TTSH

The single most important fact in this 10-K is not a number — it's that TTSH is deliberately ceasing to exist as a public company. On December 15, 2025 it ran a 1-for-3,000 reverse split immediately followed by a 3,000-for-1 forward split, cashing out sub-3,000-share holders at $6.60/share to push its record-holder count below 300. It then filed a Form 25 (Nasdaq delisting) on December 17 and a Form 15 on January 2, 2026 to deregister. Management states plainly that 'following the filing of this Annual Report...the Company will cease to file annual, quarterly, current, and other reports.' A retail investor buying at $2.90 today is buying an unlisted, non-reporting security with no more audited financials, no Sarbanes-Oxley oversight, and near-zero liquidity. That alone makes it an avoid: the risk is not merely bad, it is unknowable going forward, and this 10-K is the last data point you will ever get.

The fundamentals underneath the going-dark decision are deteriorating, which is presumably why insiders wanted out. Revenue has fallen four straight years — from $395M (FY2022) to $337M (FY2025), down 3.0% in the latest year — and profitability has now gone negative: FY2025 posted a $4.49M net loss and a $5.81M operating loss, versus $2.32M and $10.1M of net income in the two prior years. The MD&A's own Adjusted EBITDA bridge is stark: EBITDA collapsed from $50.3M (13.6% margin) in 2021 to $11.4M (3.4% margin) in 2025 — a business shrinking and de-margining at the same time. Pretax return on capital employed swung from +2.9% to -4.8%. Gross margin remains high at 63.8% (specialty tile retail), but that hasn't stopped operating deleverage.