ToughBuilt revenues on the rise
ToughBuilt Industries, Inc. reported revenues for 2019 increased 25% to $19 million, compared to sales of $15.3 million in 2018.
The tool and accessories manufacturer also reported that its gross profit increased 60% to $5.6 million, compared to a gross profit of $3.5 million in the prior year.
Additionally, the Lake Forest, Calif.-based company posted a net loss of $4.3 million, narrowing from a loss of $32.3 million in the prior fiscal year.
“I am pleased to announce 2019 was a year filled with capitalization of opportunities for us due to our aggressive sales and marketing efforts,” said Michael Panosian, CEO of ToughBuilt. “We are encouraged by our progress and the strong positive market pull we have been receiving for ToughBuilt’ s products, as is evident in our increased sales numbers and new commercial agreements.”
Key takeaways for the company in 2019 included consistent sales increases on the ToughBuilt Amazon storefront, both in the U.S. and internationally.
The company also launched its products at Home Depot Canada, Screwfix in the United Kingdom, and entered into a distribution agreement with Toolbank, a distributor of hand and power tools and accessories in the United Kingdom and Ireland.
In 2019, ToughBuilt expanded its product lines and sales at Menards while expanding its global e-commerce reach into Mexico, France, Germany, Spain, Italy and Australia. ToughBuilt’s manufacturing base in India was also expanded last year.
“Throughout 2019 we were focused on growth, innovation, establishing systems, expanding our team and establishing long term opportunities globally,” Panosian said. “The accumulation of all these efforts has brought us more brand recognition and a solid platform that will serve Toughbuilt for many years to come. We are focused on developing long-term partnerships that will increase revenues, generate positive cash flow and subsequently reach profitability.”
ToughBuilt’s product assortment includes kneepads, sawhorses, work products and accessories.
The tool and accessories manufacturer also reported that its gross profit increased 60% to $5.6 million, compared to a gross profit of $3.5 million in the prior year.
Additionally, the Lake Forest, Calif.-based company posted a net loss of $4.3 million, narrowing from a loss of $32.3 million in the prior fiscal year.
“I am pleased to announce 2019 was a year filled with capitalization of opportunities for us due to our aggressive sales and marketing efforts,” said Michael Panosian, CEO of ToughBuilt. “We are encouraged by our progress and the strong positive market pull we have been receiving for ToughBuilt’ s products, as is evident in our increased sales numbers and new commercial agreements.”
Key takeaways for the company in 2019 included consistent sales increases on the ToughBuilt Amazon storefront, both in the U.S. and internationally.
The company also launched its products at Home Depot Canada, Screwfix in the United Kingdom, and entered into a distribution agreement with Toolbank, a distributor of hand and power tools and accessories in the United Kingdom and Ireland.
In 2019, ToughBuilt expanded its product lines and sales at Menards while expanding its global e-commerce reach into Mexico, France, Germany, Spain, Italy and Australia. ToughBuilt’s manufacturing base in India was also expanded last year.
“Throughout 2019 we were focused on growth, innovation, establishing systems, expanding our team and establishing long term opportunities globally,” Panosian said. “The accumulation of all these efforts has brought us more brand recognition and a solid platform that will serve Toughbuilt for many years to come. We are focused on developing long-term partnerships that will increase revenues, generate positive cash flow and subsequently reach profitability.”
ToughBuilt’s product assortment includes kneepads, sawhorses, work products and accessories.