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Summary
- ToughBuilt stock rallied as much as 70 percent on Friday morning.
- The toolmaker saw its sales through Amazon.com double in the first half of the year.
- ToughBuilt share price gained approximately 46 percent year to date
ToughBuilt Industries, Inc. (NASDAQ:TBLT) stock jumped around 70 percent on Friday morning after the company reported strong sales growth on Amazon.com.
The California-based toolmaker said its sales through Amazon.com more than doubled during the first half of 2021.
ToughBuilt shares, which closed at 72.04 cents on Thursday, opened at US$1.02 on Friday. The stock rallied as much as US$1.25 in the morning trade.
As of 10:18 am ET, ToughBuilt shares were trading at US$1.129, up 56.8 percent.
ToughBuilt has a market capitalization of around US$90 million. The stock returned 46 percent year to date. It has a 52-week trading range of 59 cents to US$1.78.
Last year, ToughBuilt received a notice from NASDAQ as it failed to meet the minimum bid price per share requirement. However, the company regained compliance in February this year.
What does ToughBuilt do?
ToughBuilt designs, manufactures and distributes tools and accessories for the building industry, as well as various home improvement products. The home improvement and construction products are sold under its namesake brand.
ToughBuilt’s products include tool belts, tool bags, knee pads for construction applications, job-site tools and material support products such as miter-saws and table saw stands, and roller stands.
The company designs and engineers its products in the US, while it is manufactured by third-party vendors in China.
Sales through Amazon.com
On July 8, ToughBuilt said its gross sales through Amazon.com surged 118 percent to US$5.48 million during the first six months of the year. The sales figure was US$2.51 million in the first half of 2020.
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Source: Pixabay
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Recent financials
ToughBuilt reported a significant topline growth in its first quarter. Revenues jumped 214 percent year over year to US$12.3 million, compared to US$3.9 million.
However, net loss attributable to common stockholders widened to US$6.1 million, or 9 cents per share, from the loss of US$5 million, or 43 cents per share in the first quarter of the previous year.
Total operating expenses during the period increased to US$9.4 million from US$5 million in the year-ago period.
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ToughBuilt had doubled its revenue during the full-year 2020 to US$39.4 million.
But net loss attributable to common stockholders swelled to US$18.6 million, or 68 cents per share during the year, compared with a loss of US$$6.4 million, or US$2.08 per share in 2019.
Please note: The above constitutes a preliminary view and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
