TILE SHOP HOLDINGS, INC.

Specialty tile retailer with a loss year and declining sales, now deregistered and going dark.

Strengths

• Gross margin 63.8% (74th pct) and a cash runway near 10.7 quarters (66th pct)
• Established 140-store specialty brand with proprietary sourcing and private-label materials

Risks

• Operating loss (-1.7% margin), net margin -1.3%, ROA -1.5%, interest coverage -142 (8th pct)
• Sales declining ($336.8M from $347M) and negative FCF; deregistration reduces future transparency

Notable findings

• No interest coverageInterest coverage -141.80 (cannot cover interest)
• Net lossNet loss (net margin -1.3%)
• Cash burnNegative free cash flow (-3.8M)
• Buying back stockNet buyback — share count -4%/yr over 4y