TPBMEDIUM SIGNALFINANCIAL10-K

TPB demonstrated strong revenue growth of 39% alongside meaningful expansion in total assets, though current liabilities grew substantially.

The company appears to be in a growth phase with solid top-line momentum translating to improved profitability, as net income grew meaningfully while operating leverage helped expand margins. However, the substantial increase in current liabilities warrants monitoring for potential working capital or debt service pressures.

Comparing 2026-03-02 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

TPB delivered strong fundamental performance with revenue growing 39% to $286M while net income expanded 46% to $58M, indicating effective operational execution. The balance sheet expanded notably with total assets growing 55% to $764M and stockholders' equity increasing 35% to $151M, though current liabilities rose substantially to $75M. Overall, the financial picture suggests a company successfully scaling operations while maintaining profitability, though the current liability growth requires attention.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+67.4%
$44.8M→$75.0M

Current liabilities surged 67.4% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+54.8%
$493.4M→$763.8M

Asset base grew 54.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+46.1%
$39.8M→$58.2M

Net income grew 46.1% — bottom-line growth signals improving overall business health.

Revenue
P&L
+38.6%
$206.2M→$285.8M

Strong top-line growth of 38.6% — accelerating demand or successful expansion into new markets.

SG&A Expense
P&L
+38.1%
$122.4M→$169.0M

SG&A up 38.1% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Stockholders Equity
Balance Sheet
+35.2%
$111.6M→$151.0M

Equity base grew 35.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+31.1%
$201.6M→$264.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

R&D Expense
P&L
-30.8%
$1.3M→$900K

R&D spending cut 30.8% — could signal cost discipline or concerning reduction in innovation investment.

Total Liabilities
Balance Sheet
+29.3%
$303.0M→$391.8M

Liabilities increased 29.3% — monitor debt-to-equity ratio and interest coverage.

Operating Income
P&L
+17.9%
$80.8M→$95.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-06
ADDED
false --12-31 FY 2025 true true Our Board of Directors oversees our enterprise risk management process and our Audit Committee of the Board has direct oversight of our management of cybersecurity risks.
Under the direction and supervision of our Chief Financial Officer, we conduct an annual comprehensive enterprise risk assessment, which includes details of our management of enterprise-wide risk topics, such as those related to cybersecurity risks.
The Board of Directors receives the full results of the annual enterprise risk assessment, including an evaluation of cybersecurity risks presented, a detailed description of the actions we have taken to mitigate these risks.
Our Cybersecurity Steering Committee reviews the results of any enterprise risk assessment with management on a regular basis and with the Board of Directors quarterly or when risks are identified.
Management provides a comprehensive update to the Audit Committee of the Board on cybersecurity threats and risk mitigation at least annually, and more frequently as relevant.
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REMOVED
There were 0.2 million, 0.2 million and 0.2 million outstanding stock options not included in the computation of diluted earnings per share for the years ended December 31, 2024, 2023 and 2022, respectively, because the effect would have been antidilutive.
Includes primarily selling and marketing costs Net sales include excise taxes billed to customers of $0.8 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively.
Net sales include excise taxes billed to customer of $2.3 million and $3.4 million for the nine months ended September 30, 2024 and 2023, respectively.
Includes corporate costs that are not allocated to any of the three reportable segments Includes assets not assigned to the two reportable segments.
At February 28, 2025, there were 17,747,117 shares outstanding of the registrant s voting common stock, par value $0.01 per share.
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