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

ToughBuilt Industries launched over 200 new SKUs in 2022, expanding its product offerings from 300 to over 500, across 16 categories. The company received multiple awards for its innovative designs, including the groundbreaking Reload Utility Knife and the QuickSet Work Bench. ToughBuilt's global presence grew, with over 17,300 storefronts worldwide. CEO Michael Panosian emphasized the potential for revenue growth and increased brand awareness in the $23 billion global tools market as they plan to enhance international distribution and continue introducing new products.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) has launched a new line of Long Handle Garden and Landscaping Tools, starting with 11 out of around 150 SKUs. This expansion responds to the increasing global demand for garden tools, which is expected to grow from USD 1.967 billion in 2020 to USD 2.334 billion by 2027. The new tools will be available through a major US home improvement retailer and its extensive network, reaching over 15,500 storefronts worldwide. CEO Michael Panosian emphasizes the potential for revenue growth and brand awareness in this new market segment.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) has announced an enhanced partnership with European retailers Wickes, Toolstation UK, and Toolstation France. Beginning January 2023, Wickes will expand its ToughBuilt stock from 15 to 48 SKUs, while Toolstation UK will increase its offerings to 35 SKUs, bolstered by national promotions. Toolstation France will more than double its SKUs to 65. CEO Michael Panosian expressed satisfaction with the growing international presence and brand awareness of ToughBuilt's products. The company focuses on innovative tools for the construction industry.

ToughBuilt Industries has announced a distribution agreement with Lamed LLP, a major supplier in Kazakhstan. Starting with 76 ToughBuilt SKUs, Lamed will eventually stock the full product range. This partnership aims to enhance ToughBuilt's presence in the global market, leveraging Kazakhstan's construction industry. CEO Michael Panosian expressed optimism about the relationship, emphasizing the quality of ToughBuilt's innovative tools. Founded in 1991, Lamed serves both professionals and DIY enthusiasts, enhancing ToughBuilt's brand recognition within a growing market.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) has completed a private placement, raising approximately $7.5 million through the issuance of 2,619,911 shares of common stock at $2.862692 per share, alongside preferred investment options for up to 10,619,911 shares at an exercise price of $2.356. The funds will be used for general working capital. Additionally, investors agreed to cancel previously issued options for 8,000,000 shares. H.C. Wainwright & Co. acted as the exclusive placement agent for this transaction.

ToughBuilt Industries announced a private placement of 2,619,911 shares of common stock and preferred investment options to raise approximately $7.5 million. Priced at $2.86 per share, the offering will close around November 17, 2022. The proceeds will be used for general working capital. Investors agreed to cancel options for 8,000,000 shares previously issued. The private placement is compliant with Nasdaq regulations and includes a commitment to file registration statements with the SEC for resale of the securities.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported Q3 2022 revenues of $30.2 million, a 76% increase compared to last year, driven by expanding customer orders and new product launches. The company achieved a net profit of $539,000, contrasting with a loss of $9.0 million in Q3 2021. Margins were at 26.1%, down from 31.6% year-over-year, with operating expenses reduced to $14.7 million. ToughBuilt continues to expand its global presence, entering new markets and launching innovative products.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) will announce its third-quarter 2022 financial results on November 14, 2022, after the market closes. The financial results will be reviewed in a conference call at 5:00 p.m. ET on the same day, hosted by CEO Michael Panosian and CFO Martin Galstyan. Investors can access the call via provided teleconference numbers or a live audio webcast. The company emphasizes its focus on innovative products for the construction and home improvement markets, aiming for superior quality and brand loyalty.

ToughBuilt Industries announced the expansion of its distribution to 96 Sears locations across Mexico, significantly increasing its market presence in Latin America's hand tools segment. With this move, ToughBuilt aims to enhance brand visibility among professional users in the region. Sears, part of Grupo Carso, is a leading retailer in the hardware sector and one of the largest non-banking credit issuers in Mexico, making this collaboration strategically beneficial.