ToughBuilt Industries, Inc. (NASDAQ: TBLT; saw its shares skyrocket, after it announced its latest quarterly financial figures.
The company, based out of Lake Forest, Calif., revealed Monday today that its gross sales for the quarter ended June 30, through Amazon.com were $3.56 million. This represents a 20% increase from the same quarter in 2021. Sales for the first half of 2022 increased by 24% to approximately $7.01 million compared to $5.31 million for the first half of 2021.
CEO Michael Panosian commented, “The Company’s growth remains significant despite unfavorable market conditions. Our sales through Amazon continue to be a driving force for ToughBuilt’s overall revenue growth. We look forward to expanding upon our product portfolio and revenue success.”
ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently, the company is focused on tools and other accessories for the professional and do-it-yourself construction industries.
“We market and distribute,” reads Monday’s news release, “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.”
TBLT shares jumped 61 cents, or 30.2%, to $2.63.
