TILE SHOP HOLDINGS, INC.

We are a specialty retailer of man-made and natural stone tiles, luxury vinyl tiles, setting and maintenance materials, and related accessories in the United States. Our product range includes over 6,000 items sourced globally. Natural stone products consist of marble, travertine, granite, quartz, sandstone, slate, and onyx tiles. Man-made products include ceramic, porcelain, glass, cement, wood look, metal, and luxury vinyl tile. Most of our tile products are sold under our proprietary Rush River and Fired Earth brands. We acquire our tile products, accessories, and tools directly from a global network of suppliers. We manufacture our own setting and maintenance materials, such as thinset, grout, and sealer, under our Superior brand, and also collaborate with other suppliers for private label products. As of December 31, 2025, we operated 140 stores across 31 states and the District of Columbia, with an average store size of approximately 20,000 square feet. Our customers are primarily homeowners and professionals. For the year ended December 31, 2025, our net sales were $336.8 million and we reported a loss from operations of $5.8 million. As of December 31, 2024, net sales were $347.1 million with income from operations of $3.5 million. As of December 31, 2023, net sales were $377.1 million with income from operations of $16.2 million. Total assets were $301.7 million as of December 31, 2025, and $319.6 million as of December 31, 2024.