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

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported a 41% increase in gross sales through Amazon, reaching approximately $3.4 million for the first quarter of 2022, compared to $2.4 million in Q1 2021. CEO Michael Panosian highlighted strong e-commerce demand and anticipates the launch of 5-10 new product lines later this year. ToughBuilt focuses on innovative tools and products for the construction industry, aiming for superior quality to enhance user performance and brand loyalty.

ToughBuilt Industries announced a 1-for-150 reverse stock split, effective April 25, 2022, to comply with Nasdaq's $1.00 minimum bid requirement. This action aims to increase the stock price and enhance compliance on the Nasdaq Capital Market. Following the split, outstanding shares will decrease from approximately 154.3 million to 1.03 million. Stockholders will receive a cash payment for any fractional shares. The company remains focused on innovative tools for the construction industry, having experienced significant sales growth since 2013.

ToughBuilt Industries reported a record fourth quarter revenue of $24.6 million, marking a 105% year-over-year increase. For the full year, revenues reached $70 million, or a 77.6% growth compared to 2020. Gross profit increased to $19.1 million, but gross profit margins declined to 27.2% due to supply chain disruptions and rising costs. Operating expenses surged to $58.4 million, leading to a net loss of $37.5 million. CEO Michael Panosian announced plans for 5-10 new product launches in 2022.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) will hold a conference call on April 18, 2022, at 5:00 pm ET to discuss its 2021 fourth quarter and year-end financial results. CEO Michael Panosian and CFO Martin Galstyan will lead the call following the filing of the Company’s Form 10-K with the SEC on April 15, 2022. Interested participants can join via teleconference or webcast. The Company focuses on designing and distributing innovative tools and accessories for the construction industry and has seen significant annual sales growth since 2013.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) has successfully closed a registered direct offering with institutional investors, raising $5 million through the sale of 2,500 shares of Series F and Series G Convertible Preferred Stock. Each series has a stated value of $1,000 and can convert into a total of 25 million shares of common stock at a price of $0.20 each. Additionally, the company issued unregistered warrants that could allow the purchase of up to 18.75 million shares. The funds will primarily support working capital needs.

ToughBuilt Industries announced a registered direct offering of 2,500 shares of Series F and Series G convertible preferred stock, alongside warrants for 18,750,000 common stock shares. Each preferred share has a stated value of $1,000 and converts at $0.20. Gross proceeds are expected to reach approximately $5 million, earmarked for working capital. A special stockholder meeting for a reverse stock split and share increase has been canceled, with a new date to be announced. H.C. Wainwright & Co. is the exclusive placement agent for the offering.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported a significant 68.5% increase in gross sales through Amazon.com, reaching approximately $11.9 million for the fiscal year ending December 31, 2021, compared to $7.1 million in 2020. CEO Michael Panosian stated that strong e-commerce demand, particularly for their sawhorses and knee pads, has bolstered revenue growth. Currently, only legacy products are sold on Amazon, but the company expects further growth as new products become available. ToughBuilt focuses on innovative tools and accessories for the construction industry.

ToughBuilt Industries has launched a new product line, the ToughBuilt Workbench, available through over 14,400 stores globally. CEO Michael Panosian stated that this addition brings the total to 11 product lines, showcasing the company's commitment to versatility and durability in the home improvement sector. The company anticipates that recent product launches will significantly enhance growth into 2022. ToughBuilt, operational since 2013, focuses on innovative tools and accessories for construction professionals and DIY enthusiasts.

ToughBuilt Industries announced that CEO Michael Panosian will present at the Sidoti Virtual Micro Cap Conference on December 9, 2021, at 2:30 PM ET. The event will be held virtually from December 8-9, 2021. Investors can access the live webcast through the company's investor relations website, where a replay will be available for 90 days. Additionally, Panosian will conduct virtual one-on-one meetings with investors during the conference. ToughBuilt specializes in innovative tools and accessories for the construction industry, aiming for superior quality and brand loyalty.