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Tag: TBLT stock

  • ToughBuilt Industries Inc. (TBLT) stock Collapse After Hours on Reverse Stock Split News

    On April 22, ToughBuilt Industries Inc. (TBLT) announced a 1-for-150 reverse split in a plan for regaining compliance with Nasdaq. Consequently, the stock took a harsh hit in the after-hours and declined by 23.27%. TBLT reported a new 52-week low of $0.1352 in the session against its previous low of $0.1379. This decline came after a loss of 2.33% in regular trading which valued the stock at $0.1762 a share at the close.

    Source: Management Notes

    Nasdaq’s Non-Compliance

    The company has been in non-compliance with Nasdaq’s minimum bid price requirement since May 2021. After exhausting its initial 180-day grace period for regaining compliance, the company applied for and received additional 180 days. As per the extension, the company has until May 16, 2022, to meet the minimum bid requirement of Nasdaq. In order to regain compliance, TBLT common stock needs to close at or above $1.00 a share for a minimum of 10 consecutive trading days before the end of the given extension.

    In case of failure to regain compliance within the given extension, the company’s shares will be subject to delisting.

    TBLT’s Reverse Split

    On Friday, the company announced to effect a 1-for-150 reverse split of its common stock in order to regain compliance with Nasdaq. Expected to be effective at 12:01 a.m. ET on April 25, 2022, TBLT common stock will start trading on a post-split basis on Monday at the opening of the market. Moreover, the split is pending approval by the Depository Trust Company and Nasdaq.

    Furthermore, the reverse split, approved by the company’s stockholders in a special meeting on April 1, is expected to help increase the per-share price of its common stock. Additionally, the reverse split will reduce the outstanding number of shares from 154,300,090 to roughly 1,028,625.

    The company does not plan on issuing fractional shares and would compensate stockholders entitled to fractional shares in a cash payment.

    TBLT’s Overview & Outlook

    The home improvement and construction products company has been thriving despite the global supply chain disruptions and inflationary pressure amid economic instability. Recently, the company posted a huge improvement of 105% YOY in its quarterly earnings for Q4 2021. Not only this but the 2021 full revenue also marked a stark increase of over 77% due to new products launches and customer additions. The company has 5 to 10 new product line launches planned for 2022 as it continued global distribution expansion.

    Conclusion

    Following a reverse stock split announcement, TBLT stock suffered a blow in the after-hours. The company is effecting a 1-for-150 reverse split in a plan for regaining compliance with Nasdaq before its extended grace period ends in May 2022.

  • ToughBuilt Industries Inc. (TBLT) Provide Record Earnings Amid Ongoing Industry Woes

    On April 18, the home building materials company, ToughBuilt Industries Inc. (TBLT) declared record 2021 financial results. Consequently, the stock rebounded and rallied big in the after-hours to add a nice 45.13%. Thus, TBLT was trading at a price of $0.2129 per share at a super heavy volume of 22.86 million in the session.

    Source: Urenco

    TBLT’s 2021 Financials

    The company’s 2021 financial results marked a stark increase of 77.6% YOY in sales for the year while the ending quarter’s sales grew by 105%. Recurring orders in addition to new customers and new products had a revenues total of $70.0 million for the year. Moreover, the final quarter revenues stood at $24.6 million.

    The gross profit for the year also showed great improvement with the figure standing at $19.1 million against the previous year’s $12.9 million. But on the other hand, industry-wide supply chain disruptions impacted gross profit margins due to historically high shipping costs along with increased materials costs. Hence, the gross profit margin was 27.2% against the prior year’s 32.6%.

    Furthermore, the increased shipping costs along with marketing and advertising costs resulted in increased operating expenses of $58.4 million for the year. Comparatively, the same was $27.3 million in fiscal 2020.

    Therefore, the net loss for the year was $37.5 million with a per-share loss standing at $0.37. The comparative figures were $18.6 million and $0.68 a share in 2020.

    Industry Woes

    The home building industry has been having a tough time lately. Barely recovering from the impact of Covid-19, the industry has been under the woes of global supply chain constraints. Added to this, the Russian invasion of Ukraine has commodities like oil and metals surging up and thus causing a mammoth increase in their prices. Ultimately, this has caused a spike in shipping costs in addition to materials costs. Cherry on top, the Federal Reserve’s tightening monetary policy with higher interest rates for curbing inflation has not been good either.

    But the extreme supply-demand imbalance is also expected to dampen the hit to activity from higher rates.

    At the same time, things are expected to start easing this year with supply chain shortages and price pressures calming down a notch.

    TBLT’s Outlook

    Despite the numerous woes of the industry, the company proved its potential and efforts by reporting mammoth growth in sales. Currently, TBLT is planning to launch up to 10 new products in 2022. Thus, with possible ease beginning in the market this year, and new products in the plan, the company expects another year of growth.

  • ToughBuilt Industries, Inc. (TBLT) Stock Losing Momentum in Aftermarket, Here’s What’s Happening.

    ToughBuilt Industries, Inc. (TBLT) is engaged in designing, manufacturing, and marketing novel products globally. The company’s product pipeline is currently focusing on tools for DIY construction businesses. The company also markets construction and home up-gradation products for professional markets.

    The price of TBLT stock during the regular trading on February 18, 2022, was $0.16 with an increase of 5.48%. At last check in the aftermarket, the stock dipped by 7.40%.

    TBLT: Events and Happenings

    On February 15, 2022, TBLT reported about the closure of its registered direct offering for the sale of up to 2,500 Series F and Series G Convertible Preferred Stock shares. The company expects net proceeds of approximately $5 million by the sales. The Series F shares had a value of $1,000 per share and are convertible into 12,500,000 common stock shares for $0.20 per share. The Series G shares had a value of $1,000 per share and are convertible into 12,500,000 common stock shares for $0.20 per share.

    On January 10, 2022, TBLT updated that its net sales via Amazon inclined by 68.5% to up to $11.9 million during FY2021 against $7.1 million in FY2020. On December 23, 2021, TBLT announced the launch of the ToughBuilt Workbench, which is available globally. On December 06, 2021, TBLT reported its management’s participation at the Virtual Sidoti MicroCap Conference on December 9, 2021. On November 30, 2021, TBLT updated about launching ToughBuilt lasers and levels, which are available for purchase globally.

    TBLT: Key Financials

    On November 15, 2021, TBLT released its financial results for the third quarter ended September 30, 2021. Some of the key points are discussed below.

    Revenue

    Revenue in Q3 2021 was recorded to be $17.2 million compared to $16.7 million in the same period of 2020. The company observed an increase of 3.3% in revenue over the yearly period. The company topped the estimated revenue target by $2.10 million.

    EPS

    Basic and diluted net loss per share attributable to common shareholders in Q3 2021 was $11.4 million or $0.09 as compared to net income of $0.12 million or nil in the same period of 2020. The company missed the analysts’ estimates by -$0.04.

    Conclusion

    TBLT stock is 86% down the past year as the pandemic declined the economic conditions globally. The recent aftermarket stock decline is the result of uncertain factors as the company didn’t report any recent SEC filing or event to its calendar. The earnings release date is approaching and the company is expecting revenue in the range of $24.6 million with an EPS of -$0.02.

  • ToughBuilt Industries, Inc. (TBLT) Stock Undergoes Minor Volatility Following Registered Direct Offering

    ToughBuilt Industries, Inc. (TBLT) stock prices were down by a marginal 0.54% as of the market closing on July 14th, 2021, bringing the price per share down to USD$0.6681 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 3.04%, bringing it up to USD$0.6884.

    Registered Direct Offering

    July 11th, 2021 saw the company announce that it had entered into a securities purchase agreement with various institutional investors. As per the agreement, the company would issue and sell of 46,029,920 shares of common stock, as well as warrants to purchase up to 23,014,960 shares. Each share and the accompanying warrant will be priced at USD$0.869 in the direct offering.

    Details of the Offering

    The warrants will be able to be exercised immediately, with an exercise price of USD$0.81 per share of common stock and expiry date of five years from the date of issuance. The company anticipated the generation of almost USD$40 million before the deduction of expenses related to the offering, with plans to allocate the net proceeds from the offering towards working capital purposes.

    Success of Amazon Sales

    July 8th, 2021 saw the company announce that gross sales of the company through Amazon.com were up by 118% in the first half of 2021, as compared to the first half of the prior year. H1 2021 reported almost USD$5.48 million, up from the USD$2.51 million in H1 2020. The significant momentum generated by sales through Amazon in the first half of 2021 is indicative of the company’s increasing strength across its product offerings, catering to professional and DIY builders across the North American continent.

    Expanding Scope of TBLT

    As the company continues to expand its online presence into Canada and Mexico while US sales are on the rise, the company is facilitating further development. TBLT is strategizing concurrent expansion of their geographic commercial footprint, facilitated by the launch of new SKUs that will see the company capitalize on the strong demand for their innovative designs and features.

    Future Outlook for TBLT

    Armed with the added capital generated from their public offering and the success of their Amazon sales, TBLT is poised to capitalize on the opportunities presented to them. The company is keen to facilitate further organic growth as it continues to expand its market footprint, thus driving up increases in shareholder value.

  • Here is whyToughBuilt Industries Inc. (TBLT) stock surged in the after-hours on Thursday?

    Here is whyToughBuilt Industries Inc. (TBLT) stock surged in the after-hours on Thursday?

    ToughBuilt Industries Inc. (TBLT) shares surged 41.59% in after-hours on Thursday, July 8, 2021, and closed the trading at $1.02 per share. Earlier in the morning session, TBLT’s stock lost 1.52% to close Thursday’s session at $0.72 per share. TBLT shares have fallen 5.95% over the last 12 months, and they have moved down 13.40% in the past week. Over the past three months, the stock has lost 25.46%, while over the past six months, it has declined 19.81%.

    Exceptional sales on Amazon

    On July 08, 2021, ToughBuilt Industries, Inc announced that gross sales through Amazon.com increased 118% to approximately $5.48 million for the first half of 2021, compared to approximately $2.51 million in the first half of 2020.

    The Chief Executive Officer of ToughBuilt, Michael Panosian commented that the significant sale increase in Q1 2021 reflects the increasing strength of our brand across all product lines with professional and DIY builders throughout North America. He further said that the company’s online presence expands into Canada and Mexico, and US sales continue to increase and the company is increasing its geographic footprint and launching new SKUs to capitalize on the strong demand for our innovative designs and features.

    Recent financial results

    On May 17, 2021, ToughBuilt Industries, Inc reported financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    ToughBuilt Industries reported revenue of $12.3 million inQ1 2021, compared to $3.9 million in the first quarter of 2020.

    GAAP gross profit was $3.5 million in Q1 2021, compared to $1.5 million in the first quarter of 2020.

    GAAP gross profit margins were 28.2% in Q1 2021, compared to 38.9% in Q1 2020.

    GAAP operating expense was $9.4 million in Q1 2021, compared to $5.0 million in the first quarter of 2020.

    The company reported a net loss of $6.1 million, or $0.09 per share in Q1 2021, as compared to a net loss of $5.0 million, or $0.43 per share in the first quarter of 2020.

    As of March 31, 2021, the company had cash and cash equivalents of $32.5 million.

    FY 2020 financial results announcement

    Let’s have a brief look at TBLT financial results for the fiscal year ended December 31, 2020, which were announced on March 26, 2021.

    Financial Highlights for 2020

    • TBLT reported revenues of $39.4 million for the year 2020, compared to $19 million for the previous year.
    • It suffered a net loss of $18.6 million, or $0.68 per share for the reported year, compared with $6.4 million, or $2.08 per share in fiscal 2019.
    • TBLT was managed to increased its gross profit to $14.7 million, compared with $5.6 million in 2019. 

    Conclusion

    The TBLT stock surged in the after-hours after the company announced its top-notch performance on Amazon.com and we can expect it to continue its momentum on Friday as well.

  • Here is why TBLT Stock Plummeted in Friday’s extending trading session

    Here is why TBLT Stock Plummeted in Friday’s extending trading session

    The TBLT stock sunk 20.43% on Friday, March 26, 2021, after the announcement of its financial results. Let’s have a brief look at TBLT’s financial results for the fiscal year ended December 31, 2020.

    Financial Highlights for 2020

    • TBLT reported revenues of $39.4 million for the year 2020, compared to $19 million for the previous year.
    • It suffered a net loss of $18.6 million, or $0.68 per share for the reported year, compared with $6.4 million, or $2.08 per share in fiscal 2019.
    • TBLT has managed to increase its gross profit to $14.7 million, compared with $5.6 million in 2019.

    TBLT regained compliance with Nasdaq’s listing requirements.

    On February 9, 2021, TBLT announced that it has regained compliance with the minimum bid price requirement outlined in Rule 5550(a)(2) of the Nasdaq Listing Rules.

    Nasdaq informed TBLT on July 24, 2020, that the closing bid price per share had been below $1.00 for a period of 30 consecutive business days and that the Company did not meet the Minimum Bid Price Requirement. The TBLT gave 180 days extension on January 21, 2021, to meet Nasdaq’s requirements for listing qualification.

    About TBLT

    TBLT was founded in 2012 and its headquarter is in California, United States. The company manufacture and distribute the advanced product design mostly focused on tools and other accessories for the professional and do-it-yourself construction industries.

    Conclusion

    Though the recent financial results showing a revenue increase it suffered a huge net loss compared with the previous year which results in its stock value plummeting on Friday.

  • IS That why ToughBuilt Industries, Inc. (NASDAQ: TBLT) shares dipped in the Early morning trading?

    ToughBuilt Industries, Inc. (NASDAQ: TBLT), shares were trending low -10.84% to $0.734 in the pre-market today after the announcement of the launching of soft-sided tool organization items at LOWE’S stores nationally & LOWE’S.com, comprising four hard body bags, 10 CLIPTECHTM pouches, and accessories.

    Michael Panosian, Chief Executive Officer of ToughBuilt, said, “These are the best goods in the segment that will set the industry performance benchmark. I’m proud of our hard-working squad, which has worked relentlessly to build and produce this complex product line, he added.