The TBLT stock sunk 20.43% on Friday, March 26, 2021, after the announcement of its financial results. Let’s have a brief look at TBLT’s financial results for the fiscal year ended December 31, 2020.
Financial Highlights for 2020
- TBLT reported revenues of $39.4 million for the year 2020, compared to $19 million for the previous year.
- It suffered a net loss of $18.6 million, or $0.68 per share for the reported year, compared with $6.4 million, or $2.08 per share in fiscal 2019.
- TBLT has managed to increase its gross profit to $14.7 million, compared with $5.6 million in 2019.
TBLT regained compliance with Nasdaq’s listing requirements.
On February 9, 2021, TBLT announced that it has regained compliance with the minimum bid price requirement outlined in Rule 5550(a)(2) of the Nasdaq Listing Rules.
Nasdaq informed TBLT on July 24, 2020, that the closing bid price per share had been below $1.00 for a period of 30 consecutive business days and that the Company did not meet the Minimum Bid Price Requirement. The TBLT gave 180 days extension on January 21, 2021, to meet Nasdaq’s requirements for listing qualification.
About TBLT
TBLT was founded in 2012 and its headquarter is in California, United States. The company manufacture and distribute the advanced product design mostly focused on tools and other accessories for the professional and do-it-yourself construction industries.
Conclusion
Though the recent financial results showing a revenue increase it suffered a huge net loss compared with the previous year which results in its stock value plummeting on Friday.
