Reported Earnings • May 13
First quarter 2026 earnings released: EPS: US$0.027 (vs US$1.49 in 1Q 2025) First quarter 2026 results: EPS: US$0.027 (down from US$1.49 in 1Q 2025). Revenue: US$19.7m (up 3.2% from 1Q 2025). Net income: US$222.0k (down 98% from 1Q 2025). Profit margin: 1.1% (down from 67% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Tandy Leather Factory, Inc., Annual General Meeting, Jun 09, 2026 Tandy Leather Factory, Inc., Annual General Meeting, Jun 09, 2026. Location: 7602 sw loop 820, benbrok, texas 76126, United States Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$2.38, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 20x in the Specialty Retail industry in the US. Total loss to shareholders of 2.8% over the past three years. New Risk • Feb 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (US$24.8m market cap). Upcoming Dividend • Feb 18
Upcoming dividend of US$0.75 per share Eligible shareholders must have bought the stock before 25 February 2026. Payment date: 24 February 2026. Trailing yield: 48%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.0%). Announcement • Feb 04
Tandy Leather Factory, Inc. Declares the Payment of Special Cash Dividend, Payable on or About February 24, 2026 Tandy Leather Factory, Inc. announced that its Board of Directors had declared the payment of a special cash dividend to its stockholders of $0.75 per share of common stock held. The dividend will be paid on or about February 24, 2026, to stockholders of record at the close of trading on February 9, 2026. Reported Earnings • Nov 12
Third quarter 2025 earnings released: US$0.17 loss per share (vs US$0.016 loss in 3Q 2024) Third quarter 2025 results: US$0.17 loss per share (further deteriorated from US$0.016 loss in 3Q 2024). Revenue: US$17.3m (flat on 3Q 2024). Net loss: US$1.35m (loss widened US$1.22m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: US$0.023 loss per share (vs US$0.012 profit in 2Q 2024) Second quarter 2025 results: US$0.023 loss per share (down from US$0.012 profit in 2Q 2024). Revenue: US$17.8m (up 2.8% from 2Q 2024). Net loss: US$199.0k (down 297% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Jun 21
Tandy Leather Factory, Inc. (NasdaqCM:TLF) announces an Equity Buyback for 430,897 shares, representing 5.1% for $1.29 million. Tandy Leather Factory, Inc. (NasdaqCM:TLF) announces a share repurchase program. Under the program, the company will repurchase up to 430,897 shares, representing 5.1% of issued share capital for $1.29 million. The shares will be repurchased at a price of $3 per share. The repurchase will take place on or before June 30, 2025. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: US$1.49 (vs US$0.062 in 1Q 2024) First quarter 2025 results: EPS: US$1.49 (up from US$0.062 in 1Q 2024). Revenue: US$19.0m (down 1.2% from 1Q 2024). Net income: US$12.7m (up US$12.2m from 1Q 2024). Profit margin: 67% (up from 2.7% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 02
Tandy Leather Factory, Inc., Annual General Meeting, Jun 10, 2025 Tandy Leather Factory, Inc., Annual General Meeting, Jun 10, 2025. Location: 1900 southeast loop820, texas 76140-1003, fort worth United States Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: US$0.097 (vs US$0.45 in FY 2023) Full year 2024 results: EPS: US$0.097 (down from US$0.45 in FY 2023). Revenue: US$74.4m (down 2.4% from FY 2023). Net income: US$827.0k (down 78% from FY 2023). Profit margin: 1.1% (down from 4.9% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (US$45.6m market cap). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$3.96, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 16x in the Specialty Retail industry in the US. Total returns to shareholders of 7.4% over the past three years. Upcoming Dividend • Feb 12
Inaugural dividend of US$1.50 per share Eligible shareholders must have bought the stock before 19 February 2025. Payment date: 18 February 2025. This is the first dividend for Tandy Leather Factory since going public. The average dividend yield among industry peers is 1.9%. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$5.07, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 17x in the Specialty Retail industry in the US. Negligible returns to shareholders over past three years. Announcement • Jan 31
Tandy Leather Factory, Inc. Declares Special Cash Dividend, Payable on or About February 18, 2025 Tandy Leather Factory, Inc. announced that its Board of Directors had declared the payment of a special cash dividend to its stockholders of $1.50 per share of common stock held. The dividend will be paid on or about February 18, 2025, to stockholders of record at the close of trading on February 3, 2025. The ex-dividend date will be February 19, 2025. Announcement • Jan 29
Tandy Leather Factory, Inc. Announces Eric Speron Will Step Down from Board as of January 31, 2025 Tandy Leather Factory, Inc. announced that current Director Eric Speron will step down from the Company’s Board as of January 31, 2025. Announcement • Jan 05
Tandy Leather Factory, Inc. Announces CEO Changes On January 2, 2025, Janet Carr submitted her resignation as Chief Executive Officer of Tandy Leather Factory, Inc. (the “Company”), effective as of the close of business on January 3, 2025. Ms. Carr will continue her employment with the Company in a non-executive officer capacity until March 31, 2025, to work on certain specified matters. On January 2, 2025, the Company’s Board of Directors appointed Johan Hedberg as the Company’s new Chief Executive Officer, effective as of January 6, 2025. In his capacity as the Company’s principal executive officer, pursuant to an employment agreement dated January 3, 2025. Mr. Hedberg brings more than 30 years of wholesale and retail leadership experience, most recently as Chief Sales Officer and President, Americas, of Fiskars Group, after serving as SVP Global Sales and then Global Chief Sales Officer there. Before Fiskars, he served at Thule Group as VP of Sales and Marketing. Announcement • Jan 04
Tandy Leather Factory, Inc. Announces Management Changes On January 2, 2025, Janet Carr submitted her resignation as principal financial officer and a member of the Board of Directors of Tandy Leather Factory, Inc. (the “Company”), effective as of the close of business on January 3, 2025. Ms. Carr will continue her employment with the Company in a non-executive officer capacity until March 31, 2025, to work on certain specified matters. On January 2, 2025, the Company’s Board of Directors appointed Johan Hedberg as the Company’s new Chief Executive Officer and a member of its Board of Directors, effective as of January 6, 2025. In his capacity as the Company’s principal executive officer, pursuant to an employment agreement dated January 3, 2025. On January 2, 2025, James Pappas resigned as a member of the Company’s Board of Directors and its Nominating and Governance Committee, effective as of January 3, 2025. Mr. Pappas’s resignation was not due to any disagreement with the Company. On January 2, 2025, the Board of Directors of the Company appointed John “Rocky” Sullivan to the Company’s Board of Directors and its Nominating and Governance Committee, effective as of January 6, 2025. Mr. Sullivan has served since January 2022 as an Investment Advisor Representative and Investment Analyst with JCP Investment Management, which might be deemed to be an affiliate of ours by virtue of holding approximately 10% of outstanding common stock. JCP Investment Management is an SEC Registered Investment Advisor, where Mr. Sullivan’s core focus is on investment due diligence and public equity analysis. He has also been the owner since May 2018 of Sullivan Companies and its affiliates, which is engaged in investment management, real estate development and production agriculture. Mr. Sullivan has a BBA in marketing from Texas A&M University and is a graduate of the Texas Christian University Ranch Management Program. Mr. Sullivan brings to Board a strong financial and business management background. Mr. Hedberg brings more than 30 years of wholesale and retail leadership experience, most recently as Chief Sales Officer and President, Americas, of Fiskars Group, after serving as SVP Global Sales and then Global Chief Sales Officer there. Before Fiskars, he served at Thule Group as VP of Sales and Marketing. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$4.86, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 18x in the Specialty Retail industry in the US. Total loss to shareholders of 2.9% over the past three years. Reported Earnings • Nov 14
Third quarter 2024 earnings released: US$0.016 loss per share (vs US$0.076 profit in 3Q 2023) Third quarter 2024 results: US$0.016 loss per share (down from US$0.076 profit in 3Q 2023). Revenue: US$17.4m (down 1.1% from 3Q 2023). Net loss: US$132.0k (down 121% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 19
Tandy Leather Factory, Inc. (NasdaqCM:TLF) announces an Equity Buyback for $5 million worth of its shares. Tandy Leather Factory, Inc. (NasdaqCM:TLF) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its shares. The program will continue through September 30, 2026. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: US$0.012 (vs US$0.064 in 2Q 2023) Second quarter 2024 results: EPS: US$0.012 (down from US$0.064 in 2Q 2023). Revenue: US$17.3m (down 1.1% from 2Q 2023). Net income: US$101.0k (down 81% from 2Q 2023). Profit margin: 0.6% (down from 3.0% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: US$0.062 (vs US$0.08 in 1Q 2023) First quarter 2024 results: EPS: US$0.062 (down from US$0.08 in 1Q 2023). Revenue: US$19.3m (down 5.3% from 1Q 2023). Net income: US$525.0k (down 21% from 1Q 2023). Profit margin: 2.7% (down from 3.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Tandy Leather Factory, Inc., Annual General Meeting, Jun 04, 2024 Tandy Leather Factory, Inc., Annual General Meeting, Jun 04, 2024, at 09:00 Central Standard Time. Location: corporate headquarters, 1900 Southeast Loop 820 Fort Worth Texas United States Agenda: To consider the election of a seven-member Board of Directors for a one-year term; to consider Ratification of appointment of independent registered public accounting firm; to consider An advisory vote on executive compensation as disclosed in these materials; and ; to consider any other business properly presented at the meeting. Announcement • Apr 20
Tandy Leather Factory, Inc. Appoints Diana Saadeh-Jajeh to Its Board of Directors Tandy Leather Factory, Inc. announced the appointment of Diana Saadeh-Jajeh to the Company’s Board of Directors. In connection with Ms. Saadeh-Jajeh’s appointment, the Company’s Board is expanding from seven to eight members. Ms. Saadeh-Jajeh, 54, has served since October 2023 as EVP- Chief Financial Officer and Chief Operating Officer at Ryvid, Inc., a company dedicated to promoting the accessibility of light electric mobility platforms. Prior to Ryvid, she was with GameStop, Inc., a leading specialty retailer in the field of gaming and entertainment, serving as EVP and Chief Financial Officer (July 2022 – August 2023), SVP and Chief Accounting Officer (July 2021 – July 2022 and June 2020 – March 2021) and Interim Chief Financial Officer (March 2021 – July 2021). Prior to GameStop, she was VP-Global Finance Operations and Business Transformation at JUUL Labs, Inc., between November 2018 and January 2020. Ms. Saadeh-Jajeh earned a B.S. in accounting and finance from San Francisco State University and an MBA in electronic business management from Notre Dame de Namur University. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: US$0.45 (vs US$0.15 in FY 2022) Full year 2023 results: EPS: US$0.45 (up from US$0.15 in FY 2022). Revenue: US$76.2m (down 5.1% from FY 2022). Net income: US$3.77m (up 207% from FY 2022). Profit margin: 4.9% (up from 1.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$0.076 (vs US$0.088 in 3Q 2022) Third quarter 2023 results: EPS: US$0.076 (down from US$0.088 in 3Q 2022). Revenue: US$17.5m (down 7.9% from 3Q 2022). Net income: US$636.0k (down 12% from 3Q 2022). Profit margin: 3.6% (down from 3.8% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: US$0.064 (vs US$0.071 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.064 (up from US$0.071 loss in 2Q 2022). Revenue: US$17.5m (down 5.0% from 2Q 2022). Net income: US$531.0k (up US$1.12m from 2Q 2022). Profit margin: 3.0% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jun 08
Tandy Leather Factory, Inc. Appoints Eric Speron as Director Tandy Leather Factory, Inc. appointed Eric Speron as director at its AGM held on June 6, 2023. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: US$0.08 (vs US$0.075 in 1Q 2022) First quarter 2023 results: EPS: US$0.08 (up from US$0.075 in 1Q 2022). Revenue: US$20.4m (flat on 1Q 2022). Net income: US$664.0k (up 2.9% from 1Q 2022). Profit margin: 3.3% (up from 3.1% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Feb 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Elaine Crowley was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 08
Tandy Leather Factory Common Stock Deleted from OTC Equity Tandy Leather Factory, Inc. Common Stock has been deleted from OTC Equity effective from September 07, 2022, due to Market Center Change Listed on NASDAQ. Announcement • Aug 16
Tandy Leather Factory, Inc. Announces Resignation of Michael Galvan as Chief Financial Officer Tandy Leather Factory, Inc. announced that its Chief Financial Officer, Michael Galvan, has notified the Company of his intention to resign from his position, effective August 31, 2022. The Company has retained the consulting firm SeatonHill Partners, LP, to provide interim assistance while the Company conducts a search for a new full-time CFO. Announcement • May 02
Tandy Leather Factory, Inc., Annual General Meeting, Jun 07, 2022 Tandy Leather Factory, Inc., Annual General Meeting, Jun 07, 2022, at 11:30 Central Daylight. Location: Tandy Leather Factory, Inc. Tandy retail store #4 Fort Worth Texas United States Agenda: To consider the election of a seven-member Board of Directors for a one-year term; to consider ratification of appointment of independent registered public accounting firm; to consider an advisory vote on executive compensation as disclosed in these materials; to consider an advisory vote on the frequency of advisory vote on executive compensation; and to consider any other business properly presented at the meeting. Announcement • Dec 05
Tandy Leather Factory, Inc. Provides Revenue Guidance for the Third Quarter of 2021 Tandy Leather Factory, Inc. announced certain preliminary financial information for its third quarter ended September 30, 2021. Sales for the third quarter of 2021 are expected to be approximately $19.0 million, an increase of about 19% compared to the third quarter of 2020. Announcement • Apr 24
Tandy Leather Factory, Inc. Provides Revenue Guidance for the First Quarter of 2021 Tandy Leather Factory, Inc. provided revenue guidance for the first quarter of 2021. For the quarter, the company's sales are expected to be approximately $21.3 million, an increase of approximately 23.6% compared to the first quarter of the prior year. Announcement • Feb 09
Nasdaq to Delist Common Stock of Tandy Leather Factory The Nasdaq Stock Market announced that it will delist the common stock of Tandy Leather Factory, Inc. Tandy Leather Factory’s common stock was suspended on August 13, 2020 and has not traded on Nasdaq since that time. Nasdaq will file a Form 25 with the Securities and Exchange Commission to complete the delistings. The delistings become effective ten days after the Form 25 is filed. Announcement • Jan 12
Tandy Leather Factory, Inc. Announces Executive Changes Tandy Leather Factory, Inc. announced that the appointment of Michael Galvan as Chief Financial Officer, effective January 11, 2020. Mr. Galvan replaces Steve Swank, who informed the company on January 6 that he was resigning for personal reasons as Chief Financial Officer. Mr. Swank has agreed to remain with the Company for two months to provide transition and assistance. Mr. Galvan, 52, first joined the Company in May 2020, serving as Interim Chief Financial Officer until Mr. Swank’s arrival in July 2020. Announcement • Aug 17
Tandy Leather Factory, Inc.(OTCPK:TLFA) dropped from S&P TMI Index Tandy Leather Factory, Inc.(OTCPK:TLFA) dropped from S&P TMI Index Announcement • Aug 11
Tandy Leather Factory Expects to Receive Delisting Determination Letter from Nasdaq Tandy Leather Factory, Inc. announced that it will not be able to complete its financial restatement and file all outstanding periodic reports with the SEC by August 10, 2020. As previously reported, a listing panel of The Nasdaq Stock Market LLC (“Nasdaq”) had granted the Company until August 10 to file those reports in order to remain listed on the Nasdaq Global Market; this date represented the full extent of the panel’s discretion in this matter and, as a result, the panel is required to issue a delisting determination under the Nasdaq Listing Rules. The Company therefore expects: (1) to receive a delisting determination letter from Nasdaq notifying it that trading in the Company’s shares will be suspended on Nasdaq and (2) that its common stock may remain eligible to trade on the Over-the Counter Markets’ “Pink Sheets” under the current symbol “TLF”. 
