ToughBuilt Industries, Inc. (TBLT) is down 17.86% in the current market trading session at the price of $0.62 after the release of second-quarter 2021 financial results.

TBLT Announced Second Quarter 2021 Results

On 16th August 2021, TBLT released the second-quarter 2021 earnings report. The report disclosed significant year-over-year revenue growth of 132% to $15.9 million. Revenue of $6.8 million was reported in the same quarter of the prior year. The gain in revenue was driven primarily by the high demand for the company’s products in the tool industry by new customers. Moreover, it was due to follow-on sales orders of metal goods and soft goods from their existing customers.

Net loss attributable to common stockholders was $7.4 million or $0.09 per share. A net loss of $2.5 million or $0.11 per share was reported in the second quarter of 2020. Gross profit grew 41% to $3.4 million, compared to $2.4 million in the Q2 of 2020. Gross profit margins for the quarter were 21.2% compared to 34.8% in the prior-year same period. The drop in margins for Q2 was principally due to industry-wide supply chain disruptions.

CEO Michael Panosian of TBLT remarked that their second-quarter 2021 revenue grew significantly year-over-year and sequentially to $15.9 million. The increment was driven primarily by high demand from popular retailers in the US and abroad across all product lines. Besides, they recorded record Amazon sales in the first half of 2021, which is a positive signal that their brand continues to resonate with the end-user. They strengthened connections with their US and Canada-based retail partners, he added.

TBLT Launched New Product Two-in-One Scraper and Utility Knife

On 3rd August 2021, TBLT declared that it launched its ToughBuilt branded two-in-one scraper and utility knife product. This launch signifies the company’s second line of hand tools manufacturing ability. The product is currently available nationwide at Lowe’s (USA) and select independent retailers across the globe.
CEO Michael Panosian of TBLT commented that their multi-functional scraper and utility knife is the perfect tool for professional builders, painters, and serious DIY homeowners. It is engineered for high performance and designed to use easily as an alternative. They expect this product line to contribute to their revenue for coming years. This product is the first of the four products launch, anticipated in the remainder of 2021, Panosian added.

Sales Double on Amazon in First Half of 2021

On 8th July 2021, TBLT published that gross sales through Amazon raised 118% to roughly $5.48 million for the first half of 2021. The recorded sales were approximately $2.51 million in the same period of 2020. CEO Michael Panosian commented that the notable momentum of their Amazon.com sales in the first half of 2021 indicates the increasing strength of their brand across all product lines with professional and DIY builders.