ToughBuilt Industries Inc. (TBLT) shares surged 41.59% in after-hours on Thursday, July 8, 2021, and closed the trading at $1.02 per share. Earlier in the morning session, TBLT’s stock lost 1.52% to close Thursday’s session at $0.72 per share. TBLT shares have fallen 5.95% over the last 12 months, and they have moved down 13.40% in the past week. Over the past three months, the stock has lost 25.46%, while over the past six months, it has declined 19.81%.
Exceptional sales on Amazon
On July 08, 2021, ToughBuilt Industries, Inc announced that gross sales through Amazon.com increased 118% to approximately $5.48 million for the first half of 2021, compared to approximately $2.51 million in the first half of 2020.
The Chief Executive Officer of ToughBuilt, Michael Panosian commented that the significant sale increase in Q1 2021 reflects the increasing strength of our brand across all product lines with professional and DIY builders throughout North America. He further said that the company’s online presence expands into Canada and Mexico, and US sales continue to increase and the company is increasing its geographic footprint and launching new SKUs to capitalize on the strong demand for our innovative designs and features.
Recent financial results
On May 17, 2021, ToughBuilt Industries, Inc reported financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
ToughBuilt Industries reported revenue of $12.3 million inQ1 2021, compared to $3.9 million in the first quarter of 2020.
GAAP gross profit was $3.5 million in Q1 2021, compared to $1.5 million in the first quarter of 2020.
GAAP gross profit margins were 28.2% in Q1 2021, compared to 38.9% in Q1 2020.
GAAP operating expense was $9.4 million in Q1 2021, compared to $5.0 million in the first quarter of 2020.
The company reported a net loss of $6.1 million, or $0.09 per share in Q1 2021, as compared to a net loss of $5.0 million, or $0.43 per share in the first quarter of 2020.
As of March 31, 2021, the company had cash and cash equivalents of $32.5 million.
FY 2020 financial results announcement
Let’s have a brief look at TBLT financial results for the fiscal year ended December 31, 2020, which were announced on March 26, 2021.
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 was managed to increased its gross profit to $14.7 million, compared with $5.6 million in 2019.
Conclusion
The TBLT stock surged in the after-hours after the company announced its top-notch performance on Amazon.com and we can expect it to continue its momentum on Friday as well.
