Toughbuilt Industries, Inc. (TBLT), a designer, manufacturer, and distributor of tools and accessories has seen a decline of 1.41% in the premarket trading session. As a result that, TBLT stock is currently changing hands at $0.54. On Monday, TBLT stock closed the day at $0.55 after declining some 3.95%. There seems to be no apparent reason, like any SEC filing or a press release, which has stirred this downward movement of TBLT stock. So, for the moment, let’s discuss some recent developments which have influenced the performance of TBT stock.
Q2 2021 financial results
On the 16th of August, TBLT reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the company generated revenue of $15.9 million, an increase of 132% from the equivalent period of 2020, when the company generated revenue of $6.8 million. The gross profit generated during the quarter was $3.4 million, an increase of 41% when compared with the equivalent period of 2020 when the company generated a gross profit of $2.4 million. The operating expenses during the quarter stood at $10.7 million, while during the equivalent period of 2020, these were $4.6 million. The net loss was $7.4 million, while during the equivalent period of 2020, the net loss stood at $2.5 million. The net loss per share was $0.09 during the quarter, while it was $0.11 per share during the equivalent period of 2020. The company had cash and cash equivalents of $20.2 million at the end of the quarter. Commenting on the results, Michael Panosian, ToughBuilt’s Chief Executive Officer said that the company would repeat this tremendous performance in future quarters as well.
Launch of scraper and utility knife
On the 3rd of August, TBLT announced that it was launching a ToughBuilt-branded two-in-one scraper and utility knife. The launch represented the second line of tools manufactured by Toughbuilt. The company said that the product was available nationwide at Lowe’s USA and at select independent retailers across the globe. Michael Panosian commented on the occasion that the tools launched by the company were a perfect fit for the painters, professional builders, and DIY homeowners. He said that the company anticipates the product would earn it prodigious revenue in quarters to come.
TBLT sales through Amazon
On the 8th of July, TBLT announced that the gross sales through amazon.com increased 118% and were standing at $5.48 million during the first half of the quarter, while during the first half of 2020 stood at $2.51 million. Michael Panosian praised the performance of the company and said that the achievement reflects the increasing worth of TBLT across all product lines with professional and DIY builders throughout North America.
What lies ahead for TBLT?
According to analysts, the EPS of TBLT is expected to surge 67% during the current year, while it would increase 31% during the next fiscal year. Based on that, TBLT stock is gaining attraction among potential investors.