Tandy Leather Factory Inc 8-K, filed Nov 10, 2025
Tandy Leather Factory Inc (TLF)
8-K
2025-11-10
For: 2025-11-10
View Original
Added on
April 08, 2026
About this 8-K
Tandy Leather Factory Inc filed this 8-K on November 10, 2025.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02.
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Results of Operations and Financial Condition
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On November 10, 2025, Tandy Leather Factory, Inc. (the “Company”) issued a press release (the “Press Release”) and filed its Quarterly Report on Form 10-Q announcing
its financial results for the third quarter of fiscal year 2025. A copy of the Press Release is attached as Exhibit 99.1.
The information furnished pursuant to Item 2.02 of this report and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934 as amended (the “Exchange Act”, or otherwise subject to liabilities under that section, nor shall they be deemed incorporated by reference in any filing of the Company with the Securities and Exchange Commission
under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
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No.
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Exhibit
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Press Release dated November 10, 2025
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Cover page interactive data file (embedded within the Inline XBRL document)
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Forward Looking Statements
Certain statements contained in this report and other materials the Company files with the SEC, as well
as information included in oral statements or other written statements made or to be made by the Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “may,” “will,” “could,” “should,” “anticipate,” “believe,” “budgeted,” “expect,” “intend,” “plan,”
“project,” “potential,” “estimate,” “continue,” “outlook,” “forecast” or “future,” variations thereof or other similar statements. Please refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional
information concerning these and other uncertainties that could negatively impact the Company. The Company assumes no obligation to update or otherwise revise its forward-looking statements, except as
required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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TANDY LEATHER FACTORY, INC.
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Date: November 10, 2025
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By: /s/ Johan Hedberg
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Johan Hedberg, Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
November 10, 2025
Tandy Leather Factory Reports Third Quarter 2025 Results
FORT WORTH, TEXAS – November 10, 2025 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (Nasdaq: TLF) today announced the Company’s financial results for the third fiscal quarter of 2025.
Highlights from third quarter 2025:
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Revenues were $17.3 million, down 0.5% from 2024
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Generated operating loss of $0.7 million versus $0.3 million in 2024
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Net loss of $1.4 million versus $0.1 million in 2024
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Gross margins of 58.9%, up from 57.8% in 2024
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Operating expenses $10.8 million, up 5.4% from 2024
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Adjusted EBITDA* (from operations) of ($0.4) million
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Ended quarter with $12.0 million of cash and cash equivalents
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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 $0.02 basic
and diluted net losses per share in the prior year.
Johan Hedberg, Chief Executive Officer of the Company, said, “The move of our headquarters and distribution center during the third quarter was a success,
and we’re happy to now have that behind us. Despite experiencing some anticipated disruptions from the move, we were pleased to generate sales that were in line with the prior year, and our year-to-date sales remain ahead of 2024. Third quarter
sales from our retail stores were actually ahead of last year’s, as the move more directly impacted shipments of online orders from our distribution center due to a limited on-line assortment during the move. With our operations now running again
from our new location, we believe we are well positioned for a solid fourth quarter in both our retail and online channels.”
Investors are encouraged to send their questions to the Company’s investor relations hotline at investorrelations@tandyleather.com.
* Adjusted EBITDA is a non-GAAP financial measure that the Company believes helps investors to compare its
operating performance to that of other companies. The following is a reconciliation of the Company’s net income to Adjusted EBITDA (in millions):
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Quarter ended
September 30, 2025
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Net loss
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$
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(1.4
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Adjustment to net loss (1)
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0.8
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Adjusted net loss (2)
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$
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(0.6
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Add back:
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Depreciation and amortization
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0.2
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Interest income
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(0.1
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Income tax provision
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-
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Stock-based compensation
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0.1
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Adjusted EBITDA (from operations)
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$
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(0.4
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This adjustment to net income removes the net proceeds from the sale of our corporate headquarters, related one-time relocation expenses, and tax related tax provision due to the sale.
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Adjusted net income represents income from operations plus interest income.
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Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line, including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes,
saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 101 stores located in 40 US states and six Canadian provinces, including one store located in Spain. Its common stock trades on the Nasdaq
Capital Market under the symbol “TLF”. To be included on Tandy Leather Factory’s email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Johan Hedberg, Tandy Leather Factory, Inc., (817) 872-3200 or johan.hedberg@tandyleather.com
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that
are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties
include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant
price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as
required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.