$TTSH

TILE SHOP HOLDINGS, INC.

CIK:0001552800|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Operations [Abstract]
Net sales	$ 336,820	$ 347,071	$ 377,146
Cost of sales	121,800	119,197	134,085
Gross profit	215,020	227,874	243,061
Selling, general and administrative expenses	220,834	224,357	226,903
(Loss) Income from operations	(5,814)	3,517	16,158
Interest expense, net	(41)	(275)	(2,164)
(Loss) Income before income taxes	(5,855)	3,242	13,994
Benefit (Provision) for income taxes	1,361	(921)	(3,923)
Net (loss) income	$ (4,494)	$ 2,321	$ 10,071
Income per common share:
Basic	$ (0.10)	$ 0.05	$ 0.23
Diluted	$ (0.10)	$ 0.05	$ 0.23
Weighted average shares outstanding:
Basic	43,697,270	43,714,567	43,424,089
Diluted	43,697,270	43,851,653	43,620,790

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	$ (4,494)	$ 2,321	$ 10,071
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	15,973	17,759	21,229
Amortization of debt issuance costs	72	72	257
Gain on disposals of property, plant and equipment	(132)	(138)	(13)
Impairment charges	290	949	1,027
Non-cash lease expense	27,859	26,950	25,844
Stock based compensation	1,282	1,338	1,392
Deferred income taxes	(1,664)	366	1,280
Changes in operating assets and liabilities:
Receivables	(376)	(203)	528
Inventories	(3,132)	7,413	27,272
Other current assets, net	433	1,723	3,316
Accounts payable	1,260	826	123
Income tax receivable / payable	(294)	(1,793)	4,861
Accrued expenses and other liabilities	(31,285)	(30,476)	(35,127)
Net cash provided by operating activities	5,792	27,107	62,060
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(9,564)	(14,538)	(15,313)
Proceeds from insurance	3	100
Proceeds from the sale of property, plant and equipment	195	102	58
Net cash used in investing activities	(9,366)	(14,336)	(15,255)
Cash Flows From Financing Activities
Payments of long-term debt		(10,000)	(65,400)
Advances on line of credit	25,000	10,000	20,000
Proceeds from exercise of stock options			4
Repurchases of common stock	(31,979)
Employee taxes paid for shares withheld	(284)	(503)	(532)
Net cash used in financing activities	(7,263)	(503)	(45,928)
Effect of exchange rate changes on cash		69	(16)
Net change in cash and cash equivalents	(10,837)	12,337	861
Cash and cash equivalents beginning of period	20,957	8,620	7,759
Cash and cash equivalents end of period	10,120	20,957	8,620
Supplemental disclosure of cash flow information
Purchases of property, plant and equipment included in accounts payable and accrued expenses	317	59	430
Cash paid for interest	239	306	2,082
Cash paid (received) for income taxes, net of refunds	$ 597	$ 2,349	$ (2,218)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 10,120	$ 20,957
Receivables, net	3,461	3,085
Inventories	89,399	86,267
Income tax receivable	1,161	850
Other current assets, net	8,861	8,663
Total Current Assets	113,002	119,822
Property, plant and equipment, net	54,316	59,733
Right of use asset	126,261	132,861
Deferred tax assets	6,554	4,890
Other assets	1,592	2,297
Total Assets	301,725	319,603
Current liabilities:
Accounts payable	25,326	23,808
Income tax payable	79	62
Current portion of lease liability	29,882	28,880
Other accrued liabilities	23,920	25,644
Total Current Liabilities	79,207	78,394
Long-term debt, net	25,000
Long-term lease liability, net	104,963	113,700
Other long-term liabilities	5,316	4,597
Total Liabilities	214,486	196,691
Stockholders’ Equity:
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 39,821,741 and 44,657,898 shares, respectively	4	4
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares
Additional paid-in capital	98,517	129,696
Accumulated deficit	(11,282)	(6,788)
Total Stockholders' Equity	87,239	122,912
Total Liabilities and Stockholders' Equity	$ 301,725	$ 319,603