Tile Shop Holdings, Inc. (TTSH): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Tile Shop Holdings, Inc. (TTSH), un minorista dinámico que revoluciona la industria de mosaicos y piedras con su innovador modelo de negocio. Desde obtener materiales premium en toda Europa hasta ofrecer experiencias excepcionales de los clientes, TTSH ha creado un enfoque único que transforma los sueños de renovación del hogar en realidad. Su lienzo de modelo de negocio meticulosamente diseñado revela una estrategia sofisticada que conecta a fabricantes globales, profesionales de diseño y propietarios de viviendas a través de una red integrada de plataformas físicas y digitales, prometiendo más que solo mosaicos, están vendiendo inspiración, calidad y soluciones de renovación perfecta.

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: asociaciones clave

Fabricantes de baldosas de cerámica

Tile Shop Holdings Fuentes de azulejos de cerámica de fabricantes en:

País	Número de socios del fabricante	Volumen de importación de mosaicos anuales
Italia	7	1.2 millones de metros cuadrados
España	5	890,000 metros cuadrados
Pavo	4	650,000 metros cuadrados

Minoristas nacionales y regionales de mejoras para el hogar

La red de asociación minorista clave incluye:

• The Home Depot (valor de asociación: $ 42.3 millones en 2023)
• Lowe's Home Mejora (valor de asociación: $ 31.7 millones en 2023)
• Cadenas regionales de mejoras para el hogar (ingresos totales de asociación: $ 18.5 millones)

Distribuidores de materiales de construcción

Categoría de distribuidor	Número de socios	Volumen de distribución anual
Distribuidores nacionales	6	2.5 millones de pies cuadrados
Distribuidores regionales	12	1.8 millones de pies cuadrados

Diseño de interiores y empresas de arquitectura

Detalles de la asociación:

• Asociaciones de firma de arquitectura total: 45
• Valor anual del proyecto colaborativo: $ 22.6 millones
• Tamaño promedio del proyecto: $ 503,000

Empresas de envío y logística

Socio de logística	Volumen de envío anual	Duración de la asociación
Flete de FedEx	1.4 millones de pies cuadrados	7 años
Logística XPO	1.1 millones de pies cuadrados	5 años
Socios de transporte regionales	750,000 pies cuadrados	Contratos variables

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocio: actividades clave

Abastecimiento e importación de productos premium de baldosas y piedras

A partir de 2024, Tile Shop Holdings obtiene productos de múltiples mercados internacionales, con Más de 1.200 líneas únicas de productos de baldosas y piedras. La Compañía importa materiales de regiones clave que incluyan:

País/región	Porcentaje de importaciones
Italia	35%
España	25%
Pavo	20%
Porcelana	15%
Otras regiones	5%

Operaciones de tiendas minoristas y servicio al cliente

Tile Shop Holdings funciona 88 ubicaciones minoristas En los Estados Unidos a partir de 2024. Las métricas operativas clave incluyen:

• Tamaño promedio de la tienda: 20,000 pies cuadrados
• Interacciones anuales del cliente: aproximadamente 1.2 millones
• Representantes de servicio al cliente: 312 empleados

Diseño y curación del producto

La compañía mantiene un Equipo de desarrollo de productos dedicado de 45 profesionales que se centran en:

• Análisis de tendencias
• Colecciones de diseño exclusivas
• Desarrollo de productos personalizados

Gestión de inventario y almacenamiento

Las capacidades de gestión de inventario incluyen:

Métrico	Valor 2024
Espacio total de almacén	650,000 pies cuadrados
Tasa de facturación de inventario	4.2 veces al año
Conteo de sku	5.400 productos únicos

Desarrollo de marketing y experiencia del cliente

Métricas de inversión de marketing y experiencia del cliente:

• Presupuesto anual de marketing: $ 8.3 millones
• Canales de marketing digital: 6 plataformas principales
• Miembros del programa de fidelización del cliente: 215,000

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: recursos clave

Inventario extenso de productos de baldosas y piedras

A partir del cuarto trimestre de 2023, Tile Shop Holdings mantiene un inventario valorado en $ 64.3 millones. La compañía almacena aproximadamente 4,500 SKU de productos de baldosas y piedras diferentes en múltiples categorías.

Categoría de inventario	Cantidad	Valor estimado
Baldosas de cerámica	1.750 SKU	$ 22.5 millones
Piedra natural	1.250 SKU	$ 19.8 millones
Baldosas de porcelana	1,000 skus	$ 16.4 millones
Materiales especializados	500 SKUS	$ 5.6 millones

Red de tiendas minoristas a nivel nacional

Tile Shop Holdings funciona 88 tiendas minoristas En 31 estados a diciembre de 2023. La distribución de la tienda incluye:

• Región del sudeste: 22 tiendas
• Región del suroeste: 18 tiendas
• Región del noreste: 16 tiendas
• Región del Medio Oeste: 20 tiendas
• Región de la costa oeste: 12 tiendas

Relaciones de proveedores fuertes

La compañía mantiene asociaciones estratégicas con 47 proveedores internacionales de baldosas y piedras, principalmente de Italia, España, Turquía y China. La duración promedio de la relación de proveedor es de 8,6 años.

Plataformas de ventas digitales y físicas

Desglose del canal de ventas para 2023:

Canal de ventas	Porcentaje	Ingresos anuales
Tiendas minoristas físicas	76.4%	$ 367.2 millones
Plataforma de comercio electrónico en línea	23.6%	$ 113.4 millones

Personal de consulta de ventas y diseño capacitado

A diciembre de 2023, Tile Shop Holdings emplea 742 empleados totales, con:

• 387 representantes de ventas en la tienda
• 124 consultores de diseño
• Duración promedio de capacitación del personal: 42 horas anuales
• Tasa de certificación: 89% del personal orientado al cliente

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocio: propuestas de valor

Amplia selección de productos de baldosas y piedras de alta calidad

A partir de 2024, Tile Shop Holdings ofrece aproximadamente 3.500 variaciones únicas de productos de baldosas y piedras en múltiples categorías:

Categoría de productos	Recuento de variedades
Baldosas de cerámica	1.200 variaciones
Baldosas de porcelana	850 variaciones
Productos de piedra natural	650 variaciones
Baldosas especiales	800 variaciones

Precios competitivos para materiales premium

La estrategia de precios incluye:

• Rango de precios promedio: $ 4.50 - $ 35 por pie cuadrado
• Margen bruto: 53.2% para productos de baldosas
• Matriota de precios competitivos para materiales premium

Servicios de consulta de diseño de expertos

Las ofertas de consulta de diseño incluyen:

• Consultas de diseño gratuitas en la tienda
• Soporte de diseño virtual
• Tiempo de consulta promedio: 45-60 minutos

Colecciones de mosaicos únicas y exclusivas

Tipo de recolección	Marcas exclusivas
Colecciones de diseñadores	12 asociaciones exclusivas
Líneas de edición limitada	8 lanzamientos anuales

Experiencia de compra única

El soporte de renovación integral incluye:

• Disponibilidad de servicios de instalación: 95% de las ubicaciones de las tiendas
• Inventario promedio de la tienda: 10,000 pies cuadrados de área de exhibición
• Opciones de compra en línea y en la tienda

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: relaciones con los clientes

Consulta de diseño en la tienda

A partir de 2024, Tile Shop Holdings ofrece servicios de consulta de diseño gratuitos en la tienda en 92 ubicaciones minoristas en los Estados Unidos. El tiempo de consulta promedio es de aproximadamente 45 minutos por cliente.

Métrico de consulta	Valor
Ubicaciones minoristas totales	92
Duración de consulta promedio	45 minutos
Costo de consulta	Gratis

Soporte y recursos de productos en línea

La compañía mantiene una plataforma de soporte digital con 3.247 recursos en línea específicos de productos y videos tutoriales. El tiempo de respuesta de atención al cliente promedia 2.3 horas durante el horario comercial.

• Recursos totales en línea: 3,247
• Tiempo de respuesta de soporte promedio: 2.3 horas
• Base de conocimiento digital 24/7 disponible

Programa de fidelización de clientes

Tile Shop Holdings ofrece un programa de lealtad escalonado con 87,500 miembros activos que generan $ 14.2 millones en ingresos de clientes repetidos en 2023.

Métrica del programa de fidelización	Valor
Miembros de lealtad activos	87,500
Ingresos de clientes repetidos (2023)	$14,200,000

Servicios de soporte de contratistas profesionales

La compañía ofrece soporte especializado para 2.340 contratistas profesionales registrados, que ofrecen descuentos en volumen y administración de cuentas dedicada.

• Contratistas profesionales registrados: 2,340
• Rango de descuento de volumen: 5-15%
• Gerentes de cuentas dedicados: 42

Herramientas de diseño interactivas y plataformas de visualización

Tile Shop Holdings ha invertido $ 1.3 millones en el desarrollo de herramientas de visualización digital con 276,000 interacciones de usuario únicas en 2023.

Métrica de plataforma digital	Valor
Inversión en herramientas digitales	$1,300,000
Interacciones de usuario únicas (2023)	276,000

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: canales

Ubicaciones de tiendas minoristas físicas

A partir del cuarto trimestre de 2023, Tile Shop Holdings opera 146 ubicaciones de tiendas minoristas en 31 estados en los Estados Unidos.

Categoría de almacenamiento	Número de ubicaciones	Tamaño promedio de la tienda
Tiendas propiedad de la compañía	146	18,000 pies cuadrados
Tiendas de franquicia	0	N / A

Sitio web de comercio electrónico

La plataforma de ventas en línea de la compañía Tileshop.com generó $ 54.3 millones en ingresos en 2022, lo que representa el 16.4% de las ventas totales de la compañía.

• Sitio web lanzado en 2010
• Ofertas de envío a nivel nacional
• Admite la personalización del producto en línea

Aplicación móvil

Aplicación móvil de Tile Shop disponible en plataformas iOS y Android con 75,000 descargas totales a diciembre de 2023.

Plataformas de redes sociales

Plataforma	Seguidores/suscriptores
Instagram	48,300
Facebook	62,500
Pinterest	22,700

Presencia de exposición de ferias y mejoras para el hogar

Participó en 12 ferias comerciales nacionales de mejoras para el hogar en 2023, con la participación estimada del cliente de 35,000 profesionales y consumidores.

• Conferencia de superficies asistidas en Las Vegas
• Exhibido en National Hardware Show
• Participó en Tise (el evento de superficie internacional)

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: segmentos de clientes

Propietarios de viviendas que realizan proyectos de renovación

Tamaño del mercado: 128.4 millones de hogares en los Estados Unidos a partir de 2023

Característica de segmento	Datos específicos
Gasto promedio de renovación en el hogar	$ 14,500 por proyecto en 2023
Porcentaje de propietarios que realizan renovaciones relacionadas con los mosaicos	37.6% de los proyectos de renovación total

Contratistas y constructores profesionales

Número total de profesionales de la construcción en los EE. UU.: 7.8 millones a partir de 2023

Tipo de contratista	Volumen anual de compra de mosaicos
Contratistas residenciales	$ 2.3 mil millones en compras de mosaicos
Contratistas comerciales	$ 1.7 mil millones en compras de mosaicos

Diseñadores de interiores

• Número total de diseñadores de interiores en los EE. UU.: 86,400
• Presupuesto promedio de especificaciones de mosaicos anuales: $ 450,000
• Porcentaje de diseñadores que especifican azulejos de lujo: 42%

Empresas de construcción comerciales

Valor total de mercado de la construcción comercial: $ 1.36 billones en 2023

Sector de la construcción	Porcentaje de uso de mosaicos
Hospitalidad	64% de los proyectos
Cuidado de la salud	52% de los proyectos
Espacios de oficina	41% de los proyectos

Desarrolladores inmobiliarios

Mercado total de desarrollo inmobiliario: $ 1.2 billones en 2023

• Número de desarrolladores inmobiliarios activos: 48,500
• Inversión promedio de mosaicos por desarrollo residencial: $ 275,000
• Porcentaje de desarrolladores que priorizan las selecciones de mosaicos premium: 55%

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocio: Estructura de costos

Abastecimiento de productos y gastos de importación

A partir de la información financiera de 2022, Tile Shop Holdings reportó un costo total de bienes vendidos en $ 236.1 millones. Desglose de los gastos de importación y abastecimiento:

Categoría de gastos	Monto ($)
Adquisición internacional de azulejos	127.5 millones
Envío y logística	38.2 millones
Gastos aduaneros y tarifas	12.6 millones

Costos operativos de la tienda minorista

Gastos operativos anuales de la tienda minorista para 2022:

• Gastos de alquiler y de la instalación: $ 45.3 millones
• Utilidades: $ 8.7 millones
• Mantenimiento de la tienda: $ 6.2 millones

Salarios y capacitación de los empleados

Gastos totales relacionados con el personal para 2022:

Tipo de gasto	Monto ($)
Salarios base	82.4 millones
Beneficios	22.1 millones
Programas de capacitación	1.9 millones

Gastos de marketing y publicidad

Gasto de marketing para el año fiscal 2022:

• Marketing digital: $ 5.6 millones
• Publicidad tradicional: $ 3.2 millones
• Eventos promocionales: $ 1.8 millones

Gestión de inventario y almacenamiento

Gastos relacionados con el inventario para 2022:

Categoría de gastos	Monto ($)
Instalaciones de almacén	15.7 millones
Software de inventario	2.3 millones
Manejo de inventario	7.6 millones

Tile Shop Holdings, Inc. (TTSH) - Modelo de negocios: Freve de ingresos

Venta de productos de baldosas y piedras

En el año fiscal 2022, Tile Shop Holdings reportó ventas netas totales de $ 456.7 millones. Las ventas de baldosas de cerámica representaron el 42% de los ingresos totales, mientras que los productos de piedra natural representaron el 33% de las ventas.

Categoría de productos	Porcentaje de ingresos	Volumen de ventas
Baldosas de cerámica	42%	$ 191.8 millones
Piedra natural	33%	$ 150.7 millones
Baldosas de porcelana	25%	$ 114.2 millones

Tarifas de servicio de instalación

Los servicios de instalación generaron aproximadamente $ 47.3 millones en ingresos para la compañía en 2022, lo que representa el 10.4% de las ventas netas totales.

Cargos de consulta de diseño

Los servicios de consulta de diseño contribuyeron con $ 12.5 millones al flujo de ingresos de la compañía en 2022.

Descuentos de volumen del contratista

• Ventas al contratista mayorista: $ 98.6 millones
• Tasa de descuento promedio del contratista: 15-20%
• Descuento de volumen total del contratista: aproximadamente $ 17.5 millones

Ventas minoristas en línea y en la tienda

Canal de ventas	Ganancia	Porcentaje de ventas totales
Ventas en la tienda	$ 382.1 millones	83.7%
Ventas en línea	$ 74.6 millones	16.3%

Desglose total de ingresos para el año fiscal 2022: $ 456.7 millones

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Tile Shop Holdings, Inc. over competitors right now, based on their late 2025 performance metrics. It's about the mix of product quality, price accessibility, and expert help you get when you walk into one of their locations.

Wide selection of exclusive, high-quality natural stone and tile

Tile Shop Holdings, Inc. offers a curated mix, though the sales mix in the third quarter of 2025 shows a clear leaning toward manufactured products. For the three months ended September 30, 2025, the revenue breakdown was:

Product Category	Percentage of Sales (Q3 2025)
Man-made tiles	56%
Natural stone tiles	19%
Setting and maintenance materials	14%
Accessories	8%
Delivery service	3%

The company also highlights specific product enhancements, such as expanding its exclusive collaboration with Designer Kelli Fontana, which added new patterned and porcelain tile designs as of December 2025.

Expert, personalized design assistance in-store

While direct revenue attribution for design services isn't public, the strategy involves expert consultation to guide customers through selections. The CEO noted that refinements to the assortment helped broaden appeal to a wider range of customers, suggesting the in-store experience is key to navigating product complexity.

Expanding assortment of entry-level, competitively priced products

This is a stated strategic focus that management believes is already having an effect. In the second quarter of 2025, the CEO stated that steps taken to expand the assortment of entry-level, competitively priced products contributed to a modest improvement in unit volumes compared to the prior year. However, this was offset by increased demand for products carrying lower average selling prices, which pressured the overall gross margin rate to 64.4% in Q2 2025. By the third quarter of 2025, the gross margin rate settled at 62.9%.

Immediate availability from in-stock inventory

The value proposition of immediate availability is supported by the scale of their physical footprint. As of September 30, 2025, Tile Shop Holdings, Inc. operated 140 stores across 31 states and the District of Columbia. This network supports the ability to fulfill orders directly from local stock, a critical factor in renovation projects.

A refined, inspiring showroom experience

The physical environment is central to the offering. The company operates these showrooms with an average size of approximately 20,000 square feet as of September 30, 2025. The overall net sales for the third quarter of 2025 were $83.1 million.

• The company ended Q2 2025 with $27.8 million in cash and no debt outstanding on its $75.0 million line of credit.
• Selling, General and Administrative expenses decreased by $2.1 million in Q2 2025 versus Q2 2024, partly due to reduced marketing costs.

Finance: draft 13-week cash view by Friday.

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Customer Relationships

Dedicated, high-touch, in-store design consultation

Tile Shop Holdings, Inc. maintains an extensive showroom environment as a core part of its customer relationship strategy. As of September 30, 2025, the company operated 140 stores across 31 states and the District of Columbia. This physical presence supports the offering of design consultation, which is a key component of their high-touch approach. The company also offers free design services through its Design Concierge, aiming to help bring clients' dream spaces to life.

Specialized programs and services for Pro customers

Tile Shop Holdings, Inc. focuses on building success into every Pro relationship through its Pro Rewards program. This program is free to join starting with the first purchase or referred order. Benefits are structured across tiers based on annual spend.

Tier Level	Annual Spend Threshold	Key Perks Mentioned
Gold	Not Specified	Gold savings, free samples
Platinum	$20K	Platinum savings, free samples, dedicated Pro Care representative, event invitations
Diamond	$50K	Diamond savings, free samples, dedicated Pro Care representative, event invitations, free delivery on orders over $100

The Pro Referral Program rewards members with a 5% Referral Bonus in cash when someone uses their Tile Shop Customer ID number (CID) on a purchase, with no limit to earnings. Pros can also access specialized services like In-House Credit, an interest-free credit account.

Transactional relationship for setting and maintenance materials

The relationship for setting and maintenance materials is primarily transactional, though it is integrated with the overall service model. An increase in customer delivery expenses contributed to a decrease in gross profit in the third quarter of 2025. For Pro customers, the Diamond tier benefit includes free delivery on orders over $100. The company also provides installation tools from trusted brands, positioning itself as a one-stop shop for tile installation needs.

Digital engagement via social media (Instagram, Pinterest)

Tile Shop Holdings, Inc. encourages monitoring its website for updates and engages customers via social media platforms.

• Join The Tile Shop on Instagram, Pinterest and YouTube.
• The company uses social media and digital advertising to connect with applicants, as 63% of construction companies use these channels.

Customer service for delivery and product support

The company emphasizes providing exceptional customer service in its extensive showroom environment. Investment in staff training is evident, with Selling, General and Administrative expenses in the first quarter of 2025 including a $0.3 million increase in training costs. The company reported a customer satisfaction rate of 85% based on post-purchase surveys and feedback in 2024. The focus on customer experience is a core component of the company's mission. The company is also focused on reducing expenses, with plans to delist from Nasdaq to potentially save over $2.4 million annually in costs associated with being a public company.

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Channels

You're mapping out the distribution arteries for Tile Shop Holdings, Inc. as of late 2025. The core of their model still leans heavily on physical presence, but the digital side and professional segment are critical focus areas, especially given the recent cost pressures.

Physical retail showrooms remain the primary touchpoint. As of the third quarter of 2025, Tile Shop Holdings operated exactly 140 stores spread across 31 states and the District of Columbia. This physical footprint is where they offer their extensive showroom environment for customers to view natural stone, man-made, and luxury vinyl tiles. It's worth noting that the store count has seen slight contraction; one store closed in Q2 2025 and another in Q3 2025, as part of operational optimization efforts.

The e-commerce platform, tileshop.com, serves as the digital storefront. While the search results don't give a direct e-commerce revenue split, the overall financial performance gives context to the scale of their sales activity. For the third quarter ending September 30, 2025, Tile Shop Holdings reported net sales of $83.06 million. The trailing twelve months revenue ending September 30, 2025, totaled $338.79 million.

For getting product to the customer, third-party delivery services are clearly a factor, though not explicitly named. The Q3 2025 results showed a decrease in gross profit, which management attributed in part to an increase in customer delivery expenses. This cost pressure highlights the operational reality of moving heavy tile products to the end-user, whether for in-store pickup or direct delivery.

The focus on direct sales to Pro customers is a stated strategic priority. In Q1 2025, CEO Cabell Lolmaugh specifically mentioned emphasizing innovation and customer experience, particularly for professional customers. This segment is targeted for growth, even as overall comparable store sales declined by 1.4% in Q3 2025.

Here's a quick look at the hard numbers tied to these channels as of the latest reported period:

Metric	Value (as of Q3 2025)	Context/Period
Number of Physical Stores	140	As of September 30, 2025
Geographic Footprint	31 states and D.C.	As of Q3 2025
Quarterly Net Sales	$83,064 thousand	Three Months Ended September 30, 2025
Trailing Twelve Months Revenue	$338.79 million	Ending September 30, 2025
Comparable Store Sales Change	-1.4%	Three Months Ended September 30, 2025
Delivery Expense Impact	Contributed to lower Gross Margin Rate	Q3 2025 vs. Q3 2024

The company is clearly managing a dual-channel reality: maintaining a large physical footprint while navigating the cost implications of fulfillment. You can see the pressure points in the gross margin, which fell to 62.9% in Q3 2025 from 66.5% in Q3 2024, partly due to those delivery costs and discounting.

The strategic emphasis on the Pro segment suggests they are trying to drive higher-value, potentially more predictable volume through their existing physical locations and sales force. Still, the overall environment shows traffic challenges, with comparable store sales declining for the period.

The key takeaways for channel performance are:

• Store Count Stability: Maintained at 140 locations despite recent closures.
• Revenue Base: Total TTM revenue stands at $338.79 million as of September 30, 2025.
• Cost Headwind: Increased customer delivery expenses are directly impacting gross profitability.
• Pro Focus: Direct sales efforts are specifically aimed at the Professional customer segment.

Finance: draft 13-week cash view by Friday.

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Customer Segments

You're looking at the core groups Tile Shop Holdings, Inc. serves as of late 2025. Honestly, while direct revenue splits by customer type aren't always public, we can map their product focus directly to the segments they target.

The company operates 140 stores across 31 states and the District of Columbia as of September 30, 2025. Management commentary in Q1 2025 specifically highlighted driving innovation for their pro customers.

The mix of products sold gives us a strong hint about what the market is buying, which directly reflects the needs of these segments, from high-end design to basic remodel needs. For the three months ended September 30, 2025, the sales breakdown by product type was:

Product Category	Percentage of Sales (Q3 2025)
Man-made tiles	56%
Natural stone tiles	19%
Setting and maintenance materials	14%
Accessories	8%
Delivery service	3%

This product mix shows a clear leaning toward manufactured products, which often serve a broader base including remodelers and value-conscious buyers, while still maintaining a significant natural stone offering for luxury projects.

The focus on customers seeking both luxury and entry-level solutions is supported by operational commentary. For instance, unit volumes increased modestly in Q3 2025, driven by steps to expand the assortment of entry level, competitively priced products. This contrasts with the high-end appeal of their natural stone selection.

Key operational metrics relevant to serving these segments include:

• Net Sales for Q3 2025: $83.1 million.
• Trailing Twelve Months Revenue ending September 30, 2025: $338.79 million.
• Comparable Store Sales decline for Q3 2025: 1.4%.
• Gross Margin Rate for Q3 2025: 62.9%.

Interior designers and architects, along with commercial project buyers, are served through the curated showroom experience and the availability of premium and large-format materials, though specific sales figures tied to these B2B channels aren't itemized in the latest reports. The Pro segment is a key focus area for management innovation.

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Tile Shop Holdings, Inc.'s operations as of late 2025, right after their Q3 reporting and as they move toward going private. Understanding this cost base is key to seeing where they are redirecting focus.

The biggest chunk of cost, naturally, is what it takes to acquire the product itself. For the third quarter ended September 30, 2025, Tile Shop Holdings, Inc. reported Net Sales of $83.064 million. With a reported Gross Margin of 62.9% for that period, the implied Cost of Goods Sold (COGS) for tile and materials was approximately $30.816 million, calculated as Net Sales multiplied by (1 minus the Gross Margin percentage).

Next up is the overhead required to run the business day-to-day. Selling, General, and Administrative (SG&A) expenses for Q3 2025 were reported at $54.2 million. This represented a year-over-year reduction of 3.1% compared to Q3 2024's $56.0 million. This reduction is a direct result of targeted cost-cutting efforts you asked about.

Store operating costs-rent, utilities, and payroll-are embedded within the SG&A structure. As of September 30, 2025, Tile Shop Holdings, Inc. operated 140 stores across 31 states. The reduction in SG&A was partly driven by lower wages following corporate staffing reductions.

Supply chain costs are being actively managed through facility consolidation. The closure of the Spring Valley, Wisconsin distribution center is expected to generate an annualized SG&A saving of approximately $1.0 million. This, combined with savings from the earlier New Jersey distribution center closure, contributed to the overall SG&A decrease in Q3 2025.

The move to terminate public reporting is a significant structural cost change. Tile Shop Holdings, Inc. anticipates saving over $2.4 million annually by delisting from the Nasdaq and ending SEC reporting obligations. This planned savings is a key driver for the strategic shift.

Here's a quick look at the key Q3 2025 cost and margin structure points:

• Gross Margin Rate (Q3 2025): 62.9%
• SG&A Expense Rate (Q3 2025): 65.3% of Net Sales
• Annualized Savings from Delisting: Over $2.4 million
• Annualized Savings from DC Closure (WI): Approximately $1.0 million
• Store Count (as of 9/30/2025): 140

To put the Q3 2025 performance into context, here is a table summarizing the key financial metrics that define the cost structure:

Metric	Q3 2025 Amount/Rate	Comparison Point
Net Sales	$83.064 million	Down 1.7% Year-over-Year
Gross Margin	62.9%	Down from 66.5% in Q3 2024
SG&A Expenses	$54.2 million	Down 3.1% Year-over-Year
Implied COGS	Approximately $30.816 million	Calculated from Sales and Gross Margin
Adjusted EBITDA	$2.0 million	Down from $5.0 million in Q3 2024

The reduction in SG&A by $1.7 million year-over-year was driven by several factors, including the DC closures and lower variable compensation expenses. Finance: draft 13-week cash view by Friday.

Tile Shop Holdings, Inc. (TTSH) - Canvas Business Model: Revenue Streams

You're looking at how Tile Shop Holdings, Inc. (TTSH) brings in its money, which is almost entirely from selling physical goods and related services. Honestly, the breakdown shows a heavy reliance on the core product categories, even as they try to manage costs.

The Trailing Twelve Months (TTM) Revenue, as of late 2025, sits at $0.33 Billion USD. This figure reflects a challenging period, as the Q3 2025 Net Sales were $83.064 Million, a 1.7% decrease year-over-year from Q3 2024's $84.505 Million. This sales performance contributed to a Q3 Gross Margin of 62.9%, down from 66.5% the prior year.

Here's a look at the composition of those Q3 2025 sales, showing where the dollars actually came from:

Revenue Source Category	Q3 2025 Percentage of Sales	Implied Q3 2025 Revenue Amount
Sales of man-made tiles	56%	$46.516 Million USD
Sales of natural stone tiles	19%	$15.782 Million USD
Sales of setting and maintenance materials	14%	$11.629 Million USD
Sales of accessories and tools	8%	$6.645 Million USD
Delivery service fees	3%	$2.492 Million USD

The primary revenue drivers are clearly the tile products themselves. Man-made tiles are the single largest component, making up well over half of the revenue stream. The supporting materials are also a significant, though smaller, piece of the pie.

You can see the concentration of revenue streams in the breakdown below:

• Sales of man-made tiles accounted for 56% of Q3 2025 sales.
• Sales of natural stone tiles were 19% of Q3 2025 sales.
• Sales of setting and maintenance materials represented 14% of Q3 2025 sales.
• Sales of accessories and tools brought in 8% of Q3 2025 sales.
• Delivery service fees made up the final 3% of Q3 2025 sales.

The delivery service fees, while small at 3% of the quarterly total, are interesting because management noted that increased delivery expenses contributed to the margin compression during the quarter. So, while it's a revenue line, it comes with associated costs that impact profitability.

For context on the overall sales performance leading up to this point, here are some historical revenue snapshots:

• Revenue in 2024 was $0.34 Billion USD.
• Revenue in 2023 was $0.37 Billion USD.
• The TTM Revenue as of Q3 2025 is reported as $0.33 Billion USD.

The company is clearly focused on selling the finished tile product. Finance: draft 13-week cash view by Friday.