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

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) outlined its growth and future strategies in a recent letter to shareholders. Since its IPO in 2018, the company has expanded its customer base and product offerings globally, securing major retailers. They raised approximately $62.8 million in early 2021 to maintain competitive operations. The company aims to introduce 3-4 new product lines by fiscal year-end and focuses on innovation, partnerships, and expanding capabilities. ToughBuilt emphasizes a commitment to develop technology-enabled solutions for professional and DIY builders.

ToughBuilt Industries (TBLT, TBLTW) has seen significant growth since its IPO in 2018, thanks to expanding its customer base and product offerings globally. The company raised approximately $62.8 million in 2021 through an ATM program and a direct offering, utilizing the funds for operations during challenging supply chain conditions. ToughBuilt aims to enhance its market presence by launching new product lines and strengthening relationships with major retailers. The outlook remains optimistic as the company anticipates introducing technology-enabled tools that enhance builder efficiency and durability.

ToughBuilt Industries announced a registered direct offering of 46,029,920 shares and warrants to institutional investors, priced at $0.869 per share. The company aims to raise about $40 million in gross proceeds, expected to close around July 14, 2021. The accompanying warrants are exercisable at $0.81 and expire in five years. H.C. Wainwright & Co. is the exclusive placement agent for this offering. The funds will be utilized for working capital purposes, supporting ToughBuilt's growth within the competitive tool market.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) reported a remarkable 118% increase in gross sales through Amazon, reaching approximately $5.48 million in the first half of 2021, compared to $2.51 million in the same period last year. CEO Michael Panosian highlighted the brand's increasing momentum among professional and DIY builders in North America, alongside plans for geographic expansion and new product launches. ToughBuilt focuses on innovative tools and accessories, aiming to strengthen its market position within the global multibillion-dollar tool industry.

ToughBuilt Industries reported a substantial 214% year-over-year revenue growth to $12.3 million for Q1 2021, driven by strong demand from leading retailers in the U.S. and Canada. While GAAP gross profit rose to $3.5 million, gross profit margins fell to 28.2% due to increased costs associated with logistics. Operating expenses escalated to $9.4 million, reflecting higher workforce and marketing costs, leading to a net loss of $6.1 million. ToughBuilt aims to leverage its retail network and expand into international markets.

ToughBuilt Industries reported a 106% increase in annual revenue, reaching $39.4 million for the fiscal year ending December 31, 2020, up from $19 million in 2019. The company's gross profit rose by 162% to $14.7 million, while net losses widened to $18.6 million, or $0.68 per share, compared to a loss of $6.4 million or $2.08 per share in the previous year. CEO Michael Panosian emphasized the company’s commitment to innovation and global distribution, indicating optimism about future product lines and the continued development of mobile applications.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW), announced a significant expansion of its partnership with Toolstation, increasing its product offerings from 4 to 25 SKUs. This includes a range of steel sawhorses, soft-sided tool storage, and kneepads. These products will be available across all Toolstation stores and online in the Benelux region. CEO Michael Panosian highlighted this growth as pivotal for enhancing ToughBuilt's presence in Europe and indicated plans for further product launches.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) announced on February 10, 2021, that it has regained compliance with Nasdaq's minimum bid price requirement. This follows a notification on July 24, 2020, when the company was informed of non-compliance due to a closing bid price below $1.00 for 30 consecutive days. ToughBuilt received a 180-day extension on January 21, 2021, to rectify the situation. The closing bid price exceeded $1.00 for 20 consecutive trading days, from January 12 to February 8, 2021, confirming compliance with Listing Rule 5550(a)(2).

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) announced gross sales of approximately $7.04 million through its Amazon storefronts for the fiscal year ending December 31, 2020. CEO Michael Panosian emphasized the growth in product lines and a commitment to expanding sales on Amazon both domestically and internationally. The unaudited fiscal year Amazon storefront sales amount to $7,046,407. The company aims to enhance its presence in the global tool market, with a focus on innovative products for the construction industry.