ToughBuilt Industries (TBLT) Financials
Newest figures come from the filing for FY2023, filed Dec 23, 2024. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TBLT SEC filings page.
ToughBuilt Industries Inc (TBLT) reported $76.3M in revenue for fiscal year 2023, down 19.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Shrinking sales are producing deeper operating losses while liabilities exceed assets and short-term liquidity is strained.
The key shift is that FY2023's margin deterioration outpaced the sales decline: revenue fell19.9% , while gross margin fell 5.0 percentage points. SG&A fell15.3% , yet operating margin reached-75.0% , indicating lower overhead did not offset weaker gross economics.
The balance sheet crossed from positive to negative equity as liabilities exceeded assets in FY2023, a structural financing shift rather than merely a larger annual loss. A 0.6x current ratio and 2.7 months of reported outflow show short-term resources are thin relative to obligations.
Despite a net loss of
Financial Health Signals
We do not publish a peer-relative financial health score for ToughBuilt Industries Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
ToughBuilt Industries Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 operating efficiency signals passes.
ToughBuilt Industries Inc reported a net loss of $46.4M while operations used $5.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
ToughBuilt Industries Inc reported an operating loss of $57.2M against $1.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ToughBuilt Industries Inc generated $20.7M in revenue in Q4 2023. This represents a decrease of 30.7% from the same quarter a year earlier. Against the prior quarter it is up 5.2%.
ToughBuilt Industries Inc's EBITDA was -$17.4M in Q4 2023, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
ToughBuilt Industries Inc reported a net loss of $16.7M in Q4 2023. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
ToughBuilt Industries Inc earned -$28.63 per diluted share (EPS) in Q4 2023. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
ToughBuilt Industries Inc held $1.2M in cash as of Q4 2023; no long-term debt figure is on record for that period.
Not reported for Q4 2023.
Not reported for Q4 2023.
Margins & Returns
ToughBuilt Industries Inc's gross margin was 21.5% in Q4 2023, indicating the percentage of revenue retained after direct costs. This is down 9.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
ToughBuilt Industries Inc's operating margin was -87.0% in Q4 2023, reflecting core business profitability. This is down 36.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 31.8 percentage points.
ToughBuilt Industries Inc's net profit margin was -80.7% in Q4 2023, showing the share of revenue converted to profit. This is down 3.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.0 percentage points.
Not reported for Q4 2023.
Capital Allocation
ToughBuilt Industries Inc invested $2.6M in research and development in Q4 2023. This represents a decrease of 18.7% from the same quarter a year earlier. Against the prior quarter it is down 9.5%.
Not reported for Q4 2023.
Not reported for Q4 2023.
TBLT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'23Filing | Q3'23Filing | Q2'23Filing | Q1'23Filing | Q4'22Filing | Q3'22Filing | Q2'22Filing | Q1'22Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.7M-30.7% | $19.7M-34.9% | $17.0M-5.1% | $18.9M+9.5% | $29.9M+21.2% | $30.2M+75.7% | $17.9M+12.8% | $17.2M+40.2% |
| Cost of Revenue | $16.3M-20.8% | $15.4M-31.1% | $12.1M-6.1% | $16.1M+13.0% | $20.6M+15.3% | $22.3M+89.7% | $12.9M+3.5% | $14.2M+61.2% |
| Gross Profit | $4.5M-52.3% | $4.3M-45.3% | $4.8M-2.4% | $2.8M-6.8% | $9.3M+36.3% | $7.9M+45.4% | $4.9M+47.6% | $3.0M-13.3% |
| R&D Expenses | $2.6M-18.7% | $2.9M+4.8% | $2.9M+5.8% | $3.5M+40.3% | $3.2M+28.2% | $2.8M+72.7% | $2.8M+92.6% | $2.5M+78.8% |
| SG&A Expenses | $13.4M-36.4% | $12.6M-14.3% | $15.0M+3.2% | $15.1M-5.3% | $21.1M+11.0% | $14.7M-3.7% | $14.5M+56.8% | $15.9M+100.4% |
| Operating Income | -$18.0Mn/m | -$10.9Mn/m | -$13.3Mn/m | -$15.0Mn/m | -$15.0Mn/m | -$9.5Mn/m | -$12.3Mn/m | -$15.4Mn/m |
| EBITDA | -$17.4Mn/m | -$9.0Mn/m | -$11.4Mn/m | -$13.6Mn/m | -$13.9Mn/m | -$8.4Mn/m | -$11.3Mn/m | -$14.5Mn/m |
| Interest Expense | $324K | $130K-76.3% | $547K+491.7% | $700K | N/A | $548K | $92K | N/A |
| Net Income | -$16.7Mn/m | -$14.5M-281.3% | -$7.0Mn/m | -$8.2Mn/m | -$23.1Mn/m | $8.0Mn/m | -$12.1Mn/m | -$12.1Mn/m |
| EPS (Basic) | -$28.63 | -$30.15 | -$28.71 | -$36.33 | N/A | $0.05 | -$9.45 | -$14.04 |
| EPS (Diluted) | -$28.63 | -$30.15 | -$28.71 | -$36.33 | N/A | $0.03 | -$9.45 | -$14.04 |
| Diluted Shares (Avg) | N/A | 481,508 | 242,934 | 226,466 | N/A | 20M | 1M | 861,997 |
Not reported in any period shown, so not listed: Income Tax.
TBLT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'23Filing | Q3'23Filing | Q2'23Filing | Q1'23Filing | Q4'22Filing | Q3'22Filing | Q2'22Filing | Q1'22Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $51.8M-38.3% | $72.6M-21.9% | $75.2M-9.2% | $77.5M0.0% | $83.9M+6.3% | $92.9M+2.1% | $82.9M+37.0% | $77.5M+18.5% |
| Current Assets | $33.5M-44.3% | $47.5M-30.0% | $49.2M-17.9% | $52.8M-9.7% | $60.1M-7.3% | $67.9M-15.8% | $59.9M+11.7% | $58.4M-4.0% |
| Cash & Equivalents | $1.2M-55.1% | $1.9M+22.3% | $1.8M-13.9% | $2.0M+116.4% | $2.6M-65.7% | $1.6M-94.9% | $2.1M-89.4% | $937K-97.1% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $21.9M-45.6% | $32.9M-17.7% | $37.2M-7.3% | $35.4M-14.3% | $40.4M+5.0% | $40.0M+27.7% | $40.2M+116.1% | $41.3M+254.3% |
| Accounts Receivable | $10.2M-39.1% | $12.2M-47.9% | $9.7M-35.3% | $14.4M-4.1% | $16.8M-7.5% | $23.4M+37.3% | $15.0M+15.2% | $15.1M+5.6% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $61.5M+13.5% | $65.8M+52.6% | $59.9M+44.2% | $55.9M+87.9% | $54.2M+157.4% | $43.1M+137.5% | $41.5M+325.2% | $29.7M+306.3% |
| Current Liabilities | $60.1M+18.5% | $62.7M+59.4% | $56.5M+49.8% | $52.6M+86.1% | $50.7M+140.9% | $39.4M+116.9% | $37.7M+286.4% | $28.3M+286.5% |
| Non-Current Liabilities | $1.4M-60.1% | $3.0M-19.1% | $3.4M-10.9% | $3.2M+122.7% | $3.5Mn/m | $3.7Mn/m | $3.8Mn/m | $1.4Mn/m |
| Total Equity | -$9.7M-132.7% | $6.8M-86.3% | $15.3M-62.9% | $21.6M-54.8% | $29.7M-48.7% | $49.8M-31.6% | $41.3M-18.5% | $47.7M-17.8% |
| Retained Earnings | -$191.4Mn/m | -$174.7Mn/m | -$160.2Mn/m | -$153.2Mn/m | -$145.0Mn/m | -$121.9Mn/m | -$122.4Mn/m | -$110.3Mn/m |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
TBLT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'23Filing | Q3'23Filing | Q2'23Filing | Q1'23Filing | Q4'22Filing | Q3'22Filing | Q2'22Filing | Q1'22Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.1Mn/m | -$1.5Mn/m | -$3.0Mn/m | $447Kn/m | -$7.0Mn/m | -$17.4Mn/m | -$2.8Mn/m | -$10.1Mn/m |
| Depreciation & Amortization | $1.7M+58.3% | $1.8M+58.3% | $1.9M+91.7% | $1.4M+51.8% | $1.1M+64.8% | $1.2M+110.8% | $1.0M+188.7% | $934K+215.4% |
| Stock-Based Compensation | N/A | N/A | N/A | $115K+778.9% | N/A | N/A | N/A | $13K-83.9% |
| Capital Expenditures | N/A | $1.1M-80.0% | $992K-6.3% | $1.3M+72.7% | N/A | $5.3M+34.1% | $1.1M-66.1% | $728K-24.8% |
| Free Cash Flow | N/A | -$2.5Mn/m | -$4.0Mn/m | -$811Kn/m | N/A | -$22.7Mn/m | -$3.9Mn/m | -$10.8Mn/m |
| Investing Cash Flow | $715K-64.5% | -$1.1Mn/m | -$992Kn/m | -$1.3Mn/m | $2.0Mn/m | -$5.3Mn/m | -$1.1Mn/m | -$678Kn/m |
| Financing Cash Flow | -$507K-108.5% | $2.7M-88.0% | $3.8M-26.0% | $268K-93.6% | $6.0Mn/m | $22.2M-41.7% | $5.1Mn/m | $4.2M-90.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TBLT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'23Filing | Q3'23Filing | Q2'23Filing | Q1'23Filing | Q4'22Filing | Q3'22Filing | Q2'22Filing | Q1'22Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.5%-9.8pp | 22.0%-4.2pp | 28.4%+0.8pp | 14.8%-2.6pp | 31.3%+3.5pp | 26.2%-5.5pp | 27.7%+6.5pp | 17.4%-10.8pp |
| Operating Margin | -87.0%-36.8pp | -55.1%-23.6pp | -78.5%-9.7pp | -79.6%+10.1pp | -50.1%+9.4pp | -31.5%+34.7pp | -68.8%-22.6pp | -89.7%-41.7pp |
| Net Margin | -80.7%-3.6pp | -73.7%-100.2pp | -41.1%+26.8pp | -43.6%+26.7pp | -77.1%-16.5pp | 26.5%+79.3pp | -67.8%-21.0pp | -70.3%-21.0pp |
| Return on Equity | N/A | -212.7%-228.8pp | -45.5%-16.1pp | -38.1%-12.7pp | -77.6%-51.8pp | 16.1%+28.6pp | -29.4%-14.7pp | -25.4%-14.9pp |
| Return on Assets | -32.3%-4.8pp | -20.0%-28.6pp | -9.3%+5.4pp | -10.6%+5.0pp | -27.5%-8.5pp | 8.6%+18.6pp | -14.6%-2.4pp | -15.6%-6.4pp |
| Current Ratio | 0.56-0.6x | 0.76-1.0x | 0.87-0.7x | 1.00-1.1x | 1.18-1.9x | 1.72-2.7x | 1.59-3.9x | 2.07-6.2x |
| Liabilities-to-Equity | N/A | 9.63+8.8x | 3.91+2.9x | 2.59+2.0x | 1.82+1.5x | 0.87+0.6x | 1.01+0.8x | 0.62+0.5x |
| Asset Turnover | 0.400.0x | 0.27-0.1x | 0.230.0x | 0.240.0x | 0.360.0x | 0.33+0.1x | 0.220.0x | 0.220.0x |
| FCF Margin | N/A | -12.9%+62.3pp | -23.5%-1.8pp | -4.3%+58.4pp | N/A | -75.1% | -21.7%+52.3pp | -62.7% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Note: Shareholder equity is negative (-$9.7M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.56), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where ToughBuilt Industries Inc Ranks
Frequently Asked Questions
ToughBuilt Industries Inc (TBLT) reported $76.3M in total revenue for fiscal year 2023. This represents a -19.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
ToughBuilt Industries Inc (TBLT) revenue declined by 19.9% year-over-year, from $95.3M to $76.3M in fiscal year 2023.
No, ToughBuilt Industries Inc (TBLT) reported a net loss of $46.4M in fiscal year 2023, with a net profit margin of -60.9%.
ToughBuilt Industries Inc (TBLT) had EBITDA of -$51.5M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
ToughBuilt Industries Inc (TBLT) had a gross margin of 21.5% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.
ToughBuilt Industries Inc (TBLT) had an operating margin of -75.0% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
ToughBuilt Industries Inc (TBLT) had a net profit margin of -60.9% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
ToughBuilt Industries Inc (TBLT) recorded an outflow of $7.6M in free cash flow during fiscal year 2023. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
ToughBuilt Industries Inc (TBLT) recorded an outflow of $5.1M in operating cash flow during fiscal year 2023, representing cash used by core business activities.
ToughBuilt Industries Inc (TBLT) had $51.8M in total assets as of fiscal year 2023, including both current and long-term assets.
ToughBuilt Industries Inc (TBLT) invested $2.5M in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.
ToughBuilt Industries Inc (TBLT) invested $12.0M in research and development during fiscal year 2023.
ToughBuilt Industries Inc (TBLT) had a current ratio of 0.56 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
ToughBuilt Industries Inc (TBLT) had a return on assets of -89.7% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2023, ToughBuilt Industries Inc (TBLT) held $1.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.1M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
ToughBuilt Industries Inc (TBLT) has negative shareholder equity of -$9.7M as of fiscal year 2023, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
ToughBuilt Industries Inc (TBLT) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
ToughBuilt Industries Inc (TBLT) reported a net loss of $46.4M while operations used $5.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
ToughBuilt Industries Inc (TBLT) reported an operating loss of $57.2M against $1.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.