TBLT - ToughBuilt stock falls 13% as Q1 net loss widens Y/Y

ToughBuilt Industries (NASDAQ:TBLT) stock fell ~13 on May 24 after the company reported its Q1 results a day ago. Q1 net loss widened to -$12.10M, compared to -$6.05M in Q1 2021. Revenues rose +40.21% Y/Y to $17.22M. The company said the increase was due to recurring orders from existing customers and addition of new customers and new product launches. Gross profit declined -13.28% Y/Y to $3M. Total operating expenses increased 97.18% Y/Y to $18.45M. ToughBuilt noted that the increase was mainly due to increased shipping costs, headcount, marketing and advertising, as well as fees related to sales through Amazon. Outlook: "In 2022, we continue to strive to lower our losses and expect to launch five to ten new product lines and continue to expand our global distribution," said ToughBuilt’s CEO Michael Panosian. In the company's Q1 earnings call Panosian shed some light on how the company aims to lower costs. "To help combat logistic related costs

For further details see:

ToughBuilt stock falls 13% as Q1 net loss widens Y/Y