Revenue has consistently eroded, with the 2025Q3 top-line decline of 9.6% contributing to a significant margin contraction from a 32.0% gross margin in 2023Q4 to 20.4% in 2025Q3.
| Metric | TTM | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 |
|---|
| Sales/Revenue | 409.65M | 441.36M | 468.69M | 498.82M | 558.18M | 543.5M | 603.88M | 647.07M | 634.12M | 594.33M | 561.81M | 507.62M | 460.56M | 448.37M | 430.29M | 415.3M | 406.19M | 391.28M | 396.7M | 446.83M | 415.09M | 394.43M | 369.16M | 341.5M |
| Revenue Growth % | -10.64% | -5.83% | -6.04% | -10.63% | 2.7% | -10% | -6.67% | 2.04% | 6.69% | 5.79% | 10.67% | 10.22% | 2.72% | 4.2% | 3.61% | 2.24% | 3.81% | -1.37% | -11.22% | 7.65% | 5.24% | 6.85% | 8.1% | - |
| Cost of Goods Sold | 310.73M | 319.35M | 341.7M | 379.04M | 369.75M | 370.66M | 438.45M | 444M | 426.58M | 391.84M | 359.31M | 304.72M | 279.75M | 279.75M | 261.09M | 244.76M | 237.69M | 257.29M | 283.04M | 306.47M | 289.62M | 267.64M | 241.84M | 219.01M |
| COGS % of Revenue | - | 72.36% | 72.91% | 75.99% | 66.24% | 68.2% | 72.6% | 68.62% | 67.27% | 65.93% | 63.96% | 60.03% | 60.74% | 62.39% | 60.68% | 58.94% | 58.52% | 65.76% | 71.35% | 68.59% | 69.77% | 67.85% | 65.51% | 64.13% |
| Gross Profit | 98.92M | 122.01M | 126.99M | 119.79M | 188.43M | 172.84M | 165.43M | 203.07M | 207.54M | 202.49M | 202.5M | 202.9M | 180.82M | 168.62M | 169.19M | 170.54M | 168.51M | 133.99M | 113.66M | 140.36M | 125.47M | 126.79M | 127.31M | 122.5M |
| Gross Margin % | 24.15% | 27.64% | 27.09% | 24.01% | 33.76% | 31.8% | 27.4% | 31.38% | 32.73% | 34.07% | 36.04% | 39.97% | 39.26% | 37.61% | 39.32% | 41.06% | 41.48% | 34.24% | 28.65% | 31.41% | 30.23% | 32.15% | 34.49% | 35.87% |
| Gross Profit Growth % | - | -3.92% | 6.01% | -36.43% | 9.02% | 4.48% | -18.53% | -2.15% | 2.49% | -0% | -0.2% | 12.21% | 7.24% | -0.34% | -0.79% | 1.2% | 25.76% | 17.89% | -19.02% | 11.87% | -1.04% | -0.41% | 3.93% | - |
| Operating Expenses | 120.98M | 136.04M | 151.4M | 162.54M | 163.08M | 164.55M | 218.47M | 198.19M | 198.18M | 185.49M | 176.31M | 174.26M | 156.82M | 147.09M | 138.69M | 128.56M | 121.57M | 124.32M | 139.6M | 141.04M | 125.27M | 115.31M | 97.14M | 89.78M |
| OpEx % of Revenue | - | 30.82% | 32.3% | 32.58% | 29.22% | 30.28% | 36.18% | 30.63% | 31.25% | 31.21% | 31.38% | 34.33% | 34.05% | 32.81% | 32.23% | 30.96% | 29.93% | 31.77% | 35.19% | 31.56% | 30.18% | 29.23% | 26.31% | 26.29% |
| Selling, General & Admin | 75.36M | 77.72M | 82.15M | 85.23M | 84.93M | 85.57M | 116.89M | 116.27M | 116.89M | 110.28M | 102.47M | 94.74M | 86.62M | 83.18M | 78.89M | 74.8M | 71.3M | 69.51M | 115.75M | 122.27M | 109.95M | 103.25M | 87.82M | 81.56M |
| SG&A % of Revenue | - | 17.61% | 17.53% | 17.09% | 15.22% | 15.74% | 19.36% | 17.97% | 18.43% | 18.55% | 18.24% | 18.66% | 18.81% | 18.55% | 18.33% | 18.01% | 17.55% | 17.76% | 29.18% | 27.36% | 26.49% | 26.18% | 23.79% | 23.88% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 58.32M | 69.25M | 77.31M | 78.15M | 78.98M | 101.58M | 81.92M | 81.29M | 75.22M | 73.84M | 79.52M | 70.2M | 63.91M | 59.8M | 53.76M | 50.27M | 54.81M | 23.84M | 18.77M | 15.32M | 12.05M | 9.32M | 8.21M |
| Operating Income | -22.06M | -14.03M | -24.41M | -42.75M | 25.34M | 8.29M | -53.04M | 4.88M | 9.35M | 17M | 26.19M | 28.64M | 23.99M | 21.53M | 30.5M | 41.97M | 46.94M | 9.67M | -25.94M | -678K | 205K | 11.48M | 30.17M | 32.72M |
| Operating Margin % | -5.39% | -3.18% | -5.21% | -8.57% | 4.54% | 1.52% | -8.78% | 0.75% | 1.47% | 2.86% | 4.66% | 5.64% | 5.21% | 4.8% | 7.09% | 10.11% | 11.56% | 2.47% | -6.54% | -0.15% | 0.05% | 2.91% | 8.17% | 9.58% |
| Operating Income Growth % | - | 42.52% | 42.89% | -268.68% | 205.84% | 115.62% | -1186.68% | -47.81% | -44.98% | -35.1% | -8.55% | 19.38% | 11.45% | -29.43% | -27.32% | -10.58% | 385.45% | 137.28% | -3725.66% | -430.73% | -98.21% | -61.94% | -7.8% | - |
| EBITDA | -13.63M | -4.29M | -12.43M | -26.23M | 45.78M | 31.54M | -25.32M | 34.33M | 36.5M | 42.32M | 48.37M | 47.28M | 39.94M | 34.7M | 42.91M | 54.79M | 61.44M | 28.41M | -5.55M | 17.41M | 15.52M | 23.68M | 37.86M | 40.41M |
| EBITDA Margin % | -3.33% | -0.97% | -2.65% | -5.26% | 8.2% | 5.8% | -4.19% | 5.31% | 5.76% | 7.12% | 8.61% | 9.31% | 8.67% | 7.74% | 9.97% | 13.19% | 15.13% | 7.26% | -1.4% | 3.9% | 3.74% | 6% | 10.26% | 11.83% |
| EBITDA Growth % | -514.05% | 65.51% | 52.59% | -157.3% | 45.12% | 224.57% | -173.75% | -5.94% | -13.75% | -12.51% | 2.31% | 18.38% | 15.09% | -19.14% | -21.68% | -10.83% | 116.27% | 612.17% | -131.87% | 12.12% | -34.45% | -37.44% | -6.32% | - |
| D&A (Non-Cash Add-back) | 8.43M | 9.74M | 11.98M | 16.52M | 20.43M | 23.26M | 27.72M | 29.45M | 27.15M | 25.32M | 22.18M | 18.64M | 15.95M | 13.18M | 12.41M | 12.82M | 14.51M | 18.74M | 20.39M | 18.08M | 15.32M | 12.2M | 7.69M | 7.69M |
| EBIT | -21.75M | -16.87M | -23.91M | -42.42M | 25.69M | 8.66M | -52.13M | 6.08M | 10.09M | 17.25M | 26.44M | 28.64M | 24.23M | 21.78M | 30.67M | 42.3M | 47.19M | 10.21M | -25.94M | 17.42M | 205K | 11.48M | 30.17M | 32.72M |
| Net Interest Income | -6.23M | -5.95M | -3.32M | -1.74M | -320K | -571K | -457K | -267K | -275K | -276K | -346K | -275K | -262K | -259K | -53K | -57K | -209K | -50K | 0 | 14K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 28K | 48K | 80K | 0 | 73K | 0 | 292K | 0 | 0 | 0 | 0 |
| Interest Expense | 6.23M | 5.95M | 3.32M | 1.74M | 320K | 571K | 457K | 267K | 275K | 276K | 346K | 275K | 274K | 287K | 101K | 137K | 209K | 123K | 0 | 278K | 0 | 6.32M | 0 | 0 |
| Other Income/Expense | -5.92M | -8.78M | -2.82M | -1.4M | 24K | -195K | 454K | 930K | 464K | -24K | -94K | 179K | -33K | -34K | 65K | 194K | 47K | 419K | -328K | 521K | 230K | -594K | -487K | -6.1M |
| Pretax Income | -27.98M | -22.82M | -27.23M | -44.15M | 25.37M | 8.09M | -52.59M | 5.81M | 9.82M | 16.98M | 26.1M | 28.82M | 23.96M | 21.49M | 30.57M | 42.17M | 46.98M | 10.09M | -26.27M | -157K | 435K | 10.89M | 29.85M | 26.92M |
| Pretax Margin % | -6.83% | -5.17% | -5.81% | -8.85% | 4.54% | 1.49% | -8.71% | 0.9% | 1.55% | 2.86% | 4.65% | 5.68% | 5.2% | 4.79% | 7.1% | 10.15% | 11.57% | 2.58% | -6.62% | -0.04% | 0.1% | 2.76% | 8.09% | 7.88% |
| Income Tax | -156K | 316K | 519K | 543K | 3.34M | -8.55M | 678K | 2.03M | 4.52M | 5.93M | 9.52M | 11.01M | 9.43M | 7.7M | 11.46M | 15.74M | 12.41M | 783K | -360K | -17K | 206K | 4.3M | 11.71M | 10.84M |
| Effective Tax Rate % | 0.56% | -1.38% | -1.91% | -1.23% | 13.18% | -105.62% | -1.29% | 34.95% | 46.05% | 34.93% | 36.49% | 38.19% | 39.35% | 35.82% | 37.47% | 37.32% | 26.42% | 7.76% | 1.37% | 10.83% | 47.36% | 39.48% | 39.22% | 40.29% |
| Net Income | -27.83M | -23.13M | -27.75M | -44.69M | 22.03M | 16.64M | -53.27M | 3.78M | 5.3M | 11.05M | 16.57M | 17.81M | 14.53M | 13.79M | 19.11M | 26.43M | 34.57M | 9.3M | -25.91M | -140K | 229K | 6.59M | 18.14M | 16.27M |
| Net Margin % | -6.79% | -5.24% | -5.92% | -8.96% | 3.95% | 3.06% | -8.82% | 0.58% | 0.84% | 1.86% | 2.95% | 3.51% | 3.15% | 3.08% | 4.44% | 6.36% | 8.51% | 2.38% | -6.53% | -0.03% | 0.06% | 1.67% | 4.91% | 4.76% |
| Net Income Growth % | -33.16% | 16.64% | 37.91% | -302.91% | 32.38% | 131.24% | -1509.13% | -28.63% | -52.05% | -33.35% | -6.97% | 22.6% | 5.33% | -27.83% | -27.68% | -23.54% | 271.52% | 135.92% | -18404.29% | -161.14% | -96.52% | -63.68% | 11.54% | - |
| Net Income (Continuing) | -27.83M | -23.13M | -27.75M | -44.69M | 22.03M | 16.64M | -53.27M | 3.78M | 5.3M | 11.05M | 16.57M | 17.81M | 14.53M | 13.79M | 19.11M | 26.43M | 34.57M | 9.3M | -25.91M | -140K | 229K | 6.59M | 18.04M | 15.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.24 | -1.77 | -2.16 | -3.52 | 1.51 | 1.12 | -3.79 | 0.24 | 0.33 | 0.68 | 0.94 | 1.00 | 0.82 | 0.77 | 0.95 | 1.28 | 1.71 | 0.47 | -1.33 | -0.01 | 0.01 | 0.34 | 0.92 | 0.69 |
| EPS Growth % | 9.38% | 18.06% | 38.64% | -333.11% | 34.82% | 129.55% | -1679.17% | -27.27% | -51.47% | -27.66% | -6% | 21.95% | 6.49% | -18.95% | -25.78% | -25.15% | 263.83% | 135.34% | - | -172% | -97.06% | -63.04% | 33.33% | - |
| EPS (Basic) | - | -1.77 | -2.16 | -3.52 | 1.61 | 1.18 | -3.79 | 0.24 | 0.33 | 0.70 | 0.97 | 1.03 | 0.84 | 0.79 | 0.97 | 1.33 | 1.76 | 0.47 | -1.33 | -0.01 | 0.01 | 0.34 | 0.95 | 0.71 |
| Diluted Shares Outstanding | 22.46M | 13.07M | 12.87M | 12.7M | 14.62M | 14.88M | 14.07M | 15.57M | 16.17M | 16.14M | 17.57M | 17.79M | 17.68M | 17.86M | 20.23M | 20.58M | 20.25M | 19.69M | 19.52M | 19.43M | 19.57M | 19.54M | 19.55M | 14.66M |
| Basic Shares Outstanding | 22.46M | 13.07M | 12.87M | 12.7M | 13.67M | 14.16M | 14.07M | 15.45M | 15.97M | 15.86M | 17.13M | 17.26M | 17.21M | 17.46M | 19.71M | 19.86M | 19.7M | 19.63M | 19.52M | 19.43M | 19.32M | 19.23M | 19.05M | 13.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 156.59% | - | - | - | - | - | - | - | - | - | - | 241.27% | - | 0% |
Liquidity and solvency crisis
As evidenced by the quarterly financial data, TBHC has experienced consistent top-line erosion, with the most recent period showing a 9.6% year-over-year revenue decline, suggesting that the company's core retail offerings are struggling to maintain relevance in an increasingly competitive and price-sensitive consumer discretionary environment.
The consistent negative revenue growth across the last ten quarters indicates a structural inability to drive traffic, regardless of seasonal promotional efforts. This trend suggests that the brand's pivot to a collective model has yet to arrest the decline in transaction volume or average ticket size.
According to the reported income statements, TBHC's gross margin has fluctuated significantly, dropping to 20.4% in 2025Q3 from a peak of 32.0% in 2023Q4, which highlights the company's limited pricing power and heavy reliance on discounting to clear seasonal inventory in a cooling market.
The volatility in gross margins suggests that the company is frequently forced to sacrifice profitability to manage inventory levels. This margin instability complicates the path to profitability, as the current cost structure appears unable to absorb the impact of these necessary promotional markdowns.
Based on the provided financial figures, TBHC exhibits clear signs of operating deleverage, as the company's inability to scale revenue has resulted in persistent operating losses, with the most recent quarter reporting an operating margin of -1.9% despite ongoing efforts to manage SG&A expenses.
The company's high fixed-cost base, tied to its physical store footprint, creates a significant hurdle that current revenue levels cannot overcome. Without a substantial increase in sales velocity or a reduction in store count, the operating income will likely remain under pressure.
As reported in recent financial filings, the company's cash position of $3.82 million against a $441 million revenue base presents a critical risk, suggesting that any further operational missteps could lead to a liquidity crisis that threatens the firm's ability to sustain its current business model.
Short-sellers would likely focus on the precarious cash-to-revenue ratio, which leaves little room for error in managing working capital or debt obligations. Investors should monitor whether the company is forced to pursue dilutive financing or asset liquidations to maintain basic operations.
Quick answers to the most common questions about buying TBHC stock.
For fiscal year 2024, The Brand House Collective, Inc. (TBHC) reported total revenue of $441.4M. This represents a 29.2% increase compared to $341.5M in 2002.
The Brand House Collective, Inc. (TBHC) reported a net loss of $23.1M for the fiscal year ending 2024.
The Brand House Collective, Inc. (TBHC) reported an operating income of $-14.0M, resulting in an operating profit margin of -3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
The Brand House Collective, Inc. (TBHC) generated $122.0M in gross profit for the year, representing a gross profit margin of 27.6%. This demonstrates the company's core pricing power and production efficiency.