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Lightinthebox.com LightInTheBox Reports First Quarter 2021 Financial Results June 1 , 2021 SHANGHAI , June 1 , 2021 / PRNewswire / -- LightInTheBox Holding Co. , Ltd. ( NYSE : LITB ) ( " LightInTheBox " or the " Company " ) , a cross - border e - commerce platform that delivers products directly to consumers around the world , today announced its unaudited financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Financial Highlights Three Months Ended March 31 , March 31 , In millions , except percentages 2020 2021 Year - over - Year % Change Total revenues $ 51.5 $ 112.0 117.5 % Gross margin 46.4 % 46.6 % Net income $ 0.7 $ 1.4 87.2 % Adjusted EBITDA $ 1.4 $ 2.3 59.4 % As of December 31 , As of March 31 , In millions 2020 2021 Cash , cash equivalents and restricted cash $ 65.5 $ 60.1 Mr. Jian He , Chief Executive Officer of LightInTheBox , commented , " We were very pleased to start 2021 with strong growth momentum and more than doubling the revenues for the first quarter compared with a year ago . Total revenues were $ 112.0 million in the first quarter of 2021 , compared with $ 51.5 million in the same quarter of 2020. Adjusted EBITDA and net income in the first quarter of 2021 reached $ 2.3 million and $ 1.4 million , respectively , compared with $ 1.4 million and $ 0.7 million in the same quarter of 2020. The growth in revenue and profitability is our greatest motivation to continue to implement our established growth strategies leveraging technological innovations , and to improve our customers ' all - rounded shopping experience . " First Quarter 2021 Financial Results Total revenues increased by 117.5 % year - over - year to $ 112.0 million from $ 51.5 million in the same quarter of 2020. Revenues generated from product sales were $ 109.4 million , compared with $ 49.9 million in the same quarter of 2020. Revenues from service and others were $ 2.6 million , compared with $ 1.6 million in the same quarter of 2020. Included in product sales , revenues from apparel increased by 166 % to $ 57.6 million in the first quarter of 2021 , compared with $ 21.7 million in the first quarter of 2020 . Total cost of revenues was $ 59.8 million in the first quarter of 2021 , compared with $ 27.6 million in the same quarter of 2020. Cost for product sales was $ 59.0 million in the first quarter of 2021 , compared with $ 26.9 million in the same quarter of 2020. Cost for service and others was $ 0.8 million in the first quarter of 2021 , compared with $ 0.7 million in the same quarter of 2020 . Gross profit in the first quarter of 2021 was $ 52.3 million , compared with $ 23.9 million in the same quarter of 2020. Gross margin was 46.6 % in the first quarter of 2021 , compared with 46.4 % in the same quarter of 2020. The increase in gross margin was a result of the Company's continuous efforts to optimize the supply chain and product mix . Total operating expenses in the first quarter of 2021 were $ 50.9 million , compared with $ 27.1 million in the same quarter of 2020 . • Fulfillment expenses in the first quarter of 2021 were $ 7.2 million , compared with $ 5.0 million in the same quarter of 2020. As a percentage of total revenues , fulfillment expenses were 6.5 % in the first quarter of 2021 , compared with 9.8 % in the same quarter of 2020 and 6.7 % in the fourth quarter of 2020 . • Selling and marketing expenses in the first quarter of 2021 were $ 35.6 million , compared with $ 14.8 million in the same quarter of 2020. As a percentage of total revenues , selling and marketing expenses were 31.8 % for the first quarter of 2021 , compared with 28.7 % in the same quarter of 2020 and 33.1 % in the fourth quarter of 2020 . • G & A expenses in the first quarter of 2021 were $ 8.4 million , compared with $ 7.3 million in the same quarter of 2020. As a percentage of total revenues , G & A expenses were 7.5 % for the first quarter of 2021 , compared with 14.1 % in the same quarter of 2020 and 7.9 % in the fourth quarter of 2020. Included in G & A expenses , R & D expenses in the first quarter of 2021 were $ 4.9 million , compared with $ 3.5 million in the same quarter of 2020 and $ 4.8 million in the fourth quarter of 2020 . Income from operations was $ 1.4 million in the first quarter of 2021 , compared with loss from operations of $ 3.2 million in the same quarter of 2020 . Net income was $ 1.4 million in the first quarter of 2021 , compared with $ 0.7 million in the same quarter of 2020 . Net income per American Depository Share ( " ADS " ) was $ 0.01 in the first quarter of 2021 , compared with $ 0.01 in the same quarter of 2020. Each ADS represents two ordinary shares . Diluted net income per ADS was $ 0.01 in the first quarter of 2021 , compared with $ 0.01 in the same quarter of 2020 .