		6.63		$	0.01
Expected to vest		410,000		$	0.33		8.43		$	—

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of components of property and equipment


		As of December 31,
		2024			2025

Leasehold improvements		$	1,195		$	565
Furniture, fixtures and office equipment			3,350			3,438
IT equipment			2,454			2,535
Vehicles			1,705			1,630
Construction-in-process			214			235
Property and equipment, gross			8,918			8,403
Less: Accumulated depreciation			(6,733)			(7,090)
Property and equipment, net		$	2,185		$	1,313

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
SEGMENT REPORTING
Number of operating segments \| segment	2
Number Of Reportable Segments Not Disclosed Flag	true
Revenues	$ 224,315	$ 255,287	$ 629,428
Total cost of revenues	78,439	101,795	269,496
Gross profit	145,876	153,492	359,932
Fulfillment	16,593	18,932	34,916
Selling and marketing	102,498	111,919	302,694
General and administrative	19,562	25,735	34,078
Other operating income, net	(743)	(876)	(1,361)
Income / (loss) from operations	7,966	(2,218)	(10,395)
Interest income	7	90	350
Interest expense	(17)		(4)
Other income, net	262	(400)	499
Total other (loss) / income	252	(310)	845
Income / (loss) before income tax	8,218	(2,528)	(9,550)
Revenue recognized at a point in time
SEGMENT REPORTING
Revenues	215,555	242,446	615,341
Revenue recognized over time
SEGMENT REPORTING
Revenues	8,760	12,841	14,087
Operating Segments \| Product sales
SEGMENT REPORTING
Total cost of revenues	76,683	98,926	265,964
Gross profit	139,092	144,774	351,276
Fulfillment	11,992	12,308	29,580
Selling and marketing	102,478	111,825	302,245
General and administrative	15,854	22,506	29,138
Other operating income, net	(58)	(214)	(351)
Income / (loss) from operations	8,826	(1,651)	(9,336)
Interest income	7	53	270
Interest expense	(17)
Other income, net	246	(472)	485
Total other (loss) / income	236	(419)	755
Income / (loss) before income tax	9,062	(2,070)	(8,581)
Operating Segments \| Product sales \| Revenue recognized at a point in time
SEGMENT REPORTING
Revenues	215,555	242,446	615,341
Operating Segments \| Product sales \| Revenue recognized over time
SEGMENT REPORTING
Revenues	220	1,254	1,899
Operating Segments \| Services
SEGMENT REPORTING
Total cost of revenues	1,756	2,869	3,532
Gross profit	6,784	8,718	8,656
Fulfillment	4,601	6,624	5,336
Selling and marketing			415
General and administrative	1,705	1,381	1,725
Other operating income, net	(685)	(662)	(1,010)
Income / (loss) from operations	1,163	1,375	2,190
Interest income		37	80
Interest expense			(4)
Other income, net	16	72	14
Total other (loss) / income	16	109	90
Income / (loss) before income tax	1,179	1,484	2,280
Operating Segments \| Services \| Revenue recognized over time
SEGMENT REPORTING
Revenues	8,540	11,587	12,188
Corporate and Unallocated
SEGMENT REPORTING
Selling and marketing	20	94	34
General and administrative	2,003	1,848	3,215
Income / (loss) from operations	(2,023)	(1,942)	(3,249)
Income / (loss) before income tax	$ (2,023)	$ (1,942)	$ (3,249)

SHARE OPTIONS - Summary of Stock Option Activity (Details) - 2008 Plan - Employee Stock Option	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Options granted
Balance at the beginning of the period (in shares) \| shares	6,842,494
Granted (in shares) \| shares	165,552
Exercised (in shares) \| shares	(121,104)
Forfeited (in shares) \| shares	(1,069,900)
Balance at the end of the period (in shares) \| shares	5,817,042
Weighted average exercise price per option
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 0.34
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0.31
Balance at the end of the period (in dollars per share) \| $ / shares	$ 0.34

Schedule I - Condensed Financial Information of the Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net (loss) / income	$ 8,279	$ (2,489)	$ (9,590)
Adjustments to reconcile net income to net cash by operating activities
Prepaid expenses and other current assets	657	4,260	(423)
Accrued expenses and other current liabilities	(5,135)	(40,497)	4,276
Net cash (used in) / provided by operating activities	6,212	(48,163)	(20,715)
Cash flows from investing activities
Net cash (used in) / provided by investing activities	12	(2,256)	(1,078)
Cash flows from financing activities
Issuance of ordinary shares from treasury shares			45
Net cash used in financing activities	(724)	(586)	(2,295)
Net increase /(decrease) in cash and cash equivalents	5,500	(51,005)	(24,088)
Cash, cash equivalents and restricted cash at beginning of year	19,745	71,704	94,568
Cash, cash equivalents and restricted cash at end of year	25,948	19,745	71,704
LightInTheBox Holding Co., Ltd. \| Parent
Cash flows from operating activities
Net (loss) / income	8,279	(2,489)	(9,590)
Adjustments to reconcile net income to net cash by operating activities
Share of (loss) / income from subsidiaries	(9,467)	1,505	8,368
Prepaid expenses and other current assets	0	156	30
Accrued expenses and other current liabilities	144	(509)	(72)
Net cash (used in) / provided by operating activities	(1,044)	(1,337)	(1,264)
Cash flows from investing activities
Changes in amounts due from subsidiaries	1,750	1,925	4,205
Capital injection to a subsidiary	0	(50)	0
Net cash (used in) / provided by investing activities	1,750	1,875	4,205
Cash flows from financing activities
Issuance of ordinary shares from treasury shares	0	0	45
Repurchase of ordinary shares	(724)	(1,237)	(2,296)
Net cash used in financing activities	(724)	(1,237)	(2,251)
Net increase /(decrease) in cash and cash equivalents	(18)	(699)	690
Cash, cash equivalents and restricted cash at beginning of year	73	772	82
Cash, cash equivalents and restricted cash at end of year	$ 55	$ 73	$ 772

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b) Basis of consolidation

(d) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposits and term deposits with an original maturity of three months or less and are readily convertible to known amount of cash.

(e) Restricted cash

(f) Accounts receivable, net

(g) Inventories

(h) Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation and impairment, if any.

Depreciation is calculated on a straight-line basis over the following estimated useful lives:


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

(i) Intangible assets, net


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years

(j) Internal use software

(k) Long-term investments

The Group’s long-term investments consist of the equity investments without readily determinable fair value.

(l) Impairment of long-lived assets and definite-lived intangible assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, are stated at cost less accumulated depreciation or amortization and any impairment.

(m) Impairment of goodwill and indefinite-lived intangible assets

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

(n) Treasury shares

(o) Revenue recognition

Product sales

Services and others

Contract liabilities

Changes in the Group’s contract liabilities are presented in the following table for the years ended December 31, 2024 and 2025:


		Years ended December 31,
		2024			2025
Contract liabilities as of January 1		$	11,201		$	6,625
Cash received in advance, net of VAT			236,087			190,902
Revenue recognized from opening balance of contract liabilities			(11,201)			(6,625)
Revenue recognized from contract liabilities arising during current year			(229,462)			(181,980)
Contract liabilities as of December 31		$	6,625		$	8,922

(p) Cost of revenues

Product sales

Services

Cost of services primarily consists of the shipping charges and cost of packaging supplies directly incurred relating to logistic services.

(q) Fulfillment

(r) Selling and marketing

(s) General and administrative

(t) Government subsidies

(u) Financial instruments and fair value measurements

●

Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

●

Certain assets are measured at a non-recurring basis. The following tables present the fair value hierarchy for the assets at December 31, 2024 and 2025:

Fair value measurement

at December 31, 2024 using

 

Quoted prices in

 

Significant

 

Significant

 

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2024

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

Fair value measurement

at December 31, 2025 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

Total losses

December 31, 2025

(Level 1)

inputs (Level 2)

inputs (Level 3)

for the year

Non-recurring fair value measurements for:

Long-term investments

—

(v) Foreign currency translation

(w) Income taxes

(x) Comprehensive income / (loss)

Comprehensive income / (loss) includes net income / (loss) and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive income / (loss).

(y) Share-based compensation

(z) Leases

Leases are classified at the inception date as either a finance lease or an operating lease.

The Group classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for a major part of the remaining economic life of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term.

The land use right is operating lease with terms of about 50 years. Other than the land use right, the lease terms of operating and finance leases vary from one year to five years.

(aa) Income / (loss) per share

Basic income / (loss) per ordinary share is computed by dividing net income / (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

(bb) Concentration of credit risk

(cc) Currency convertibility risk

(dd) Recent accounting pronouncements not yet adopted

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Statutory Reserves	Other Comprehensive Income / (loss)	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 17	$ 282,722	$ (28,615)		$ (1,024)	$ (249,224)	$ 3,876
Beginning Balance (in shares) at Dec. 31, 2022	226,569,381
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon vesting of nonvested shares (in shares)	36,000
Share-based compensation		415					415
Exercise of options and employee transactions			362			(362)
Exercise of options and employee transactions (in shares)	142,000
Sold of treasury shares			190			(145)	45
Sold of treasury shares (in shares)	74,656
Repurchase of ordinary shares			(2,296)				(2,296)
Repurchase of ordinary shares (in shares)	(3,571,460)
Net (loss) / income						(9,590)	(9,590)
Foreign currency translation adjustment, net of nil income taxes					(832)		(832)
Balance at Dec. 31, 2023	$ 17	283,137	(30,359)		(1,856)	(259,321)	(8,382)
Ending Balance (in shares) at Dec. 31, 2023	223,250,577
Increase (Decrease) in Stockholders' Equity
Share-based compensation		345					345
Treasury stock for ESOP		(716)	716
Treasury stock for ESOP (in shares)	268,000
Repurchase of ordinary shares			(1,237)				(1,237)
Repurchase of ordinary shares (in shares)	(2,849,814)
Net (loss) / income						(2,489)	(2,489)
Appropriation to statutory reserves				$ 390		(390)
Foreign currency translation adjustment, net of nil income taxes					(1,409)		(1,409)
Balance at Dec. 31, 2024	$ 17	282,766	(30,880)	390	(3,265)	(262,200)	$ (13,172)
Ending Balance (in shares) at Dec. 31, 2024	220,668,763						220,668,763
Increase (Decrease) in Stockholders' Equity
Share-based compensation		92					$ 92
Treasury stock for ESOP		(2,212)	2,212
Treasury stock for ESOP (in shares)	734,172
Repurchase of ordinary shares			(724)				(724)
Repurchase of ordinary shares (in shares)	(4,339,596)
Net (loss) / income						8,279	8,279
Appropriation to statutory reserves				6		(6)
Foreign currency translation adjustment, net of nil income taxes					1,542		1,542
Balance at Dec. 31, 2025	$ 17	$ 280,646	$ (29,392)	$ 396	$ (1,723)	$ (253,927)	$ (3,983)
Ending Balance (in shares) at Dec. 31, 2025	217,063,339						217,063,339

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

(LOSS) / INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. - basic	$ 8,279	$ (2,489)	$ (9,590)
Adjusted net (loss) / income attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd.-diluted	$ 8,279	$ (2,489)	$ (9,590)
Denominator:
Weighted average number of shares - basic	219,414,228	221,126,969	225,940,602
Effects of dilutive securities
Options and nonvested shares	160,340
Weighted average number of shares - diluted	219,574,568	221,126,969	225,940,602
Net (loss) / income per ordinary share - basic (in dollars per share)	$ 0.04	$ (0.01)	$ (0.04)
Net (loss) / income per ordinary share - diluted (in dollars per share)	$ 0.04	$ (0.01)	$ (0.04)
Employee Stock Option
Effects of dilutive securities
Shares excluded from the calculation of diluted loss per share	5,617,038	6,842,494	5,734,080
Nonvested shares
Effects of dilutive securities
Shares excluded from the calculation of diluted loss per share	36,000	104,000	150,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 0.000067	$ 0.000067
Ordinary shares, shares authorized	750,000,000	750,000,000
Ordinary shares, shares issued	244,955,045	244,955,045
Ordinary shares, shares outstanding	217,063,339	220,668,763
Treasury stock, shares	27,853,460	24,248,036

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,279	$ (2,489)	$ (9,590)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

The Group has evaluated subsequent events through the date of issuance of the consolidated financial statements and does not identify any events that would require recognition or disclosure in the consolidated financial statements.

ORDINARY SHARES

12 Months Ended

Dec. 31, 2025

ORDINARY SHARES

ORDINARY SHARES

9. ORDINARY SHARES

On or about September 4, 2024, the Company effected a reverse stock split of its ordinary shares at a ratio of 1-for-12 pursuant to which all existing shareholders of record on that date surrendered an aggregate of 114,233,006 ordinary shares for no consideration.

The Company sold 6,221 ADSs during the year ended December 31, 2023, representing 74,656 ordinary shares from its treasury shares with a total consideration of approximately $190.

On June 29, 2023, the Company announced the implementation and the execution of a share repurchase program of up to $10 million of the ordinary shares in the form of American Depositary Shares through December 31, 2023, then extended to March 31, 2024, further extended to June 30, 2024.

On March 31, 2025, the Company announced the implementation and the execution of a share repurchase program of up to $0.7 million of its ordinary shares in the form of American Depositary Shares through June 30, 2025. The Company had 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.

For the year ended December 31, 2023, pursuant to the share repurchase plan, the Company repurchased 297,622 ADSs, representing 3,571,460 ordinary shares with a total consideration of approximately $2,296.

For the year ended December 31, 2024, pursuant to the share repurchase plan, the Company repurchased 237,485 ADSs, representing 2,849,814 ordinary shares with a total consideration of approximately $1,237.

For the year ended December 31, 2025, pursuant to the share repurchase plan, the Company repurchased 361,633 ADSs, representing 4,339,596 ordinary shares with a total consideration of approximately $724.

Schedule I - Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information of the Parent Company

Condensed Financial Information of the Parent Company

LIGHTINTHEBOX HOLDING CO., LTD.

Schedule I—Condensed Financial Information of the Parent Company

Balance Sheets

(All amounts in thousands)


		December 31,
		2024			2025
ASSETS
Current assets
Cash and cash equivalents		$	73		$	55
Amounts due from subsidiaries			147,616			145,866
TOTAL ASSETS		$	147,689		$	145,921

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accrued expenses and other current liabilities		$	158		$	302
Deficit of investments in subsidiaries			160,703			149,602
TOTAL LIABILITIES		$	160,861		$	149,904

SHAREHOLDERS‘ DEFICIT
Ordinary shares		$	17		$	17
Additional paid-in capital			282,766			280,646
Treasury shares, at cost			(30,880)			(29,392)
Accumulated deficit			(261,810)			(253,531)
Accumulated other comprehensive income			(3,265)			(1,723)
TOTAL SHAREHOLDERS‘ DEFICIT			(13,172)			(3,983)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT		$	147,689		$	145,921

LIGHTINTHEBOX HOLDING CO., LTD.

Schedule I—Condensed Financial Information of the Parent Company

Statements of Operations and Comprehensive (Loss) / Income

(All amounts in thousands)


		Years ended December 31,
		2023			2024			2025
General and administrative		$	1,222		$	984		$	1,188
Operating loss			(1,222)			(984)			(1,188)
Share of (loss) / income from subsidiaries			(8,368)			(1,505)			9,467
Loss before income tax			(9,590)			(2,489)			8,279
Income tax expense			—			—			—
Net (loss) / income			(9,590)			(2,489)			8,279
Other comprehensive income loss:
Foreign currency translation adjustment, net of nil income tax			(832)			(1,409)			1,542
Total comprehensive (loss) / income attributable to Lightinthebox Holding Co., Ltd.’s shareholders		$	(10,422)		$	(3,898)		$	9,821

LIGHTINTHEBOX HOLDING CO., LTD.

Schedule I—Condensed Financial Information of the Parent Company

Statements of Cash Flows

(All amounts in thousands)


		Years ended December 31,
		2023			2024			2025
Cash flow from operating activities
Net (loss) / income		$	(9,590)		$	(2,489)		$	8,279
Adjustments to reconcile net income to net cash by operating activities
Share of (loss) / income from subsidiaries			8,368			1,505			(9,467)
Prepaid expenses and other current assets			30			156			—
Accrued expenses and other current liabilities			(72)			(509)			144
Net cash used in operating activities			(1,264)			(1,337)			(1,044)
Cash flows from investing activities
Changes in amounts due from subsidiaries			4,205			1,925			1,750
Capital injection to a subsidiary			—			(50)			—
Net cash provided by investing activities			4,205			1,875			1,750
Cash flows from financing activities
Issuance of ordinary shares from treasury shares			45			—			—
Repurchase of ordinary shares			(2,296)			(1,237)			(724)
Net cash used in financing activities			(2,251)			(1,237)			(724)
Net increase /(decrease) in cash and cash equivalents			690			(699)			(18)
Cash and cash equivalents at beginning of the year			82			772			73
Cash and cash equivalents at end of the year		$	772		$	73		$	55

The Company performed a test on the restricted net assets of its consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only.

As of December 31, 2025, there were no material contingencies, significant provisions of long-term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Parent Company.

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the parent company used the equity method to account for its investment in its subsidiaries.

The parent Company records its investments in subsidiaries under the equity method of accounting. Such investments are presented on the condensed balance sheets as “Deficit of investments in subsidiaries” and their respective loss as “Share of (loss) / income from subsidiaries” on the condensed statements of operations and comprehensive (loss) / income.

Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment is reduced to zero unless the investor has guaranteed obligations of the subsidiaries or is otherwise committed to provide further financial support. For the purpose of this parent only information, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and regardless of the carrying value of the investments even though the Parent Company is not obligated to provide continuing support or fund losses.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME
Net (loss) / income	$ 8,279	$ (2,489)	$ (9,590)
Other comprehensive (loss) / income:
Foreign currency translation adjustment, net of nil income taxes	1,542	(1,409)	(832)
Total comprehensive (loss) / income:	9,821	(3,898)	(10,422)
Comprehensive (loss) / income attributable to LightInTheBox Holding Co., Ltd.	$ 9,821	$ (3,898)	$ (10,422)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Schedule I - Condensed Financial Information of the Parent Company - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
TOTAL ASSETS	$ 72,002	$ 69,374
Current Liabilities
Accrued expenses and other current liabilities	48,956	54,091
TOTAL LIABILITIES	75,985	82,546
SHAREHOLDERS' DEFICIT
Ordinary shares	17	17
Additional paid-in capital	280,646	282,766
Treasury shares, at cost	(29,392)	(30,880)
Accumulated deficit	(253,927)	(262,200)
Accumulated other comprehensive income	(1,723)	(3,265)
TOTAL SHAREHOLDERS' DEFICIT	(3,983)	(13,172)	$ (8,382)	$ 3,876
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	72,002	69,374
LightInTheBox Holding Co., Ltd. \| Parent
Current assets
Cash and cash equivalents	55	73
Amounts due from subsidiaries	$ 145,866	$ 147,616
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	srt:SubsidiariesMember	srt:SubsidiariesMember
TOTAL ASSETS	$ 145,921	$ 147,689
Current Liabilities
Accrued expenses and other current liabilities	302	158
Deficit of investments in subsidiaries	149,602	160,703
TOTAL LIABILITIES	149,904	160,861
SHAREHOLDERS' DEFICIT
Ordinary shares	17	17
Additional paid-in capital	280,646	282,766
Treasury shares, at cost	(29,392)	(30,880)
Accumulated deficit	(253,531)	(261,810)
Accumulated other comprehensive income	(1,723)	(3,265)
TOTAL SHAREHOLDERS' DEFICIT	(3,983)	(13,172)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 145,921	$ 147,689

PREPAYMENTS AND OTHER CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Schedule of components of prepayments and other current assets


		As of December 31,
		2024			2025

Prepayments to suppliers ⁽¹⁾		$	1,264		$	762
Deferred expenses			88			57
Rental deposits and prepaid rents			469			593
Others			789			472
Total		$	2,610		$	1,884

(1)	The prepayments primarily consist of shipping costs and advertising fee paid in advance.

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INCOME TAXES
Unrecognized tax benefits	$ 0	$ 107

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued advertising fees	$ 23,555	$ 19,599
VAT and other taxes payable	21,022	30,345
Accrued payroll and staff welfare	1,538	1,622
Accrued sales return	784	451	$ 1,376
Accrued professional fees	701	765
Others	1,356	1,309
Total	48,956	54,091
Movements in accrued sales return
Balance at the beginning of the period	451	1,376
Allowance for sales return accrued in the year	9,104	7,154	15,732
Utilization of accrued sales return allowance	(8,771)	(8,079)
Balance at the end of the period	$ 784	$ 451	$ 1,376

INCOME TAXES - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Loss before income tax		$ (2,528)	$ (9,550)
Income tax calculated at the statutory tax rate of the PRC	$ 2,055	(632)	(2,387)
Effect of income tax rate differences in jurisdictions other than the PRC		468	1,151
Non-deductible expenses		77	129
Statutory expense		(101)	(293)
R&D super deduction	(724)	(1,700)	(2,904)
Effect of preferential tax rates		50	(86)
Prior year true up		88	(71)
Changes in valuation allowances		1,711	4,501
Income tax expense / (benefit)	$ (61)	$ (39)	$ 40
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC
Percent
Income tax calculated at the statutory tax rate of the PRC (as a percent)	25.00%	25.00%	25.00%
R&D super deduction	(8.80%)
Income tax benefit	(0.70%)
PRC
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Changes in valuation allowances	$ 761
Other adjustment	$ 30
Percent
Changes in valuation allowance	9.30%
Other adjustments	0.40%
Hong Kong
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income tax calculated at the statutory tax rate of the PRC	$ (563)
Changes in valuation allowances	(1,647)
Changes in unrecognized tax benefits	(107)
Non-taxable income	(348)
Other adjustment	$ 35
Percent
Statutory tax rate difference	(6.90%)
Changes in valuation allowance	(20.00%)
Changes in unrecognized tax benefits	(1.30%)
Percentage of effective rate	(4.20%)
Other adjustments	0.40%
Singapore and other regions
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income tax calculated at the statutory tax rate of the PRC	$ 359
Changes in valuation allowances	$ 88
Percent
Statutory tax rate difference	4.30%
Changes in valuation allowance	1.10%

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

Cayman Islands

The Company and Ezbuy Holding Co., Limited (“Ezbuy”) are two tax-exempted companies incorporated in the Cayman Islands and are not subject to tax on income or capital gains.

Hong Kong

Light In The Box, Lanting International, LT ecommerce, Ezbuy HK, Yourstore and My Wardrobe are located in Hong Kong and subject to Hong Kong profits tax at 16.5% with respect to the profit generated from Hong Kong. It is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced since year 2018 where the first HK$2,000,000 of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates.

PRC

The Company’s subsidiaries in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008, except for the following entities eligible for preferential tax rates.

Under the EIT Law, if an entity is certified as a “High and New Technology Enterprise” (“HNTE”), it is entitled to a preferential income tax rate of 15%. Shanghai Lanting was eligible to a tax rate of 15% from 2022 to 2024. Beijing Lanting was eligible to a tax rate of 15% from 2024 to 2026.

Singapore

Ching International service PTE.LTD, Avant E-Commerce Service PTE.LTD and Avant Logistic Service PTE.LTD are located in Singapore and are subject to 17% statutory income tax rate with respect to the profit generated from Singapore, with 75% exemption on the first SGD 10,000 of taxable income and further 50% exemption on the next SGD 190,000 of taxable income.

The components of (loss) / income before income tax are as follows:


		Years ended December 31,
		2023			2024			2025

PRC		$	1,795		$	325		$	(147)
Hong Kong			(9,307)			(3,887)			10,150
Singapore and other regions			(2,038)			1,034			(1,785)
Total		$	(9,550)		$	(2,528)		$	8,218

The income tax expense / (benefit) comprises:


	Years ended December 31,
	2023		2024		2025
Current tax
PRC	$	—	$	—	$	32
Hong Kong		—		—		14
Singapore and other regions		—		9		—
		—		9		46
Deferred tax
PRC		—		—		—
Hong Kong		—		—		(107)
Singapore and other regions		40		(48)		—
		40		(48)		(107)
Income tax expense / (benefit)	$	40	$	(39)	$	(61)

Upon the prospective adoption of ASU 2023-09 for the year ended December 31, 2025, the reconciliation of the Group’s reported income tax expense to the theoretical tax amount that would arise using the statutory tax rate of the PRC against the Group’s income before income taxes is as follows. The statutory tax rate of the PRC is applied as the Company has its principal place of business in the PRC.


	Year December 31, 2025
Income tax calculated at the statutory tax rate of the PRC	$	2,055	25.0	%
Domestic tax effects
R&D super deduction		(724)	(8.8)	%
Changes in valuation allowance		761	9.3	%
Other adjustments		30	0.4	%
Foreign tax effects
Hong Kong
Statutory tax rate diﬀerence between Hong Kong and PRC		(563)	(6.9)	%
Changes in valuation allowances		(1,647)	(20.0)	%
Changes in unrecognized tax benefits		(107)	(1.3)	%
Non-taxable income		(348)	(4.2)	%
Other adjustments		35	0.4	%
Singapore and other regions
Statutory tax rate diﬀerence between Singapore and other regions and PRC		359	4.3	%
Changes in valuation allowances		88	1.1	%
Income tax benefit	$	(61)	(0.7)	%

The comparative periods of the years ended December 31, 2023 and 2024 have not been restated and follow the prior disclosure requirements in ASC 740, and are as follows:


		Years ended December 31,
		2023			2024

Loss before income tax		$	(9,550)		$	(2,528)
Statutory income tax rate in the PRC			25	%		25	%
Income tax benefit at statutory tax rate			(2,387)			(632)
Non-deductible expenses			129			77
Statutory expense			(293)			(101)
R&D super deduction			(2,904)			(1,700)
Effect of preferential tax rates			(86)			50
Effect of income tax rate differences in jurisdictions other than the PRC			1,151			468
Prior year true up			(71)			88
Changes in valuation allowances			4,501			1,711
Income tax expense / (benefit)		$	40		$	(39)

The principal components of the deferred tax assets and liabilities are as follows:


		As of December 31,
		2024			2025
Deferred tax assets:
Allowance for credit losses		$	158		$	161
Write-down for inventory			18			56
Lease liabilities			1,538			834
Net operating loss carry forwards			36,108			33,315
Gross deferred tax assets			37,822			34,366
Less: Valuation allowance			(36,017)			(33,318)
Total deferred tax assets, net		$	1,805		$	1,048

Deferred tax liabilities:
Property and equipment, net		$	(100)		$	(77)
Acquired intangible assets			(268)			(244)
Operating lease ROU assets			(1,538)			(834)
Total deferred tax liabilities		$	(1,906)		$	(1,155)
Net deferred tax assets			—			—
Net deferred tax liabilities		$	(101)		$	(107)

As of December 31, 2025, the accumulated tax losses of subsidiaries incorporated in PRC, Hong Kong, Singapore and other regions, subject to the agreement of the relevant tax authorities, of $24,673, $180,572, $6,637 and $1,018, respectively, are allowed to be carried forward to offset future taxable profits. The carry forward of tax losses in Hong Kong and Singapore generally have no time limit, while the tax loss in PRC will expire, if unused, in the years ending December 31, 2026 through 2033.

The Group plans to indefinitely reinvest the undistributed earnings of its subsidiaries. As of December 31, 2025, all of the earnings distributable by our subsidiaries in China were reserved for permanent reinvestment in China, and no withholding tax has been accrued.

The Group’s valuation allowance is considered on each individual subsidiary. The Group has recognized the valuation allowance against deferred tax assets as the Group believes that it is more likely than not that its deferred tax assets will not be realized as it does not expect to generate sufficient taxable income in the near future.

Movement of valuation allowance


		Years ended December 31,
		2024			2025

Balance at beginning of the period		$	34,500		$	36,017
Additions / (deductions)			1,517			(547)
Decrease related to subsidiaries’ cancellation			—			(2,152)
Balance at end of the period		$	36,017		$	33,318

Unrecognized Tax Benefits

As of December 31, 2024 and 2025, the carrying amounts of unrecognized tax benefits were $107 and $nil, respectively.

The Company and its subsidiaries’ major tax jurisdictions are Hong Kong, PRC and Singapore. Income tax returns of the Company and its subsidiaries remain open and subject to examination by the local tax authorities of Hong Kong, PRC and Singapore until the statute of limitations expire in each corresponding jurisdiction. The statute of limitations in Hong Kong, PRC and Singapore are between four and six years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details