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ToughBuilt Industries, Inc. (NASDAQ: TBLT) is an innovative advanced product developer, manufacturer, and distributor in the construction industry. The company focuses on tools and accessories for professionals and DIY enthusiasts, offering a wide range of home improvement and construction products under the TOUGHBUILT brand. With a mission to deliver innovative, high-quality products that enhance performance and build brand loyalty, ToughBuilt is committed to growth and profitability.
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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
What does ToughBuilt Industries, Inc. specialize in?
ToughBuilt is an innovative company that focuses on developing, manufacturing, and distributing tools and accessories for the construction industry.
What products does ToughBuilt offer?
ToughBuilt offers a wide range of home improvement and construction products under the TOUGHBUILT brand, catering to both professional and DIY markets.
What is ToughBuilt's mission?
ToughBuilt's mission is to provide innovative and high-quality products that enhance performance, improve well-being, and build brand loyalty among users.
Who is the CEO of ToughBuilt Industries, Inc.?
Michael Panosian is the Chief Executive Officer and Co-Founder of ToughBuilt Industries, Inc.
What recent achievement has ToughBuilt announced?
ToughBuilt announced its goal of achieving positive operating cash flow by the third quarter of fiscal 2024 through revenue generation from new product sales and cost-saving measures.
What strategic alliance did ToughBuilt enter into recently?
ToughBuilt secured a line of credit with King Trade Capital to enhance its procurement, direct import, and order fulfillment capabilities.
What is ToughBuilt's strategy to regain compliance with the Listing Rule?
ToughBuilt plans to submit a plan to Nasdaq outlining its steps to regain compliance with the Listing Rule within the allotted timeframe.
What is ToughBuilt's focus in terms of expansion?
ToughBuilt is exploring expansion into new markets and engaging with online and brick-and-mortar global retail partners to drive growth and operational efficiency.
How does ToughBuilt aim to improve its financial performance?
ToughBuilt is implementing cost-saving measures, considering price adjustments, and focusing on revenue generation through new product sales to achieve positive operating cash flow.
Where can I find more information about ToughBuilt Industries, Inc.?
For additional information about ToughBuilt Industries, Inc., visit their official website at www.toughbuilt.com.
ToughBuilt Industries, Inc. WT EXP 110923