Toughbuilt Industries Inc
NASDAQ:TBLT
Toughbuilt Industries Inc
Toughbuilt Industries, Inc. engages in marketing and distributing home improvement and construction product lines under TOUGHBUILT brand. The company is headquartered in Lake Forest, California and currently employs 185 full-time employees. The company went IPO on 2018-11-09. The firm distributes various home improvement and construction product lines for both Do-It-Yourself (DIY) and professional markets under the TOUGHBUILT brand name. Its major product line is the soft goods line, which consists of approximately over 100 variations of tool pouches, tool rigs, tool belts and accessories, tools bags, totes, variety of storage solutions and office organizers/bags for laptop/tablet/cellphones. Its second major category of product line is the metal goods, which consists of sawhorses and work support products with design and construction targeted for the discerning users in the industry. Furthermore, it includes several stands and work support products.
Toughbuilt Industries, Inc. engages in marketing and distributing home improvement and construction product lines under TOUGHBUILT brand. The company is headquartered in Lake Forest, California and currently employs 185 full-time employees. The company went IPO on 2018-11-09. The firm distributes various home improvement and construction product lines for both Do-It-Yourself (DIY) and professional markets under the TOUGHBUILT brand name. Its major product line is the soft goods line, which consists of approximately over 100 variations of tool pouches, tool rigs, tool belts and accessories, tools bags, totes, variety of storage solutions and office organizers/bags for laptop/tablet/cellphones. Its second major category of product line is the metal goods, which consists of sawhorses and work support products with design and construction targeted for the discerning users in the industry. Furthermore, it includes several stands and work support products.
Revenue: Q3 revenue was $20.6 million, up 9% from the prior quarter, but down 32% year-over-year due to decreased demand in the tool sector.
Profitability: The company reported a net loss of $5.9 million for the quarter, compared to a net profit of $8 million a year ago.
Cost Control: SG&A expenses were reduced by 33% quarter-over-quarter and 30% year-over-year as management focused on streamlining operations.
Gross Margin: Gross profit fell 20% year-over-year to $4.9 million, with gross margin pressured by lower demand.
Product Innovation: New product launches, including the StackTech stacking toolbox system, are expected to drive future growth and help move the company toward profitability.
Outlook: Management remains focused on efficiency, cost reductions, and selective product expansion, aiming for long-term growth and profitability.
