Inc. ("ToughBuilt") (NASDAQ: TBLT;
, today reported financial results for the second
quarter ended September 30, 2022. The Company will discuss the
results, and provide a business update, during the Company’s
earnings conference call scheduled for 5:00 p.m. (ET) today.
Third Quarter 2022 and Subsequent Financial
Revenues for the three months ended September 30, 2022 were
approximately $30.2 million, an increase of 76% compared to the
same period in 2021. The growth in revenue was primarily due to the
expansion of existing customers and their recurring orders, adding
new customers globally, launching more products in different
categories and an increase in sales through Amazon.
Margins were 26.1% and COGS were $22.3 million for Q3 2022,
compared to 31.6% and $11.7 million, respectively for Q3 2021.
Operating expenses were approximately $14.7 million in the third
quarter of 2022, compared to approximately $15.2 million in the
third quarter of 2021, primarily due to a decrease in shipping
costs and marketing and other cutbacks.
Net income in the third quarter of 2022 was approximately $539
thousand, or $0.05 per share, compared to a net loss of
approximately $9.0 million, or $(11.18) per share in the third
quarter of 2021.
Working capital as of September 30, 2022, of $28.5 million.
Michael Panosian, ToughBuilt’s CEO, commented,
“We are thrilled to announce strong results for the third quarter
of 2022, with the entrance into to three large global markets with
the launch of our striking, cutting and measuring lines.” Panosian
continued, “We remain confident in our long-term strategy, building
upon our partnerships and relevant opportunities to grow our market
share in different categories. We expect revenues to continue to
increase rapidly as our recently announced product introductions
and distribution partnerships ramp-up. We remain focused on
delivering profitable growth and are targeting profitability in
Third Quarter 2022 and Subsequent Business
Third quarter 2022 Amazon.com gross sales were approximately $3.91
million, compared to approximately $3.4 million for the third
quarter of 2021.
Expanded distribution of 84 ToughBuilt products in all Sears’
Mexico locations, totaling 96 storefronts.
Entered into a distribution agreement with Sodimac, the largest
home improvement and construction supplier in South America,
beginning with Peru and Colombia with 15 ToughBuilt SKUs.
Entered into four, new major retailers in Germany, representing
tens of thousands of new end users across Europe.
Entered Global Tool-Hammer Category with launch of a series of
Expanded to Great Britain with new and expanding agreements with
Huws Gray, Selco Builders Warehouse, MKM, City Electrical Factors,
and Carpet & Flooring.
Launched 21 new SKUs into the global handsaws segment, featuring
QuickSet™ Double-Edge Pull Saw in 15,500 stores.
Entered the Global Measuring and Marking Category with the launch
Imperial and Metric ProBlade™ Tape.
Entered into an agreement with two major wholesale tool
distributors in Switzerland, expanding into of European
distribution that includes more than 250 retailers, nationwide
The foregoing discussion highlights certain information
contained in the Company’s quarterly report on Form 10-Q filed with
the U.S. Securities and Exchange Commission (the “SEC”) earlier
today, and does not intend to be complete. Investors should read
the foregoing discussion together with the Company’s unaudited
consolidated financial statements and related notes thereto and the
Management’s Discussion and Analysis of Financial Condition and
Results of Operations (MD&A) included in the Company’s Form
10-Q, and in conjunction with the Company’s Form 10-K for the year
ended December 31, 2021 filed with the SEC on April 18, 2022
available on the SEC’s website at www.sec.gov.
Conference Call Information:
Michael Panosian, Chief Executive Officer, and
Martin Galstyan, 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 live audio
webcast here. Attendees are encouraged to dial in to the conference
call at least five minutes prior to the start time.
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.
REPLAY U.S. TOLL-FREE: 1-844-512-2921
REPLAY INTERNATIONAL: 1-412-317-6671
REPLAY PIN: 1-412-317-6671
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 of 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:
This 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 facts,
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
Source: ToughBuilt Industries, Inc
ToughBuilt Industries (NASDAQ:TBLTW)
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