ToughBuilt Industries Announces First Quarter 2023 Results
22 Maio 2023 - 5:05PM
ToughBuilt Industries,
Inc. ("ToughBuilt") (NASDAQ: TBLT;
TBLTW), reported today their financial results for the
first fiscal quarter of the year, ended March 31, 2023.
Financial Highlights for the Quarter Ended March 31,
2023:
- Revenues increase approximately 17%
from 17.2 million for Q1 2022 to approximately $20.2 million for Q1
2023. This increase in revenue was due primarily to increased
marketplace penetration of ToughBuilt products, and a combination
of recurring sales and new orders from new and existing customers.
Additionally, first quarter 2023 Amazon.com gross sales increased
by 10% to approximately $3.8 million, compared to approximately
$3.4 million for the first quarter of 2022.
-
Gross profit increased to approximately $3.6 million in the first
quarter of 2023, compared to approximately $3.0 million in the
first quarter of 2022, an increase of 18% year-over-year. This is a
result of successful efforts to improve ToughBuilt’s brand
awareness and continued product innovation across all
segments.
-
Operating expenses were approximately $19.3 million in the first
quarter of 2023, compared to approximately $18.4 million in the
first quarter of 2022. The increase in operating expenses was
primarily due to R&D for new multi-category tools, as well as
circumstances created by the global impacts of inflation on
materials and manufacturing.
- Net
loss attributable to common shareholders in the first quarter of
2023 was approximately $8.3 million, or $0.56 per share, compared
to a net loss of approximately $12.1 million, or $14.04 per share
in the first quarter of 2022, representing a $4.8 million, or 31%
improvement. This improvement is attributed to prudent tightening
of company spending and satisfaction of all major departmental
hiring needs at the current headcount.
• Business Highlights for the Quarter Ended March
31, 2023
- The
company launched new product lines into the Pliers and Clamps,
Handheld Wrenches, and Handheld Screwdrivers categories. These
announcements comprised over 100 SKUs across all new segments and
are being made available through major US and global home
improvement retailers, servicing over 18,900 storefronts and online
portals worldwide.
- ToughBuilt
expanded their global presence in new European storefronts, as well
as through the expansion of their distribution agreement with
Sodimac, the largest home improvement and construction supplier in
South America, which includes stores in Chile, Peru, Argentina,
Colombia, Brazil, and Uruguay in addition to Sodimac’s online
marketplace.
ToughBuilt’s CEO, Michael Panosian commented,
“We are pleased that year-over-year revenues increased by 17% and
gross profits are up by 18% in the first quarter, and that our
efforts to reduce costs and exhibit prudent financial management
have resulted in a 31% improvement in our net shareholder losses.”
Mr. Panosian continued, “These measures, along with the
introduction of more than 100 new SKUs this quarter, and
strengthening of our global brand presence, give us confidence to
expect continued growth throughout fiscal year 2023.”
Conference Call Information:
Michael Panosian, ToughBuilt’s Chief Executive
Officer, and Martin Galstyan, ToughBuilt’s Chief Financial Officer,
will host a conference call to review the Company’s financial and
operating results at 5:00pm ET today.
To attend the conference call, please dial one
of the teleconference numbers below or follow the audio webcast
here. Attendees are encouraged to dial in to the conference call at
least five minutes prior to the start time.
U.S. TOLL-FREE: 1-844-825-9789
INTERNATIONAL: 1-412-317-5180
To listen to a replay of the conference call,
please dial one of the teleconference numbers below. The replay
will also be available through the audio webcast link here.
REPLAY U.S. TOLL-FREE:
1-844-512-2921 REPLAY INTERNATIONAL:
1-412-317-6671REPLAY PIN: 10178733
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product design, manufacturer, and
distributor with emphasis on innovative products. Currently focused
on tools and other accessories for the professional and
do-it-yourself construction industries. We market and distribute
various home improvement and construction product lines for both
the do-it-yourself and professional markets under the TOUGHBUILT
brand name, within the global multibillion dollar per year tool
market industry. All our products are designed by our in-house
design team. Since launching product sales in 2013, we have
experienced significant annual sales growth. Our current product
line includes three major categories, with several additional
categories in various stages of development, consisting of Soft
Goods & Kneepads and Sawhorses & Work Products. Our mission
is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available at:
https://www.toughbuilt.com/.
FORWARD-LOOKING STATEMENTSThis press release
contains “forward-looking statements.” Such statements may be
preceded by the words “intends,” “may,” “will,” “plans,” “expects,”
“anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company’s
control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with (i) the impact of the worldwide COVID-19 pandemic
and government actions, on our business, (ii) supply chain
disruptions, (iii) market acceptance of our existing and new
products, (iv) delays in bringing products to key markets; (v) an
inability to secure regulatory approvals for the ability to sell
our products in certain markets, (vi) intense competition in our
industry from much larger, multinational companies, (vii) product
liability claims, (viii) product malfunctions, (ix) our limited
manufacturing capabilities and reliance on subcontractors for
assistance, (x) our efforts to successfully obtain and maintain
intellectual property protection covering our products or defend
ourselves from third parties’ infringement claims, (xi) our
reliance on a single supplier for certain product components, (xii)
the fact that we will need to raise additional capital to meet our
business requirements in the future and that such capital raising
may be costly, dilutive or difficult to obtain and (xiii) the fact
that we conduct business in multiple foreign jurisdictions,
exposing us to tariffs, foreign currency exchange rate
fluctuations, logistical and communications challenges, burdens and
costs of compliance with foreign laws and political and economic
instability in each jurisdiction and (xiv) changes in e-commerce
marketplaces. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking
statements is set forth in the Company’s filings with the
Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K and our subsequent Quarterly Reports on Form
10-Q. Investors and security holders are urged to read these
documents free of charge on the SEC’s web site at
http://www.sec.gov. The Company encourages you to consider all of
these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this press
release. As a result of these matters, changes in fact, assumptions
not being realized or other circumstances, the Company's actual
results may differ materially from the expected results discussed
in the forward-looking statements contained in this press release.
The forward-looking statements made in this press release are made
only as of the date of this press release, and the Company
undertakes no obligation to update them to reflect subsequent
events or circumstances.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
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