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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.
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ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) to Hold Earnings Call to Discuss 2023 First Quarter Financial Results
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ToughBuilt enters the Stacking Tool Storage and Toolbox market with its StackTech™ system, projected to expand at a CAGR of 8.3% and reach a market share of USD 6.8 Billion by 2032. The launch has gained significant social media attention, with over 19 million impressions in two weeks.
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ToughBuilt announces dividend of Series H Preferred Stock for outstanding common stock shareholders. Each share of Series H Preferred Stock has 1,000,000 votes per share. Non-present shares will be automatically redeemed. Details in Form 8-K.
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ToughBuilt Industries reports Q2 2023 financial results with revenue increasing 5.5% YoY to $18.9 million and net loss improving 53% YoY to $5.9 million. Gross profit increased 18.5% YoY to $5.8 million with a gross margin of 31%. Recent business highlights include expanding distribution to the UK and the EU.
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ToughBuilt to hold earnings conference call on August 22, 2023
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ToughBuilt Industries, Inc. is expanding distribution in the European Union with two major retail groups, La Platforme Du Batiment and Prolians, servicing professional customers in France and Spain. This will provide access to ToughBuilt products to over 600,000 customers across both retail groups.
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ToughBuilt Industries, Inc. is expanding distribution to customers in the United Kingdom through new business with Howdens UK and City Electrical Factors UK. This will give ToughBuilt access to a combined network of more than 1,200 retail locations nationwide.
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ToughBuilt Industries, Inc. announced that its gross sales for Q2 2023 through Amazon.com were $3.61 million, consistent with Q2 2022. Sales for the first six months of 2023 increased by 5.3% to approximately $7.41 million compared to the same period last year. ToughBuilt aims to expand its distribution network and reduce expenses to drive profitability.
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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.
Who are the Co-Founders of Toughbuilt Industries, Inc.?
The Co-Founders of Toughbuilt Industries, Inc. are Michael Panosian and Joshua Keeler.
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