Toughbuilt Industries Inc (NASDAQ: TBLT) Surges After Announcing Amazon sales Increase by 118%

Toughbuilt Industries Inc (NASDAQ: TBLT) is one profitable stock we’re talking about today. On Friday, the stock skyrocketed 45.75% after the company announced that gross sales of TBLT on Amazon have gone up 118% in H1-2021. This rise is comparable to the year before. Headquartered in California, United States, the toolmaker announced that the gross sales came in at $5.48 million in the first half of this year. 

Brand strength reflected in increased sales

The CEO of the company, Michael Panosian, stated that the company’s increase in sales reflects its brand’s increased strength across DIY builders in North America. 

The company also said that its online presence is now expanding into Mexico and Canada. Meanwhile, the sales in the US are continuously increasing. As a result, Toughbuilt Industries is increasing its geographic footprint by launching new SKUs to increase demand for features and designs. 

Stock performance in recent past

Since June 14, there has been a 36.36% rise in the stock, gaining 28 cents. Over the last five days, TBLT has gone up 31.79%. On Friday, the stock exited at $1.05 after moving in the range of $1.01 – $1.25. The yearly range of this stock is $0.59 – $1.78. The stock saw a heavy volume of 1.7 million shares being exchanged in the market on Friday’s session compared with its average trading volume of 9.85 million shares. 

Financial performance for Q1-2021

In March 2021, the company had reported its first-quarter financial performance. The company’s revenue has gone up 214.16% from the previous year. The first-quarter revenue is registered at $12.28 million. However, there has been a 61.23% decrease in net income, at $6.05 million.