TURNING POINT BRANDS, INC., 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Entity Central Index Key 0001290677  
Entity Registrant Name Turning Point Brands, Inc.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-37763  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-0709285  
Entity Address, Address Line One 5201 Interchange Way  
Entity Address, City or Town Louisville  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40229  
City Area Code 502  
Local Phone Number 778-4421  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol TPB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   19,367,534
v3.26.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash $ 192,439 $ 222,760
Accounts receivable 27,473 25,726
Inventories, net 129,580 107,989
Other current assets 68,712 60,675
Total current assets 418,204 417,150
Property, plant, and equipment, net 40,584 36,247
Right of use assets 15,409 14,480
Deferred financing costs, net 1,019 1,180
Goodwill 135,974 136,097
Other intangible assets, net 63,731 64,042
Master Settlement Agreement (MSA) escrow deposits 29,786 29,887
Other assets 67,390 64,667
Total assets 772,097 763,750
Current liabilities:    
Accounts payable 35,889 20,420
Accrued liabilities 35,394 54,587
Total current liabilities 71,283 75,007
Deferred tax liabilities, net 8,363 8,289
Notes payable and long-term debt 293,885 293,625
Other long-term liabilities 2,034 4,138
Lease liabilities 11,043 10,708
Total liabilities 386,608 391,767
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock 0 0
Additional paid-in capital 205,542 203,627
Cost of repurchased common stock (47,637) (47,637)
Accumulated other comprehensive loss (2,090) (1,563)
Accumulated earnings 209,730 199,661
Non-controlling interest 19,726 17,679
Total stockholders’ equity 385,489 371,983
Total liabilities and stockholders’ equity 772,097 763,750
Voting Common Stock [Member]    
Stockholders’ equity:    
Common Stock 218 216
Nonvoting Common Stock [Member]    
Stockholders’ equity:    
Common Stock $ 0 $ 0
v3.26.1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for doubtful accounts $ 228 $ 206
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 40,000,000 40,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares repurchased (in shares) 1,457,143 1,457,143
Voting Common Stock [Member]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 190,000,000 190,000,000
Common stock, shares issued (in shares) 20,824,677 20,589,527
Common stock, shares outstanding (in shares) 19,367,534 19,132,384
Nonvoting Common Stock [Member]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.26.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net sales $ 124,278 $ 106,436
Cost of sales 55,983 46,826
Gross profit 68,295 59,610
Selling, general, and administrative expenses 55,811 36,421
Operating income 12,484 23,189
Other expense, net 63 0
Interest expense, net 4,423 4,414
Investment gain (151) (141)
Income from equity method investment (2,983) (150)
Loss on extinguishment of debt 0 1,235
Income before income taxes 11,132 17,831
Income tax (benefit) expense (2,810) 2,040
Consolidated net income 13,942 15,791
Net income attributable to non-controlling interest 2,275 1,396
Net income attributable to Turning Point Brands, Inc. $ 11,667 $ 14,395
Basic income per common share:    
Net income attributable to Turning Point Brands, Inc. (in dollars per share) $ 0.61 $ 0.81
Diluted income per common share:    
Net income attributable to Turning Point Brands, Inc. (in dollars per share) $ 0.6 $ 0.79
Weighted average common shares outstanding:    
Basic (in shares) 19,214,389 17,795,243
Diluted (in shares) 19,474,877 18,249,306
v3.26.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Consolidated net income $ 13,942 $ 15,791
Other comprehensive income (loss), net of tax    
Foreign currency translation, net of tax of $0 in 2026 and 2025 (646) (44)
Unrealized gain on derivative instruments, net of tax of $0 in 2026 and $18 in 2025 0 62
Other Comprehensive Income (Loss), Net of Tax (755) 492
Consolidated comprehensive income 13,187 16,283
Comprehensive income attributable to non-controlling interest 2,275 1,396
Comprehensive income attributable to Turning Point Brands, Inc. 10,912 14,887
Master Settlement Agreement (MSA) Investments [Member]    
Other comprehensive income (loss), net of tax    
Unrealized gain (loss) on investments, net of tax (75) 495
Other Investment [Member]    
Other comprehensive income (loss), net of tax    
Unrealized gain (loss) on investments, net of tax $ (34) $ (21)
v3.26.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Foreign currency translation, tax $ 0 $ 0
Unrealized gain (loss) on derivative instruments, tax 0 18
Master Settlement Agreement (MSA) Investments [Member]    
Unrealized gain (loss) on investments, tax 22 146
Other Investment [Member]    
Unrealized gain (loss) on investments, tax $ 0 $ 0
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Consolidated net income $ 13,942 $ 15,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on extinguishment of debt 0 1,235
Loss on sale of property, plant, and equipment 0 40
Income from equity method investment (2,983) (150)
Gain on investments (15) 0
Depreciation and other amortization expense 1,753 1,309
Amortization of other intangible assets 306 307
Amortization of deferred financing costs 421 448
Deferred income tax expense 96 1,716
Stock compensation expense 2,938 1,664
Noncash lease income (807) (380)
Changes in operating assets and liabilities:    
Accounts receivable (1,941) (5,539)
Inventories (21,700) (8,310)
Other current assets (8,062) (5,399)
Other assets (108) (1,268)
Accounts payable 15,637 15,433
Accrued liabilities and other (21,736) 512
Net cash (used in) provided by operating activities (22,259) 17,409
Cash flows from investing activities:    
Capital expenditures (5,139) (2,185)
Payment for equity investments 0 (2,783)
Purchases of investments (2,283) (714)
Proceeds from sale of investments 2,351 500
MSA escrow deposits, net 5 (48)
Net cash used in investing activities (5,066) (5,230)
Cash flows from financing activities:    
Proceeds from 2032 Notes 0 300,000
Payment of dividends (1,671) (1,385)
Payment of financing costs 0 (6,582)
Exercise of options 323 973
Redemption of options 0 (33)
Redemption of restricted stock units (330) (1,828)
Redemption of performance based restricted stock units (1,014) (2,625)
Net cash (used in) provided by financing activities (2,692) 38,520
Net (decrease) increase in cash (30,017) 50,699
Effect of foreign currency translation on cash (304) (48)
Unrestricted 222,760 48,941
Restricted 1,914 1,961
Total cash at beginning of period 224,674 50,902
Unrestricted 192,439 99,640
Restricted 1,914 1,913
Total cash at end of period 194,353 101,553
Supplemental schedule of noncash investing activities:    
Investment acquired in exchange for net assets held for sale 0 10,496
Supplemental schedule of noncash financing activities:    
Dividends declared not paid 1,598 1,377
Senior Secured Notes 2026 [Member]    
Cash flows from financing activities:    
Redemption of 2026 Notes $ 0 $ (250,000)
v3.26.1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2026 - USD ($)
$ in Thousands
Master Settlement Agreement (MSA) Investments [Member]
Common Stock Outstanding [Member]
Master Settlement Agreement (MSA) Investments [Member]
Additional Paid-in Capital [Member]
Master Settlement Agreement (MSA) Investments [Member]
Treasury Stock, Common [Member]
Master Settlement Agreement (MSA) Investments [Member]
AOCI Attributable to Parent [Member]
Master Settlement Agreement (MSA) Investments [Member]
Retained Earnings [Member]
Master Settlement Agreement (MSA) Investments [Member]
Noncontrolling Interest [Member]
Master Settlement Agreement (MSA) Investments [Member]
Other Investment [Member]
Common Stock Outstanding [Member]
Other Investment [Member]
Additional Paid-in Capital [Member]
Other Investment [Member]
Treasury Stock, Common [Member]
Other Investment [Member]
AOCI Attributable to Parent [Member]
Other Investment [Member]
Retained Earnings [Member]
Other Investment [Member]
Noncontrolling Interest [Member]
Other Investment [Member]
Performance Based Restricted Stock Units [Member]
Common Stock Outstanding [Member]
Performance Based Restricted Stock Units [Member]
Additional Paid-in Capital [Member]
Performance Based Restricted Stock Units [Member]
Treasury Stock, Common [Member]
Performance Based Restricted Stock Units [Member]
AOCI Attributable to Parent [Member]
Performance Based Restricted Stock Units [Member]
Retained Earnings [Member]
Performance Based Restricted Stock Units [Member]
Noncontrolling Interest [Member]
Performance Based Restricted Stock Units [Member]
Restricted Stock Units (RSUs) [Member]
Common Stock Outstanding [Member]
Restricted Stock Units (RSUs) [Member]
Additional Paid-in Capital [Member]
Restricted Stock Units (RSUs) [Member]
Treasury Stock, Common [Member]
Restricted Stock Units (RSUs) [Member]
AOCI Attributable to Parent [Member]
Restricted Stock Units (RSUs) [Member]
Retained Earnings [Member]
Restricted Stock Units (RSUs) [Member]
Noncontrolling Interest [Member]
Restricted Stock Units (RSUs) [Member]
Common Stock Outstanding [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2025                                                         19,132,384            
Balance at Dec. 31, 2025                                                         $ 216 $ 203,627 $ (47,637) $ (1,563) $ 199,661 $ 17,679 $ 371,983
Unrealized gain (loss) on investments, net of tax $ 0 $ 0 $ 0 $ (75) $ 0 $ 0 $ (75) $ 0 $ 0 $ 0 $ (34) $ 0 $ 0 $ (34)                                          
Foreign currency translation, net of tax of $0 in 2026 and 2025                                                         0 0 0 (418) 0 (228) (646)
Stock compensation expense                                                         0 2,938 0 0 0 2,938
Stock compensation expense                                                         $ 0 2,938 0 0 0 2,938
Exercise of options (in shares)                                                         7,661            
Exercise of options                                                         $ 0 323 0 0 0 0 323
Exercise of options                                                         0 323 0 0 0 0 323
Issuance of performance based restricted stock units (in shares)                             177,587             62,243                          
Issuance of performance based restricted stock units                             $ 2 $ 0 $ 0 $ 0 $ 0 $ 0 $ 2                            
Redemption of options (in shares)                             (8,138)             (4,203)                          
Redemption of performance based restricted stock units                             $ 0 $ (1,014) $ 0 $ 0 $ 0 $ 0 $ (1,014)                            
Issuance of stock units                                           $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0              
Redemption of restricted stock units                                           $ 0 $ (332) $ 0 $ 0 $ 0 $ 0 $ (332)              
Dividends                                                         0 0 0 0 (1,598) 0 (1,598)
Consolidated net income                                                         $ 0 0 0 0 11,667 2,275 13,942
Balance (in shares) at Mar. 31, 2026                                                         19,367,534            
Balance at Mar. 31, 2026                                                         $ 218 $ 205,542 $ (47,637) $ (2,090) $ 209,730 $ 19,726 $ 385,489
v3.26.1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Master Settlement Agreement (MSA) Investments [Member]    
Unrealized gain (loss) on investments, tax $ 22 $ 146
Other Investment [Member]    
Unrealized gain (loss) on investments, tax 0 0
Foreign currency translation, tax $ 0 $ 0
v3.26.1
Note 1 - Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Business and Basis of Presentation

 

Description of Business

 

Turning Point Brands, Inc., including its subsidiaries (collectively referred to herein as the “Company,” “we,” “our,” or “us”), is a leading manufacturer, marketer and distributor of branded consumer products. The Company sells a wide range of products to adult consumers consisting of staple products with its iconic brands Zig-Zag® and Stoker’s® and its next generation products to fulfill evolving consumer preferences. The Company's segments are led by its core proprietary and iconic brands: Zig-Zag® and Stoker’s® along with FRE®, Beech-Nut® and Trophy®. The Company’s products are available in more than 220,000 retail outlets in North America. The Company operates two segments, Zig-Zag products and Stoker’s products.

 

Basis of Presentation

 

The accompanying unaudited, interim, consolidated financial statements have been prepared in accordance with the accounting practices described in the Company’s audited, consolidated financial statements as of and for the year ended December 31, 2025. In the opinion of management, the unaudited, interim, consolidated financial statements included herein contain all adjustments necessary to present fairly the financial position, results of operations, and cash flows of the Company for the periods presented. Such adjustments, other than nonrecurring adjustments separately disclosed, are of a normal and recurring nature. The operating results for interim periods are not necessarily indicative of results to be expected for a full year or future interim periods. The unaudited, interim, consolidated financial statements should be read in conjunction with the Company’s audited, consolidated financial statements and accompanying notes as of and for the year ended December 31, 2025. The accompanying interim, consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, accordingly, do not include all the disclosures required by generally accepted accounting principles in the United States (“GAAP”) with respect to annual financial statements.

 

Certain prior year amounts have been reclassified to conform to the current year’s presentation. The changes did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows in any of the periods presented.

 
v3.26.1
Note 2 - Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

Note 2. Summary of Significant Accounting Policies

 

Consolidation

 

The consolidated financial statements include the accounts of the Company, its subsidiaries, all of which are wholly-owned, and variable interest entities (“VIEs”) for which the Company is considered to have a controlling interest based on the voting interest entity model or the variable interest entity model. All significant intercompany transactions have been eliminated.

 

U.S. GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine whether the Company is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company  may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

 

The primary beneficiary of a VIE is the entity that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis.

 

The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events.

 

Management of the Company has determined that Turning Point Brands Canada and ALP Supply Co, LLC (“ALP”) are VIEs for which the Company is required to consolidate and determined that the distribution business acquired by General Wireless Operations, Inc. ("GWO") (refer to Note 7, "Other Assets") is a VIE for which the Company is not required to consolidate. The Company has a 65% financial interest in the equity of Turning Point Brands Canada, provides additional subordinated financing and has a distribution agreement for the sale of the Company’s products that makes up a significant portion of Turning Point Brands Canada’s business activities. The Company has a 50% equity interest in ALP, provides additional financing, has a supply agreement to be the exclusive provider of product and is the primary beneficiary due to the power the Company has over the activities that most significantly impact the economic performance, and the right to receive benefits and the obligation to absorb losses. RSH Holding Trust ("RSH Trust"), which was established by the Company and is managed by an independent trustee that votes our interest in GWO in accordance with GWO's board's recommendations, holds a 49% indirect interest in the distribution business through its interests in GWO and, the Company, through Turning Point Brands Canada, has a variable interest through a purchase option to acquire the equity interests of GWO's distribution business. However, the Company does not have the ability to direct the activities that impact the performance of the business. GWO is controlled by Standard General, L.P. Based on the foregoing, management believes in its judgement that the distribution business is a VIE for which the Company is not required to consolidate. See Note 7 "Other Assets" for further discussion of the acquisition of the distribution business by GWO. and the terms of the option on its equity interests. Turning Point Brands Canada charged a fee to the distribution business in 2025. The agreement was terminated in the fourth quarter of 2025.

 

Subsequent to the acquisition of the distribution business by GWO, the Company determined that the GWO equity method investment is a VIE of which we are not the primary beneficiary. We considered the Company’s interest at risk due to a lack of power, through voting rights, to direct the activities that most significantly impact GWO's economic performance. Standard General, L.P’s voting rights are conveyed through an equity interest that is not considered at risk. Based on the foregoing, management believes in its judgement that GWO is a VIE for which the Company is not required to consolidate.

 

Revenue Recognition

 

The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which includes excise taxes and shipping and handling charges billed to customers, net of cash discounts for prompt payment, sales returns and incentives, upon delivery of goods to the customer – at which time the Company’s performance obligation is satisfied - at an amount that the Company expects to be entitled to in exchange for those goods in accordance with the five-step analysis outlined in ASC 606: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) performance obligations are satisfied. The Company includes in its transaction price excise taxes on smokeless tobacco, cigars or other nicotine products billed to customers, and excludes sales taxes and value-added taxes imposed at the time of sale.

 

The Company records an allowance for sales returns, based principally on historical volume and return rates, which is included in accrued liabilities on the consolidated balance sheets. The Company records sales incentives, which consist of consumer incentives and trade promotion activities, as a reduction in revenues (a portion of which is based on amounts estimated to be due to wholesalers, retailers and consumers at the end of the period) based principally on historical volume and utilization rates. Expected payments for sales incentives are included in accrued liabilities on the consolidated balance sheets.

 

A further requirement of ASC 606 is for entities to disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s management views business performance through segments that closely resemble the performance of major product lines. Thus, the primary and most useful disaggregation of the Company’s contract revenue for decision making purposes is the disaggregation by segment which can be found in Note 14, “Segment Information”. 

 

Shipping Costs

 

The Company records shipping costs incurred as a component of selling, general and administrative expenses. Shipping costs incurred were approximately $8.2 million and $7.4 million for the three months ending March 31, 2026 and 2025, respectively.

 

Inventories

 

Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Leaf tobacco is presented in current assets in accordance with standard industry practice, notwithstanding the fact that such tobacco is carried longer than one year for the purpose of curing.

 

Fair Value

 

U.S. GAAP establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

 

The three levels of the fair value hierarchy under U.S. GAAP are described below:

 

 

●

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets at the measurement date.

 

●

Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

●

Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

 

Derivative Instruments

 

The Company enters into foreign currency forward contracts to hedge a portion of its exposure to changes in foreign currency exchange rates on inventory purchase commitments. The Company accounts for its forward contracts under the provisions of ASC 815, Derivatives and Hedging. Under the Company’s policy, the Company may hedge up to 100% of its anticipated purchases of inventory in the denominated invoice currency over a forward period not to exceed twelve months. The Company may also, from time to time, hedge up to 100% of its non-inventory purchases (e.g., production equipment) in the denominated invoice currency. Forward contracts that qualify as hedges are adjusted to their fair value through other comprehensive income as determined by market prices on the measurement date, except any hedge ineffectiveness which is recognized currently in income. Gains and losses on these forward contracts are reclassified from other comprehensive income into inventory as the related inventories are received and are transferred to net income as inventory is sold. Changes in fair value of any contracts that do not qualify for hedge accounting or are not designated as hedges are recognized currently in income.

 

Risks and Uncertainties

 

Manufacturers and sellers of tobacco products are subject to regulation at the federal, state, and local levels. Such regulations include, among others, labeling requirements, limitations on advertising, and prohibition of sales to minors. The tobacco industry is likely to continue to be heavily regulated. There can be no assurance as to the ultimate content, timing, or effect of any regulation of tobacco products by any federal, state, or local legislative or regulatory body, nor can there be any assurance that any such legislation or regulation would not have a material adverse effect on the Company’s financial position, results of operations or cash flows. In a number of states targeted flavor bans have been proposed or enacted legislatively or by the administrative process. Depending on the number and location of such bans, that legislation or regulation could have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The U.S. Food and Drug Administration (“FDA”) continues to consider various restrictive regulations around our products, including targeted flavor bans; however, the details, timing and ultimate implementation of such measures remain unclear.

 

The tobacco industry has experienced, and is experiencing, significant product liability litigation. Most tobacco liability lawsuits have been brought against manufacturers and sellers of cigarettes for injuries allegedly caused by smoking or exposure to smoke. However, several lawsuits have been brought against manufacturers and sellers of smokeless products for injuries to health allegedly caused by use of smokeless products. Typically, such claims assert that use of smokeless products is addictive and causes oral cancer. There can be no assurance the Company will not sustain losses in connection with such lawsuits and that such losses will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

 

Master Settlement Agreement (MSA)

 

Pursuant to the Master Settlement Agreement (the “MSA”) entered into in November 1998 by most states (represented by their attorneys general acting through the National Association of Attorneys General) and subsequent states’ statutes, a “cigarette manufacturer” (which is defined to include a manufacturer of make-your-own (“MYO”) cigarette tobacco) has the option of either becoming a signatory to the MSA or opening, funding and maintaining an escrow account to have funds available for certain potential tobacco-related liabilities with sub-accounts on behalf of each settling state. Such companies are entitled to direct the investment of the escrowed funds and withdraw any appreciation but cannot withdraw the principal for twenty-five years from the year of each annual deposit, except to withdraw funds deposited pursuant to an individual state’s escrow statute to pay a final judgement to that state’s plaintiffs in the event of such a final judgement against the Company. The Company chose to open and fund an escrow account as its method of compliance. It is the Company’s policy to record amounts on deposit in the escrow account for prior years as a non-current asset. The Company has begun to receive deposits back from participating states commencing with the deposits from 1999. At March 31, 2026 and December 31, 2025, the Company had on deposit approximately $32.0 million and $32.0 million, respectively, the fair values of which were approximately $29.8 million and $29.9 million, respectively. The Company discontinued its generic category of MYO in 2019 and its Zig-Zag branded MYO cigarette smoking tobacco in 2017. Thus, without a change in MSA legislation, the Company has no remaining product lines covered by the MSA and will not be required to make future escrow deposits.

 

The Company has chosen to invest a portion of the MSA escrow, from time to time, in U.S. Government securities including Treasury inflation-protected securities, Treasury notes and Treasury bonds. These investments are classified as available-for-sale and carried at fair value. Realized losses are prohibited under the MSA; thus, any investment with an unrealized loss position will be held until the value is recovered, or until maturity.

 

Fair values for the U.S. Governmental agency obligations are Level 2 in the fair value hierarchy. The following tables show cost and estimated fair value of the assets held in the MSA account, respectively, as well as the maturities of the U.S. Governmental agency obligations held in such account for the periods indicated.

 

  

As of March 31, 2026

  

As of December 31, 2025

 
      

Gross

  

Gross

  

Estimated

      

Gross

  

Gross

  

Estimated

 
      

Unrealized

  

Unrealized

  

Fair

      

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

  

Cost

  

Gains

  

Losses

  

Value

 

Cash and cash equivalents

 $1,915  $-  $-  $1,915  $1,914  $-  $-  $1,914 

U.S. Governmental agency obligations (unrealized position < 12 months)

  -   -   -   -   298   6   -   304 

U.S. Governmental agency obligations (unrealized position > 12 months)

  30,074   55   (2,258)  27,871   29,780   84   (2,195)  27,669 
  $31,989  $55  $(2,258) $29,786  $31,992  $90  $(2,195) $29,887 

 

  

As of

 

Maturities:

 

March 31, 2026

 

Less than one year

 $2,982 

One to five years

  14,449 

Five to ten years

  10,688 

Greater than ten years

  1,955 

Total

 $30,074 

 

The following shows the amount of deposits by sales year for the MSA escrow account:

 

  

Deposits as of

 

Sales

 

March 31,

  

December 31,

 

Year

 

2026

  

2025

 

1999

  127  $130 

2000

  1,017   1,017 

2001

  1,673   1,673 

2002

  2,271   2,271 

2003

  4,249   4,249 

2004

  3,714   3,714 

2005

  4,553   4,553 

2006

  3,847   3,847 

2007

  4,167   4,167 

2008

  3,364   3,364 

2009

  1,619   1,619 

2010

  406   406 

2011

  193   193 

2012

  199   199 

2013

  173   173 

2014

  143   143 

2015

  101   101 

2016

  91   91 

2017

  82   82 

Total

 $31,989  $31,992 

 

Recent Accounting Pronouncements

 

Issued but not yet adopted

 

In  November 2024, the FASB issued guidance requiring reporting entities to disclose in the notes to the financial statements, specified information about certain categories of expenses including purchases of inventory, employee compensation, depreciation and amortization for each caption on the income statement where such expenses are included. This guidance will be effective for the Company beginning with its fiscal 2027 annual financial statements and interim periods thereafter. Early adoption is permitted, in addition to either prospective or retrospective application. The Company is currently assessing the impact and extent to which this guidance will affect its disclosures. 

 

In December 2025, the FASB issued ASU 2025‑12, which makes targeted technical corrections and clarifications to several topics in the Codification, including diluted EPS, leases, and transfers of receivables. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. The Company does not expect adoption to have a material impact on its consolidated financial statements.

 

In September 2025, the FASB issued ASU 2025‑06, which updates the accounting guidance for internal‑use software by eliminating the traditional development stage model and requiring capitalization of costs when funding is authorized and completion is probable, unless significant uncertainties exist. The standard is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements and disclosures.

 

 
v3.26.1
Note 3 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 3. Fair Value of Financial Instruments

 

The estimated fair value amounts have been determined by the Company using the methods and assumptions described below. However, considerable judgment is required to interpret market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

 

Cash and Cash Equivalents

 

Cash and cash equivalents are, by definition, short-term. Thus, the carrying amount is a reasonable estimate of fair value.

 

Accounts Receivable

 

The fair value of accounts receivable approximates their carrying value due to their short-term nature.

 

Long-Term Debt

 

The Company's 2032 Notes bear interest at a rate of 7.625% per year. As of March 31, 2026, the fair value approximated $305.3 million, with a carrying value of $300.0 million. As of  December 31, 2025, the fair value approximated $313.8 million, with a carrying value of $300.0 million. 

 

See Note 9, “Notes Payable and Long-Term Debt”, for further information regarding the Company’s long-term debt.
v3.26.1
Note 4 - Inventories
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Inventory Disclosure [Text Block]

Note 4. Inventories

 

The components of inventories are as follows:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Raw materials and work in process

 $13,771  $9,715 

Leaf tobacco

  52,574   43,747 

Finished goods - Zig-Zag products

  34,064   33,276 

Finished goods - Stoker’s products

  25,047   18,361 

Other

  4,124   2,890 

Inventories, net

 $129,580  $107,989 

 

The valuation allowance to write inventory down to its net realizable value at March 31, 2026 and  December 31, 2025 was $17.0 million and $16.7 million, respectively. 

 

In December 2023, a third-party warehouse in Tennessee used by the Company incurred significant tornado damage resulting in damage to the leaf tobacco. The leaf tobacco inventory is covered by the Company’s stock throughput insurance policy and the Company believes the inventory loss is probable of being fully recovered under the policy. As a result, the Company recorded a $15.2 million insurance recovery receivable which is included in Other current assets on the consolidated balance sheets.

 
v3.26.1
Note 5 - Other Current Assets
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Other Current Assets [Text Block]

Note 5. Other Current Assets

 

Other current assets consist of:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Inventory deposits

 $24,238  $28,721 

Prepaid taxes

  10,135   7,381 

Insurance recovery receivable

  15,181   15,181 

Other

  19,158   9,392 

Total

 $68,712  $60,675 

 
v3.26.1
Note 6 - Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

Note 6. Property, Plant, and Equipment

 

Property, plant, and equipment consists of:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Land

 $22  $22 

Buildings and improvements

  3,851   3,839 

Leasehold improvements

  8,676   8,667 

Machinery and equipment

  46,493   41,475 

Furniture and fixtures

  5,551   5,460 

Gross property, plant and equipment

  64,593   59,463 

Accumulated depreciation

  (24,009)  (23,216)

Property, plant and equipment, net

 $40,584  $36,247 

    
v3.26.1
Note 7 - Other Assets
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Investments and Other Noncurrent Assets [Text Block]

Note 7. Other Assets

 

Other assets consist of:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Non-marketable equity investments

 $10,815  $7,833 

Debt security investments

  5,662   5,633 

Capitalized software

  9,862   10,133 

Captive investments - available-for-sale marketable securities

  14,844   14,938 

Option Agreements

  25,992   25,963 

Other

  215   167 

Total

 $67,390  $64,667 

 

Non-Marketable Equity Investments and Option Agreements

 

The Company records its non-marketable equity investments without a readily determinable fair value, that are not accounted for under the equity method, at cost, with adjustments for impairment and observable price changes. Should assumptions underlying the determination of the fair values of the Company’s non-marketable equity and debt security investments change, it could result in material future impairment charges.

 

In December 2018, the Company acquired a minority interest in General Wireless Operations, Inc. (“GWO”) from SG Gaming LLC for $0.4 million. GWO is majority owned and controlled by Standard General, LP. On January 2, 2025, the Company contributed 100% of its interest in South Beach Brands ("SBB"), the subsidiary that owned and operated the Company’s former CDS reportable segment, to GWO in exchange for a 49% equity interest. The Company established RSH Trust, which is managed by an independent trustee that votes our interests in GWO in accordance with GWO's board's recommendation, to hold its interest in GWO, and GWO is controlled by Standard General, L.P. The trust also has a purchase option with a 15-year term to acquire the remaining 51% equity interest in GWO. The GWO purchase option includes an initial exercise price of $22.0 million, which may decrease over time based on certain tax sharing payments to Standard General, LP. As a result of this transaction, the Company determined that it no longer has a controlling financial interest in SBB and, as a result, deconsolidated SBB on January 2, 2025, and accounts for its interest in GWO under the equity method of accounting. On January 2, 2025, the Company contributed net assets valued at $13.3 million to GWO as part of the transaction, inclusive of common shares for an amount of $7.7 million and freestanding instruments for an amount of $5.5 million recognized through the caption "Option agreements". Fair value of the Company's interest in GWO was determined utilizing the market approach and the income approach in the form of the discount cash flow method. The results of GWO are recognized through the caption "(income) losses from equity method investments" in the consolidated statements of income. On August 8, 2025, SBB acquired a distribution business. In connection with this acquisition, Turning Point Brands Canada purchased an option from SBB to acquire the distribution business for fair market value less the option price. The option becomes exercisable in March 2027. The option price is approximately $20.0 million with approximately $8.0 million paid at execution of the option and the remaining paid quarterly over 18 months beginning in February 2026. There is approximately $20.1 million in other assets, $8.0 million paid at closing, $10.1 million in accrued liabilities, and $2.0 million in other long-term liabilities as of March 31, 2026. Turning Point Brands Canada charged a fee to the distribution business in 2025. The agreement was terminated in the fourth quarter of 2025.

 

In August 2025, the Company and Standard General, LP amended the GWO purchase option held by the Company, delaying the Company's ability to exercise the purchase option until August 2027.

 

In January 2024, the Company invested $0.8 million to acquire an 18.7% stake in Teaza Energy, LLC (“Teaza”). Teaza is an innovative brand of flavorful oral pouch products that can be dipped or sipped, designed as a health-conscious alternative to high energy drinks and other conventional oral stimulants. The investment was comprised of $0.5 million in cash and a $0.3 million payable to be offset against the Company’s allocated portion of future profit distributions. The Company also has the option to purchase, at fair value, up to 100% of the equity interest from February 1, 2025 through June 30, 2026. The Company accounts for its investment in Teaza using the equity method of accounting.

 

Debt Security Investments

 

In  July 2021, the Company invested $8.0 million in Old Pal Holding Company, LLC (“Old Pal”), with an additional $1.0 million invested in  July 2022. The Company invested in the form of a convertible note which includes additional follow-on investment rights. Interest on the convertible note is payable annually in arrears in  July of each year. As of March 2026, total interest of $1.1 million has been rolled into the convertible note resulting in a total investment of $10.1 million. Old Pal is a leading brand in the cannabis lifestyle space that operates a non-plant touching license model. The convertible note bears an interest rate of 3.0% per year and matures  July 31, 2027. Interest and principal not paid to date are receivable at maturity, and Old Pal has the option to extend the maturity date of the convertible note in one-year increments. The interest rate is subject to change based on Old Pal reaching certain sales thresholds. The weighted average interest rate on the convertible note was 3.0% for the three months ended March 31, 2026 and 2025. Old Pal has the option to convert the note into shares once sales reach a certain threshold. The conditions required to allow Old Pal to convert the note were not met as of March 31, 2026. Additionally, the Company has the right to convert the note into shares at any time. The Company has classified the debt security with Old Pal as available for sale. The Company reports interest income on available for sale debt securities in interest income in its Consolidated Statements of Income. The Company performs a qualitative assessment on a quarterly basis to determine if the fair value of the Old Pal investment could be less than the amortized cost basis. In addition, the Company utilizes a third-party to perform a quantitative assessment to determine fair value using a Monte Carlo simulation (Level 3) when indicated, and at least bi-annually. Based upon its quantitative fair value assessment, the Company determined the fair value of Old Pal to be $6.5 million at December 31, 2025 and recorded an allowance for credit losses of $0.9 in June 2025. The Company has recorded an accrued interest receivable of $0.2 million and $0.1 million at March 31, 2026 and December 31, 2025, respectively, in Other current assets on its Consolidated Balance Sheets.

 

Captive Investments - Available-for-Sale Marketable Securities

 

In December 2023, the Company formed a captive insurance company, Interchange, IC, incorporated in the District of Columbia, to write a portion of its insurance coverage, including with respect to general product, and officer and director liability coverages under deductible reinsurance policies. Interchange, IC is a fully licensed captive insurance company holding a certificate of authority from the District of Columbia Department of Insurance, Securities and Banking. Interchange, IC is consolidated in the Company’s financial statements. Subsequent to June 30, 2025, Interchange IC received approval from the District of Columbia Department of Insurance, Securities and Banking to operate as a group captive. On July 14, 2025, a third-party investor subscribed $11.0 million for an interest in Interchange IC’s parent company, which contributed the investment to Interchange IC. Insurance reserves were $0.0 million as of March 31, 2026 and $0.4 million as of December 31, 2025. As of March 31, 2026, no policy has been underwritten for the benefit of the third-party investor. The group captive will write policies for both companies. The Company will continue to control and consolidate the entity. 

 

The investments held within the captive are not available for operating activities and are carried at fair value on the consolidated balance sheet. They consist of money market, stocks, corporate bonds, government securities and real estate investment trusts. The Company believes any investments held with gross unrealized losses to be temporary and not the result of credit risk.

 

The Company’s captive investments are summarized in the following table (excludes money market funds):

 

  

As of March 31, 2026

  

As of December 31, 2025

 
      

Gross

  

Estimated

      

Gross

  

Estimated

 
  

Amortized

  

Unrealized

  

Fair

  

Amortized

  

Unrealized

  

Fair

 
  

Cost

  

Gains (Losses)

  

Value

  

Cost

  

Gains (Losses)

  

Value

 

Stocks

 $3,294  $360  $3,654  $1,118  $447  $1,565 

Exchange traded funds

  5,388   152   5,540   5,338   (16)  5,322 

Corporate bonds

  445   (16)  429   2,837   33   2,870 

Real estate investment trusts

  385   (7)  378   377   (5)  372 

Mutual Funds

  4,858   (15)  4,843   4,809   -   4,809 

Total

 $14,370  $474  $14,844  $14,479  $459  $14,938 

 

The following table summarizes the fair value of the Company’s captive investments by contractual maturity.

 

  

As of

 
  

March 31, 2026

 

Due in one to five years

 $429 

Stocks, real estate investment trusts, mutual funds, and exchange traded funds

  14,415 

Total investments at fair value

 $14,844 

   
v3.26.1
Note 8 - Accrued Liabilities
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 8. Accrued Liabilities

 

Accrued liabilities consists of:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Accrued payroll and related items

 $3,714  $13,788 

Customer returns and allowances

  2,557   5,942 

Taxes payable

  6,774   3,257 

Lease liabilities

  5,177   4,641 

Accrued interest

  1,173   6,734 

Option agreement

  10,072   7,448 

Other

  5,927   12,777 

Total

 $35,394  $54,587 

    
v3.26.1
Note 9 - Notes Payable and Long-term Debt
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 9. Notes Payable and Long-Term Debt

 

Notes payable and long-term debt consists of the following in order of preference:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

2032 Notes

 $300,000  $300,000 

Less deferred financing costs

  (6,115)  (6,375)

Notes payable and long-term debt

 $293,885  $293,625 

 

The components of interest expense, net consists of the following:

 

  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Interest expense

 $7,155  $5,680 

Interest income

  (2,732)  (1,266)

Interest expense, net

 $4,423  $4,414 

  

2032 Notes

 

On  February 19, 2025, the Company entered into an indenture relating to the issuance and sale of $300.0 million aggregate principal amount of its 7.625% Senior Secured Notes due 2032 (the “2032 Notes”), by and among the Company, the guarantors party thereto and GLAS Trust Company LLC, as trustee and notes collateral agent. The 2032 Notes incur interest at a rate of 7.625%, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2025. Proceeds from the offering were approximately $293.0 million and were used to redeem our 5.625% senior secured notes due 2026 issued on February 11, 2021 and for general corporate purposes.

 

The 2032 Notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by certain existing and future wholly-owned domestic subsidiaries of the Company (collectively, the “Guarantors” as defined in the indenture governing the 2032 Notes or the “2032 Notes Indenture”). The 2032 Notes and the related guarantees are secured by first-priority liens on substantially all of the existing and future assets of the Company and the Guarantors that do not secure the 2023 ABL Facility (as defined below), subject to certain exceptions. The 2032 Notes Indenture contains covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries to: (i) grant or incur liens; (ii) incur, assume or guarantee additional indebtedness; (iii) sell or otherwise dispose of assets, including capital stock of subsidiaries; (iv) make certain investments; (v) pay dividends, make distributions or redeem or repurchase capital stock; (vi) engage in certain transactions with affiliates; and (vii) consolidate or merge with or into, or sell substantially all of our assets to another entity. These covenants are subject to several limitations and exceptions set forth in the 2032 Notes Indenture. For instance, the Company is generally permitted to make restricted payments, including the payment of dividends to shareholders, provided that, at the time of payment, or as a result of payment, the Company is not in default on its covenants; however, there are earnings and market capitalization requirements that if not met could limit the aggregate amount of quarterly dividends payable during a fiscal year. The 2032 Notes Indenture provides for customary events of default. The Company was in compliance with all covenants under the 2032 Notes as of March 31, 2026.

 

The Company incurred debt issuance costs attributable to the 2032 Notes of $7.3 million which are amortized to interest expense using the straight-line method over the expected life of the 2032 Notes.

 

2023 ABL Facility

 

On November 7, 2023, TPB Specialty Finance, LLC, a wholly-owned subsidiary of the Company (the “ABL Borrower”), entered into a new $75.0 million asset-backed revolving credit facility (the “2023 ABL Facility”), with the several lenders thereunder, and Barclays Bank Plc, as administrative agent (the “Administrative Agent”) and as collateral agent and First-Citizens Bank & Trust Company as additional collateral agent (the “Additional Collateral Agent”). Under the 2023 ABL Facility, the ABL Borrower may draw up to $75.0 million under Revolving Credit Loans and Last In Last Out (“LILO”) loans. The 2023 ABL Facility includes a $40.0 million accordion feature. In connection with the 2023 ABL Facility, Turning Point Brands contributed certain existing inventory to the ABL Borrower. The 2023 ABL Facility is secured on a first priority basis (subject to customary exceptions) by all assets of the ABL Borrower.

 

The 2023 ABL Facility contains customary borrowing conditions including a borrowing base equal to the sum of (a) the lesser of (1) 85% of the lower of (A) the market value (on a first in first out basis) of the sum of eligible inventory, plus eligible in-transit inventory of the ABL Borrower and (B) 85% of the cost of the sum of eligible inventory, plus eligible in-transit inventory of the ABL Borrower and (2) 85% of the net orderly liquidation value (“NOLV”) percentage of the lower of (1)(A) or (1)(B); plus (b) 85% of the face value of all eligible accounts of the ABL Borrower minus (c) the amount of all eligible reserves.  The 2023 ABL Facility also includes a LILO borrowing base equal to the sum of (a) the lesser of: (1) 10% of the lower of (A) the market value (on a first in first out basis) of the sum of eligible inventory, plus eligible in-transit inventory of the ABL Borrower and (B) the cost of the sum of eligible inventory, plus eligible in-transit inventory and (2) 10% of the NOLV percentage of the lower of (1)(A) or (1)(B); plus (b) 10% of the face amount of eligible account; minus (c) the amount of all eligible reserves.

 

Amounts borrowed under the 2023 ABL Facility are subject to an interest rate margin per annum equal to (a) from and after the closing date until the last day of the first full fiscal quarter ended after the closing date, (i) 1.25% per annum, in the case base rate loans, and (ii) 2.25% per annum, in the case of revolving credit loans that are secured overnight financing rate (“SOFR”) loans, (b)(i) 2.25% per annum, in the case of LILO loans that are base rate loans, and (ii) 3.25% per annum, in the case of LILO loans that are SOFR loans, (c) on the first day of each fiscal quarter, the applicable interest rate margins will be determined from the pricing grid below based upon the historical excess availability for the most recent fiscal quarter ended immediately prior to the relevant date, as calculated by the Administrative Agent.

 

   

Applicable Margin

  

Applicable Margin

 

Level

Historical Excess Availability

 

for SOFR Loans

  

for Base Rate Loans

 

I

Greater than or equal to 66.66%

 1.75%  0.75% 

II

Less than 66.66%, but greater than or equal to 33.33%

 2.00%  1.00% 

III

Less than 33.33%

 2.25%  1.25% 

 

The 2023 ABL Facility also requires the Company and its restricted subsidiaries to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the end of any four consecutive fiscal quarters if excess availability is less than the greater of (a) 12.5% of the line cap and (b) $9.4 million, at any time and continuing until excess availability is equal to or exceeds the greater of (i) 12.5% of the line and (ii) $9.4 million for thirty (30) consecutive calendar days; provided that such $9.4 million level shall automatically increase in proportion to the amount of any increase in the aggregate revolving credit commitments in connection with any incremental facility.

 

The 2023 ABL Facility matures on the earlier of (x) November 7, 2027 and (y) the date that is 91 days prior to the maturity date of any material debt of the ABL Borrower or the Company or any of its restricted subsidiaries (subject to customary extensions agreed by the lenders thereunder); provided that clause (y) will not apply to the extent that on any applicable date of determination (on any date prior to the date set forth in clause (y)), (A) the sum of (x) cash that is held in escrow for the repayment of such material debt pursuant to arrangements satisfactory to the Administrative Agent, (y) cash that is held in accounts with the Administrative Agent and/or the Additional Collateral Agent, plus (z) excess availability, is sufficient to repay such material debt and (B) the ABL Borrower has excess availability of at least $15.0 million after giving effect to such repayment of material debt, including any borrowings under the commitments in connection therewith.

 

The Company has not drawn any borrowings under the 2023 ABL Facility but has letters of credit of approximately $2.3 million outstanding under the facility and has an available balance of $72.6 million based on the borrowing base as of March 31, 2026.

 

The Company incurred debt issuance costs attributable to the 2023 ABL Facility of $2.6 million which are amortized to interest expense using the straight-line method over the expected life of the 2023 ABL Facility.

 
v3.26.1
Note 10 - Income Taxes
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 10. Income Taxes

 

The Company’s effective income tax rate for the three months ended March 31, 2026 and March 31, 2025 was -25.2% and 11.4%, respectively. The effective tax rate for the three months ended March 31, 2026 includes permanent tax differences related to the Company's restricted stock units that were issued in the first quarter of 2026 and stock options that were exercised during the three months ended March 31, 2026.

 

During the first quarter of 2026, the Company concluded that it was more‑likely‑than‑not that TPBI’s separate company state net operating losses and other deferred tax assets, excluding the State §163(j) interest limitation carryforward, would be realizable. As a result, the Company released $2.4 million of the related valuation allowance as a discrete item in the quarter.

 

 
v3.26.1
Note 11 - Share Incentive Plans
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 11. Share Incentive Plans

 

On  March 22, 2021, the Company’s Board of Directors adopted the Turning Point Brands, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), pursuant to which awards  may be granted to employees, non-employee directors, and consultants. In addition, the 2021 Plan provides for the granting of nonqualified stock options to employees of the Company or any subsidiary of the Company. Pursuant to the 2021 Plan, 1,290,000 shares, plus 100,052 shares remaining available for issuance under the 2015 Equity Incentive Plan (the “2015 Plan”), of TPB Common Stock are reserved for issuance as awards to employees, non-employee directors, and consultants as compensation for past or future services or the attainment of certain performance goals. The 2021 Plan is scheduled to terminate on  March 21, 2031. The 2021 Plan is administered by the compensation committee (the “Committee”) of the Company’s Board of Directors. The Committee determines the vesting criteria for the awards, with such criteria to be specified in the award agreement. As of March 31, 2026, net of forfeitures, there were 506,294 Restricted Stock Units (“RSUs”), 122,570 options and 168,281 Performance Based Restricted Stock Units (“PRSUs”) granted under the 2021 Plan. There are 592,907 shares available for future grant under the 2021 Plan as of March 31, 2026.

 

On  April 28, 2016, the Board of Directors of the Company adopted the 2015 Plan, pursuant to which awards could have been granted to employees, non-employee directors, and consultants. In addition, the 2015 Plan provided for the granting of nonqualified stock options to employees of the Company or any subsidiary of the Company. Upon adoption of the 2021 Plan, the 2015 Plan was terminated, and the Company determined no additional grants would be made under the 2015 Plan. However, all awards issued under the 2015 Plan that have not been previously terminated or forfeited remain outstanding and continue unaffected. There are no shares available for grant under the 2015 Plan.

 

Stock option activity for the 2015 and 2021 Plans is summarized below:

 

      

Weighted

  

Weighted

 
  

Stock

  

Average

  

Average

 
  

Option

  

Exercise

  

Grant Date

 
  

Shares

  

Price

  

Fair Value

 

Outstanding, December 31, 2024

  535,790  $30.69  $9.51 
             

Exercised

  (245,855)  30.76   9.54 

Forfeited

  (2,643)  36.11   10.88 

Outstanding, December 31, 2025

  287,292  $30.58  $9.47 
             

Exercised

  (7,661)  42.15   13.51 

Outstanding, March 31, 2026

  279,631  $30.26  $9.36 

 

Under the 2015 and 2021 Plans, the total intrinsic value of options exercised during the three months ended March 31, 2026 and 2025, was $0.5 million, and $0.6 million, respectively.

 

At March 31, 2026, under the 2015 and 2021 Plans, the risk-free interest rate is based on the U.S. Treasury rate for the expected life at the time of grant. The expected volatility is based on the average long-term historical volatilities of peer companies. We intend to continue to consistently use the same group of publicly traded peer companies to determine expected volatility until sufficient information regarding volatility of our share price becomes available or until the selected companies are no longer suitable for this purpose. Due to our limited trading history, we are using the simplified method presented by SEC Staff Accounting Bulletin No. 107 to calculate expected holding periods, which represent the periods of time for which options granted are expected to be outstanding. We will continue to use this method until we have sufficient historical exercise experience to give us confidence in the reliability of our calculations. The fair values of these options were determined using the Black-Scholes option pricing model.

 

The following table outlines the assumptions based on the number of options granted under the 2015 Plan.

 

  

May 17,

  

March 7,

  

March 20,

  

March 18,

  

February 18,

 
  

2017

  

2018

  

2019

  

2020

  

2021

 

Number of options granted

  93,819   98,100   155,780   155,000   100,000 

Options outstanding at March 31, 2026

  19,569   31,370   44,940   27,513   38,800 

Number exercisable at March 31, 2026

  19,569   31,370   44,940   27,513   38,800 

Exercise price

 $15.41  $21.21  $47.58  $14.85  $51.75 

Remaining lives

  1.13   1.94   2.97   3.97   4.89 

Risk free interest rate

  1.76%  2.65%  2.34%  0.79%  0.56%

Expected volatility

  26.92%  28.76%  30.95%  35.72%  28.69%

Expected life

  6.000   6.000   6.000   6.000   6.000 

Dividend yield

  -   0.83%  0.42%  1.49%  0.55%

Fair value at grant date

 $4.60  $6.37  $15.63  $4.41  $13.77 

 

The following table outlines the assumptions based on the number of options granted under the 2021 Plan.

 

  

March 14,

  

April 29,

  

May 12,

  

March 11,

 
  

2022

  

2022

  

2023

  

2024

 

Number of options granted

  100,000   14,827   77,519   54,289 

Options outstanding at March 31, 2026

  12,358   3,273   47,519   54,289 

Number exercisable at March 31, 2026

  12,358   3,273   47,519   54,289 

Exercise price

 $30.46  $31.39  $20.71  $27.19 

Remaining lives

  5.96   6.08   7.12   7.95 

Risk free interest rate

  2.10%  2.92%  3.41%  4.06%

Expected volatility

  35.33%  35.33%  34.51%  35.09%

Expected life

  6.000   6.000   5.186   5.186 

Dividend yield

  1.01%  0.98%  1.61%  1.26%

Fair value at grant date

 $10.23  $11.07  $6.45  $9.21 

 

The Company records compensation expense related to the options based on the provisions of ASC 718 under which the fixed portion of such expense is determined as the fair value of the options on the date of grant and amortized over the vesting period. In 2026 and 2025, the Company has recorded no compensation expense related to the options, which are fully expensed. 

 

PRSUs are restricted stock units subject to both performance-based and service-based vesting conditions. The number of shares of TPB Common Stock a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics related to the Company’s performance over a five-year period. PRSUs will vest on the measurement date, which is no more than 65 days after the performance period provided the applicable service and performance conditions are satisfied. As of March 31, 2026, there are 177,725 PRSUs outstanding. The following table outlines the PRSUs granted and outstanding as of March 31, 2026.

 

  

March 14,

  

March 1,

  

April 1,

  

March 3,

  

March 3,

 
  

2022

  

2024

  

2024

  

2025

  

2026

 

Number of PRSUs granted

  49,996   111,321   8,242   41,137   76,550 

PRSUs outstanding at March 31, 2026

  9,116   55,348   4,946   31,765   76,550 

Fair value as of grant date

 $30.46  $26.52  $29.12  $70.34  $107.57 

Remaining lives

  0.75   0.75   0.75   1.75   3.00 

 

The Company records compensation expense related to the PRSUs based on the probability of achieving the performance condition. The Company recorded compensation expense related to the PRSUs of approximately $0.9 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively. Total unrecognized compensation expense related to these awards at March 31, 2026, is $1.8 million which will be expensed over the service periods based on the probability of achieving the performance condition.

 

The Company has granted 128,359 RSUs which are outstanding and vest over one to five years. The following table outlines the RSUs granted and outstanding as of March 31, 2026.  

 

  

March 14,

  

April 29,

  

March 1,

  

April 1,

  

March 3,

  

May 8,

  

July 14,

  

March 3,

 
  

2022

  

2022

  

2024

  

2024

  

2025

  

2025

  

2025

  

2026

 

Number of RSUs granted

  50,004   4,522   105,257   5,495   36,843   8,464   1,341   63,797 

RSUs outstanding at March 31, 2026

  7,973   632   22,683   1,814   22,110   8,464   886   63,797 

Fair value as of grant date

 $30.46  $31.39  $26.52  $29.12  $70.34  $75.66  $74.61  $107.57 

Remaining lives

  0.75   0.75   1.00   1.00   2.00   0.25   2.44   3.00 

 

The Company records compensation expense related to the RSUs based on the provisions of ASC 718 under which the fixed portion of such expense is determined as the fair value of the RSUs on the date of grant and amortized over the vesting period. The Company recorded compensation expense related to the RSUs of approximately $2.0 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. Total unrecognized compensation expense related to RSUs at March 31,2026, is $9.1 million, which will be expensed over 2.74 years.

 
v3.26.1
Note 12 - Contingencies
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 12. Contingencies 

 

Other major tobacco companies are defendants in product liability claims. In a number of these cases, the amounts of punitive and compensatory damages sought are significant and, if such a claim were brought against the Company, could have a material adverse effect on our business and results of operations. The potential losses associated with any such lawsuits are not currently reasonably estimable and therefore are not accrued.

 
v3.26.1
Note 13 - Income Per Share
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 13. Income Per Share

 

The Company calculates earnings per share using the treasury stock method for its options and non-vested restricted stock units, and the if-converted method for its Convertible Senior Notes.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations of net income:

 

  

Three Months Ended March 31,

 
  

2026

  

2025

 
          

Per

          

Per

 
  

Income

  

Shares

  

Share

  

Income

  

Shares

  

Share

 

Basic EPS:

                        

Numerator

                        

Net income attributable to Turning Point Brands, Inc.

 $11,667      $0.61  $14,395      $0.81 
                         

Denominator

                        

Weighted average

      19,214,389           17,795,243     
                         

Diluted EPS:

                        

Numerator

                        

Diluted net income attributable to Turning Point Brands, Inc.

 $11,667      $0.60  $14,395      $0.79 
                         

Denominator

                        

Basic weighted average

      19,214,389           17,795,243     

Stock options and restricted stock units

      260,488           454,063     
       19,474,877           18,249,306     

 

      
v3.26.1
Note 14 - Segment Information
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

Note 14. Segment Information

 

In accordance with ASC 280, Segment Reporting, the Company has two reportable segments, Zig-Zag products and Stoker’s products. The Zig-Zag products segment markets and distributes (i) rolling papers, tubes, and related products; (ii) finished cigars and MYO cigar wraps; and (iii) lighters and other accessories. The Stoker’s products segment (i) manufactures and markets moist snuff, (ii) contracts for and markets loose-leaf chewing tobacco products, and (iii) contracts for and markets its modern oral product. The Company's products are distributed primarily through wholesale distributors in the U.S. and Canada. Corporate unallocated includes the costs and assets of the Company not assigned to one of the two reportable segments and includes corporate overhead expense, including executive management, finance, legal and information technology salaries, and professional services such as audit, external legal costs and information technology services, as well as costs related to the FDA premarket tobacco product application. 

 

The Company’s CODM is its President and Chief Executive Officer and uses segment operating income as the measure of earnings to evaluate the performance of each segment and to make decisions about allocating resources, including employees, property, plant and equipment, as well as financial and capital resources. On a quarterly basis, the CODM reviews segment operating income budget-to-actual variances to assess segment performance and make resource allocation decisions. For both reportable segments, cost of sales is the significant segment expense that is regularly provided to the CODM. 

 

The accounting policies of these segments are the same as those of the Company. Corporate costs are not directly charged to the two reportable segments in the ordinary course of operations. 

 

The tables below present financial information about reportable segments:

 

  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Net sales

        

Zig-Zag products

 $36,669  $47,265 

Stoker’s products

  87,609   59,171 

Total

 $124,278  $106,436 
         

Cost of Sales

        

Zig-Zag products

 $15,724  $21,700 

Stoker’s products

  40,259   25,126 

Total

 $55,983  $46,826 
         

Gross profit

        

Zig-Zag products

 $20,945  $25,565 

Stoker’s products

  47,350   34,045 

Total

 $68,295  $59,610 
         

Other segment items (1)

        

Zig-Zag products

 $9,714  $8,635 

Stoker’s products

  27,579   9,911 

Total

 $37,293  $18,546 
         

Operating income (loss)

        

Zig-Zag products

 $11,231  $16,930 

Stoker’s products

  19,771   24,134 

Total segment operating income

 $31,002  $41,064 

Corporate unallocated (2)(3)

  (18,518)  (17,875)

Total

 $12,484  $23,189 
         

Other expense, net

  63   - 

Interest expense, net

  4,423   4,414 

Investment (gain) loss

  (151)  (141)

Income from equity method investment

  (2,983)  (150)

Loss on extinguishment of debt

  -   1,235 
         

Income from continuing operations before income taxes

 $11,132  $17,831 
         

Capital expenditures

        

Zig-Zag products

 $-  $17 

Stoker’s products

  5,139   2,168 

Total

 $5,139  $2,185 
         

Depreciation and amortization

        

Zig-Zag products

 $291  $276 

Stoker’s products

  1,768   1,340 

Total

 $2,059  $1,616 

 

(1)

Includes primarily selling and marketing costs.

(2)Includes corporate costs that are not allocated to any of the two reportable segments.

(3)

Includes costs related to FDA premarket tobacco product application (“PMTA”) of $0.3 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 

Assets

        

Zig-Zag products

 $250,380  $256,762 

Stoker’s products

  291,682   268,305 

Corporate unallocated (1)

  230,035   238,683 

Total

 $772,097  $763,750 

 

(1)

Includes assets not assigned to the two reportable segments. All goodwill has been allocated to the reportable segments.

 

Net Sales: Domestic and Foreign

 

The following table shows a breakdown of consolidated net sales between domestic and foreign customers:

 

  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Domestic

 $116,153  $100,488 

Foreign

  8,125   5,948 

Total

 $124,278  $106,436 

 
v3.26.1
Note 15 - Dividends and Shares Repurchases
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Dividends and Share Repurchases [Text Block]

Note 15. Dividends and Shares Repurchases

 

A dividend of $0.08 per common share was paid on April 1, 2026, to shareholders of record at the close of business on March 20, 2026.

 

The Company currently pays a quarterly cash dividend. Dividends are considered restricted payments under the 2032 Notes Indenture. The Company is generally permitted to make restricted payments provided that, at the time of payment, or as a result of payment, the Company is not in default on its debt covenants; however, there are earnings and market capitalization requirements that if not met could limit the aggregate amount of restricted, quarterly dividends during a fiscal year.

 

On  February 25, 2020, the Company’s Board of Directors approved a $50.0 million share repurchase program which is intended for opportunistic execution based upon a variety of factors including market dynamics. The program is subject to the ongoing discretion of the Board of Directors. On  October 25, 2021, the Board of Directors increased the approved share repurchase program by $30.7 million, and by an additional $24.6 million on  February 24, 2022. On  November 6, 2024, the Company's Board of Directors increased the share repurchase authorization by $77.9 million to an aggregate amount of $100.0 million. On November 4, 2025, the Company's Board of Directors increased the share repurchase authorization by $100.0 million to an aggregate amount of $200.0 million. For the three months ended March 31, 2026, there were no repurchases under the share repurchase program. 

 

The Company entered into an at-the-market offering program (the "ATM Program") on December 13, 2024, with B. Riley Securities Inc. and Barclays Capital Inc. The Company filed an amendment to the prospectus supplement on November 2, 2025 to increase the aggregate dollar amount of shares of common stock that it may sell under the ATM Program by an additional $200.0 million. Between August 15, 2025, and September 11, 2025, the Company sold 1,014,262 shares of our Common Stock under the ATM Program at an average selling price of $98.59 per share for gross proceeds of $100.0 million, less underwriter's commission and expenses of approximately $2.5 million, for net proceeds of $97.5 million. The shares were issued from repurchased common stock on a first in first out basis. The Company recorded the gain, corresponding to the difference in between the reacquisition cost of treasury stock and the value of treasury stock reissued, into APIC within the Consolidated Statements of Changes in Stockholders' Equity. As of March 31, 2026, there was $200.0 million of capacity remaining under the ATM Program.

 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information

 

Not applicable.
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Master Settlement Agreement MSA [Policy Text Block]

Master Settlement Agreement (MSA)

 

Pursuant to the Master Settlement Agreement (the “MSA”) entered into in November 1998 by most states (represented by their attorneys general acting through the National Association of Attorneys General) and subsequent states’ statutes, a “cigarette manufacturer” (which is defined to include a manufacturer of make-your-own (“MYO”) cigarette tobacco) has the option of either becoming a signatory to the MSA or opening, funding and maintaining an escrow account to have funds available for certain potential tobacco-related liabilities with sub-accounts on behalf of each settling state. Such companies are entitled to direct the investment of the escrowed funds and withdraw any appreciation but cannot withdraw the principal for twenty-five years from the year of each annual deposit, except to withdraw funds deposited pursuant to an individual state’s escrow statute to pay a final judgement to that state’s plaintiffs in the event of such a final judgement against the Company. The Company chose to open and fund an escrow account as its method of compliance. It is the Company’s policy to record amounts on deposit in the escrow account for prior years as a non-current asset. The Company has begun to receive deposits back from participating states commencing with the deposits from 1999. At March 31, 2026 and December 31, 2025, the Company had on deposit approximately $32.0 million and $32.0 million, respectively, the fair values of which were approximately $29.8 million and $29.9 million, respectively. The Company discontinued its generic category of MYO in 2019 and its Zig-Zag branded MYO cigarette smoking tobacco in 2017. Thus, without a change in MSA legislation, the Company has no remaining product lines covered by the MSA and will not be required to make future escrow deposits.

 

The Company has chosen to invest a portion of the MSA escrow, from time to time, in U.S. Government securities including Treasury inflation-protected securities, Treasury notes and Treasury bonds. These investments are classified as available-for-sale and carried at fair value. Realized losses are prohibited under the MSA; thus, any investment with an unrealized loss position will be held until the value is recovered, or until maturity.

 

Fair values for the U.S. Governmental agency obligations are Level 2 in the fair value hierarchy. The following tables show cost and estimated fair value of the assets held in the MSA account, respectively, as well as the maturities of the U.S. Governmental agency obligations held in such account for the periods indicated.

 

  

As of March 31, 2026

  

As of December 31, 2025

 
      

Gross

  

Gross

  

Estimated

      

Gross

  

Gross

  

Estimated

 
      

Unrealized

  

Unrealized

  

Fair

      

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

  

Cost

  

Gains

  

Losses

  

Value

 

Cash and cash equivalents

 $1,915  $-  $-  $1,915  $1,914  $-  $-  $1,914 

U.S. Governmental agency obligations (unrealized position < 12 months)

  -   -   -   -   298   6   -   304 

U.S. Governmental agency obligations (unrealized position > 12 months)

  30,074   55   (2,258)  27,871   29,780   84   (2,195)  27,669 
  $31,989  $55  $(2,258) $29,786  $31,992  $90  $(2,195) $29,887 

 

  

As of

 

Maturities:

 

March 31, 2026

 

Less than one year

 $2,982 

One to five years

  14,449 

Five to ten years

  10,688 

Greater than ten years

  1,955 

Total

 $30,074 

 

The following shows the amount of deposits by sales year for the MSA escrow account:

 

  

Deposits as of

 

Sales

 

March 31,

  

December 31,

 

Year

 

2026

  

2025

 

1999

  127  $130 

2000

  1,017   1,017 

2001

  1,673   1,673 

2002

  2,271   2,271 

2003

  4,249   4,249 

2004

  3,714   3,714 

2005

  4,553   4,553 

2006

  3,847   3,847 

2007

  4,167   4,167 

2008

  3,364   3,364 

2009

  1,619   1,619 

2010

  406   406 

2011

  193   193 

2012

  199   199 

2013

  173   173 

2014

  143   143 

2015

  101   101 

2016

  91   91 

2017

  82   82 

Total

 $31,989  $31,992 

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

 

Issued but not yet adopted

 

In  November 2024, the FASB issued guidance requiring reporting entities to disclose in the notes to the financial statements, specified information about certain categories of expenses including purchases of inventory, employee compensation, depreciation and amortization for each caption on the income statement where such expenses are included. This guidance will be effective for the Company beginning with its fiscal 2027 annual financial statements and interim periods thereafter. Early adoption is permitted, in addition to either prospective or retrospective application. The Company is currently assessing the impact and extent to which this guidance will affect its disclosures. 

 

In December 2025, the FASB issued ASU 2025‑12, which makes targeted technical corrections and clarifications to several topics in the Codification, including diluted EPS, leases, and transfers of receivables. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. The Company does not expect adoption to have a material impact on its consolidated financial statements.

 

In September 2025, the FASB issued ASU 2025‑06, which updates the accounting guidance for internal‑use software by eliminating the traditional development stage model and requiring capitalization of costs when funding is authorized and completion is probable, unless significant uncertainties exist. The standard is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements and disclosures.

 
v3.26.1
Note 2 - Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]
  

As of March 31, 2026

  

As of December 31, 2025

 
      

Gross

  

Gross

  

Estimated

      

Gross

  

Gross

  

Estimated

 
      

Unrealized

  

Unrealized

  

Fair

      

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

  

Cost

  

Gains

  

Losses

  

Value

 

Cash and cash equivalents

 $1,915  $-  $-  $1,915  $1,914  $-  $-  $1,914 

U.S. Governmental agency obligations (unrealized position < 12 months)

  -   -   -   -   298   6   -   304 

U.S. Governmental agency obligations (unrealized position > 12 months)

  30,074   55   (2,258)  27,871   29,780   84   (2,195)  27,669 
  $31,989  $55  $(2,258) $29,786  $31,992  $90  $(2,195) $29,887 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

As of

 

Maturities:

 

March 31, 2026

 

Less than one year

 $2,982 

One to five years

  14,449 

Five to ten years

  10,688 

Greater than ten years

  1,955 

Total

 $30,074 
Schedule of Escrow Deposits Sales by Year [Table Text Block]
  

Deposits as of

 

Sales

 

March 31,

  

December 31,

 

Year

 

2026

  

2025

 

1999

  127  $130 

2000

  1,017   1,017 

2001

  1,673   1,673 

2002

  2,271   2,271 

2003

  4,249   4,249 

2004

  3,714   3,714 

2005

  4,553   4,553 

2006

  3,847   3,847 

2007

  4,167   4,167 

2008

  3,364   3,364 

2009

  1,619   1,619 

2010

  406   406 

2011

  193   193 

2012

  199   199 

2013

  173   173 

2014

  143   143 

2015

  101   101 

2016

  91   91 

2017

  82   82 

Total

 $31,989  $31,992 
v3.26.1
Note 4 - Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Raw materials and work in process

 $13,771  $9,715 

Leaf tobacco

  52,574   43,747 

Finished goods - Zig-Zag products

  34,064   33,276 

Finished goods - Stoker’s products

  25,047   18,361 

Other

  4,124   2,890 

Inventories, net

 $129,580  $107,989 
v3.26.1
Note 5 - Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Other Current Assets [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Inventory deposits

 $24,238  $28,721 

Prepaid taxes

  10,135   7,381 

Insurance recovery receivable

  15,181   15,181 

Other

  19,158   9,392 

Total

 $68,712  $60,675 
v3.26.1
Note 6 - Property, Plant and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Property, Plant, and Equipment [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Land

 $22  $22 

Buildings and improvements

  3,851   3,839 

Leasehold improvements

  8,676   8,667 

Machinery and equipment

  46,493   41,475 

Furniture and fixtures

  5,551   5,460 

Gross property, plant and equipment

  64,593   59,463 

Accumulated depreciation

  (24,009)  (23,216)

Property, plant and equipment, net

 $40,584  $36,247 
v3.26.1
Note 7 - Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Other Assets, Noncurrent [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Non-marketable equity investments

 $10,815  $7,833 

Debt security investments

  5,662   5,633 

Capitalized software

  9,862   10,133 

Captive investments - available-for-sale marketable securities

  14,844   14,938 

Option Agreements

  25,992   25,963 

Other

  215   167 

Total

 $67,390  $64,667 
Schedule of Available-for-sale Debt Securities [Table Text Block]
  

As of March 31, 2026

  

As of December 31, 2025

 
      

Gross

  

Estimated

      

Gross

  

Estimated

 
  

Amortized

  

Unrealized

  

Fair

  

Amortized

  

Unrealized

  

Fair

 
  

Cost

  

Gains (Losses)

  

Value

  

Cost

  

Gains (Losses)

  

Value

 

Stocks

 $3,294  $360  $3,654  $1,118  $447  $1,565 

Exchange traded funds

  5,388   152   5,540   5,338   (16)  5,322 

Corporate bonds

  445   (16)  429   2,837   33   2,870 

Real estate investment trusts

  385   (7)  378   377   (5)  372 

Mutual Funds

  4,858   (15)  4,843   4,809   -   4,809 

Total

 $14,370  $474  $14,844  $14,479  $459  $14,938 
Schedule of Maturities of Available-for-Sale Debt Securities [Table Text Block]
  

As of

 
  

March 31, 2026

 

Due in one to five years

 $429 

Stocks, real estate investment trusts, mutual funds, and exchange traded funds

  14,415 

Total investments at fair value

 $14,844 
v3.26.1
Note 8 - Accrued Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Accrued payroll and related items

 $3,714  $13,788 

Customer returns and allowances

  2,557   5,942 

Taxes payable

  6,774   3,257 

Lease liabilities

  5,177   4,641 

Accrued interest

  1,173   6,734 

Option agreement

  10,072   7,448 

Other

  5,927   12,777 

Total

 $35,394  $54,587 
v3.26.1
Note 9 - Notes Payable and Long-term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 

2032 Notes

 $300,000  $300,000 

Less deferred financing costs

  (6,115)  (6,375)

Notes payable and long-term debt

 $293,885  $293,625 
Interest Income and Interest Expense Disclosure [Table Text Block]
  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Interest expense

 $7,155  $5,680 

Interest income

  (2,732)  (1,266)

Interest expense, net

 $4,423  $4,414 
Schedule of Historical Excess Availability [Table Text Block]
   

Applicable Margin

  

Applicable Margin

 

Level

Historical Excess Availability

 

for SOFR Loans

  

for Base Rate Loans

 

I

Greater than or equal to 66.66%

 1.75%  0.75% 

II

Less than 66.66%, but greater than or equal to 33.33%

 2.00%  1.00% 

III

Less than 33.33%

 2.25%  1.25% 
v3.26.1
Note 11 - Share Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Share-Based Payment Arrangement, Option, Activity [Table Text Block]
      

Weighted

  

Weighted

 
  

Stock

  

Average

  

Average

 
  

Option

  

Exercise

  

Grant Date

 
  

Shares

  

Price

  

Fair Value

 

Outstanding, December 31, 2024

  535,790  $30.69  $9.51 
             

Exercised

  (245,855)  30.76   9.54 

Forfeited

  (2,643)  36.11   10.88 

Outstanding, December 31, 2025

  287,292  $30.58  $9.47 
             

Exercised

  (7,661)  42.15   13.51 

Outstanding, March 31, 2026

  279,631  $30.26  $9.36 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
  

May 17,

  

March 7,

  

March 20,

  

March 18,

  

February 18,

 
  

2017

  

2018

  

2019

  

2020

  

2021

 

Number of options granted

  93,819   98,100   155,780   155,000   100,000 

Options outstanding at March 31, 2026

  19,569   31,370   44,940   27,513   38,800 

Number exercisable at March 31, 2026

  19,569   31,370   44,940   27,513   38,800 

Exercise price

 $15.41  $21.21  $47.58  $14.85  $51.75 

Remaining lives

  1.13   1.94   2.97   3.97   4.89 

Risk free interest rate

  1.76%  2.65%  2.34%  0.79%  0.56%

Expected volatility

  26.92%  28.76%  30.95%  35.72%  28.69%

Expected life

  6.000   6.000   6.000   6.000   6.000 

Dividend yield

  -   0.83%  0.42%  1.49%  0.55%

Fair value at grant date

 $4.60  $6.37  $15.63  $4.41  $13.77 
  

March 14,

  

April 29,

  

May 12,

  

March 11,

 
  

2022

  

2022

  

2023

  

2024

 

Number of options granted

  100,000   14,827   77,519   54,289 

Options outstanding at March 31, 2026

  12,358   3,273   47,519   54,289 

Number exercisable at March 31, 2026

  12,358   3,273   47,519   54,289 

Exercise price

 $30.46  $31.39  $20.71  $27.19 

Remaining lives

  5.96   6.08   7.12   7.95 

Risk free interest rate

  2.10%  2.92%  3.41%  4.06%

Expected volatility

  35.33%  35.33%  34.51%  35.09%

Expected life

  6.000   6.000   5.186   5.186 

Dividend yield

  1.01%  0.98%  1.61%  1.26%

Fair value at grant date

 $10.23  $11.07  $6.45  $9.21 
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block]
  

March 14,

  

March 1,

  

April 1,

  

March 3,

  

March 3,

 
  

2022

  

2024

  

2024

  

2025

  

2026

 

Number of PRSUs granted

  49,996   111,321   8,242   41,137   76,550 

PRSUs outstanding at March 31, 2026

  9,116   55,348   4,946   31,765   76,550 

Fair value as of grant date

 $30.46  $26.52  $29.12  $70.34  $107.57 

Remaining lives

  0.75   0.75   0.75   1.75   3.00 
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
  

March 14,

  

April 29,

  

March 1,

  

April 1,

  

March 3,

  

May 8,

  

July 14,

  

March 3,

 
  

2022

  

2022

  

2024

  

2024

  

2025

  

2025

  

2025

  

2026

 

Number of RSUs granted

  50,004   4,522   105,257   5,495   36,843   8,464   1,341   63,797 

RSUs outstanding at March 31, 2026

  7,973   632   22,683   1,814   22,110   8,464   886   63,797 

Fair value as of grant date

 $30.46  $31.39  $26.52  $29.12  $70.34  $75.66  $74.61  $107.57 

Remaining lives

  0.75   0.75   1.00   1.00   2.00   0.25   2.44   3.00 
v3.26.1
Note 13 - Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Three Months Ended March 31,

 
  

2026

  

2025

 
          

Per

          

Per

 
  

Income

  

Shares

  

Share

  

Income

  

Shares

  

Share

 

Basic EPS:

                        

Numerator

                        

Net income attributable to Turning Point Brands, Inc.

 $11,667      $0.61  $14,395      $0.81 
                         

Denominator

                        

Weighted average

      19,214,389           17,795,243     
                         

Diluted EPS:

                        

Numerator

                        

Diluted net income attributable to Turning Point Brands, Inc.

 $11,667      $0.60  $14,395      $0.79 
                         

Denominator

                        

Basic weighted average

      19,214,389           17,795,243     

Stock options and restricted stock units

      260,488           454,063     
       19,474,877           18,249,306     
v3.26.1
Note 14 - Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Segment Reporting [Table Text Block]
  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Net sales

        

Zig-Zag products

 $36,669  $47,265 

Stoker’s products

  87,609   59,171 

Total

 $124,278  $106,436 
         

Cost of Sales

        

Zig-Zag products

 $15,724  $21,700 

Stoker’s products

  40,259   25,126 

Total

 $55,983  $46,826 
         

Gross profit

        

Zig-Zag products

 $20,945  $25,565 

Stoker’s products

  47,350   34,045 

Total

 $68,295  $59,610 
         

Other segment items (1)

        

Zig-Zag products

 $9,714  $8,635 

Stoker’s products

  27,579   9,911 

Total

 $37,293  $18,546 
         

Operating income (loss)

        

Zig-Zag products

 $11,231  $16,930 

Stoker’s products

  19,771   24,134 

Total segment operating income

 $31,002  $41,064 

Corporate unallocated (2)(3)

  (18,518)  (17,875)

Total

 $12,484  $23,189 
         

Other expense, net

  63   - 

Interest expense, net

  4,423   4,414 

Investment (gain) loss

  (151)  (141)

Income from equity method investment

  (2,983)  (150)

Loss on extinguishment of debt

  -   1,235 
         

Income from continuing operations before income taxes

 $11,132  $17,831 
         

Capital expenditures

        

Zig-Zag products

 $-  $17 

Stoker’s products

  5,139   2,168 

Total

 $5,139  $2,185 
         

Depreciation and amortization

        

Zig-Zag products

 $291  $276 

Stoker’s products

  1,768   1,340 

Total

 $2,059  $1,616 
  

March 31,

  

December 31,

 
  

2026

  

2025

 

Assets

        

Zig-Zag products

 $250,380  $256,762 

Stoker’s products

  291,682   268,305 

Corporate unallocated (1)

  230,035   238,683 

Total

 $772,097  $763,750 
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue [Table Text Block]
  

Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 

Domestic

 $116,153  $100,488 

Foreign

  8,125   5,948 

Total

 $124,278  $106,436 
v3.26.1
Note 1 - Business and Basis of Presentation (Details Textual)
 3 Months Ended
Mar. 31, 2026
Number of Stores 220,000
Number of Reportable Segments 2
v3.26.1
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Shipping Costs $ 8.2 $ 7.4  
Escrow Deposits, Term for Restricted Withdrawal of Principal Balance From Account (Year) 25 years    
Deposit Assets $ 32.0   $ 32.0
Deposit Assets, Fair Value Disclosure $ 29.8   $ 29.9
Maximum [Member]      
Percentage of Anticipated Purchases of Inventory That May Be Hedged 100.00%    
Derivative, Term of Contract (Month) 12 months    
Percentage of Non Inventory Purchases That May Be Hedged 100.00%    
Turning Point Brands Canada [Member]      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 65.00%    
ALP Supply Co LLC [Member]      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 50.00%    
General Wireless Operations Inc [Member]      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 49.00%    
v3.26.1
Note 2 - Summary of Significant Accounting Policies - Fair Value of MSA Escrow Account (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash and cash equivalents, cost $ 192,439 $ 222,760 $ 99,640 $ 48,941
Total, cost 31,989 31,992    
Total, gross unrealized gains 55 90    
Total, gross unrealized losses (2,258) (2,195)    
Total, estimated fair value 29,786 29,887    
Cash and Cash Equivalents [Member]        
Cash and cash equivalents, cost 1,915 1,914    
Cash and cash equivalents, gross unrealized gains 0 0    
Cash and cash equivalents, gross unrealized losses 0 0    
Cash and cash equivalents, estimated fair value 1,915 1,914    
US Government Agencies Debt Securities [Member]        
U.S. Governmental agency obligations (unrealized position less than 12 months), cost 0 298    
U.S. Governmental agency obligations (unrealized position less than 12 months), gross unrealized gains 0 6    
U.S. Governmental agency obligations (unrealized position less than 12 months), gross unrealized losses 0 0    
U.S. Governmental agency obligations (unrealized position less than 12 months), estimated fair value 0 304    
U.S. Governmental agency obligations (unrealized position greater than 12 months), cost 30,074 29,780    
U.S. Governmental agency obligations (unrealized position greater than 12 months), gross unrealized gains 55 84    
U.S. Governmental agency obligations (unrealized position greater than 12 months), gross unrealized losses (2,258) (2,195)    
U.S. Governmental agency obligations (unrealized position greater than 12 months), estimated fair value $ 27,871 $ 27,669    
v3.26.1
Note 2 - Summary of Significant Accounting Policies - Maturities of Debt Securities Held in MSA Escrow Account (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Less than one year $ 2,982
One to five years 14,449
Five to ten years 10,688
Greater than ten years 1,955
Total $ 30,074
v3.26.1
Note 2 - Summary of Significant Accounting Policies - Schedule of MSA Escrow Deposits By Year (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
1999 $ 127 $ 130
2000 1,017 1,017
2001 1,673 1,673
2002 2,271 2,271
2003 4,249 4,249
2004 3,714 3,714
2005 4,553 4,553
2006 3,847 3,847
2007 4,167 4,167
2008 3,364 3,364
2009 1,619 1,619
2010 406 406
2011 193 193
2012 199 199
2013 173 173
2014 143 143
2015 101 101
2016 91 91
2017 82 82
Total $ 31,989 $ 31,992
v3.26.1
Note 3 - Fair Value of Financial Instruments (Details Textual) - Notes 2032 [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument, Interest Rate, Stated Percentage 7.625%  
Debt Instrument, Fair Value Disclosure $ 305.3 $ 313.8
Long-Term Debt, Gross $ 300.0 $ 300.0
v3.26.1
Note 4 - Inventories (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2023
Inventory Adjustments $ 17,000 $ 16,700  
Insurance Settlements Receivable, Current $ 15,181 $ 15,181  
Leaf Tobacco Inventory [Member]      
Insurance Settlements Receivable, Current     $ 15,200
v3.26.1
Note 4 - Inventories - Schedule of Inventory Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Raw materials and work in process $ 13,771 $ 9,715
Leaf tobacco 52,574 43,747
Other 4,124 2,890
Inventories, net 129,580 107,989
Zig Zag Products [Member]    
Finished goods 34,064 33,276
Stokers Products [Member]    
Finished goods $ 25,047 $ 18,361
v3.26.1
Note 5 - Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory deposits $ 24,238 $ 28,721
Prepaid taxes 10,135 7,381
Insurance recovery receivable 15,181 15,181
Other 19,158 9,392
Total $ 68,712 $ 60,675
v3.26.1
Note 6 - Property, Plant and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, plant and equipment $ 64,593 $ 59,463
Accumulated depreciation (24,009) (23,216)
Property, plant and equipment, net 40,584 36,247
Land [Member]    
Property, plant and equipment 22 22
Building and Building Improvements [Member]    
Property, plant and equipment 3,851 3,839
Leasehold Improvements [Member]    
Property, plant and equipment 8,676 8,667
Machinery and Equipment [Member]    
Property, plant and equipment 46,493 41,475
Furniture and Fixtures [Member]    
Property, plant and equipment $ 5,551 $ 5,460
v3.26.1
Note 7 - Other Assets (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 08, 2025
Jul. 14, 2025
Jan. 02, 2025
Jan. 31, 2024
Jul. 31, 2022
Jul. 31, 2021
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2018
Dec. 31, 2025
Payments to Acquire Investments             $ 2,283 $ 714    
Other Assets, Current             68,712     $ 60,675
Accrued Liabilities, Current             35,394     54,587
Other Liabilities, Noncurrent             2,034     4,138
Equity Method Investments             10,815     $ 7,833
South Beach Brands LLC [Member]                    
Percentage of Subsidiary Contributed by Parent to Joint Venture     100.00%              
General Wireless Operations Inc [Member]                    
Payments to Acquire Investments                 $ 400  
Equity Method Investment, Ownership Percentage     49.00%              
Equity Method Investment, Option to Purchase Interest, Period (Year)     15 years              
Equity Method Investment, Option, Price     $ 22,000              
Equity Method Investment, Contribution of Assets     13,300              
General Wireless Operations Inc [Member] | Common Shares [Member]                    
Equity Method Investment, Contribution of Assets     7,700              
General Wireless Operations Inc [Member] | Freestanding Instruments [Member]                    
Equity Method Investment, Contribution of Assets     $ 5,500              
General Wireless Operations Inc [Member] | Standard General, LP [Member]                    
Equity Method Investment, Ownership Percentage     51.00%              
South Beach Brands LLC [Member]                    
Payments to Acquire Investments $ 8,000                  
Equity Method Investment, Option, Price 20,000                  
Other Assets, Current 20,100                  
Accrued Liabilities, Current 10,100                  
Other Liabilities, Noncurrent $ 2,000                  
Teaza Engery, LLC [Member]                    
Payments to Acquire Investments       $ 500            
Equity Method Investment, Ownership Percentage       18.70%            
Equity Method Investments       $ 800            
Equity Method Investment, Payable to be Offset Against Future Profit Distributions       $ 300            
Teaza Engery, LLC [Member] | Maximum [Member]                    
Equity Method Investment, Ownership Percentage Option                   100.00%
Old Pal Holding Company LLC [Member]                    
Payments to Acquire Investments         $ 1,000 $ 8,000        
Interest Receivable             1,100      
Investments             $ 10,100      
Note Receivable, Interest Rate, Stated Percentage                   3.00%
Note Receivable, Term of Extension Increment (Year)               1 year    
Note Receivable, Weighted Average Interest Rate             3.00% 3.00%    
Financing Receivable, Allowance for Credit Loss             $ 900      
Interest Receivable, Current             200     $ 100
Old Pal Holding Company LLC [Member] | Fair Value, Inputs, Level 3 [Member]                    
Investments, Fair Value Disclosure                   6,500
Canadian American Standard Hemp [Member]                    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Sale of Interest by Parent   $ 11,000                
Self Insurance Reserve             $ 0     $ 400
v3.26.1
Note 7 - Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Non-marketable equity investments $ 10,815 $ 7,833
Debt security investments 5,662 5,633
Capitalized software 9,862 10,133
Captive investments - available-for-sale marketable securities 14,844 14,938
Option Agreements 25,992 25,963
Other 215 167
Total $ 67,390 $ 64,667
v3.26.1
Note 7 - Other Assets - Schedule of Available-for-Sale Debt Securities (Details) - Interchange IC [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt securities, available-for-sale, amortized cost $ 14,370 $ 14,479
Debt securities, available-for-sale, unrealized gains (losses) 474 459
Debt Securities, available-for-sale, fair value 14,844 14,938
Stocks [Member]    
Debt securities, available-for-sale, amortized cost 3,294 1,118
Debt securities, available-for-sale, unrealized gains (losses) 360 447
Debt Securities, available-for-sale, fair value 3,654 1,565
Exchange Traded Funds [Member]    
Debt securities, available-for-sale, amortized cost 5,388 5,338
Debt securities, available-for-sale, unrealized gains (losses) 152 (16)
Debt Securities, available-for-sale, fair value 5,540 5,322
Corporate Bond Securities [Member]    
Debt securities, available-for-sale, amortized cost 445 2,837
Debt securities, available-for-sale, unrealized gains (losses) (16) 33
Debt Securities, available-for-sale, fair value 429 2,870
Real Estate Investment [Member]    
Debt securities, available-for-sale, amortized cost 385 377
Debt securities, available-for-sale, unrealized gains (losses) (7) (5)
Debt Securities, available-for-sale, fair value 378 372
Mutual Funds [Member]    
Debt securities, available-for-sale, amortized cost 4,858 4,809
Debt securities, available-for-sale, unrealized gains (losses) (15) 0
Debt Securities, available-for-sale, fair value $ 4,843 $ 4,809
v3.26.1
Note 7 - Other Assets - Schedule of Maturities of Available-for-sale Securities (Details) - Interchange IC [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Due in one to five years $ 429  
Stocks, real estate investment trusts, mutual funds, and exchange traded funds 14,415  
Total investments at fair value $ 14,844 $ 14,938
v3.26.1
Note 8 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accrued payroll and related items $ 3,714 $ 13,788
Customer returns and allowances 2,557 5,942
Taxes payable 6,774 3,257
Lease liabilities 5,177 4,641
Accrued interest 1,173 6,734
Option agreement 10,072 7,448
Other 5,927 12,777
Total $ 35,394 $ 54,587
v3.26.1
Note 9 - Notes Payable and Long-term Debt (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 19, 2025
Nov. 07, 2023
Mar. 31, 2026
Feb. 11, 2021
The 2032 Senior Secured Notes [Member]        
Debt Instrument, Face Amount $ 300,000      
Debt Instrument, Interest Rate, Stated Percentage 7.625%     5.625%
Proceeds from Issuance of Long-Term Debt $ 293,000      
Debt Issuance Costs, Gross $ 7,300      
Asset Backed Revolving Credit Facility 2023 [Member]        
Debt Issuance Costs, Gross     $ 2,600  
Line of Credit Facility, Maximum Borrowing Capacity   $ 75,000    
Line of Credit Facility, Accordion Feature   $ 40,000    
Debt Instrument, Percentage Used in Calculation of Borrowing Base   85.00%    
Debt Instrument, Percentage Used in Calculation of LILO Borrowing Base   10.00%    
Debt Instrument Covenant, Fixed Charge Coverage Ratio   1.00%    
Debt Instrument, Number of Consecutive Quarters to Maintain Minimum Fixed Charge Coverage Ratio   4    
Debt Instrument, Percentage of Line Cap   12.50%    
Debt Instrument, Threshold Excess Availability   $ 9,400    
Debt Instrument, Period to Maintain Excess Availability (Year)   30 years    
Debt Instrument, Period Prior to Maturity Date of Any Material Debt Outstanding (Year)   91 years    
Debt Instrument, Excess Availability Threshold   $ 15,000    
Proceeds from Lines of Credit     0  
Letters of Credit Outstanding, Amount     2,300  
Line of Credit Facility, Remaining Borrowing Capacity     $ 72,600  
Asset Backed Revolving Credit Facility [Member] | Base Rate [Member]        
Debt Instrument, Basis Spread on Variable Rate   1.25%    
Asset Backed Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]        
Debt Instrument, Basis Spread on Variable Rate   2.25%    
LILO Loans [Member] | Base Rate [Member]        
Debt Instrument, Basis Spread on Variable Rate   2.25%    
LILO Loans [Member] | Secured Overnight Financing Rate (SOFR) [Member]        
Debt Instrument, Basis Spread on Variable Rate   3.25%    
v3.26.1
Note 9 - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Less deferred financing costs $ (6,115) $ (6,375)
Notes payable and long-term debt 293,885 293,625
The 2032 Senior Secured Notes [Member]    
Debt Instrument, Carrying amount $ 300,000 $ 300,000
v3.26.1
Note 9 - Notes Payable and Long-Term Debt - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest expense $ 7,155 $ 5,680
Interest income (2,732) (1,266)
Interest expense, net $ 4,423 $ 4,414
v3.26.1
Note 9 - Notes Payable and Long-term Debt - Schedule of Excess Availability (Details) - Asset Backed Revolving Credit Facility [Member]
Nov. 07, 2023
Secured Overnight Financing Rate (SOFR) [Member]  
Applicable Margin, level 1 1.75%
Applicable Margin, level 2 2.00%
Applicable Margin, level 3 2.25%
Base Rate [Member]  
Applicable Margin, level 1 0.75%
Applicable Margin, level 2 1.00%
Applicable Margin, level 3 1.25%
v3.26.1
Note 9 - Notes Payable and Long-term Debt - Schedule of Excess Availability (Details) (Parentheticals) - Asset Backed Revolving Credit Facility 2023 [Member]
Nov. 07, 2023
Maximum [Member]  
Debt Instrument, Historical Excess Availability Threshold 66.66%
Minimum [Member]  
Debt Instrument, Historical Excess Availability Threshold 33.33%
v3.26.1
Note 10 - Income Taxes (Details Textual)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Percent (25.20%) 11.40%
v3.26.1
Note 11 - Share Incentive Plans (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 22, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value $ 500 $ 600  
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount 0    
Share-Based Payment Arrangement, Expense $ 900    
Restricted Stock Units (RSUs) [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) 128,359    
Share-Based Payment Arrangement, Expense $ 2,000 1,000  
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount $ 9,100    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) 2 years 8 months 26 days    
Restricted Stock Units (RSUs) [Member] | Minimum [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 1 year    
Restricted Stock Units (RSUs) [Member] | Maximum [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 5 years    
Performance Based Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year) 5 years    
Share-based Compensation Arrangement by Share-based Payment Award, Period Between Performance Period and Measurement Date (Year) 65 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) 177,725    
Share-Based Payment Arrangement, Expense   $ 700  
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount $ 1,800    
Turning Point Brands Inc 2021 Equity Incentive Plan [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)     1,290,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) 592,907    
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Awards Granted, Net of Forfeitures, Number (in shares) 506,294    
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Awards Granted, Net of Forfeitures, Number (in shares) 122,570    
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Performance Based Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Awards Granted, Net of Forfeitures, Number (in shares) 168,281    
Turning Point Brands Inc 2015 Equity Incentive Plan [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)     100,052
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) 0    
v3.26.1
Note 11 - Share Incentive Plans - Summary of Stock Option Activity (Details) - North Atlantic Holding Company Inc 2006 Equity Incentive Plan, Turning Point Brands Inc 2015 Equity Incentive Plan and Turning Point Brands Inc 2021 Equity Incentive Plan [Member] - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Outstanding (in shares) 287,292 535,790
Outstanding, weighted average exercise price (in dollars per share) $ 30.58 $ 30.69
Outstanding, weighted average grant date fair value (in dollars per share) $ 9.47 $ 9.51
Exercised (in shares) (7,661) (245,855)
Exercised, weighted average exercise price (in dollars per share) $ 42.15 $ 30.76
Exercised, weighted average grant date fair value (in dollars per share) $ 13.51 $ 9.54
Forfeited (in shares)   (2,643)
Forfeited, weighted average exercise price (in dollars per share)   $ 36.11
Forfeited, weighted average grant date fair value (in dollars per share)   $ 10.88
Outstanding (in shares) 279,631 287,292
Outstanding, weighted average exercise price (in dollars per share) $ 30.26 $ 30.58
Outstanding, weighted average grant date fair value (in dollars per share) $ 9.36 $ 9.47
v3.26.1
Note 11 - Share Incentive Plans - Summary of Stock Option Plans (Details) - Share-Based Payment Arrangement, Option [Member]
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Awards Granted 20210517 [Member]  
Number of options granted (in shares) 100,000
Options outstanding (in shares) 12,358
Number exercisable (in shares) 12,358
Exercise price (in dollars per share) | $ / shares $ 30.46
Remaining lives (Year) 5 years 11 months 15 days
Risk free interest rate 2.10%
Expected volatility 35.33%
Expected life (Year) 6 years
Dividend yield 1.01%
Fair value at grant date (in dollars per share) | $ / shares $ 10.23
Number of options granted (in shares) 100,000
Options outstanding (in shares) 12,358
Number exercisable (in shares) 12,358
Exercise price (in dollars per share) | $ / shares $ 30.46
Risk free interest rate 2.10%
Expected volatility 35.33%
Expected life (Year) 6 years
Dividend yield 1.01%
Fair value at grant date (in dollars per share) | $ / shares $ 10.23
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Awards Granted 20220314 [Member]  
Number of options granted (in shares) 14,827
Options outstanding (in shares) 3,273
Number exercisable (in shares) 3,273
Exercise price (in dollars per share) | $ / shares $ 31.39
Remaining lives (Year) 6 years 29 days
Risk free interest rate 2.92%
Expected volatility 35.33%
Expected life (Year) 6 years
Dividend yield 0.98%
Fair value at grant date (in dollars per share) | $ / shares $ 11.07
Number of options granted (in shares) 14,827
Options outstanding (in shares) 3,273
Number exercisable (in shares) 3,273
Exercise price (in dollars per share) | $ / shares $ 31.39
Risk free interest rate 2.92%
Expected volatility 35.33%
Expected life (Year) 6 years
Dividend yield 0.98%
Fair value at grant date (in dollars per share) | $ / shares $ 11.07
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Awards Granted 20220429 [Member]  
Number of options granted (in shares) 77,519
Options outstanding (in shares) 47,519
Number exercisable (in shares) 47,519
Exercise price (in dollars per share) | $ / shares $ 20.71
Remaining lives (Year) 7 years 1 month 13 days
Risk free interest rate 3.41%
Expected volatility 34.51%
Expected life (Year) 5 years 2 months 7 days
Dividend yield 1.61%
Fair value at grant date (in dollars per share) | $ / shares $ 6.45
Number of options granted (in shares) 77,519
Options outstanding (in shares) 47,519
Number exercisable (in shares) 47,519
Exercise price (in dollars per share) | $ / shares $ 20.71
Risk free interest rate 3.41%
Expected volatility 34.51%
Expected life (Year) 5 years 2 months 7 days
Dividend yield 1.61%
Fair value at grant date (in dollars per share) | $ / shares $ 6.45
Turning Point Brands Inc 2021 Equity Incentive Plan [Member] | Awards Granted 20230512 [Member]  
Number of options granted (in shares) 54,289
Options outstanding (in shares) 54,289
Number exercisable (in shares) 54,289
Exercise price (in dollars per share) | $ / shares $ 27.19
Remaining lives (Year) 7 years 11 months 12 days
Risk free interest rate 4.06%
Expected volatility 35.09%
Expected life (Year) 5 years 2 months 7 days
Dividend yield 1.26%
Fair value at grant date (in dollars per share) | $ / shares $ 9.21
Number of options granted (in shares) 54,289
Options outstanding (in shares) 54,289
Number exercisable (in shares) 54,289
Exercise price (in dollars per share) | $ / shares $ 27.19
Risk free interest rate 4.06%
Expected volatility 35.09%
Expected life (Year) 5 years 2 months 7 days
Dividend yield 1.26%
Fair value at grant date (in dollars per share) | $ / shares $ 9.21
Turning Point Brands Inc 2015 Equity Incentive Plan [Member] | Awards Granted 20170517 [Member]  
Number of options granted (in shares) 93,819
Options outstanding (in shares) 19,569
Number exercisable (in shares) 19,569
Exercise price (in dollars per share) | $ / shares $ 15.41
Remaining lives (Year) 1 year 1 month 17 days
Risk free interest rate 1.76%
Expected volatility 26.92%
Expected life (Year) 6 years
Dividend yield 0.00%
Fair value at grant date (in dollars per share) | $ / shares $ 4.6
Number of options granted (in shares) 93,819
Options outstanding (in shares) 19,569
Number exercisable (in shares) 19,569
Exercise price (in dollars per share) | $ / shares $ 15.41
Risk free interest rate 1.76%
Expected volatility 26.92%
Expected life (Year) 6 years
Dividend yield 0.00%
Fair value at grant date (in dollars per share) | $ / shares $ 4.6
Turning Point Brands Inc 2015 Equity Incentive Plan [Member] | Awards Granted 20180307 [Member]  
Number of options granted (in shares) 98,100
Options outstanding (in shares) 31,370
Number exercisable (in shares) 31,370
Exercise price (in dollars per share) | $ / shares $ 21.21
Remaining lives (Year) 1 year 11 months 8 days
Risk free interest rate 2.65%
Expected volatility 28.76%
Expected life (Year) 6 years
Dividend yield 0.83%
Fair value at grant date (in dollars per share) | $ / shares $ 6.37
Number of options granted (in shares) 98,100
Options outstanding (in shares) 31,370
Number exercisable (in shares) 31,370
Exercise price (in dollars per share) | $ / shares $ 21.21
Risk free interest rate 2.65%
Expected volatility 28.76%
Expected life (Year) 6 years
Dividend yield 0.83%
Fair value at grant date (in dollars per share) | $ / shares $ 6.37
Turning Point Brands Inc 2015 Equity Incentive Plan [Member] | Awards Granted 20190320 [Member]  
Number of options granted (in shares) 155,780
Options outstanding (in shares) 44,940
Number exercisable (in shares) 44,940
Exercise price (in dollars per share) | $ / shares $ 47.58
Remaining lives (Year) 2 years 11 months 19 days
Risk free interest rate 2.34%
Expected volatility 30.95%
Expected life (Year) 6 years
Dividend yield 0.42%
Fair value at grant date (in dollars per share) | $ / shares $ 15.63
Number of options granted (in shares) 155,780
Options outstanding (in shares) 44,940
Number exercisable (in shares) 44,940
Exercise price (in dollars per share) | $ / shares $ 47.58
Risk free interest rate 2.34%
Expected volatility 30.95%
Expected life (Year) 6 years
Dividend yield 0.42%
Fair value at grant date (in dollars per share) | $ / shares $ 15.63
Turning Point Brands Inc 2015 Equity Incentive Plan [Member] | Awards Granted 20200318 [Member]  
Number of options granted (in shares) 155,000
Options outstanding (in shares) 27,513
Number exercisable (in shares) 27,513
Exercise price (in dollars per share) | $ / shares $ 14.85
Remaining lives (Year) 3 years 11 months 19 days
Risk free interest rate 0.79%
Expected volatility 35.72%
Expected life (Year) 6 years
Dividend yield 1.49%
Fair value at grant date (in dollars per share) | $ / shares $ 4.41
Number of options granted (in shares) 155,000
Options outstanding (in shares) 27,513
Number exercisable (in shares) 27,513
Exercise price (in dollars per share) | $ / shares $ 14.85
Risk free interest rate 0.79%
Expected volatility 35.72%
Expected life (Year) 6 years
Dividend yield 1.49%
Fair value at grant date (in dollars per share) | $ / shares $ 4.41
Turning Point Brands Inc 2015 Equity Incentive Plan [Member] | Awards Granted 20210218 [Member]  
Number of options granted (in shares) 100,000
Options outstanding (in shares) 38,800
Number exercisable (in shares) 38,800
Exercise price (in dollars per share) | $ / shares $ 51.75
Remaining lives (Year) 4 years 10 months 20 days
Risk free interest rate 0.56%
Expected volatility 28.69%
Expected life (Year) 6 years
Dividend yield 0.55%
Fair value at grant date (in dollars per share) | $ / shares $ 13.77
Number of options granted (in shares) 100,000
Options outstanding (in shares) 38,800
Number exercisable (in shares) 38,800
Exercise price (in dollars per share) | $ / shares $ 51.75
Risk free interest rate 0.56%
Expected volatility 28.69%
Expected life (Year) 6 years
Dividend yield 0.55%
Fair value at grant date (in dollars per share) | $ / shares $ 13.77
v3.26.1
Note 11 - Share Incentive Plans - Summary of Performance Shares (Details) - Performance Shares [Member]
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Awards Granted 20210218 [Member]  
Number of instruments granted (in shares) 49,996
Equity instruments outstanding (in shares) 9,116
Fair value as of grant date (in dollars per share) | $ / shares $ 30.46
Remaining lives (Year) 9 months
Awards Granted 20230504 [Member]  
Number of instruments granted (in shares) 111,321
Equity instruments outstanding (in shares) 55,348
Fair value as of grant date (in dollars per share) | $ / shares $ 26.52
Remaining lives (Year) 9 months
Awards Granted 20240301 [Member]  
Number of instruments granted (in shares) 8,242
Equity instruments outstanding (in shares) 4,946
Fair value as of grant date (in dollars per share) | $ / shares $ 29.12
Remaining lives (Year) 9 months
Awards Granted 20240401 [Member]  
Number of instruments granted (in shares) 41,137
Equity instruments outstanding (in shares) 31,765
Fair value as of grant date (in dollars per share) | $ / shares $ 70.34
Remaining lives (Year) 1 year 9 months
Awards Granted 20250303 [Member]  
Number of instruments granted (in shares) 76,550
Equity instruments outstanding (in shares) 76,550
Fair value as of grant date (in dollars per share) | $ / shares $ 107.57
Remaining lives (Year) 3 years
v3.26.1
Note 11 - Share Incentive Plans - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Equity instruments outstanding (in shares) 128,359
Awards Granted 20220314 [Member]  
Number of instruments granted (in shares) 50,004
Equity instruments outstanding (in shares) 7,973
Fair value as of grant date (in dollars per share) | $ / shares $ 30.46
Remaining lives (Year) 9 months
Awards Granted 20220429 [Member]  
Number of instruments granted (in shares) 4,522
Equity instruments outstanding (in shares) 632
Fair value as of grant date (in dollars per share) | $ / shares $ 31.39
Remaining lives (Year) 9 months
Awards Granted 20240301 [Member]  
Number of instruments granted (in shares) 105,257
Equity instruments outstanding (in shares) 22,683
Fair value as of grant date (in dollars per share) | $ / shares $ 26.52
Remaining lives (Year) 1 year
Awards Granted 20240401 [Member]  
Number of instruments granted (in shares) 5,495
Equity instruments outstanding (in shares) 1,814
Fair value as of grant date (in dollars per share) | $ / shares $ 29.12
Remaining lives (Year) 1 year
Awards Granted 20250303 [Member]  
Number of instruments granted (in shares) 36,843
Equity instruments outstanding (in shares) 22,110
Fair value as of grant date (in dollars per share) | $ / shares $ 70.34
Remaining lives (Year) 2 years
Awards Granted 20250508 [Member]  
Number of instruments granted (in shares) 8,464
Equity instruments outstanding (in shares) 8,464
Fair value as of grant date (in dollars per share) | $ / shares $ 75.66
Remaining lives (Year) 3 months
Awards Granted 20250714 [Member]  
Number of instruments granted (in shares) 1,341
Equity instruments outstanding (in shares) 886
Fair value as of grant date (in dollars per share) | $ / shares $ 74.61
Remaining lives (Year) 2 years 5 months 8 days
Awards Granted 20260303 [Member]  
Number of instruments granted (in shares) 63,797
Equity instruments outstanding (in shares) 63,797
Fair value as of grant date (in dollars per share) | $ / shares $ 107.57
Remaining lives (Year) 3 years
v3.26.1
Note 13 - Income Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net income attributable to Turning Point Brands, Inc. $ 11,667 $ 14,395
Net income attributable to Turning Point Brands, Inc. (in dollars per share) $ 0.61 $ 0.81
Weighted average (in shares) 19,214,389 17,795,243
Diluted net income attributable to Turning Point Brands, Inc. $ 11,667 $ 14,395
Stock options and restricted stock units (in shares) 260,488 454,063
Weighted Average Number of Shares Outstanding, Diluted 19,474,877 18,249,306
v3.26.1
Note 14 - Segment Information (Details Textual)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Number of Reportable Segments 2  
Selling, General and Administrative Expense, Premarket Tobacco Product Application $ 0.3 $ 1.6
Customer Concentration Risk [Member] | Revenue Benchmark [Member]    
Concentration Risk, Number of Significant Customers 0  
v3.26.1
Note 14 - Segment Information - Summary of Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Net sales $ 124,278 $ 106,436  
Cost of sales 55,983 46,826  
Gross profit 68,295 59,610  
Operating income (loss) 12,484 23,189  
Other expense, net 63 0  
Interest expense, net 4,423 4,414  
Investment (gain) loss (151) (141)  
Income from equity method investment (2,983) (150)  
Loss on extinguishment of debt 0 1,235  
Income from continuing operations before income taxes 11,132 17,831  
Assets 772,097   $ 763,750
Operating Segments [Member]      
Net sales 124,278 106,436  
Cost of sales 55,983 46,826  
Gross profit 68,295 59,610  
Other segment items [1] 37,293 18,546  
Operating income (loss) 31,002 41,064  
Capital expenditures 5,139 2,185  
Depreciation and amortization 2,059 1,616  
Operating Segments [Member] | Zig Zag Products [Member]      
Net sales 36,669 47,265  
Cost of sales 15,724 21,700  
Gross profit 20,945 25,565  
Other segment items [1] 9,714 8,635  
Operating income (loss) 11,231 16,930  
Capital expenditures 0 17  
Depreciation and amortization 291 276  
Assets 250,380   256,762
Operating Segments [Member] | Stokers Products [Member]      
Net sales 87,609 59,171  
Cost of sales 40,259 25,126  
Gross profit 47,350 34,045  
Other segment items [1] 27,579 9,911  
Operating income (loss) 19,771 24,134  
Capital expenditures 5,139 2,168  
Depreciation and amortization 1,768 1,340  
Assets 291,682   268,305
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]      
Operating income (loss) [2],[3],[4] (18,518) $ (17,875)  
Assets [5] $ 230,035   $ 238,683
[1] Includes primarily selling and marketing costs.
[2] Includes corporate costs that are not allocated to any of the two reportable segments.
[3] Includes costs related to FDA premarket tobacco product application (“PMTA”) of $0.3 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.
[4] Includes costs related to FDA premarket tobacco product application (“PMTA”) of $0.3 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.
[5] Includes assets not assigned to the two reportable segments. All goodwill has been allocated to the reportable segments.
v3.26.1
Note 14 - Segment Information - Disaggregation of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net sales $ 124,278 $ 106,436
UNITED STATES    
Net sales 116,153 100,488
Non-US [Member]    
Net sales $ 8,125 $ 5,948
v3.26.1
Note 15 - Dividends and Shares Repurchases (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Nov. 04, 2025
Oct. 10, 2025
Dec. 13, 2024
Nov. 06, 2024
Feb. 24, 2022
Oct. 25, 2021
Sep. 11, 2025
Mar. 31, 2026
Feb. 25, 2020
Share Repurchase Program, Authorized, Amount $ 200.0     $ 100.0         $ 50.0
Stock Repurchase Program, Increase in Authorized Amount $ 100.0     $ 77.9 $ 24.6 $ 30.7      
Treasury Stock, Shares, Acquired (in shares)               0  
ATM Program [Member]                  
Equity Offering, Maximum Offering Amount, Increase     $ 200.0            
Stock Issued During Period, Shares, New Issues (in shares)             1,014,262    
Sale of Stock, Price Per Share (in dollars per share)             $ 98.59    
Stock Issued During Period, Value, New Issues             $ 100.0    
Payments of Stock Issuance Costs             2.5    
Proceeds from Issuance or Sale of Equity             $ 97.5    
Share Repurchase Program, Remaining Authorized, Amount               $ 200.0  
O 2025 Q3 Dividends [Member]                  
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)   $ 0.08