Capstone Holding (CAPS) Registration filing summary

Company overview and business model

• Operates a technology-enabled building products distribution and installation platform across 38 U.S. states and two Canadian provinces through three subsidiaries, offering over 3,000 SKUs in stone and masonry products for residential and commercial markets.

• Focuses on expanding geographic presence, enhancing product portfolio, operational excellence, customer-centricity, and innovation, including the launch of proprietary products like ToroⓇ stone.

• Integrated supply chain and strategic distribution network support efficient inventory management and timely delivery.

• Experienced workforce and scalable infrastructure underpin growth objectives.

Financial performance and metrics

• Instone subsidiary revenues grew from $32.2 million in April 2020 to $44.2 million by December 31, 2025.

• Net tangible book value as of March 31, 2026, was $(9.0) million, or $(0.96) per share; after the offering, as-adjusted net tangible book value would be $(7.5) million, or $(0.52) per share.

• Recent acquisitions (Fraser Canyon Holdings/CSI and Carolina Stone Holdings) expanded revenue base and geographic reach.

Use of proceeds and capital allocation

• May receive up to $20 million in gross proceeds from sales to Tumim Stone Capital under the equity line, to be used for general corporate purposes and working capital.

• Management has broad discretion over use of proceeds, which may not necessarily improve financial condition or market value.