ToughBuilt Industries, Inc. ("ToughBuilt")
(NASDAQ: TBLT; TBLTW) closes a year of landmark product launches
and accolades, having announced more than 200 new SKUs crossing the
jobsite support, cutting tools, measuring and marking, striking
tool, levels and laser measurement, handsaw, and long-handle and
garden tool categories.
Beginning in Q1 of 2022 with the debut of the Reload Utility
Knife; a groundbreaking new cutting tool, this innovative
world’s-first auto-reloading magazine-fed knife entered the market
with rave reviews, viral conversations spanning social media, and
both a 2022 ProTool Innovation Award and a category Gold Innovation
Award for Best Utility Knives from Home Improvement Executive.
In Q2 of 2022, the ToughBuilt QuickSet™ Work Bench, brought
unmatched versatility and durability to the professional worksite.
A winner of the 2022 Golden Hammer Awards from HBS Dealer, a 2022
ProTool Innovation Award, and a Gold Innovation Award from Home
Improvement Executive, the work bench fueled an online conversation
about the resilience of ToughBuilt products that resulted in
millions of social media impressions worldwide, marking both the
bench, and the brand, as a source of new technical advancements and
rugged design.
Later that quarter, in the measuring and marking category,
ToughBuilt’s flagship 16-ft. and 24-ft. ProBlade™ Tape Measures
with Blade Control introduced a rugged and accurate family of new
measurement tools, earning the Company a 2022 Innovation Award from
Home Improvement Executive.
With the impressive introduction of the 500-ft Laser Leveling
Kit, the Company reimagined how 360-degree laser levels function
with an intuitive, first-of-its-kind, 3-piece stacking guide rod
that allows for a rolling laser receiver to provide bracket-free
attachment and a one-handed interface for faster operation. It
emits a laser that displays a consistent, accurate signature that
is detectable up to 500 feet from its projection point, setting a
benchmark for precision and technological advancement.
Adding a convenient 2-in-1 Masonry Level with two robust new
Extending Box Levels to the levels and laser measurement category,
ToughBuilt brought refreshed capability to jobsite leveling and
expanded its brand presence through a series of viral TikTok and
Instagram videos which highlighted the 24”- 40” Extending Box
Level, driving more than 5-million views across both
platforms. In Q3 of
2022, the Company brought its first seven hand saw SKUs to the
marketplace, led by the new ToughBuilt Folding Pull Saw, the
industry’s first folding, dual-edged ryoba style pull saw, which
features an integrated mechanism that allows the blade to be stored
safely within the saw’s handles, providing users with a full-length
finishing saw that can be safely stored or transported when not in
use.
ToughBuilt also introduced a full lineup of striking tools,
including the announcement of their long-awaited ShockStop™
hammers, designed to reduce recoil and diminish fatigue over
repeated striking.
And in 2022 Q4, ToughBuilt presented the first eleven out of 150
planned long-handle garden and landscaping tools, showcasing a
first-of-its-kind Hollow Point Shovel with a unique tip, beveled to
cut through roots when digging.
ToughBuilt’s expanding product offerings have responded to the
rapidly growing global professional hand tools market, which is
projected to reach US $23 billion by the end of 20271, according to
industry analysis. The addition of these new tools brings the
Company from 10 to 16 product lines, from 300 SKUs to over 500
SKUs, all available for purchase through leading US home
improvement retailers and across ToughBuilt’s growing strategic
networks of North American and global trade partners and buying
groups, servicing over 17,300 storefronts and online portals
worldwide.
Michael Panosian, ToughBuilt Co-Founder and CEO, stated, "The
substantial development of our new product lines presents an
excellent opportunity for ToughBuilt to expand revenue streams and
increase brand awareness while setting the new standard for
pro-quality tools.” Mr. Panosian continued, "As we turn toward 2023
and beyond, we look to increase our international distribution and
further leverage the Company’s reach within the 23-billion-dollar1
global tools market. We will continue launching fresh product lines
and expand the company’s offering into new categories.”
1 Market Research via
https://www.globenewswire.com/news-release/2022/10/10/2530924/0/en/Global-Hand-Tools-and-Accessories-Market-to-Reach-23-Billion-by-2027.html
ABOUT TOUGHBUILT INDUSTRIES,
INC:
ToughBuilt is an advanced product design, manufacturer, and
distributor with emphasis on innovative products. Currently, we are
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 STATEMENTS:
This 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,” “looks to”
or similar words and expressions. 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 the 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, which may not be successful, (xi)
our reliance on single suppliers 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 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. 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 the
Company’s Annual Report on Form 10-K and its 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 assumes no obligation to publicly
update or revise its forward-looking statements because of new
information, future events or otherwise.
Investor Relations Contact: KCSA Strategic Communications
David Hanover toughbuilt@kcsa.com
ToughBuilt Industries (NASDAQ:TBLT)
Historical Stock Chart
From Jun 2024 to Jul 2024
ToughBuilt Industries (NASDAQ:TBLT)
Historical Stock Chart
From Jul 2023 to Jul 2024