ToughBuilt Industries Announces Fourth Quarter and Full Year 2021 Results
April 18 2022 - 4:00PM
ToughBuilt Industries,
Inc. ("ToughBuilt") (NASDAQ: TBLT;
TBLTW), today reported financial results for the fourth
quarter and full year ended December 31, 2021.
Twelve Months Ended December 31, 2021
Financial Highlights:
-
Revenues for the twelve months ended December 31, 2021, were
approximately $70.0 million, an increase of 77.6% compared to the
same period in 2020. The increase in revenue was primarily the
result of wide acceptance of ToughBuilt products. This was a result
of recurring orders from existing customers and addition of new
customers and new product launches.
-
Gross profit increased to approximately $19.1 million in the full
year of 2021, compared to approximately $12.9 million in the full
year of 2020. Gross profit margins for 2021 were 27.2%, compared to
32.6% in the full year of 2020. Margins continued to be affected by
industry-wide supply chain disruptions, which have led to
historically high shipping costs, as well as increased materials
costs.
-
Operating expenses were approximately $58.4 million in the full
year of 2021, compared to approximately $27.3 million in the full
year of 2020. The increase in operating expenses was primarily due
to increased shipping costs, headcount, marketing and advertising,
as well as fees related to sales through Amazon.com.
- Net
loss attributable to common stockholders in the full year of 2021
was approximately $37.5 million, or $0.37 per share, compared to a
net loss of approximately $18.6 million, or $0.68 per share in the
full year of 2020.
Three Months Ended December 31, 2021 Financial
Highlights:
-
Revenues for the fourth quarter of 2021 increased 105% to $24.6
million, compared to $12.0 million in the fourth quarter of 2020.
The increase in revenue was a result of recurring orders from
existing customers and addition of new customers and new product
launches.
Michael Panosian, ToughBuilt’s CEO, commented,
“We closed 2021 with record sales of $70 million, in line with our
expectations. Our current product lines and our newly launched
innovations continue to enjoy significant traction with our
retailer partners and end users.” Panosian continued, “In 2022, we
expect to launch 5-10 new product lines and continue to expand our
global distribution.”
Conference Call Information:
Michael Panosian, Chief Executive Officer, and
Martin Galstyan, 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: Q4 Earnings Call. Attendees are encouraged to dial in
to the conference call at least five minutes prior to the start
time.
U.S. TOLL-FREE:
1-877-407-9716INTERNATIONAL: 1-201-493-6779
To 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 here: Q4
Earnings Call.
REPLAY U.S. TOLL-FREE:
1-844-512-2921REPLAY INTERNATIONAL:
1-412-317-6671REPLAY PIN: 13728919
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 of 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) market acceptance of our existing
and new products, (iv) delays in bringing products to key markets;
(v) an inability to secure regulatory approvals for the ability to
sell our products in certain markets, (vi) intense competition in
our industry from much larger, multinational companies, (vii)
product liability claims, (viii) product malfunctions, (ix) our
limited manufacturing capabilities and reliance on subcontractors
for assistance, (x) our efforts to successfully obtain and maintain
intellectual property protection covering our products or defend
ourselves from third parties’ infringement claims, (xi) our
reliance on a single supplier for certain product components, (xii)
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 (xiii) 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 (xiv) 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 facts,
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
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