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Toughbuilt Industries, Inc. engages in the marketing and distribution of home improvement and construction product lines under TOUGHBUILT brand. It offers cliptech tool belts, pouches and bags, bags and totes, business organization, knee pads, miter saw stands and sawhorses. Founded by Michael Panosian and Joshua Keeler on April 9, 2012, the company aims to achieve positive operating cash flow by the third quarter of fiscal 2024 through revenue generation, cost-saving measures, and exploring new markets.

They are also in a strategic alliance with King Trade Capital to enhance procurement, direct import, and order fulfillment capabilities. ToughBuilt is committed to fulfilling its reporting obligations to regain compliance with Nasdaq listing rules while focusing on product innovation and quality for the home improvement and construction industries.

07/03/2024 04:00 PM

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ToughBuilt Industries, Inc. Announces Receipt of Nasdaq Staff Determination Letter and Hearing Request

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ToughBuilt Industries, Inc. (Nasdaq: TBLT) received a Staff Determination letter from Nasdaq, which may result in its delisting due to non-compliance with Nasdaq’s majority independent board and independent committee requirements, and failure to file Form 10-K for 2023 and Form 10-Q for Q1 2024 in a timely manner. The issues also stem from payments to Adaptive Tech Solutions (ATS), linked to a family member of director Linda Moossaian, invalidating her status as an independent director. ToughBuilt has requested a hearing and a stay of trading suspension, aiming to resolve the compliance issues and maintain its Nasdaq listing.

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05/24/2024 04:10 PM

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ToughBuilt Industries Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q

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ToughBuilt Industries (NASDAQ: TBLT) announced it received a notice from Nasdaq on May 22, 2024, due to the company's failure to file its Form 10-Q for Q1 2024 and Form 10-K for FY 2023. This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires timely submission of financial reports. The notice does not immediately affect the company's stock listing, but continued non-compliance could lead to delisting. ToughBuilt has until June 8, 2024, to submit a plan to regain compliance, and potential extensions could extend the deadline to October 14, 2024. The company is working to complete the required filings and will update accordingly.

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04/25/2024 04:05 PM

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Toughbuilt Industries Announces Receipt of Nasdaq Delinquency Notice

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Toughbuilt Industries, Inc. (Nasdaq: TBLT) received a delinquency notice from Nasdaq for not filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance with Nasdaq's Listing Rule. ToughBuilt is dedicated to fulfilling its reporting obligations and aims to file the Annual Report promptly.

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04/02/2024 08:30 AM

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ToughBuilt Obtains Purchase Order Financing to Fuel Supply Chain and Growth Initiatives

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ToughBuilt Industries Inc. secures a significant line of credit from King Trade Capital, expected to boost purchasing power by $30 million annually. The alliance aims to enhance procurement, direct import, and order fulfillment capabilities, strengthening relationships with retail partners and factories.

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02/16/2024 04:05 PM

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ToughBuilt Industries Announces Closing of $3.5 Million Public Offering

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ToughBuilt Industries, Inc. successfully closed a public offering, selling 772,628 shares of common stock at $4.53 per share, raising approximately $3.5 million. The company intends to utilize the net proceeds for general corporate purposes and working capital. H.C. Wainwright & Co. served as the exclusive placement agent for the offering.

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02/14/2024 08:00 AM

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ToughBuilt Industries Announces Pricing of $3.5 Million Public Offering

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ToughBuilt Industries, Inc. announced the pricing of a public offering of 772,628 shares of its common stock with warrants at $4.53 per share. The offering includes warrants to purchase up to 772,628 shares at an exercise price of $4.405 per share, expiring in five years.

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02/13/2024 08:00 AM

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ToughBuilt Anticipates Positive Operating Cash Flow by Q3 2024

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ToughBuilt Industries, Inc. aims to achieve positive operating cash flow by Q3 2024 through launching new products, cost-saving measures, and potential price adjustments. The company plans to expand into new markets and collaborate with global retail partners for growth.

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01/31/2024 04:30 PM

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ToughBuilt Industries Accelerates Growth with Expanded StackTech® Ecosystem, Targeting $6.8 Billion Market

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ToughBuilt Industries, Inc. announced the release of 16 additional products to its StackTech® mobile toolbox system, disrupting the market and generating significant retail response and global interest. The Toolbox category is projected to expand at a CAGR of 8.3% from 2022 to 2032, with an expected market share of USD 6.8 Billion by 2032.

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12/26/2023 04:30 PM

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ToughBuilt Industries, Inc. Announces Reverse Stock Split

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ToughBuilt Industries, Inc. (NASDAQ: TBLT) will undergo a reverse stock split at a ratio of 1 post-split share for every 65 pre-split shares, effective January 1, 2024. The reverse stock split aims to reduce the number of outstanding shares from 36,915,222 to approximately 567,927 shares, with proportional adjustments to equity awards and warrants. ToughBuilt's common stock will continue to be traded on the Nasdaq Capital Market under the symbol 'TBLT' on a split-adjusted basis starting January 2, 2024.

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11/14/2023 04:05 PM

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ToughBuilt Industries Announces Third Quarter 2023 Results

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ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) reported a 9% increase in revenue quarter-over-quarter to $20.6 million, with operating expenses decreasing by 11% year-over-year to $15.4 million, saving over $2 million. However, revenues decreased by approximately 32% to $20.6 million for Q3 2023 compared to $30.2 million in Q3 2022 due to decreased market demand. Gross profit and margin also decreased, but operating expenses decreased by 23.8%. Net loss attributable to common shareholders in Q3 2023 was approximately $8.4 million compared to net income of approximately $539 thousand in Q3 2022. ToughBuilt announced a dividend of Series H preferred stock to holders of ToughBuilt common stock and launched the StackTech™ mobile stacking toolbox system with more than 7 SKUs.

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FAQ

When was Toughbuilt Industries, Inc. founded?

Toughbuilt Industries, Inc. was founded on April 9, 2012, by Michael Panosian and Joshua Keeler.

What products does Toughbuilt offer?

Toughbuilt offers cliptech tool belts, pouches and bags, bags and totes, business organization, knee pads, miter saw stands, and sawhorses.

What is Toughbuilt's goal for fiscal 2024?

Toughbuilt aims to achieve positive operating cash flow by the third quarter of fiscal 2024 through revenue generation, cost-saving measures, and exploring new markets.

What is Toughbuilt's strategic alliance with King Trade Capital about?

Toughbuilt's strategic alliance with King Trade Capital aims to enhance procurement, direct import, and order fulfillment capabilities to fulfill obligations to existing and new retail partners.

What is Toughbuilt's focus in terms of product innovation?

Toughbuilt focuses on creating innovative and high-quality products for the home improvement and construction industries under the TOUGHBUILT brand.

How does Toughbuilt plan to regain compliance with Nasdaq listing rules?

Toughbuilt is diligently working on completing its Form 10-K and Form 10-Q, aiming to provide an update once more information is available to regain compliance with Nasdaq listing rules.

What is the core mission of Toughbuilt Industries, Inc.?

Toughbuilt's mission is to provide innovative and superior quality products to the building and home improvement communities, enhancing performance, well-being, and brand loyalty.

Who is the Chief Executive of Toughbuilt?

Michael Panosian is the Chief Executive and Co-Founder of Toughbuilt Industries, Inc.

How does Toughbuilt plan to fuel agility in sourcing and meeting customer demand?

Toughbuilt's arrangement with King Trade Capital will fuel their agility in fulfilling and optimizing direct import orders, demonstrating growing financial maturity.

What are the key categories in Toughbuilt's product line?

Toughbuilt's current product line includes Soft Goods & Kneepads and Sawhorses & Work Products, with additional categories in various stages of development.

What is the significance of the Company's strategic alliance with KTC?

The strategic alliance with King Trade Capital secures a line of credit to enhance procurement, direct import, and order fulfillment capabilities, strengthening relationships with key retail partners.

What is Toughbuilt's strategy for growth and improved cost-effectiveness?

Toughbuilt's strategy focuses on generating revenue through newly launched products, cost-saving measures, and potential price adjustments, while exploring expansion into new markets and engaging with global retail partners.

How does Toughbuilt plan to optimize efficiency and cash flow positivity?

Toughbuilt plans to optimize efficiency by reducing costs through lower shipping rates, consolidated 3PL operations, and overhead cutbacks to achieve positive operating cash flow by Q3 2024.

What are the key highlights of Toughbuilt's recent achievements?

Toughbuilt's recent achievements include revenue and gross margin growth, approaching SG&A expense coverage, and the continued sales of new products in revenue-generating categories.