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ToughBuilt Industries, Inc. (NASDAQ: TBLT) designs, manufactures, and distributes a wide range of home improvement and construction products under the TOUGHBUILT brand. Since its inception, ToughBuilt has been dedicated to providing innovative tools and accessories tailored for both professional and do-it-yourself markets.
The company's product portfolio is categorized into three major segments: Soft Goods (including kneepads, tool bags, pouches, and tool belts), Metal Goods (comprising sawhorses, tool stands, and workbenches), and Utility Products (featuring utility knives, aviation snips, shears, lasers, and levels). ToughBuilt derives its primary revenue from the USA, with additional contributions from Canada, Europe, and other international markets.
Recent financial highlights indicate significant improvements in expense management, leading to a reduction in net losses. CEO Michael Panosian emphasized the company's strategic cost optimization measures, which are steering ToughBuilt towards sustained profitability. Noteworthy developments include the launch of the StackTech® mobile toolbox system, which has garnered significant market interest and disrupted existing competitors with its patented advantages and solid durability.
ToughBuilt has also announced its goal of achieving positive operating cash flow by Q3 2024 through strategic product launches, cost-saving measures, and price adjustments. The company's strategic alliance with King Trade Capital aims to enhance procurement, direct import, and order fulfillment capabilities, further strengthening operational efficiency and growth.
Despite facing challenges such as market conditions and supply chain disruptions, ToughBuilt remains committed to its mission of delivering superior quality, innovative products that enhance performance and build brand loyalty. For more information about the company, visit ToughBuilt's official website.
ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) announced it has received a 180-day extension from Nasdaq to meet the minimum bid price requirement of $1.00 per share. The new deadline is July 19, 2021, after the company was notified of non-compliance on July 24, 2020. CEO Michael Panosian expressed optimism about regaining compliance during the extension period. ToughBuilt focuses on innovative tools and accessories for construction, with a history of significant annual sales growth since 2013.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) launched new cutting products, including Shears, Knives, and Aviation Snips, now available at Lowe’s USA stores. CEO Michael Panosian expressed optimism about this expansion, viewing it as a significant step in augmenting ToughBuilt's hand tool offerings. The shears are widely available nationwide, while the other products are currently found on the West Coast. ToughBuilt underscores its focus on innovative designs in the competitive tool market, targeting both professionals and DIY enthusiasts.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) launched new soft-sided tool organization products, including 4 hard body bags and 10 CLIPTECH™ pouches at LOWE’S nationwide and LOWE’S.com. CEO Michael Panosian praised the team's efforts in developing these products promptly, aiming to set a market standard. The company aims to enhance its partnership with LOWE’S by providing innovative, high-quality solutions for builders. The press release also mentions the company’s focus on innovative product design and significant annual sales growth since 2013.
ToughBuilt Industries reported gross sales of $2,070,000 for Q3 2020 and $4,500,000 for the nine months ending September 30, 2020, through its U.S. and Canadian Amazon storefronts. CEO Michael Panosian emphasized challenges met with growth, expanding into new markets, and a strategic launch on Amazon that has increased product exposure. The company remains focused on sales from both commercial and private sectors, leveraging Amazon’s marketing capabilities for future growth.
ToughBuilt Industries reported financial results for Q2 2020, highlighting a 43% increase in net sales to $6.8 million, up from $4.7 million in Q2 2019. Gross profit surged by 117% to $2.5 million, compared to $1.1 million year-over-year. However, the company faced a net loss of $2.5 million, contrasting sharply with a profit of $7,000 in the same quarter of 2019. For the first half of 2020, net sales rose 10% to $10.7 million, but net losses totaled $6.2 million, compared to a profit of $507,000 in H1 2019. CEO Michael Panosian expressed optimism about future global market opportunities.
ToughBuilt Industries (NASDAQ: TBLT) announced plans to increase inventory investment to $10 million, aiming to meet rising product demand in both international and domestic markets. The strategy includes inventory placement in Mexico and the Netherlands to cater to South American and European markets, respectively. This is in addition to expected orders from North American retailers and online platforms. The company has noted that its innovative products are continuously gaining traction since its inception in 2013.
ToughBuilt Industries reported gross sales of approximately $1,350,000 for Q2 2020, equating to an annualized figure of $5,400,000. The company focuses on innovative tools and accessories for the construction industry, delivering products under the TOUGHBUILT brand name. ToughBuilt aims to enhance well-being and performance for its users, with a significant history of annual sales growth since its inception in 2013. However, risks such as market acceptance, product liability, and reliance on single suppliers might affect future growth.
ToughBuilt Industries has successfully completed a public offering, closing on 19 million shares and warrants for a total of $19,017,000. The price per common share and warrant was set at $1.00. Post-offering, the company received approximately $17 million in net proceeds after underwriting fees and expenses. Maxim Group LLC served as the lead underwriter. This offering aims to bolster ToughBuilt's capital for future growth in the competitive tool market, where it focuses on professional and DIY sectors.
ToughBuilt Industries announced a public offering of 18 million shares of its common stock at a price of $1.00 per share, aimed at raising approximately $18 million in gross proceeds. The offering, which includes warrants for purchasing an additional 18 million shares, is set to close around June 2, 2020. The underwriters have a 45-day option to purchase an additional 2.7 million shares. Maxim Group LLC is the lead underwriter for this offering, conducted under a registration statement declared effective by the SEC.
ToughBuilt Industries (NASDAQ: TBLT) announced on May 22, 2020, the expansion of its distribution network by warehousing products in Mexico to meet growing demand in Central and South America. CEO Michael Panosian noted the strategic importance of this move, highlighting enhanced logistics capabilities and improved customer service. ToughBuilt, a manufacturer and distributor focused on innovative construction tools and accessories, aims to capitalize on new business opportunities in the region as normalcy resumes in the market.
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