Trutankless, Inc. Sets Sales Record in First Half of 2020

Rhea-AI Summary

Trutankless, Inc. (OTCQB: TKLS) reported a 28% increase in gross sales for Q2 2020, totaling $538,702, up from $419,894 in Q2 2019. For the first half of 2020, gross sales reached $1,078,263, slightly up from $1,058,169 in 2019. This growth is attributed to strong demand for its Trutankless smart water heaters among major plumbing distributors. The company is focusing on partnerships to enhance its market position. CEO Michael Stebbins noted that reduced administrative costs have also contributed to improving gross profits.

Positive

• 28% increase in Q2 2020 gross sales to $538,702.
• Total gross sales of $1,078,263 for the first half of 2020, up from $1,058,169 in 2019.
• Strong demand for Trutankless smart water heaters among plumbing distributors.
• Reduced general and administrative costs contributing to improved gross profit.

Negative

• None.

PHOENIX, Aug. 20, 2020 /PRNewswire/ -- Trutankless, Inc. (OTCQB: TKLS) released its earnings report for the second quarter 2020 indicating gross sales of $538,702, compared to $419,894 in Q2 2019 which is a 28% increase. Additionally, the Company reported an increase in gross sales to $1,078,263 for the six months ending June 30, 2020, compared to $1,058,169 during the same period 2019. The continued growth is attributed to the tremendous effort of our installer network in a rapidly changing landscape this year.

The Company had a backlog at the end of the first quarter based on the record orders it received, which continued to grow during the second quarter. Accordingly, our team has been working with our partners in the wholesale plumbing channel to ensure the best outcome by actively forecasting, sharing information, and helping to meet demand where it is needed most.

The company attributes its continued growth to several factors, including strong demand for its Trutankless line of smart water heaters amongst a growing number of the nation's largest plumbing and HVAC distributors.

"The company continues to see strong demand driving our gross profit and increased efficiencies with reduced general and administrative costs," stated Michael Stebbins, President and CEO, of Trutankless, Inc. "We are working to forge additional partnerships that will help solidify our position as the go-to product with smart home features for water heating."

Trutankless launched its first-generation Trutankless unit at the International Builders Show in 2014, where it was named "Best Home Technology Product" by the National Association of Homebuilders. The company was awarded patents with 34 claims on its innovative advances in water heating technology which helps installers create additional value for their customers.

About Trutankless, Inc.:

Trutankless, Inc. (OTCQB: TKLS) is a technology-driven developer of accessible, next-generation home automation and efficiency systems. The Company's primary products are a line of electric tankless water heaters that surpasses traditional tank water heaters in energy efficiency, output, dependability and environmental sustainability. The Company sells its products to plumbing wholesale distributors and dealers throughout the United States. Trutankless, Inc. was founded in 2008 and is headquartered in Scottsdale, Arizona.

Please visit www.trutankless.com or call 855-TO-BUY-TRU.

Connect on social media:
www.houzz.com/pro/trutankless 
www.facebook.com/trutankless 
www.twitter.com/trutankless 
www.youtube.com/trutankless

Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the release by Trutankless of its line of electric tankless water heaters or added key strategic sales and distribution partners are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, risks of the key strategic sales and distribution partners ability to sell our product, and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions, and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. There is no guarantee that any specific outcome will be achieved. Past performance is not indicative of future results.

 

View original content:http://www.prnewswire.com/news-releases/trutankless-inc-sets-sales-record-in-first-half-of-2020-301115449.html

SOURCE Trutankless, Inc.

FAQ

What were Trutankless's Q2 2020 gross sales figures?

Trutankless reported gross sales of $538,702 for Q2 2020, marking a 28% increase from $419,894 in Q2 2019.

How did Trutankless perform in the first half of 2020 compared to 2019?

For the first half of 2020, Trutankless reported gross sales of $1,078,263, slightly up from $1,058,169 in the same period of 2019.

What factors contributed to Trutankless's growth in 2020?

Growth was attributed to strong demand for Trutankless smart water heaters and reduced general and administrative costs.

What is the stock symbol for Trutankless?

The stock symbol for Trutankless is TKLS.

When was the earnings report for Q2 2020 released?

The earnings report for Q2 2020 was released on August 20, 2020.