Tile Shop (TTSH) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were $336.8 million, down 3.0% from 2024, with a net loss of $4.5 million compared to net income of $2.3 million in 2024.

• Gross margin declined to 63.8% from 65.7% year-over-year, primarily due to increased product costs and tariffs.

• The company completed a reverse/forward stock split, paid $32.2 million to cashed-out shareholders, delisted from Nasdaq, and ceased SEC reporting obligations.

• 140 stores operated in 31 states and DC as of year-end 2025; two stores and a distribution center were closed during the year.

Financial highlights

• Net sales: $336.8M (2025), $347.1M (2024), $377.1M (2023).

• Net (loss) income: $(4.5)M (2025), $2.3M (2024), $10.1M (2023).

• Adjusted EBITDA: $11.4M (2025), $22.6M (2024), $38.8M (2023).

• Comparable store sales declined 2.8% in 2025.

• Cash and equivalents at year-end: $10.1M, down from $21.0M in 2024.

• Borrowings on revolving credit line: $25.0M at year-end 2025.

Outlook and guidance

• Management expects to use liquidity for store maintenance, inventory, and general corporate purposes.

• Uncertainty remains due to macroeconomic factors, tariffs, and housing market trends.

• No guidance provided for future dividends or stock repurchases.