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Tag: ToughBuilt Industries

  • 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.