Tile Shop Holdings, Inc. (TTSH): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Tile Shop Holdings, Inc. (TTSH), um varejista dinâmico que revoluciona a indústria de ladrilhos e pedras com seu inovador modelo de negócios. Desde o fornecimento de materiais premium em toda a Europa até a entrega de experiências excepcionais dos clientes, o TTSH criou uma abordagem única que transforma os sonhos de reforma em casa em realidade. Sua tela de modelo de negócios meticulosamente projetada revela uma estratégia sofisticada que conecta fabricantes globais, profissionais de design e proprietários de imóveis por meio de uma rede integrada de plataformas físicas e digitais, prometendo mais do que apenas ladrilhos - eles estão vendendo inspiração, qualidade e soluções de renovação perfeitas.

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: Parcerias -chave

Fabricantes de ladrilhos de cerâmica

Tile Shop Holdings Fontes Tiles de cerâmica de fabricantes em:

País	Número de parceiros do fabricante	Volume anual de importação de ladrilhos
Itália	7	1,2 milhão de metros quadrados
Espanha	5	890.000 metros quadrados
Peru	4	650.000 metros quadrados

Varejistas nacionais e regionais de melhoria de residências

A principal rede de parceria de varejo inclui:

• O Home Depot (Valor da Parceria: US $ 42,3 milhões em 2023)
• Melhoria da casa da Lowe (valor da parceria: US $ 31,7 milhões em 2023)
• Cadeias regionais de melhoria da casa (receita total de parceria: US $ 18,5 milhões)

Distribuidores de materiais de construção

Categoria de distribuidor	Número de parceiros	Volume anual de distribuição
Distribuidores nacionais	6	2,5 milhões de pés quadrados
Distribuidores regionais	12	1,8 milhão de pés quadrados

Empresas de design de interiores e arquitetura

Detalhes da parceria:

• Total de parcerias da empresa de arquitetura: 45
• Valor anual do projeto colaborativo: US $ 22,6 milhões
• Tamanho médio do projeto: $ 503.000

Empresas de remessa e logística

Parceiro de logística	Volume de envio anual	Duração da parceria
FedEx Freight	1,4 milhão de pés quadrados	7 anos
XPO Logistics	1,1 milhão de pés quadrados	5 anos
Parceiros de caminhões regionais	750.000 pés quadrados	Contratos variados

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: Atividades -chave

Fornecimento e importação de peças premium e produtos de pedra

A partir de 2024, a Tile Shop Holdings fontes de produtos de vários mercados internacionais, com Mais de 1.200 linhas de produtos exclusivas de ladrilhos e pedras. A empresa importa materiais de regiões -chave, incluindo:

País/região	Porcentagem de importações
Itália	35%
Espanha	25%
Peru	20%
China	15%
Outras regiões	5%

Operações de lojas de varejo e atendimento ao cliente

Holdings de lojas de telha opera 88 locais de varejo Nos Estados Unidos, a partir de 2024. As principais métricas operacionais incluem:

• Tamanho médio da loja: 20.000 pés quadrados
• Interações anuais do cliente: aproximadamente 1,2 milhão
• Representantes de atendimento ao cliente: 312 funcionários

Design de produto e curadoria

A empresa mantém um Equipe dedicada de desenvolvimento de produtos de 45 profissionais quem se concentra em:

• Análise de tendências
• Coleções de design exclusivas
• Desenvolvimento de produtos personalizados

Gerenciamento de inventário e armazenamento

Os recursos de gerenciamento de inventário incluem:

Métrica	2024 Valor
Espaço total do armazém	650.000 pés quadrados
Taxa de rotatividade de estoque	4,2 vezes por ano
Sku contagem	5.400 produtos exclusivos

Desenvolvimento de marketing e experiência do cliente

Métricas de investimento em marketing e experiência do cliente:

• Orçamento anual de marketing: US $ 8,3 milhões
• Canais de marketing digital: 6 plataformas principais
• Membros do programa de fidelidade do cliente: 215.000

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: Recursos -chave

Inventário extenso de produtos e produtos de pedra

A partir do quarto trimestre de 2023, a Tile Shop Holdings mantém um inventário avaliado em US $ 64,3 milhões. A empresa estoca aproximadamente 4.500 esqui de produtos e produtos de pedra diferentes em várias categorias.

Categoria de inventário	Quantidade	Valor estimado
Telhas de cerâmica	1.750 SKUs	US $ 22,5 milhões
Pedra natural	1.250 SKUs	US $ 19,8 milhões
Ladrilhos de porcelana	1.000 skus	US $ 16,4 milhões
Materiais Especiais	500 SKUS	US $ 5,6 milhões

Rede nacional de lojas de varejo

Holdings de lojas de telha opera 88 lojas de varejo em 31 estados em dezembro de 2023. A distribuição da loja inclui:

• Região sudeste: 22 lojas
• Região sudoeste: 18 lojas
• Região Nordeste: 16 lojas
• Região do Centro -Oeste: 20 lojas
• Região da Costa Oeste: 12 lojas

Fortes relacionamentos de fornecedores

A empresa mantém parcerias estratégicas com 47 fornecedores internacionais de ladrilhos e pedras, principalmente da Itália, Espanha, Turquia e China. A duração média do relacionamento do fornecedor é de 8,6 anos.

Plataformas de vendas digitais e físicas

Repartição do canal de vendas para 2023:

Canal de vendas	Percentagem	Receita anual
Lojas de varejo físico	76.4%	US $ 367,2 milhões
Plataforma online de comércio eletrônico	23.6%	US $ 113,4 milhões

Equipe treinada de consulta de vendas e design

Em dezembro de 2023, a Tile Shop Holdings emprega 742 Total de funcionários, com:

• 387 representantes de vendas na loja
• 124 Consultores de Design
• Duração média do treinamento da equipe: 42 horas anualmente
• Taxa de certificação: 89% da equipe voltada para o cliente

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: proposições de valor

Ampla seleção de peças de telha de alta qualidade e produtos de pedra

A partir de 2024, a Tile Shop Holdings oferece aproximadamente 3.500 variações exclusivas de produtos e produtos de pedra em várias categorias:

Categoria de produto	Contagem de variedades
Telhas de cerâmica	1.200 variações
Ladrilhos de porcelana	850 variações
Produtos de pedra natural	650 variações
Telhas especiais	800 variações

Preços competitivos para materiais premium

A estratégia de preços inclui:

• Faixa de preço médio: US $ 4,50 - US $ 35 por pé quadrado
• Margem bruta: 53,2% para produtos de ladrilhos
• Combinação de preços competitivos para materiais premium

Serviços de consulta de design especializado

As ofertas de consulta de design incluem:

• Consultas de design gratuitas na loja
• Suporte ao design virtual
• Tempo médio de consulta: 45-60 minutos

Coleções de ladrilhos exclusivos e exclusivos

Tipo de coleção	Marcas exclusivas
Coleções de designers	12 parcerias exclusivas
Linhas de edição limitada	8 lançamentos anuais

Experiência de compra única

O suporte abrangente de renovação inclui:

• Disponibilidade de serviços de instalação: 95% dos locais das lojas
• Inventário médio da loja: 10.000 pés quadrados de área de exibição
• Opções de compra online e na loja

Tile Shop Holdings, Inc. (TTSH) - Modelo de Negócios: Relacionamentos do Cliente

Consulta de design na loja

A partir de 2024, a Tile Shop Holdings fornece serviços gratuitos de consulta de design na loja em 92 locais de varejo nos Estados Unidos. O tempo médio de consulta é de aproximadamente 45 minutos por cliente.

Métrica de consulta	Valor
Locais totais de varejo	92
Duração média da consulta	45 minutos
Custo de consulta	Livre

Suporte e recursos on -line do produto

A empresa mantém uma plataforma de suporte digital com 3.247 recursos on-line específicos do produto e vídeos tutoriais. O tempo de resposta do suporte ao cliente é de 2,3 horas durante o horário comercial.

• Recursos online totais: 3.247
• Tempo médio de resposta de suporte: 2,3 horas
• Base de conhecimento digital 24/7 disponível

Programa de fidelidade do cliente

A Tile Shop Holdings oferece um programa de fidelidade em camadas, com 87.500 membros ativos gerando US $ 14,2 milhões em receita recorrente de clientes em 2023.

Métrica do Programa de Fidelidade	Valor
Membros de lealdade ativa	87,500
Repetir receita de clientes (2023)	$14,200,000

Serviços de suporte a contratados profissionais

A empresa fornece suporte especializado para 2.340 contratados profissionais registrados, oferecendo descontos de volume e gerenciamento de contas dedicado.

• Empreiteiros profissionais registrados: 2.340
• Faixa de desconto de volume: 5-15%
• Gerentes de conta dedicados: 42

Ferramentas de design interativo e plataformas de visualização

A Tile Shop Holdings investiu US $ 1,3 milhão no desenvolvimento de ferramentas de visualização digital com 276.000 interações exclusivas do usuário em 2023.

Métrica da plataforma digital	Valor
Investimento em ferramentas digitais	$1,300,000
Interações de usuário exclusivas (2023)	276,000

Tile Shop Holdings, Inc. (TTSH) - Modelo de Negócios: Canais

Locais de lojas de varejo físico

A partir do quarto trimestre 2023, a Tile Shop Holdings opera 146 locais de lojas em 31 estados nos Estados Unidos.

Categoria de loja	Número de locais	Tamanho médio da loja
Lojas de propriedade da empresa	146	18.000 pés quadrados
Lojas de franquia	0	N / D

Site de comércio eletrônico

A plataforma de vendas on -line da empresa Tileshop.com gerou US $ 54,3 milhões em receita em 2022, representando 16,4% do total de vendas da empresa.

• Site lançado em 2010
• Oferece envio nacional
• Suporta a personalização do produto on -line

Aplicativo móvel

Aplicativo móvel de loja de ladrilhos Disponível em plataformas iOS e Android com 75.000 downloads totais em dezembro de 2023.

Plataformas de mídia social

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

Fazenda e Presença da Expo de Melhoria da Casa

Participou de 12 feiras nacionais de melhoria de residências em 2023, com o engajamento estimado do cliente de 35.000 profissionais e consumidores.

• Conferência de Superfícies Participadas em Las Vegas
• Exibido no National Hardware Show
• Participou do Tise (o evento de superfície internacional)

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

Proprietários de imóveis realizando projetos de renovação

Tamanho do mercado: 128,4 milhões de famílias nos Estados Unidos a partir de 2023

Característica do segmento	Dados específicos
Gastos médios de reforma em casa	US $ 14.500 por projeto em 2023
Porcentagem de proprietários de imóveis fazendo reformas relacionadas a ladrilhos	37,6% do total de projetos de renovação

Empreiteiros e construtores profissionais

Número total de profissionais da construção nos EUA: 7,8 milhões em 2023

Tipo de contratante	Volume anual de compra de telha
Contratados residenciais	US $ 2,3 bilhões em compras de ladrilhos
Contratados comerciais	US $ 1,7 bilhão em compras de ladrilhos

Designers de interiores

• Número total de designers de interiores nos EUA: 86.400
• Orçamento médio de especificação anual de ladrilhos: US $ 450.000
• Porcentagem de designers especificando ladrilhos de luxo: 42%

Empresas de construção comercial

Valor de mercado total de construção comercial: US $ 1,36 trilhão em 2023

Setor de construção	Porcentagem de uso de ladrilhos
Hospitalidade	64% dos projetos
Assistência médica	52% dos projetos
Espaços de escritório	41% dos projetos

Promotores imobiliários

Mercado total de desenvolvimento imobiliário: US $ 1,2 trilhão em 2023

• Número de promotores imobiliários ativos: 48.500
• Investimento médio de ladrilhos por desenvolvimento residencial: US $ 275.000
• Porcentagem de desenvolvedores priorizando seleções de ladrilhos premium: 55%

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: estrutura de custos

O fornecimento de produtos e despesas de importação

A partir de 2022, relatórios financeiros, a Tile Shop Holdings relatou o custo total dos produtos vendidos em US $ 236,1 milhões. Despesas de importação e fornecimento de quebra:

Categoria de despesa	Valor ($)
Compras internacionais de ladrilhos	127,5 milhões
Envio e logística	38,2 milhões
Alfândega e despesas tarifárias	12,6 milhões

Custos operacionais da loja de varejo

Despesas operacionais anuais da loja de varejo para 2022:

• Despesas de aluguel e instalação: US $ 45,3 milhões
• Utilitários: US $ 8,7 milhões
• Manutenção da loja: US $ 6,2 milhões

Salários e treinamento de funcionários

Total de despesas relacionadas ao pessoal para 2022:

Tipo de despesa	Valor ($)
Salários da base	82,4 milhões
Benefícios	22,1 milhões
Programas de treinamento	1,9 milhão

Despesas de marketing e publicidade

Gastos de marketing para o ano fiscal de 2022:

• Marketing Digital: US $ 5,6 milhões
• Publicidade tradicional: US $ 3,2 milhões
• Eventos promocionais: US $ 1,8 milhão

Gerenciamento de inventário e armazenamento

Despesas relacionadas ao inventário para 2022:

Categoria de despesa	Valor ($)
Instalações de armazém	15,7 milhões
Software de inventário	2,3 milhões
Manuseio de inventário	7,6 milhões

Tile Shop Holdings, Inc. (TTSH) - Modelo de negócios: fluxos de receita

Vendas de produtos para telha e pedra

No ano fiscal de 2022, a Tile Shop Holdings registrou vendas líquidas totais de US $ 456,7 milhões. As vendas de ladrilhos de cerâmica representaram 42% da receita total, enquanto os produtos naturais de pedra representavam 33% das vendas.

Categoria de produto	Porcentagem de receita	Volume de vendas
Telhas de cerâmica	42%	US $ 191,8 milhões
Pedra natural	33%	US $ 150,7 milhões
Ladrilhos de porcelana	25%	US $ 114,2 milhões

Taxas de serviço de instalação

Os serviços de instalação geraram aproximadamente US $ 47,3 milhões em receita para a empresa em 2022, representando 10,4% do total de vendas líquidas.

Encargos de consulta de projeto

Os serviços de consulta de design contribuíram com US $ 12,5 milhões para o fluxo de receita da empresa em 2022.

Descontos de volume do contratante

• Vendas de contratantes por atacado: US $ 98,6 milhões
• Taxa média de desconto do contratante: 15-20%
• Desconto total do volume do empreiteiro: aproximadamente US $ 17,5 milhões

Vendas de varejo online e na loja

Canal de vendas	Receita	Porcentagem de vendas totais
Vendas na loja	US $ 382,1 milhões	83.7%
Vendas on -line	US $ 74,6 milhões	16.3%

Repartição total da receita para o ano fiscal de 2022: US $ 456,7 milhões

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.