ToughBuilt Industries Announces Third Quarter 2023 Results
2023年11月15日 - 6:05AM
ToughBuilt Industries,
Inc. ("ToughBuilt" or “the Company”) (NASDAQ:
TBLT; TBLTW), today reported the Company’s financial
results for the fiscal quarter ended September 30, 2023. The
Company will host its Q3 2023 earnings conference call today at
5:00 p.m. (ET).
Financial Highlights for the Quarter Ended September 30,
2023, include:
- Revenues
decreased by approximately 32% to $20.6 million for Q3 2023,
compared to $30.2 million in Q3 2022. This decrease was primarily
due to a decreased demand in the overall market. Nine-month revenue
was $59.7 million in 2023 compared to $65.3 million in 2022.
- Gross profit
decreased to approximately 20.0% to $4.9 million in the third
quarter of 2023, compared to $7.9 million in the third quarter of
2022. Gross margin decreased to approximately 23.8% in the third
quarter of 2023, compared to 26.1% in the third quarter of 2022.
Gross margins for 9 months were $14.3 million or 23.96% in 2023
compared $15.8 million or 24.28% in 2022. A slight decrease of
0.32%
- Operating expenses decreased 23.8% to approximately $14.2
million in the third quarter of 2023, compared to approximately
$17.5 million in the third quarter of 2022. Total operating
expenses decreased 4.62% from $53.2 million to $50.6 million.
- Net loss
attributable to common shareholders in the third quarter of 2023
was approximately $8.4 million, or $(0.27) per share, compared to
net income of approximately $539 thousand, or $0.05 per share, in
the third quarter of 2022.
Recent Business Highlights
- Announced a
dividend of Series H preferred stock to holders of ToughBuilt
common stock.
- Launched the
Company’s StackTech™ mobile stacking toolbox system, with an
initial roll out of more than 7 SKUs.
ToughBuilt’s CEO, Michael Panosian commented, “During the third
quarter, despite facing less than favorable market conditions, our
rigorous efforts in expense management yielded significant
improvements, contributing to a noteworthy reduction in net losses.
Our strategic cost optimization initiatives continue to reflect our
commitment to financial prudence and position us for long-term
growth.” Mr. Panosian continued, “By prioritizing cost discipline
and operational efficiency, we are successfully steering the
company on a path towards sustained profitability.”
Conference Call Information:
Michael Panosian, ToughBuilt’s Chief Executive
Officer, and Martin Galstyan, ToughBuilt’s Chief Financial Officer,
will host a conference call to review the Company’s financial and
operating results at 5:00pm ET today.
To attend the conference call, please dial one
of the teleconference numbers below or follow the live audio
webcast here. Attendees are encouraged to dial in to the conference
call at least five minutes prior to the start time.
U.S. TOLL-FREE:
1-844-825-9789INTERNATIONAL:1-412-317-5180To
listen to a replay of the conference call, please dial one of the
teleconference numbers below. The replay will also be available
through the audio webcast link.
REPLAY U.S. TOLL-FREE: 1-844-512-2921
REPLAY INTERNATIONAL 1-412-317-6671
REPLAY PIN: 10184036
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product design, manufacturer, and
distributor with emphasis on innovative products. Currently focused
on tools and other accessories for the professional and
do-it-yourself construction industries. We market and distribute
various home improvement and construction product lines for both
the do-it-yourself and professional markets under the TOUGHBUILT
brand name, within the global multibillion dollar per year tool
market industry. All our products are designed by our in-house
design team. Since launching product sales in 2013, we have
experienced significant annual sales growth. Our current product
line includes three major categories, with several additional
categories in various stages of development, consisting of Soft
Goods & Kneepads and Sawhorses & Work Products. Our mission
is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available at:
https://www.toughbuilt.com/.
FORWARD-LOOKING STATEMENTSThis press release
contains “forward-looking statements.” Such statements may be
preceded by the words “intends,” “may,” “will,” “plans,” “expects,”
“anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company’s
control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with (i) the impact of the worldwide COVID-19 pandemic
and government actions, on our business, (ii) supply chain
disruptions, (iii) inflationary and interest rate concerns and the
impact on consumers, (iv) cybersecurity breaches and threats, (v)
market acceptance of our existing and new products, (vi) delays in
bringing products to key markets; (vii) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (viii) intense competition in our industry from
much larger, multinational companies, (ix) product liability
claims, (x) product malfunctions, (xi) our limited manufacturing
capabilities and reliance on subcontractors for assistance, (xii)
our efforts to successfully obtain and maintain intellectual
property protection covering our products or defend ourselves from
third parties’ infringement claims, (xiii) our reliance on a single
supplier for certain product components, (xiv) the fact that we
will need to raise additional capital to meet our business
requirements in the future and that such capital raising may be
costly, dilutive or difficult to obtain and (xv) the fact that we
conduct business in multiple foreign jurisdictions, exposing us to
tariffs, foreign currency exchange rate fluctuations, logistical
and communications challenges, burdens and costs of compliance with
foreign laws and political and economic instability in each
jurisdiction and (xvi) changes in e-commerce marketplaces. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company’s filings with the Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and our
subsequent Quarterly Reports on Form 10-Q. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at http://www.sec.gov. The Company encourages you to
consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in
this press release. As a result of these matters, changes in fact,
assumptions not being realized or other circumstances, the
Company's actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this
press release are made only as of the date of this press release,
and the Company undertakes no obligation to update them to reflect
subsequent events or circumstances.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
ToughBuilt Industries (NASDAQ:TBLTU)
過去 株価チャート
から 8 2024 まで 9 2024
ToughBuilt Industries (NASDAQ:TBLTU)
過去 株価チャート
から 9 2023 まで 9 2024