ToughBuilt(US:TBLT)2022-11-15 02:06Financial Data and Key Metrics Changes - Revenue for Q3 2022 was approximately $30.2 million, representing a 76% year-over-year increase compared to Q3 2021 [7][16] - Cost of goods sold increased by 90% to $22.3 million in Q3 2022 from $11.7 million in Q3 2021, primarily due to increased sales and higher material and labor costs [17] - Selling, general and administrative expenses decreased by 3.7% to $14.7 million in Q3 2022 from $15.2 million in Q3 2021, attributed to lower shipping costs [18] - Research and development costs rose to $2.8 million in Q3 2022 from $1.6 million in Q3 2021, reflecting investment in new tool development [19] - The company recorded a net income of $539,000 in Q3 2022, a significant improvement from a net loss of $9 million in Q3 2021 [19] - As of September 30, 2022, cash position was $1.6 million, accounts receivable were $23.4 million, and inventory was $40 million [20] Business Line Data and Key Metrics Changes - The introduction and sale of new soft goods and increased sales through Amazon contributed to revenue growth [16] - The company launched 21 new SKUs in the global handsaws segment and entered the measuring and marking market, valued at $1.4 billion [9][12] Market Data and Key Metrics Changes - ToughBuilt entered into agreements with Ace Hardware to distribute 35 products across 5,500 stores and expanded its presence on Amazon in Italy and Germany [8] - The company expanded its distribution network in Europe, including agreements with over 250 retailers in Switzerland [10] - In Great Britain, ToughBuilt confirmed new agreements with over 900 retail locations [11] Company Strategy and Development Direction - The company is focused on expanding existing relationships with retail partners, adding new partners, and introducing new product categories [23] - ToughBuilt is positioned to capitalize on market opportunities with top retailers globally [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and ability to maintain its position despite supply chain disruptions [15] - The company anticipates continued revenue growth driven by strong retail partnerships and product introductions [23] Other Important Information - Supply chain disruptions have not had a material adverse effect on operations due to strong inventory levels [14] Q&A Session Summary Question: No questions were raised during the session - The operator noted that there would be no questions and thanked participants for their involvement [24]