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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.
ToughBuilt Industries has launched new laser and level product lines, now available through its global partners serving 14,400 stores. The integrated products are designed for both professional and DIY builders and connect with the ToughBuilt Connect mobile app, allowing easy room measurements and data sharing. CEO Michael Panosian expressed excitement over this technology-enabled innovation, marking it as the first of many planned product launches to disrupt the home improvement market. The company introduced five SKUs for levels and three SKUs for lasers, with e-commerce availability expected in 2022.
ToughBuilt Industries received a 180-day extension from Nasdaq on November 16, 2021, to comply with the minimum bid price requirement of $1.00 per share. This extension means that ToughBuilt has until May 16, 2022, to maintain the required bid price for 10 consecutive trading days. The stock will continue to trade under the symbol TBLT, and the extension has no immediate impact on its listing. If compliance is not achieved, ToughBuilt may face delisting, but can appeal the decision.
ToughBuilt Industries has issued a notice urging readers to disregard the press release from November 15, 2021, regarding its 180-day extension granted by Nasdaq to meet minimum bid requirements. This retraction suggests potential miscommunication or error in the earlier announcement. The company is likely addressing compliance issues with Nasdaq's listing standards, which are crucial for maintaining its market presence and investor confidence.
ToughBuilt Industries (TBLT) announced on November 15, 2021, that it received a 180-day extension from Nasdaq to comply with the minimum bid price requirement of $1.00 per share. The new deadline is May 14, 2022. The company's common stock will continue trading without immediate impact. If TBLT's stock closes at or above $1.00 for ten consecutive days before the deadline, it will regain compliance. Failure to meet this requirement could lead to delisting, though the company may appeal any such decision.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported record quarterly revenue of $17.2 million for Q3 2021, marking a 3.3% increase from Q3 2020. Year-to-date revenue reached $45.4 million, a 65% increase year-over-year. The company anticipates full-year 2021 revenue between $70-$74 million, indicating 77-87% growth.
Despite these gains, gross profit fell to $5.4 million, down from $6.8 million in the prior year, impacted by supply chain disruptions and higher shipping costs.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) will announce its Q3 2021 financial results on November 15, 2021, after NASDAQ market close. A conference call, led by CEO Michael Panosian and CFO Martin Galstyan, will take place at 5:00 PM ET to discuss the results. Interested parties can join via teleconference or access a live audio webcast. ToughBuilt focuses on innovative tools and accessories for the construction industry, experiencing significant annual sales growth since 2013. Further details are available on their website.
ToughBuilt Industries reported a 101% increase in gross sales through Amazon, totaling approximately $8.3 million for the nine months ending September 30, 2021, compared to $4.1 million in the same period last year. CEO Michael Panosian attributed the growth to strong e-commerce demand and effective inventory management despite ongoing supply chain disruptions. The company continues to experience significant sales growth since its launch in 2013, focusing on innovative products for the construction industry.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) has announced its products will be sold in nearly 500 stores in France, partnering with major home improvement retailers such as Toolstation, Setin Group, and Gedimat. Toolstation will increase its ToughBuilt SKUs from 23 to 50 by year-end. This expansion in a multibillion-dollar market is expected to enhance brand recognition among professional contractors and DIY enthusiasts. CEO Michael Panosian emphasized the growth in market share within Europe, reinforcing ToughBuilt's commitment to innovation and quality in the construction industry.
ToughBuilt Industries reported a 132% year-over-year revenue growth to $15.9 million for Q2 2021, up from $6.8 million in Q2 2020, attributed to strong demand and repeat orders. However, gross profit rose 41% to $3.4 million, but gross profit margin decreased to 21.2% from 34.8% due to supply chain disruptions. Operating expenses surged to $10.7 million as the workforce expanded significantly. The net loss for the quarter was $7.4 million, at $0.09 per share. Cash and equivalents stood at $20.2 million.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) will report its Q2 2021 financial results on August 16, 2021, before market opening. A conference call hosted by CEO Michael Panosian and CFO Martin Galstyan will take place at 8:30 AM ET on the same day to discuss the results. Investors can participate in the call by dialing specified numbers provided in the release or via an audio webcast. ToughBuilt focuses on innovative products in the construction industry and has seen considerable growth since its inception.
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