ToughBuilt Industries, Inc. WT EXP 110923 - TBLTW STOCK NEWS

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) reported gross sales of $3.8 million through Amazon.com for Q1 2023, reflecting a 10% increase from Q1 2022. This growth is attributed to ToughBuilt's expanded online sales and product range. CEO Michael Panosian emphasized that Amazon plays a crucial role in driving the company's revenue growth and global brand expansion. The firm is actively diversifying its product offerings and aims to strengthen its position in the home improvement market.

ToughBuilt’s product portfolio includes categories such as Soft Goods, Kneepads, and Sawhorses, all designed in-house. The company has experienced significant annual growth since its inception in 2013. Despite these achievements, ToughBuilt acknowledges potential risks that could impact future performance, highlighting various industry challenges.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported record revenues of $94.9 million for the year ended December 31, 2022, reflecting a 36% growth compared to 2021. The fourth quarter revenues reached $29.6 million, a 20% year-over-year increase. Gross profit rose to approximately $21.8 million, with gross profit margins at 23%, down from 27% in the previous year. Operating expenses increased to approximately $58.4 million, mainly due to heightened hiring and marketing efforts. The net loss for 2022 was around $39.8 million, or $(7.16) per share, versus a net loss of $(37.5 million) in 2021.

ToughBuilt Industries, Inc. reported a record fourth-quarter revenue of $29.6 million, achieving a 20% year-over-year growth. For the full year of 2022, revenues reached $94.9 million, marking a 36% increase compared to 2021. Gross profit rose to approximately $21.8 million with a gross profit margin of 27.2%. However, net loss for the year was approximately $39.8 million, slightly higher than in 2021. The increase in revenues is attributed to strong product demand and new customer onboarding. ToughBuilt aims to maintain this momentum moving forward.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) will hold its earnings call on March 15, 2023, at 5:00 PM ET to discuss its financial results for Q4 and the full year of 2022. CEO Michael Panosian and CFO Martin Galstyan will lead the discussion. The conference call can be accessed via specific teleconference numbers for U.S. and international attendees. ToughBuilt specializes in innovative tools and accessories for the construction industry, with an emphasis on quality and design, and has seen significant annual sales growth since 2013. More details can be found on their official website.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) has announced the launch of a new line of pliers and clamps, adding over 40 SKUs to its product range. These tools will be available through major US home improvement retailers and various global partners, reaching over 18,900 storefronts worldwide. According to market research, the global hand tools market is expected to grow from $21.2 billion in 2020 to $31.8 billion by 2030. CEO Michael Panosian stated that this expansion aims to enhance revenue opportunities and solidify the company's market position.

ToughBuilt Industries launches over 20 new SKUs in its Handheld Wrenches segment, including adjustable, construction, and pipe wrenches. This expansion is part of a strategy to tap into a growing global hand tools market, projected to reach US $31.8 billion by 2030. The new products will be distributed through a network of over 18,900 storefronts and online marketplaces. CEO Michael Panosian expressed optimism about the revenue potential and brand reputation enhancement from this launch. ToughBuilt aims to continue expanding its product offerings in the coming years.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) has expanded its distribution agreement with Sodimac, the largest home improvement supplier in South America. This agreement includes 15 initial SKUs in-store and an additional 23 SKUs available online across six countries: Chile, Peru, Argentina, Colombia, Brazil, and Uruguay. The Latin American market is poised for growth, with a projected 3.9% CAGR through 2027 in the $17.5 billion global hand tools market. CEO Michael Panosian expressed optimism about revenue growth and increased market share potential in this partnership.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) announced the launch of over 40 new SKUs in the Handheld Screwdrivers segment, including various types of screwdrivers and bit drivers. This expansion responds to the growing demand in the professional hand tools market, projected to reach $31.8 billion by 2030. With this addition, ToughBuilt's total SKUs exceed 550, available through 18,900 retail storefronts globally. CEO Michael Panosian emphasized the company’s commitment to innovative product development and expanding revenue streams. The strategic move strengthens ToughBuilt's market presence and brand authority in the hand tool sector.