TTSH TILE SHOP HOLDINGS, INC.

Overview and Growth

In fiscal 2025, TILE SHOP HOLDINGS, INC. recorded $336.82M of revenue, net loss of $4.49M, and an operating cash inflow of $5.79M. At $336.82M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 3.0% from $347.07M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was -$0.10, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.05 in fiscal 2024, the current result was 300.0% lower. Asset turnover was 1.12x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $215.02M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 63.8% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $5.81M, reflecting costs that exceeded gross profit. The operating loss equaled 1.7% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $4.49M for the fiscal year. Measured against revenue, the bottom-line deficit represented 1.3% after all recognized items. Before income taxes, the company recorded a loss of $5.86M, bridging the operating result to the final net loss. The pretax loss equaled 1.7% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $1.36M, favorably bridging the pretax and after-tax results. The net loss equaled 5.2% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 1.5%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

The company held $301.73M of assets against $214.49M of liabilities and $87.24M of equity, revealing how the asset base was financed. The near-term balance sheet paired $113.00M of current assets with $79.21M of current liabilities at the reporting date. The current ratio was 1.43x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $10.12M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 12.8%, excluding receivables and other current assets. The company carried $25.00M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.29x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 8.3% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 71.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 3.4% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 5.6% lower than fiscal 2024 assets of $319.60M, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $5.79M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $9.56M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 165.1% of operating cash flow, quantifying the share of cash from operations directed to investment. Operating cash flow and capital spending combined to leave a $3.77M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 1.1%. Relative to total assets, the post-investment cash deficit measured 1.3%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.