ToughBuilt Industries, Inc. (TBLT) Stock Surged 49.42% Pre-Market, Here’s Why

ToughBuilt Industries, Inc. (TBLT) stock soared 49.42% in the pre-market trading session at the price of $0.22 after reporting its financial results for the fourth quarter and year 2021.   


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TBLT is an advanced and leading designer, developer, and distributor of innovative products. The company has centered on tools, accessories, and devices for personal and professional manufacturing industries. The stock distributes and markets construction products under the brand name TOUGHBUILT.  

TBLT Year 2021 Earnings Report 

On 18th April 2022, TBLT published its financial results for the fourth quarter and year ended 31st December 2021. The company has also delivered its corporate updates. Revenues totaled US$70.0M for the year 2021, representing a growth of 77.6 percent from last year. For Q4 of 2021, revenues were US$24.6M, representing a surge of 105 percent from US$12.0M in Q4 of 2020.  

TBLT reported a gross profit of US$19.1M for the year 2021, compared to US$12.9M the previous year. For the year 2021, the net loss was US$37.5M, or per share of US$0.37. Net loss was US$18.6M, or per share of US$0.68, last year. Operating expenses totaled US$58.4M in 2021, compared to US$27.3M the prior year.   

TBLT Business Outlook 

Since the launch of product sales in 2013, TBLT has encountered substantial growth in annual sales. The company has dedicated to providing innovative products to the customers while improving performance, enhancing well-being, and creating a high brand name.

Recently, ToughBuilt has closed its registered direct offering with net proceeds of US$5M. The company plans to utilize the cash from the offering for its working capital. In 2022, TBLT stock expects to launch at least ten new and innovative product lines to grow its global distribution.

Conclusion  

TBLT shares keep surging after the stock reported a year-over-year improvement in the financial results. In 2021, the company made record sales of US$70M, in accordance with its anticipations. Its recently launched innovative products make considerable traction with both retailers and customers.

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