Highlights from third quarter 2025:
Revenues were $17.3 million, down 0.5% from 2024
Generated operating loss of $0.7 million versus $0.3 million in 2024
Net loss of $1.4 million versus $0.1 million in 2024
Gross margins of 58.9%, up from 57.8% in 2024
Operating expenses $10.8 million, up 5.4% from 2024
Adjusted EBITDA* (from operations) of ($0.4) million
Ended quarter with $12.0 million of cash and cash equivalents
Tandy Leather Factory's third quarter sales were $17.3 million in 2025, down from $17.4 million in 2024. Third quarter 2025 gross profit was $10.2 million, up from $10.0 million in 2024. As of September 30, 2025, the Company held $12.0 million of cash and cash equivalents, up from $10.0 million a year earlier; this increase reflects the net proceeds from the sale of the Company's corporate headquarters in January 2025 (the "HQ Sale"), offset by the payment of a special dividend to stockholders in the first quarter of approximately $12.7 million, payment of income taxes related to the HQ Sale, and other expenses relating to the Company moving its headquarters in the third quarter. The Company held inventory of $35.9 million, up from $35.6 million as of December 31, 2024. The Company had basic and diluted net losses in the quarter of $0.17 per share, versus $0.02 basic and diluted net losses per share in the prior year.
Johan Hedberg, Chief Executive Officer of the Company, said, "The move of our headquarters and distribution center during the third quarter was a success, and we're happy to now have that behind us. Despite experiencing some anticipated disruptions from the move, we were pleased to generate sales that were in line with the prior year, and our year-to-date sales remain ahead of 2024. Third quarter sales from our retail stores were actually ahead of last year's, as the move more directly impacted shipments of online orders from our distribution center due to a limited on-line assortment during the move. With our operations now running again from our new location, we believe we are well positioned for a solid fourth quarter in both our retail and online channels."
Investors are encouraged to send their questions to the Company's investor relations hotline at
* Adjusted EBITDA ...
