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ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) announced it has received a 180-day extension from Nasdaq to meet the minimum bid price requirement of $1.00 per share. The new deadline is July 19, 2021, after the company was notified of non-compliance on July 24, 2020. CEO Michael Panosian expressed optimism about regaining compliance during the extension period. ToughBuilt focuses on innovative tools and accessories for construction, with a history of significant annual sales growth since 2013.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) launched new cutting products, including Shears, Knives, and Aviation Snips, now available at Lowe’s USA stores. CEO Michael Panosian expressed optimism about this expansion, viewing it as a significant step in augmenting ToughBuilt's hand tool offerings. The shears are widely available nationwide, while the other products are currently found on the West Coast. ToughBuilt underscores its focus on innovative designs in the competitive tool market, targeting both professionals and DIY enthusiasts.
ToughBuilt Industries (NASDAQ: TBLT; TBLTW) launched new soft-sided tool organization products, including 4 hard body bags and 10 CLIPTECH™ pouches at LOWE’S nationwide and LOWE’S.com. CEO Michael Panosian praised the team's efforts in developing these products promptly, aiming to set a market standard. The company aims to enhance its partnership with LOWE’S by providing innovative, high-quality solutions for builders. The press release also mentions the company’s focus on innovative product design and significant annual sales growth since 2013.
ToughBuilt Industries reported gross sales of $2,070,000 for Q3 2020 and $4,500,000 for the nine months ending September 30, 2020, through its U.S. and Canadian Amazon storefronts. CEO Michael Panosian emphasized challenges met with growth, expanding into new markets, and a strategic launch on Amazon that has increased product exposure. The company remains focused on sales from both commercial and private sectors, leveraging Amazon’s marketing capabilities for future growth.
ToughBuilt Industries reported financial results for Q2 2020, highlighting a 43% increase in net sales to $6.8 million, up from $4.7 million in Q2 2019. Gross profit surged by 117% to $2.5 million, compared to $1.1 million year-over-year. However, the company faced a net loss of $2.5 million, contrasting sharply with a profit of $7,000 in the same quarter of 2019. For the first half of 2020, net sales rose 10% to $10.7 million, but net losses totaled $6.2 million, compared to a profit of $507,000 in H1 2019. CEO Michael Panosian expressed optimism about future global market opportunities.