ToughBuilt Industries Inc. (TBLT) shares soared 9.60% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $0.43. However, in the regular trading session, TBLT’s stock lost 0.41%. TBLT shares have fallen 52.59% over the last 12 months, and they have moved down 4.74% in the past week. Over the past three months, the stock has lost 30.07%, while over the past six months, it has plummeted 47.98%.
Let’s have a brief look at its recent news and developments.
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TBLT Two New Product Lines
On November 30, 2021, ToughBuilt Industries, Inc. (TBLT; TBLTW), launched two new product lines, ToughBuilt lasers, and levels, which are available across its global partners and buying groups servicing 14,400 stores globally. The Company’s patented lasers are fully integrated with its mobile application, ToughBuilt Connect, which allows professional and DIY builders to quickly measure rooms, seamlessly upload information to a smartphone, and create shareable information with the touch of a button.
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TBLT 180-day extension from Nasdaq
On November 16, 2021, ToughBuilt Industries, Inc. (TBLT; TBLTW) received a 180-calendar day extension from Nasdaq’s Listing Qualification Department to meet Nasdaq’s continuing listing requirements by maintaining a minimum bid price per share of $1.00 for a minimum of 10 consecutive trading days.
TBLT latest financial results
On November 15, 2021, ToughBuilt Industries, Inc. (TBLT; TBLTW), announced its financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- TBLT reported total revenue of $17.2 million in the third quarter of 2021, compared to $16.7 million in the third quarter of 2020.
- In Q3 2021, the gross profit was approximately $5.4 million compared to approximately $6.8 million in Q3 2020.
- Total operating expenses were approximately $16.9 million in Q3 2021 compared to approximately $6.5 million in Q3 2020.
- It suffered a net loss of approximately $11.4 million, or approximately $0.09 per share in Q3 2021, compared to net income of approximately $121,000, or flat per share in Q3 2020.
- The company ended the quarter with cash and cash equivalents of $31.2 million.
FY 2021 financial outlook
For FY 2021, ToughBuilt is expecting, total revenue in the range of $70 million to $74 million.
TBLT expands its European distribution footprint
On September 23, 2021, ToughBuilt Industries, Inc. (TBLT; TBLTW), announced that several large home improvement retailers will offer ToughBuilt products in nearly 500 stores across France. ToughBuilt’s new retail customers include well-recognized national and multinational chain brands including Toolstation, Setin Group, and Gedimat.
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Conclusion
The recent launch of two new products was the reason behind its turnaround in the after-hours on Tuesday. The company needs to improve its share price to fulfill the Nasdaq requirement. Let’s see how it performs on Wednesday?
