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- Toughbuilt Industries Inc TBLT reported second-quarter revenue growth of 132% year-over-year to $15.9 million, beating the consensus of $13 million.
- The gross profit increased 41% Y/Y to $3.4 million, and the margin for the quarter was 21.2%, compared to 34.8% in the year-ago period. The decline in margins for Q2 was primarily due to industry-wide supply chain disruptions.
- Loss per share of $(0.09) missed the consensus of $(0.06).
- Operating expenses were $10.7 million, compared to $4.6 million a year ago; the increase was due to higher SG&A costs.
- Toughbuilt’s cash and cash equivalents were $20.2 million as of June 30, 2021.
- The company says its strategy for the remainder of 2021 is to leverage the existing retail network to launch additional product lines, expand into high-growth international markets, and enhance manufacturing and distribution capabilities by hiring industry professionals.
- Price Action: TBLT shares are trading lower by 16.6% at $0.573 on the last check Monday.
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