Build-A-Bear Workshop Inc

BBW is in an early Stage 1 consolidation following a decline, showing initial repair of short EMAs and repeated tests of the base’s upper boundary. Medium-term bias is bullish on this base repair but without mean reversion eligibility or an active lockout rally, price is extended above the 9/21 EMA zone, suggesting entry should be deferred. We will stalk for shallow pullbacks into the EMA support area before engaging. Primary risks include failure of pullbacks to hold above the 9/21 EMAs and a breakdown below the consolidation range.

• ↑Q4 2025 revenue $529.8M (+6.7% YoY) and record $67.2M pre-tax income.
• ↑Opened 129 net new stores globally in two years, driving expansion.
• ↓Tariffs burden profitability with an estimated $11M annual cost.