Home Equities Score Why Toughbuilt Industries Inc (TBLT) stock went up on Wednesday?

Why Toughbuilt Industries Inc (TBLT) stock went up on Wednesday?

Toughbuilt Industries Inc (TBLT) stock jumped 12.35% in the after-market on Wednesday, June 16, 2021, and close at $0.96 per share. Earlier in the morning session, TBLT shares gained 6.69% and close the session at $0.85 per share. TBLT shares have fallen 5.17% over the last 12 months, and they have moved up 8.55% in the past week. Over the past three months, the stock has lost 31.17%, while over the past six months, it has added 13.44%.

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Recent financial results

On May 17, 2021, ToughBuilt Industries, Inc reported financial results for the first quarter ended March 31, 2021.


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Q1 2021 financial highlights

ToughBuilt Industries reported revenue of $12.3 million inQ1 2021, compared to $3.9 million in the first quarter of 2020.

GAAP gross profit was $3.5 million in Q1 2021, compared to $1.5 million in the first quarter of 2020.

GAAP gross profit margins were 28.2% in Q1 2021, compared to 38.9% in Q1 2020.

GAAP operating expense was $9.4 million in Q1 2021, compared to $5.0 million in the first quarter of 2020.

The company reported a net loss of $6.1 million, or $0.09 per share in Q1 2021, as compared to a net loss of $5.0 million, or $0.43 per share in the first quarter of 2020.

As of March 31, 2021, the company had cash and cash equivalents of $32.5 million.

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FY 2020 financial results announcement

Let’s have a brief look at TBLT financial results for the fiscal year ended December 31, 2020, which were announced on March 26, 2021.

Financial Highlights for 2020

  • TBLT reported revenues of $39.4 million for the year 2020, compared to $19 million for the previous year.
  • It suffered a net loss of $18.6 million, or $0.68 per share for the reported year, compared with $6.4 million, or $2.08 per share in fiscal 2019.
  • TBLT was managed to increased its gross profit to $14.7 million, compared with $5.6 million in 2019.

TBLT regained compliance with Nasdaq’s listing requirements.

On February 9, 2021, TBLT announced that it has regained compliance with the minimum bid price requirement outlined in Rule 5550(a)(2) of the Nasdaq Listing Rules.

Nasdaq informed TBLT on July 24, 2020, that the closing bid price per share had been below $1.00 for a period of 30 consecutive business days and that the Company did not meet the Minimum Bid Price Requirement. The TBLT gave 180 days extension on January 21, 2021, to meet Nasdaq’s requirements for listing qualification.

Conclusion

The TBLT stock soaring on Wednesday has no grounds. There is no recent news or development in the markets and we hope that TBLT will continue to prosper in the coming days.

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About the company

TBLT was founded in 2012 and its headquarter is in California, United States. The company manufacture and distribute the advanced product design mostly focused on tools and other accessories for the professional and do-it-yourself construction industries.

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