Tools and accessories company ToughBuilt Industries Inc (NASDAQ: TBLT) saw its stock perform impressively up until February this year. However, things have taken a different turn since then for the ToughBuilt stock and it has recorded a decline of as low as 40%.
It might also prove to be a buying opportunity for new investors and hence, it might be worthwhile to take a look at the company’s financial results announced on March 27, 2021.
In the financial year that ended on December 31, 2020, the company generated revenues of as much as $39.4 million which reflects a year-on-year rise of 106%. On the other hand, the gross profits for the financial year came in at $14.7 million, which worked out to year on year rise of 162%. However, the net losses widened from $6.2 million in the year-ago period to $18.6 million. The significant rise in annual revenues might prove to be a major positive for the ToughBuilt stock.
Finance and Entertainment Reporter
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