TANDY LEATHER FACTORY INC

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

TLF$2.08-1.9%Stored close · as of Nov 10, 2026

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Contents

Item 1. Consolidated Financial Statements (Unaudited)

Item 1.	Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets

(amounts in thousands, except share data and per share data)

	September 30,	December 31,
	2025	2024
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$12,018	$13,271
Accounts receivable-trade, net of allowance for credit losses of $18 at September 30, 2025 and $49 at December 31, 2024	304	331
Inventory	35,947	35,556
Income tax receivable	225	384
Prepaid expenses	1,086	898
Other current assets	83	96
Total current assets	49,663	50,536
Property and equipment, at cost	25,356	31,655
Less accumulated depreciation	(15,704)	(19,320)
Property and equipment, net	9,652	12,335
Operating lease assets	24,348	10,323
Deferred income taxes	170	1,213
Other assets	709	517
TOTAL ASSETS	$84,542	$74,924
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$2,632	$3,110
Accrued expenses and other liabilities	2,681	3,571
Income taxes payable	658	-
Current portion of operating lease liabilities	3,536	3,205
Total current liabilities	9,507	9,886
Uncertain tax positions	138	248
Other non-current liabilities	76	76
Operating lease liabilities, non-current	21,443	7,561
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0024 par value; 15,000,000 shares authorized; 9,491,878 and 9,920,957 shares issued at September 30, 2025 and December 31, 2024, respectively; 8,067,502 and 8,496,581 shares outstanding at September 30, 2025 and December 31, 2024, respectively	22	23
Paid-in capital	3,398	4,529
Retained earnings	61,773	64,486
Treasury stock at cost (1,424,376 shares at September 30, 2025 and December 31, 2024)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(2,042)	(2,112)
Total stockholders’ equity	53,378	57,153
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$84,542	$74,924

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(amounts in thousands, except share and per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net sales	$17,264	$17,351	$54,072	$53,913
Cost of sales	7,094	7,329	22,612	22,953
Gross profit	10,170	10,022	31,460	30,960
Operating expenses	10,848	10,289	31,811	30,515
(Loss) Income from operations	(678)	(267)	(351)	445
Other income (expense):
Interest income	98	85	461	266
Gain on disposal of headquarters (see footnote 8)	-	-	16,225	-
Other, net	(1,253)	(1)	(2,946)	(38)
Total other (expense) income	(1,155)	84	13,740	228
(Loss) income before income taxes	(1,833)	(183)	13,389	673
Income tax (benefit) provision	(481)	(51)	3,357	178
Net (loss) income	$(1,352)	$(132)	$10,032	$495
Foreign currency translation adjustments, net of tax	(235)	34	70	244
Comprehensive (loss) income	$(1,587)	$(98)	$10,102	$739
Net (loss) income per common share:
Basic	$(0.17)	$(0.02)	$1.20	$0.06
Diluted	$(0.17)	$(0.02)	$1.18	$0.06
Weighted average number of shares outstanding:
Basic	8,142,441	8,422,514	8,378,083	8,412,923
Diluted	8,142,441	8,422,514	8,502,787	8,511,899

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

	For the Nine Months Ended September 30,
	2025	2024
Cash flows from operating activities:
Net income	$10,032	$495
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	609	927
Operating lease asset amortization	3,915	2,669
Gain on disposal of assets	(16,225)	-
Stock-based compensation	338	534
Deferred income taxes	1,043	221
Changes in operating assets and liabilities:
Accounts receivable-trade	30	(88)
Inventory	(191)	(91)
Prepaid expenses	(186)	(340)
Other current assets	12	33
Accounts payable-trade	(815)	(13)
Accrued expenses and other liabilities	(897)	(629)
Income taxes, net	716	(981)
Other assets	(190)	(50)
Operating lease liabilities	(3,727)	(2,650)
Total adjustments	(15,568)	(458)
Net cash (used in) provided by operating activities	(5,536)	37
Cash flows from investing activities:
Purchase of property and equipment	(6,590)	(2,315)
Proceeds from sales of Headquarters assets, net	24,897	-
Net cash provided by (used in) investing activities	18,307	(2,315)
Cash flows from financing activities:
Payment of finance lease obligations	-	(1)
Dividend Paid	(12,745)	-
Repurchase of common stock	(1,470)	-
Net cash used in financing activities	(14,215)	(1)
Effect of exchange rate changes on cash and cash equivalents	191	175
Net decrease in cash and cash equivalents	(1,253)	(2,104)
Cash and cash equivalents, beginning of period	13,271	12,159
Cash and cash equivalents, end of period	$12,018	$10,055

Condensed Consolidated Statements of Stockholders’ Equity

(amounts in thousands, except share data)

	Number of Shares Common Stock Outstanding	Par Value	Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance, December 31, 2024	8,496,581	$23	$4,529	$(9,773)	$64,486	$(2,112)	$57,153
Stock-based compensation expense	-	-	93	-	-	-	93
Vesting of restricted stock units	15,973	-	-	-	-	-	-
Repurchase of common stock	-	-	-	-	-	-	-
Net income	-	-	-	-	11,583	-	11,583
Dividend Paid	-	-	-	-	(12,745)	-	(12,745)
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(288)	(288)
Balance, March 31, 2025	8,512,554	$23	$4,622	$(9,773)	$63,324	$(2,400)	$55,796
Stock-based compensation expense	-	-	118	-	-	-	118
Vesting of restricted stock units	3,078	-	-	-	-	-	-
Repurchase of common stock	(17,233)	-	(176)	-	-	-	(176)
Net loss	-	-	-	-	(199)	-	(199)
Dividend Paid	-	-	-	-	-	-	-
Foreign currency translation adjustments, net of tax	-	-	-	-	-	593	593
Balance, June 30, 2025	8,498,399	23	4,564	(9,773)	63,125	(1,807)	56,132
Stock-based compensation expense	-	-	127	-	-	-	127
Vesting of restricted stock units		-	-	-	-	-	-
Repurchase of common stock	(430,897)	(1)	(1,293)	-	-	-	(1,294)
Net loss	-	-	-	-	(1,352)	-	(1,352)
Dividend Paid	-	-	-	-	-	-	-
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(235)	(235)
Balance, September 30, 2025	8,067,502	22	3,398	(9,773)	61,773	(2,042)	53,378
Balance, December 31, 2023	8,399,245	$23	$3,981	$(9,773)	$63,659	$(1,544)	56,346
Stock-based compensation expense	-	-	197	-	-	-	197
Vesting of restricted stock units	2,727	-	-	-	-	-	-
Net income	-	-	-	-	525	-	525
Foreign currency translation adjustments, net of tax	-	-	-	-	-	170	170
Balance, March 31, 2024	8,401,972	$23	$4,178	$(9,773)	$64,184	$(1,374)	$57,238
Stock-based compensation expense	-	-	157	-	-	-	157
Vesting of restricted stock units	20,574	-	-	-	-	-	-
Shares withheld for taxes and cancelled	-	-	-	-	-	-	-
Purchase of treasury stock	-	-	-	-	-	-	-
Net income	-	-	-	-	101	-	101
Foreign currency translation adjustments, net of tax	-	-	-	-	-	40	40
Balance, June 30, 2024	8,422,546	23	4,335	(9,773)	64,285	(1,334)	57,536
Stock-based compensation expense	-	-	180	-	-	-	180
Vesting of restricted stock units	-	-	-	-	-	-	-
Repurchase of common stock	(32)	-	-	-	-	-	-
Net loss	-	-	-	-	(132)	-	(132)
Foreign currency translation adjustments, net of tax	-	-	-	-	-	34	34
Balance, September 30, 2024	8,422,514	23	4,515	(9,773)	64,153	(1,300)	57,618

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.