Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company offers upholstered, wood, and metal-based furniture pieces for the living, dining, and bedrooms, as well as home offices. Its products include sofas, chairs, dining and coffee tables, beds, entertainment consoles, cabinets, and cupboards. The company also provides physiotherapeutic jade mats for use in therapy clinic, hospitality, and real estate projects. It distributes its products under the Diamond Sofa brand directly, as well as through internet sales and online marketing campaigns, and participation in exhibitions and trade shows primarily to furniture distributors and retailers. The company was formerly known as Stevens Resources, Inc. Nova LifeStyle, Inc. was founded in 2003 and is headquartered in Commerce, California.
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Ashley Furniture for an international market.
The Gap of home furnishings.
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Residential Furniture: Nova Lifestyle designs, manufactures, and sells a wide range of modern lifestyle furniture for homes, including sofas, dining sets, and bedroom collections.
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Upholstery Products: The company offers various upholstered furniture pieces such as sofas, sectionals, and recliners.
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Case Goods: Nova Lifestyle provides non-upholstered furniture items including dining room sets, bedroom sets, and entertainment centers.
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Nova Lifestyle (symbol: NVFY) primarily operates on a business-to-business (B2B) model, selling its furniture products to furniture dealers, distributors, and retailers.
According to the company's annual report (10-K filing) for the fiscal year ended December 31, 2022, and consistent with previous filings, no single customer accounted for more than 10% of the company's total net sales for either the 2022 or 2021 fiscal years. This indicates that Nova Lifestyle has a diverse customer base and does not have major customers significant enough to be individually disclosed by name in their public filings.
Therefore, specific names of major customer companies cannot be provided as none meet the disclosure threshold typically required for public companies.
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Xiaohua Lu, Chief Executive Officer
Mr. Lu has over two decades of leadership experience in consulting, investment, and project management. He served as the General Manager of Drem Consulting Pte Ltd. from January 2024 to April 2025 and as an independent financial advisor for Promiseland Financial Advisory Pte Ltd. from February 2022 to April 2025. Additionally, Mr. Lu was a director of Wiselink Global Pte Ltd. from January 2019 to December 2022 and the Chief Executive Officer of Blackamber Investment Limited (New Zealand) from October 2012 to December 2018. He holds a Bachelor's degree in Vehicle Engineering and Commercial Business English from Jilin University, China, and has completed executive courses from Yale University, Wharton, and HKUST.
Jeffery Chuang, Chief Financial Officer and Principal Accounting Officer
Mr. Chuang has 22 years of experience in the accounting field. Prior to joining Nova Lifestyle, he served as the managing partner of Z & C CPAs, LLP from June 2011 to August 2017. Mr. Chuang is a Certified Public Accountant and a member of the California Society of Certified Public Accountants. He earned a Bachelor of Science in Finance from California State University, Northridge, and a Master of Science in Taxation from Golden Gate University, Los Angeles.
Yizhou Steven Zhao, Chief Operating Officer and Corporate Secretary
Mr. Zhao specializes in statistical modeling, predictive analytics, and machine learning to support business decisions and optimize operations. His professional experience includes roles at Bloomberg L.P. and Carrefour China. He holds an M.A. in Statistics from Columbia University and a B.Sc. in Statistics and Economics from Queen's University.
Mark Chapman, Vice President, Marketing
Mr. Chapman has 20 years of experience in the furniture industry. He has served as Sales Manager of Diamond Sofa since 2004 and was previously the Director of Purchasing for ACE TV Rentals, Central Rents, and Day Page. Mr. Chapman graduated from Augustana College with a Bachelor of Science Degree in Business Administration Management and Marketing.
Thanh H. Lam, Chairperson of the Board
Ms. Lam was a co-founder and former Chief Executive Officer of the Diamond Sofa brand in 1992, which was a wholly-owned subsidiary acquired by Nova Lifestyle in August 2011. She has extensive experience in U.S. furniture product marketing. Ms. Lam holds a Bachelor of Science in Business and Finance from California State University, Los Angeles.
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The clear emerging threat for Nova Lifestyle (NVFY) is the rise of "Furniture as a Service" (FaaS) or subscription furniture models. Companies such as Feather and Fernish are increasingly offering furniture rental and subscription services, particularly targeting urban dwellers, young professionals, and individuals who frequently relocate or prefer flexibility over ownership. This model directly challenges Nova Lifestyle's core business of designing, manufacturing, and selling furniture for purchase, as it offers an alternative consumption paradigm that could shift consumer preferences away from traditional furniture ownership.
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Nova Lifestyle (symbol: NVFY) operates in the home furnishings industry, specializing in the design, manufacturing, and distribution of residential and commercial furniture. Their product offerings include living room, dining, and bedroom sets, accent pieces, and home décor items, with a focus on modern and contemporary styles. The company primarily has a market presence in North America and Europe, and sells its products globally through retail showrooms and an e-commerce platform.
Addressable Markets for Nova Lifestyle's Main Products and Services:
Global Market
- Global Furniture Market: The global furniture market size was estimated at USD 745.65 billion in 2024 and is projected to reach USD 1,334.08 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2033.
- Global Home Furnishings Market: The global home furnishing market size was estimated at USD 1,018.2 billion in 2024 and is projected to reach USD 1,703.86 billion by 2030, growing at a CAGR of 9.2% from 2025 to 2030.
- Global E-commerce Furniture Market: The global e-commerce furniture market size was USD 34.6 billion in 2024 and is expected to grow to USD 36.99 billion in 2025 at a CAGR of 6.9%. It is projected to reach USD 48.38 billion by 2029.
U.S. Market
- U.S. Furniture Market: The United States furniture market size was valued at USD 189.8 billion in 2024 and is estimated to reach USD 250.9 billion by 2033, exhibiting a CAGR of 3.1% from 2025-2033.
- U.S. Household Furniture Market: The U.S. household furniture market was valued at USD 91.1 billion in 2024 and is expected to increase to USD 118.6 billion by 2032, advancing at a CAGR of 3.5% during 2025–2032.
- U.S. Home Furnishings Market (Stores): The market size of Home Furnishings Stores in the U.S. was estimated at USD 90.5 billion in 2024 and is projected to be USD 90.9 billion in 2025.
- U.S. E-commerce Furniture Market: The U.S. furniture e-commerce market generated an e-commerce revenue of US$68,864 million (approximately USD 68.86 billion) in 2024.
- U.S. Home Office Furniture Market: The United States home office furniture market size reached US$ 6.2 billion in 2023 and is expected to reach US$ 9.5 billion by 2032, exhibiting a growth rate (CAGR) of 4.93% during 2024-2032.
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Here are the expected drivers of future revenue growth for Nova Lifestyle (symbol: NVFY) over the next 2-3 years:
- Increase in Average Selling Price and Shift to Higher-Margin Products: Nova Lifestyle has demonstrated a strategy of increasing its average selling prices and shifting its product mix towards higher-margin offerings. For instance, in the first quarter of 2025, net sales increased by 10.9% due to a 26% rise in the average selling price, which offset a decline in sales volume. This also led to an expansion of the gross margin to 46% from 43%. Similarly, for the fiscal year ended December 31, 2024, an increase in average selling price of 43% partially offset a decrease in sales volume, contributing to an improved gross profit margin. This focus on premiumization and value pricing is expected to continue driving revenue growth.
- North American Market Focus and Expansion: North America remains Nova Lifestyle's dominant market, with sales to the region consistently increasing. In the first quarter of 2025, sales to North America rose by 12.6%, accounting for nearly all of the quarter's total revenues. The growth in quarterly sales in Q3 2024 was also driven by better performance in North America, with a 4.9% increase in revenue from the prior year. Continued focus and potential expansion within this primary market will be a key revenue driver.
- Improvements in Logistics and Operational Efficiencies: Nova Lifestyle's management has been implementing operational steps to strengthen the business's fundamentals. This includes improvements to its logistics network to enhance efficiencies, as noted in the third quarter of fiscal year 2024. These efforts are expected to better position the company moving forward. Improved operational efficiencies and logistics can lead to better customer service and delivery, potentially increasing sales and market share.
- Development of New IT Systems and Participation in Trade Shows: The company's management has outlined plans to address financial challenges by increasing sales through participation in trade shows and developing new IT systems. Investments in new IT systems can enhance various aspects of the business, from inventory management to customer relationship management, ultimately supporting sales growth. Active participation in trade shows provides direct channels for showcasing products, reaching new customers, and driving sales.
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Share Issuance
- In October 2025, Nova Lifestyle raised approximately $14 million through a registered direct offering by selling 3,708,500 shares of common stock at $3.78 per share.
- In September 2025, the company completed a $9.0 million public offering, consisting of 9,836,054 shares of common stock and 19,672,108 warrants, priced at $0.915 per share.
- In October 2024, Nova Lifestyle issued 3,321,429 shares of common stock, valued at $1.40 per share (approximately $4.6 million), to purchase inventory from five suppliers.
Inbound Investments
- In November 2024, cash provided by financing activities amounted to $960,000, primarily from a shareholder loan and a private placement.
Outbound Investments
- In September 2025, Nova Lifestyle invested approximately US$5.66 million to acquire a 99.815% interest in Preamble Capital, which holds a 6.667% stake in a fund owning SpaceX shares. This investment is part of a strategic shift towards technology and innovation-driven sectors.
Capital Expenditures
- For the last 12 months (ending around October 2025), capital expenditures were approximately $14,120.
- Proceeds from the $9.0 million public offering in September 2025 are planned to be used for various purposes, including capital expenditures.
